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Form N-CSRS FIDELITY DEVONSHIRE TRUS For: Jul 31

September 21, 2021 12:02 PM EDT


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   811-01352


Fidelity Devonshire Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

January 31



Date of reporting period:

July 31, 2021


Item 1.

Reports to Stockholders






Fidelity® Equity-Income Fund



Semi-Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
JPMorgan Chase & Co. 3.3 
Bank of America Corp. 2.5 
Johnson & Johnson 2.2 
Danaher Corp. 2.2 
Wells Fargo & Co. 2.2 
UnitedHealth Group, Inc. 2.2 
The Walt Disney Co. 1.9 
Procter & Gamble Co. 1.8 
Comcast Corp. Class A 1.8 
Cisco Systems, Inc. 1.8 
 21.9 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Financials 18.9 
Health Care 18.2 
Industrials 11.2 
Information Technology 10.6 
Communication Services 8.6 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 97.5% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


 * Foreign investments - 17.6%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 8.6%   
Diversified Telecommunication Services - 0.8%   
AT&T, Inc. 695,382 $19,505 
Verizon Communications, Inc. 777,185 43,351 
  62,856 
Entertainment - 1.9%   
The Walt Disney Co. (a) 840,640 147,969 
Interactive Media & Services - 1.3%   
Alphabet, Inc. Class A (a) 38,547 103,866 
Media - 3.3%   
Comcast Corp. Class A 2,413,127 141,964 
Interpublic Group of Companies, Inc. 1,780,860 62,971 
Shaw Communications, Inc. Class B 680,784 19,884 
WPP PLC 2,826,603 36,557 
  261,376 
Wireless Telecommunication Services - 1.3%   
Rogers Communications, Inc. Class B (non-vtg.) 143,054 7,302 
T-Mobile U.S., Inc. (a) 620,717 89,396 
  96,698 
TOTAL COMMUNICATION SERVICES  672,765 
CONSUMER DISCRETIONARY - 6.2%   
Hotels, Restaurants & Leisure - 1.2%   
McDonald's Corp. 381,144 92,507 
Household Durables - 0.6%   
Tempur Sealy International, Inc. 1,031,592 44,637 
Internet & Direct Marketing Retail - 0.2%   
eBay, Inc. 293,829 20,042 
Multiline Retail - 1.5%   
Kohl's Corp. 744,222 37,806 
Nordstrom, Inc. (a) 460,069 15,228 
Target Corp. 261,180 68,181 
  121,215 
Specialty Retail - 1.9%   
Best Buy Co., Inc. 209,543 23,542 
Burlington Stores, Inc. (a) 122,580 41,040 
Dick's Sporting Goods, Inc. (b) 219,941 22,905 
Lowe's Companies, Inc. 103,954 20,031 
The Home Depot, Inc. 62,755 20,596 
TJX Companies, Inc. 292,088 20,099 
  148,213 
Textiles, Apparel & Luxury Goods - 0.8%   
PVH Corp. (a) 214,751 22,467 
Tapestry, Inc. (a) 923,703 39,073 
  61,540 
TOTAL CONSUMER DISCRETIONARY  488,154 
CONSUMER STAPLES - 7.9%   
Beverages - 2.3%   
Diageo PLC 812,334 40,281 
Keurig Dr. Pepper, Inc. (b) 1,616,021 56,900 
The Coca-Cola Co. 1,470,675 83,873 
  181,054 
Food & Staples Retailing - 2.0%   
BJ's Wholesale Club Holdings, Inc. (a) 490,037 24,815 
Costco Wholesale Corp. 80,157 34,445 
Walmart, Inc. 669,441 95,429 
  154,689 
Food Products - 1.8%   
Bunge Ltd. 269,072 20,888 
Lamb Weston Holdings, Inc. 459,047 30,651 
Mondelez International, Inc. 1,138,497 72,021 
Nestle SA (Reg. S) 164,056 20,774 
  144,334 
Household Products - 1.8%   
Procter & Gamble Co. 1,016,115 144,522 
TOTAL CONSUMER STAPLES  624,599 
ENERGY - 5.4%   
Oil, Gas & Consumable Fuels - 5.4%   
Canadian Natural Resources Ltd. 1,073,303 35,418 
ConocoPhillips Co. 661,436 37,080 
Enterprise Products Partners LP 1,617,921 36,516 
Exxon Mobil Corp. 2,383,485 137,217 
Hess Corp. 312,500 23,888 
Imperial Oil Ltd. 1,205,598 33,029 
Phillips 66 Co. 501,539 36,828 
Suncor Energy, Inc. 2,357,442 46,408 
Thungela Resources Ltd. (a)(b) 60,989 189 
Valero Energy Corp. 525,207 35,173 
  421,746 
FINANCIALS - 18.9%   
Banks - 12.4%   
Bank of America Corp. 5,059,614 194,087 
Citigroup, Inc. 1,551,072 104,883 
Huntington Bancshares, Inc./Ohio 3,258,775 45,884 
JPMorgan Chase & Co. 1,725,780 261,945 
M&T Bank Corp. 628,142 84,077 
PNC Financial Services Group, Inc. 603,548 110,093 
Wells Fargo & Co. 3,758,898 172,684 
  973,653 
Capital Markets - 1.6%   
BlackRock, Inc. Class A 83,085 72,049 
KKR & Co. LP 906,977 57,829 
  129,878 
Consumer Finance - 1.6%   
Capital One Financial Corp. 779,296 126,012 
Insurance - 3.3%   
American Financial Group, Inc. 328,920 41,605 
American International Group, Inc. 553,352 26,201 
Chubb Ltd. 403,661 68,114 
Hartford Financial Services Group, Inc. 569,829 36,253 
Old Republic International Corp. 1,334,404 32,906 
The Travelers Companies, Inc. 350,872 52,252 
  257,331 
TOTAL FINANCIALS  1,486,874 
HEALTH CARE - 18.2%   
Biotechnology - 2.6%   
AbbVie, Inc. 852,290 99,121 
Amgen, Inc. 443,315 107,078 
  206,199 
Health Care Equipment & Supplies - 2.2%   
Danaher Corp. 580,624 172,730 
Health Care Providers & Services - 3.0%   
Cigna Corp. 291,867 66,981 
UnitedHealth Group, Inc. 415,961 171,467 
  238,448 
Pharmaceuticals - 10.4%   
AstraZeneca PLC (United Kingdom) 669,616 76,945 
Bristol-Myers Squibb Co. 2,026,435 137,534 
Eli Lilly & Co. 515,480 125,519 
Johnson & Johnson 1,019,128 175,494 
Merck & Co., Inc. 1,457,200 112,015 
Roche Holding AG (participation certificate) 209,052 80,759 
Sanofi SA 1,022,904 105,434 
  813,700 
TOTAL HEALTH CARE  1,431,077 
INDUSTRIALS - 11.2%   
Aerospace & Defense - 2.1%   
Huntington Ingalls Industries, Inc. 88,500 18,154 
Northrop Grumman Corp. 179,393 65,123 
The Boeing Co. (a) 344,721 78,072 
  161,349 
Air Freight & Logistics - 1.4%   
Deutsche Post AG 566,658 38,403 
United Parcel Service, Inc. Class B 379,589 72,638 
  111,041 
Building Products - 0.8%   
Johnson Controls International PLC 845,015 60,351 
Electrical Equipment - 0.8%   
AMETEK, Inc. 464,267 64,556 
Industrial Conglomerates - 2.8%   
General Electric Co. 7,165,765 92,797 
Hitachi Ltd. 337,900 19,436 
Roper Technologies, Inc. 148,046 72,741 
Siemens AG 241,535 37,687 
  222,661 
Machinery - 2.5%   
Crane Co. 233,384 22,692 
Fortive Corp. 514,467 37,381 
ITT, Inc. 464,254 45,455 
Nordson Corp. 143,148 32,370 
Otis Worldwide Corp. 636,732 57,019 
  194,917 
Marine - 0.2%   
A.P. Moller - Maersk A/S Series B 6,667 18,502 
Trading Companies & Distributors - 0.3%   
Watsco, Inc. 80,640 22,776 
Transportation Infrastructure - 0.3%   
Aena SME SA (a)(c) 155,900 24,818 
TOTAL INDUSTRIALS  880,971 
INFORMATION TECHNOLOGY - 10.6%   
Communications Equipment - 1.8%   
Cisco Systems, Inc. 2,513,554 139,175 
IT Services - 2.6%   
Accenture PLC Class A 178,900 56,833 
Amdocs Ltd. 1,062,256 81,911 
Genpact Ltd. 898,351 44,747 
Visa, Inc. Class A 82,653 20,365 
  203,856 
Semiconductors & Semiconductor Equipment - 2.7%   
NXP Semiconductors NV 451,050 93,092 
Qualcomm, Inc. 259,517 38,876 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 667,276 77,831 
  209,799 
Software - 2.1%   
Microsoft Corp. 366,642 104,460 
NortonLifeLock, Inc. 861,814 21,390 
Open Text Corp. 771,790 40,087 
  165,937 
Technology Hardware, Storage & Peripherals - 1.4%   
Apple, Inc. 278,556 40,630 
Samsung Electronics Co. Ltd. 1,081,010 73,614 
  114,244 
TOTAL INFORMATION TECHNOLOGY  833,011 
MATERIALS - 2.9%   
Chemicals - 1.2%   
Linde PLC 274,382 84,342 
Nutrien Ltd. 128,400 7,634 
  91,976 
Containers & Packaging - 1.3%   
Crown Holdings, Inc. 545,948 54,464 
Packaging Corp. of America 326,900 46,256 
  100,720 
Metals & Mining - 0.4%   
Anglo American PLC (United Kingdom) 566,977 25,125 
Lundin Mining Corp. 871,700 7,944 
  33,069 
TOTAL MATERIALS  225,765 
REAL ESTATE - 2.3%   
Equity Real Estate Investment Trusts (REITs) - 2.3%   
American Tower Corp. 186,177 52,651 
Lamar Advertising Co. Class A 761,697 81,197 
Public Storage 145,624 45,505 
  179,353 
UTILITIES - 5.3%   
Electric Utilities - 2.7%   
Exelon Corp. 984,336 46,067 
NextEra Energy, Inc. 1,377,226 107,286 
NRG Energy, Inc. 1,090,709 44,981 
PG&E Corp. (a) 1,354,272 11,904 
  210,238 
Independent Power and Renewable Electricity Producers - 0.4%   
Vistra Corp. 1,884,922 36,096 
Multi-Utilities - 2.2%   
Ameren Corp. 432,496 36,295 
CenterPoint Energy, Inc. 1,333,966 33,963 
Dominion Energy, Inc. 824,648 61,741 
WEC Energy Group, Inc. 425,090 40,018 
  172,017 
TOTAL UTILITIES  418,351 
TOTAL COMMON STOCKS   
(Cost $5,297,172)  7,662,666 
Other - 0.2%   
Energy - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)   
(Cost $22,679) 22,678,929 11,823 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.06% (g) 173,861,350 173,896 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 30,349,323 30,352 
TOTAL MONEY MARKET FUNDS   
(Cost $204,248)  204,248 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $5,524,099)  7,878,737 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (23,234) 
NET ASSETS - 100%  $7,855,503 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,818,000 or 0.3% of net assets.

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (e) 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 $11,823,000 or 0.2% of net assets.

 (f) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $22,679 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $59 
Fidelity Securities Lending Cash Central Fund 41 
Total $100 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $137,942 $369,834 $333,879 $(1) $-- $173,896 0.3% 
Fidelity Securities Lending Cash Central Fund 0.06% 19,580 319,344 308,572 -- -- 30,352 0.1% 
Total $157,522 $689,178 $642,451 $(1) $-- $204,248  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $672,765 $636,208 $36,557 $-- 
Consumer Discretionary 488,154 488,154 -- -- 
Consumer Staples 624,599 563,544 61,055 -- 
Energy 421,746 421,746 -- -- 
Financials 1,486,874 1,486,874 -- -- 
Health Care 1,431,077 1,167,939 263,138 -- 
Industrials 880,971 766,943 114,028 -- 
Information Technology 833,011 833,011 -- -- 
Materials 225,765 200,640 25,125 -- 
Real Estate 179,353 179,353 -- -- 
Utilities 418,351 418,351 -- -- 
Other 11,823 -- -- 11,823 
Money Market Funds 204,248 204,248 -- -- 
Total Investments in Securities: $7,878,737 $7,367,011 $499,903 $11,823 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 82.4% 
Ireland 2.6% 
Canada 2.5% 
Switzerland 2.1% 
United Kingdom 1.8% 
France 1.4% 
Netherlands 1.2% 
Bailiwick of Guernsey 1.0% 
Taiwan 1.0% 
Germany 1.0% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $29,885) — See accompanying schedule:
Unaffiliated issuers (cost $5,319,851) 
$7,674,489  
Fidelity Central Funds (cost $204,248) 204,248  
Total Investment in Securities (cost $5,524,099)  $7,878,737 
Restricted cash  189 
Receivable for fund shares sold  2,035 
Dividends receivable  11,939 
Distributions receivable from Fidelity Central Funds  12 
Prepaid expenses  
Other receivables  1,321 
Total assets  7,894,239 
Liabilities   
Payable for fund shares redeemed $3,486  
Accrued management fee 2,772  
Other affiliated payables 881  
Other payables and accrued expenses 1,245  
Collateral on securities loaned 30,352  
Total liabilities  38,736 
Net Assets  $7,855,503 
Net Assets consist of:   
Paid in capital  $4,959,976 
Total accumulated earnings (loss)  2,895,527 
Net Assets  $7,855,503 
Net Asset Value and Maximum Offering Price   
Equity-Income:   
Net Asset Value, offering price and redemption price per share ($7,101,399 ÷ 99,539 shares)  $71.34 
Class K:   
Net Asset Value, offering price and redemption price per share ($754,104 ÷ 10,578 shares)  $71.29 

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


Statement of Operations

Amounts in thousands  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $83,232 
Income from Fidelity Central Funds (including $41 from security lending)  100 
Total income  83,332 
Expenses   
Management fee $16,008  
Transfer agent fees 4,542  
Accounting fees 592  
Custodian fees and expenses 67  
Independent trustees' fees and expenses 14  
Registration fees 85  
Audit 50  
Legal 11  
Miscellaneous 18  
Total expenses before reductions 21,387  
Expense reductions (275)  
Total expenses after reductions  21,112 
Net investment income (loss)  62,220 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 580,342  
Fidelity Central Funds (1)  
Foreign currency transactions (236)  
Total net realized gain (loss)  580,105 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 565,274  
Assets and liabilities in foreign currencies (29)  
Total change in net unrealized appreciation (depreciation)  565,245 
Net gain (loss)  1,145,350 
Net increase (decrease) in net assets resulting from operations  $1,207,570 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $62,220 $100,292 
Net realized gain (loss) 580,105 200,391 
Change in net unrealized appreciation (depreciation) 565,245 156,037 
Net increase (decrease) in net assets resulting from operations 1,207,570 456,720 
Distributions to shareholders (166,416) (219,443) 
Share transactions - net increase (decrease) 219,385 191,539 
Total increase (decrease) in net assets 1,260,539 428,816 
Net Assets   
Beginning of period 6,594,964 6,166,148 
End of period $7,855,503 $6,594,964 

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


Financial Highlights

Fidelity Equity-Income Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $61.74 $59.36 $54.70 $63.45 $57.76 $48.57 
Income from Investment Operations       
Net investment income (loss)A .57 .97 1.19 1.44 1.30 1.22 
Net realized and unrealized gain (loss) 10.57 3.52 7.81 (5.22) 8.52 10.43 
Total from investment operations 11.14 4.49 9.00 (3.78) 9.82 11.65 
Distributions from net investment income (.54) (.94) (1.10) (1.39) (1.20)B (1.36) 
Distributions from net realized gain (1.00) (1.17) (3.24) (3.58) (2.93)B (1.10) 
Total distributions (1.54) (2.11) (4.34) (4.97) (4.13) (2.46) 
Net asset value, end of period $71.34 $61.74 $59.36 $54.70 $63.45 $57.76 
Total ReturnC,D 18.23% 7.93% 16.69% (5.91)% 17.57% 24.42% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .58%G .60% .60% .61% .61% .63% 
Expenses net of fee waivers, if any .58%G .60% .60% .61% .61% .63% 
Expenses net of all reductions .57%G .59% .60% .60% .61% .62% 
Net investment income (loss) 1.64%G 1.75% 2.04% 2.50% 2.18% 2.27% 
Supplemental Data       
Net assets, end of period (in millions) $7,101 $5,940 $5,378 $5,016 $5,921 $6,686 
Portfolio turnover rateH 54%G,I 50%I 32%I 24%I 33% 36% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

 G Annualized

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Equity-Income Fund Class K

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $61.69 $59.31 $54.67 $63.41 $57.73 $48.55 
Income from Investment Operations       
Net investment income (loss)A .60 1.02 1.24 1.51 1.36 1.28 
Net realized and unrealized gain (loss) 10.57 3.52 7.80 (5.22) 8.51 10.42 
Total from investment operations 11.17 4.54 9.04 (3.71) 9.87 11.70 
Distributions from net investment income (.57) (.99) (1.16) (1.45) (1.26)B (1.42) 
Distributions from net realized gain (1.00) (1.17) (3.24) (3.58) (2.93)B (1.10) 
Total distributions (1.57) (2.16) (4.40) (5.03) (4.19) (2.52) 
Net asset value, end of period $71.29 $61.69 $59.31 $54.67 $63.41 $57.73 
Total ReturnC,D 18.29% 8.04% 16.77% (5.81)% 17.68% 24.56% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .49%G .50% .51% .51% .51% .52% 
Expenses net of fee waivers, if any .49%G .50% .51% .51% .51% .52% 
Expenses net of all reductions .48%G .50% .50% .50% .51% .51% 
Net investment income (loss) 1.73%G 1.84% 2.13% 2.60% 2.28% 2.39% 
Supplemental Data       
Net assets, end of period (in millions) $754 $655 $788 $807 $1,623 $1,791 
Portfolio turnover rateH 54%G,I 50%I 32%I 24%I 33% 36% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

 G Annualized

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

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

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

Fidelity Equity-Income Fund $1,155 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

Gross unrealized appreciation $2,433,456 
Gross unrealized depreciation (110,733) 
Net unrealized appreciation (depreciation) $2,322,723 
Tax cost $5,556,014 

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

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Equity-Income Fund 12,012 .15 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Equity-Income Fund 2,044,151 1,936,039 

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

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity Equity-Income Fund 415 13,022 29,474 Class K 

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

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity Equity-Income Fund 20 379 1,116 Class K 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .43% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Equity-Income $4,385 .13 
Class K 157 .04 
 $4,542  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Equity-Income Fund .02 

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

 Amount 
Fidelity Equity-Income Fund $48 

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

 Purchases ($) Sales ($) 
Fidelity Equity-Income Fund 159,953 105,061 

6. Committed Line of Credit.

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

 Amount 
Fidelity Equity-Income Fund $7 

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Equity-Income Fund $3 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $218 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $57.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
July 31, 2021 
Year ended
January 31, 2021 
Fidelity Equity-Income Fund   
Distributions to shareholders   
Equity-Income $149,587 $194,422 
Class K 16,829 25,021 
Total $166,416 $219,443 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended July 31, 2021 Year ended January 31, 2021 Six months ended July 31, 2021 Year ended January 31, 2021 
Fidelity Equity-Income Fund     
Equity-Income     
Shares sold 6,761 16,474 $462,873 $933,030 
Reinvestment of distributions 2,101 3,211 140,355 182,273 
Shares redeemed (5,536) (14,077) (380,098) (770,384) 
Net increase (decrease) 3,326 5,608 $223,130 $344,919 
Class K     
Shares sold 1,452 2,059 $99,299 $115,985 
Reinvestment of distributions 252 445 16,829 25,021 
Shares redeemed (1,737) (5,183) (119,873) (294,386) 
Net increase (decrease) (33) (2,679) $(3,745) $(153,380) 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Equity-Income Fund     
Equity-Income .58%    
Actual  $1,000.00 $1,182.30 $3.14 
Hypothetical-C  $1,000.00 $1,021.92 $2.91 
Class K .49%    
Actual  $1,000.00 $1,182.90 $2.65 
Hypothetical-C  $1,000.00 $1,022.36 $2.46 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Equity-Income Fund

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

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

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

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes in January 2018 and April 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

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

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

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

Fidelity Equity-Income Fund


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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Equity-Income Fund


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

EQU-SANN-0921
1.536123.124


Fidelity® Series All-Sector Equity Fund

Fidelity® Series Stock Selector Large Cap Value Fund

Fidelity® Series Value Discovery Fund



Semi-Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Series All-Sector Equity Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Stock Selector Large Cap Value Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Value Discovery Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Series All-Sector Equity Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Microsoft Corp. 5.9 
Apple, Inc. 4.3 
Alphabet, Inc. Class C 3.7 
Amazon.com, Inc. 3.6 
Facebook, Inc. Class A 2.3 
MasterCard, Inc. Class A 1.8 
Jabil, Inc. 1.7 
UnitedHealth Group, Inc. 1.5 
The Home Depot, Inc. 1.3 
NVIDIA Corp. 1.2 
 27.3 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Information Technology 26.9 
Health Care 12.9 
Consumer Discretionary 12.0 
Financials 10.9 
Communication Services 10.3 

Asset Allocation (% of fund's net assets)

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


 * Foreign investments - 3.8%

Fidelity® Series All-Sector Equity Fund

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
COMMUNICATION SERVICES - 10.3%   
Entertainment - 1.8%   
Activision Blizzard, Inc. 87,111 $7,284,222 
Electronic Arts, Inc. 34,690 4,993,972 
Live Nation Entertainment, Inc. (a) 5,910 466,240 
Netflix, Inc. (a) 37,670 19,496,862 
Spotify Technology SA (a) 15,440 3,530,665 
The Walt Disney Co. (a) 200,487 35,289,722 
World Wrestling Entertainment, Inc. Class A (b) 4,400 217,272 
  71,278,955 
Interactive Media & Services - 6.8%   
Alphabet, Inc.:   
Class A (a) 3,500 9,430,855 
Class C (a) 52,426 141,781,923 
Facebook, Inc. Class A (a) 254,590 90,710,417 
IAC (a) 2,680 367,937 
Match Group, Inc. (a) 25,075 3,993,695 
Snap, Inc. Class A (a) 62,630 4,660,925 
TripAdvisor, Inc. (a) 11,470 435,287 
Twitter, Inc. (a) 104,410 7,282,598 
Vimeo, Inc. (a) 51,200 2,293,760 
Zoominfo Technologies, Inc. (a) 47,400 2,547,750 
  263,505,147 
Media - 1.0%   
Altice U.S.A., Inc. Class A (a) 60,630 1,863,160 
Comcast Corp. Class A 415,368 24,436,099 
Interpublic Group of Companies, Inc. 27,830 984,069 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 11,520 540,634 
Liberty SiriusXM Series A (a) 24,320 1,135,501 
Liberty SiriusXM Series C (a) 3,165 146,223 
Nexstar Broadcasting Group, Inc. Class A 9,800 1,441,286 
ViacomCBS, Inc. Class B 183,670 7,517,613 
  38,064,585 
Wireless Telecommunication Services - 0.7%   
T-Mobile U.S., Inc. (a) 196,802 28,343,424 
TOTAL COMMUNICATION SERVICES  401,192,111 
CONSUMER DISCRETIONARY - 12.0%   
Auto Components - 0.6%   
Aptiv PLC (a) 132,300 22,074,255 
Automobiles - 0.9%   
Tesla, Inc. (a) 50,800 34,909,760 
Diversified Consumer Services - 0.3%   
Duolingo, Inc. 2,100 294,525 
Service Corp. International 155,700 9,729,693 
  10,024,218 
Hotels, Restaurants & Leisure - 1.5%   
Booking Holdings, Inc. (a) 10,290 22,414,295 
Las Vegas Sands Corp. (a) 328,100 13,895,035 
Marriott International, Inc. Class A (a) 149,000 21,751,020 
  58,060,350 
Household Durables - 0.3%   
Lennar Corp. Class A 117,200 12,323,580 
Internet & Direct Marketing Retail - 3.6%   
Amazon.com, Inc. (a) 41,335 137,545,933 
Chewy, Inc. (a)(b) 13,152 1,100,822 
eBay, Inc. 20,460 1,395,577 
  140,042,332 
Multiline Retail - 0.4%   
Dollar Tree, Inc. (a) 146,100 14,579,319 
Specialty Retail - 3.5%   
Best Buy Co., Inc. 167,600 18,829,860 
Burlington Stores, Inc. (a) 69,660 23,322,168 
The Home Depot, Inc. 149,779 49,155,970 
TJX Companies, Inc. 339,796 23,381,363 
Ulta Beauty, Inc. (a) 60,300 20,248,740 
  134,938,101 
Textiles, Apparel & Luxury Goods - 0.9%   
NIKE, Inc. Class B 220,900 37,002,959 
TOTAL CONSUMER DISCRETIONARY  463,954,874 
CONSUMER STAPLES - 5.3%   
Beverages - 1.9%   
Boston Beer Co., Inc. Class A (a) 2,085 1,480,350 
Constellation Brands, Inc. Class A (sub. vtg.) 42,568 9,549,705 
Keurig Dr. Pepper, Inc. 132,576 4,668,001 
Monster Beverage Corp. (a) 97,874 9,231,476 
PepsiCo, Inc. 149,882 23,523,980 
The Coca-Cola Co. 406,782 23,198,777 
  71,652,289 
Food & Staples Retailing - 1.2%   
BJ's Wholesale Club Holdings, Inc. (a) 27,600 1,397,664 
Costco Wholesale Corp. 49,836 21,415,526 
Walgreens Boots Alliance, Inc. 85,823 4,046,554 
Walmart, Inc. 139,500 19,885,725 
  46,745,469 
Food Products - 0.6%   
Bunge Ltd. 25,107 1,949,056 
Darling Ingredients, Inc. (a) 29,731 2,053,520 
Freshpet, Inc. (a) 7,269 1,064,545 
Lamb Weston Holdings, Inc. 63,332 4,228,678 
Mondelez International, Inc. 225,017 14,234,575 
  23,530,374 
Household Products - 1.0%   
Procter & Gamble Co. 261,160 37,144,787 
The Clorox Co. 15,196 2,748,804 
  39,893,591 
Personal Products - 0.3%   
Estee Lauder Companies, Inc. Class A 32,958 11,002,369 
Herbalife Nutrition Ltd. (a) 36,716 1,870,313 
  12,872,682 
Tobacco - 0.3%   
Altria Group, Inc. 187,505 9,007,740 
TOTAL CONSUMER STAPLES  203,702,145 
ENERGY - 2.4%   
Energy Equipment & Services - 0.3%   
Baker Hughes Co. Class A 163,300 3,468,492 
Halliburton Co. 292,600 6,050,968 
  9,519,460 
Oil, Gas & Consumable Fuels - 2.1%   
Cheniere Energy, Inc. (a) 62,800 5,333,604 
ConocoPhillips Co. 57,900 3,245,874 
EOG Resources, Inc. 6,300 459,018 
EQT Corp. (a) 22,500 413,775 
Exxon Mobil Corp. 695,624 40,047,074 
Hess Corp. 200,900 15,356,796 
Kosmos Energy Ltd. (a) 60,662 140,129 
Marathon Petroleum Corp. 500 27,610 
Murphy Oil Corp. 229,864 4,990,347 
Phillips 66 Co. 82,400 6,050,632 
Range Resources Corp. (a) 66,000 1,005,180 
Targa Resources Corp. 81,300 3,423,543 
Valero Energy Corp. 36,500 2,444,405 
  82,937,987 
TOTAL ENERGY  92,457,447 
FINANCIALS - 10.9%   
Banks - 4.3%   
Bank of America Corp. 1,152,487 44,209,401 
Citigroup, Inc. 48,484 3,278,488 
Citizens Financial Group, Inc. 228,500 9,633,560 
Comerica, Inc. 54,000 3,707,640 
First Horizon National Corp. 293,900 4,540,755 
JPMorgan Chase & Co. 175,500 26,637,390 
M&T Bank Corp. 46,049 6,163,659 
PNC Financial Services Group, Inc. 91,300 16,654,033 
Signature Bank 24,300 5,515,371 
Wells Fargo & Co. 1,001,800 46,022,692 
  166,362,989 
Capital Markets - 2.5%   
Bank of New York Mellon Corp. 459,600 23,591,268 
BlackRock, Inc. Class A 23,800 20,638,646 
Cboe Global Markets, Inc. 39,800 4,715,106 
Goldman Sachs Group, Inc. 22,600 8,472,288 
Morgan Stanley 243,300 23,351,934 
State Street Corp. 128,300 11,180,062 
StepStone Group, Inc. Class A 47,900 2,179,929 
Virtu Financial, Inc. Class A 180,132 4,636,598 
  98,765,831 
Consumer Finance - 2.0%   
Ally Financial, Inc. 102,400 5,259,264 
American Express Co. 157,800 26,909,634 
Capital One Financial Corp. 279,605 45,212,129 
  77,381,027 
Diversified Financial Services - 0.2%   
Voya Financial, Inc. 130,600 8,410,640 
Insurance - 1.9%   
American International Group, Inc. 174,600 8,267,310 
Arch Capital Group Ltd. (a) 131,900 5,144,100 
Arthur J. Gallagher & Co. 52,700 7,341,637 
Hartford Financial Services Group, Inc. 244,000 15,523,280 
Marsh & McLennan Companies, Inc. 23,600 3,474,392 
Principal Financial Group, Inc. 79,400 4,933,122 
Reinsurance Group of America, Inc. 28,000 3,085,040 
The Travelers Companies, Inc. 129,100 19,225,572 
Willis Towers Watson PLC 33,200 6,841,856 
  73,836,309 
TOTAL FINANCIALS  424,756,796 
HEALTH CARE - 12.9%   
Biotechnology - 1.8%   
Amgen, Inc. 98,003 23,671,645 
Biogen, Inc. (a) 4,900 1,600,977 
Blueprint Medicines Corp. (a) 28,000 2,460,360 
Horizon Therapeutics PLC (a) 184,600 18,463,692 
Neurocrine Biosciences, Inc. (a) 56,800 5,294,328 
Regeneron Pharmaceuticals, Inc. (a) 31,900 18,330,059 
  69,821,061 
Health Care Equipment & Supplies - 3.8%   
Abbott Laboratories 244,200 29,543,316 
Boston Scientific Corp. (a) 693,110 31,605,816 
Danaher Corp. 17,500 5,206,075 
DexCom, Inc. (a) 17,300 8,918,323 
Envista Holdings Corp. (a) 216,100 9,309,588 
Intuitive Surgical, Inc. (a) 23,300 23,101,018 
ResMed, Inc. 35,100 9,540,180 
Stryker Corp. 115,700 31,347,758 
  148,572,074 
Health Care Providers & Services - 3.5%   
AmerisourceBergen Corp. 95,000 11,606,150 
Cigna Corp. 10,000 2,294,900 
Guardant Health, Inc. (a) 32,200 3,535,560 
HCA Holdings, Inc. 90,200 22,387,640 
Humana, Inc. 54,400 23,166,784 
Oak Street Health, Inc. (a) 19,700 1,241,888 
Surgery Partners, Inc. (a) 251,800 13,738,208 
UnitedHealth Group, Inc. 143,400 59,112,348 
  137,083,478 
Health Care Technology - 0.2%   
Health Catalyst, Inc. (a) 101,400 5,887,284 
Life Sciences Tools & Services - 1.0%   
Avantor, Inc. (a) 234,500 8,812,510 
Thermo Fisher Scientific, Inc. 58,500 31,590,585 
  40,403,095 
Pharmaceuticals - 2.6%   
Bristol-Myers Squibb Co. 431,200 29,265,544 
Eli Lilly & Co. 138,466 33,716,471 
Merck & Co., Inc. 29,100 2,236,917 
Royalty Pharma PLC 263,100 10,050,420 
Zoetis, Inc. Class A 120,900 24,506,430 
  99,775,782 
TOTAL HEALTH CARE  501,542,774 
INDUSTRIALS - 9.5%   
Aerospace & Defense - 3.0%   
General Dynamics Corp. 100,400 19,681,412 
Lockheed Martin Corp. 53,500 19,884,345 
Northrop Grumman Corp. 54,800 19,893,496 
Raytheon Technologies Corp. 321,748 27,975,989 
The Boeing Co. (a) 130,500 29,555,640 
  116,990,882 
Air Freight & Logistics - 0.8%   
FedEx Corp. 80,199 22,451,710 
United Parcel Service, Inc. Class B 34,500 6,601,920 
  29,053,630 
Construction & Engineering - 0.5%   
AECOM (a) 291,400 18,346,544 
Electrical Equipment - 1.1%   
Sensata Technologies, Inc. PLC (a) 449,039 26,322,666 
Sunrun, Inc. (a) 328,395 17,395,083 
  43,717,749 
Industrial Conglomerates - 1.1%   
3M Co. 43,200 8,551,008 
General Electric Co. 2,206,319 28,571,831 
Honeywell International, Inc. 20,800 4,862,832 
  41,985,671 
Machinery - 1.3%   
Allison Transmission Holdings, Inc. 597,100 23,830,261 
Caterpillar, Inc. 121,900 25,202,825 
Flowserve Corp. 26,612 1,120,099 
  50,153,185 
Marine - 0.4%   
Kirby Corp. (a) 272,800 15,797,848 
Professional Services - 0.8%   
Nielsen Holdings PLC 1,331,684 31,547,594 
Road & Rail - 0.5%   
Norfolk Southern Corp. 44,218 11,400,727 
Uber Technologies, Inc. (a) 200,670 8,721,118 
  20,121,845 
TOTAL INDUSTRIALS  367,714,948 
INFORMATION TECHNOLOGY - 26.9%   
Communications Equipment - 0.1%   
CommScope Holding Co., Inc. (a) 15,900 336,444 
Lumentum Holdings, Inc. (a) 12,600 1,058,274 
  1,394,718 
Electronic Equipment & Components - 1.9%   
Avnet, Inc. 19,400 801,608 
Corning, Inc. 107,600 4,504,136 
Flex Ltd. (a) 130,300 2,341,491 
Jabil, Inc. 1,131,117 67,346,706 
  74,993,941 
IT Services - 5.4%   
Alliance Data Systems Corp. 8,400 783,300 
Cognizant Technology Solutions Corp. Class A 20,300 1,492,659 
DXC Technology Co. (a) 26,000 1,039,480 
Euronet Worldwide, Inc. (a) 12,900 1,842,378 
Fidelity National Information Services, Inc. 42,658 6,358,175 
Fiserv, Inc. (a) 41,400 4,765,554 
FleetCor Technologies, Inc. (a) 3,100 800,482 
Genpact Ltd. 147,100 7,327,051 
Global Payments, Inc. 64,800 12,532,968 
GoDaddy, Inc. (a) 47,005 3,941,369 
MasterCard, Inc. Class A 184,000 71,012,960 
MongoDB, Inc. Class A (a) 9,800 3,517,416 
PayPal Holdings, Inc. (a) 122,600 33,779,978 
Sabre Corp. (a) 17,100 201,609 
Square, Inc. (a) 34,700 8,579,922 
Twilio, Inc. Class A (a) 15,100 5,641,209 
Visa, Inc. Class A 180,400 44,448,756 
WEX, Inc. (a) 5,700 1,081,461 
  209,146,727 
Semiconductors & Semiconductor Equipment - 3.7%   
Advanced Micro Devices, Inc. (a) 45,612 4,843,538 
Applied Materials, Inc. 79,800 11,166,414 
Lam Research Corp. 9,030 5,755,812 
Marvell Technology, Inc. 414,900 25,105,599 
Microchip Technology, Inc. 46,100 6,597,832 
Micron Technology, Inc. 214,960 16,676,597 
NVIDIA Corp. 239,420 46,684,506 
ON Semiconductor Corp. (a) 573,768 22,411,378 
Qualcomm, Inc. 8,104 1,213,979 
Semtech Corp. (a) 10,900 674,819 
Universal Display Corp. 4,000 937,960 
Xilinx, Inc. 19,500 2,921,880 
  144,990,314 
Software - 11.1%   
Adobe, Inc. (a) 31,100 19,332,693 
Anaplan, Inc. (a) 128,800 7,367,360 
Autodesk, Inc. (a) 80,035 25,701,640 
Avalara, Inc. (a) 14,800 2,474,116 
Blend Labs, Inc. 23,500 424,410 
Ceridian HCM Holding, Inc. (a) 33,000 3,247,200 
Cloudflare, Inc. (a) 10,500 1,245,615 
Confluent, Inc. 8,500 333,115 
Coupa Software, Inc. (a) 11,100 2,408,700 
Elastic NV (a) 21,400 3,168,484 
Everbridge, Inc. (a)(b) 8,900 1,256,858 
FireEye, Inc. (a) 67,800 1,369,560 
Five9, Inc. (a) 17,600 3,542,704 
HubSpot, Inc. (a) 4,400 2,622,488 
Intuit, Inc. 16,500 8,744,505 
LivePerson, Inc. (a) 25,400 1,617,726 
Microsoft Corp. 802,900 228,754,239 
Momentive Global, Inc. (a) 381,740 8,016,540 
NortonLifeLock, Inc. 31,400 779,348 
Nutanix, Inc. Class A (a) 11,700 421,434 
Palo Alto Networks, Inc. (a) 25,700 10,255,585 
PTC, Inc. (a) 24,500 3,318,525 
Qualtrics International, Inc. 10,900 454,857 
Rapid7, Inc. (a) 9,600 1,092,000 
RingCentral, Inc. (a) 10,500 2,806,335 
Salesforce.com, Inc. (a) 125,042 30,251,411 
ServiceNow, Inc. (a) 19,600 11,522,644 
Splunk, Inc. (a) 29,000 4,117,420 
SS&C Technologies Holdings, Inc. 68,000 5,330,520 
Viant Technology, Inc. 4,900 84,721 
VMware, Inc. Class A (a)(b) 16,600 2,552,084 
Vonage Holdings Corp. (a) 62,000 884,120 
Workday, Inc. Class A (a) 63,300 14,837,520 
Yext, Inc. (a) 285,449 3,719,400 
Zendesk, Inc. (a) 73,000 9,528,690 
Zoom Video Communications, Inc. Class A (a) 19,400 7,335,140 
  430,919,707 
Technology Hardware, Storage & Peripherals - 4.7%   
Apple, Inc. 1,153,836 168,298,519 
HP, Inc. 249,200 7,194,404 
Pure Storage, Inc. Class A (a) 36,400 710,528 
Western Digital Corp. (a) 94,100 6,109,913 
Xerox Holdings Corp. 24,700 596,011 
  182,909,375 
TOTAL INFORMATION TECHNOLOGY  1,044,354,782 
MATERIALS - 2.3%   
Chemicals - 1.1%   
Air Products & Chemicals, Inc. 14,477 4,213,241 
Albemarle Corp. U.S. 17,600 3,626,304 
DuPont de Nemours, Inc. 30,585 2,295,404 
Ecolab, Inc. 15,482 3,418,890 
FMC Corp. 19,648 2,101,354 
International Flavors & Fragrances, Inc. 24,312 3,662,360 
Linde PLC 31,486 9,678,482 
LyondellBasell Industries NV Class A 21,300 2,115,729 
Olin Corp. 167,900 7,896,337 
Sherwin-Williams Co. 11,855 3,450,161 
  42,458,262 
Construction Materials - 0.3%   
Martin Marietta Materials, Inc. 17,939 6,517,239 
Vulcan Materials Co. 32,400 5,831,676 
  12,348,915 
Containers & Packaging - 0.1%   
Crown Holdings, Inc. 55,200 5,506,752 
Metals & Mining - 0.8%   
Freeport-McMoRan, Inc. 569,234 21,687,815 
Newmont Corp. 64,600 4,058,172 
Reliance Steel & Aluminum Co. 15,869 2,493,813 
Royal Gold, Inc. 13,400 1,628,368 
  29,868,168 
TOTAL MATERIALS  90,182,097 
REAL ESTATE - 3.2%   
Equity Real Estate Investment Trusts (REITs) - 2.8%   
Alexandria Real Estate Equities, Inc. 26,900 5,416,046 
American Tower Corp. 49,400 13,970,320 
Corporate Office Properties Trust (SBI) 54,600 1,607,424 
CubeSmart 154,100 7,652,606 
Digital Realty Trust, Inc. 41,600 6,413,056 
Douglas Emmett, Inc. 165,200 5,517,680 
Equity Lifestyle Properties, Inc. 103,100 8,639,780 
Invitation Homes, Inc. 281,000 11,431,080 
Kilroy Realty Corp. 75,000 5,195,250 
Mid-America Apartment Communities, Inc. 64,200 12,397,020 
Prologis (REIT), Inc. 125,400 16,056,216 
SBA Communications Corp. Class A 11,600 3,955,484 
Ventas, Inc. 81,700 4,884,026 
VICI Properties, Inc. 101,100 3,153,309 
  106,289,297 
Real Estate Management & Development - 0.4%   
Cushman & Wakefield PLC (a) 135,600 2,531,652 
Jones Lang LaSalle, Inc. (a) 59,800 13,309,686 
  15,841,338 
TOTAL REAL ESTATE  122,130,635 
UTILITIES - 2.3%   
Electric Utilities - 1.6%   
Edison International 93,300 5,084,850 
Entergy Corp. 22,200 2,284,824 
Evergy, Inc. 90,400 5,895,888 
Exelon Corp. 183,993 8,610,872 
FirstEnergy Corp. 186,000 7,127,520 
NextEra Energy, Inc. 194,040 15,115,716 
NRG Energy, Inc. 46,200 1,905,288 
PG&E Corp. (a) 645,493 5,673,883 
Southern Co. 145,100 9,267,537 
  60,966,378 
Independent Power and Renewable Electricity Producers - 0.1%   
The AES Corp. 143,500 3,400,950 
Vistra Corp. 151,000 2,891,650 
  6,292,600 
Multi-Utilities - 0.6%   
CenterPoint Energy, Inc. 103,790 2,642,493 
Dominion Energy, Inc. 115,041 8,613,120 
NiSource, Inc. 124,200 3,076,434 
Public Service Enterprise Group, Inc. 28,900 1,798,447 
Sempra Energy 55,944 7,309,084 
  23,439,578 
TOTAL UTILITIES  90,698,556 
TOTAL COMMON STOCKS   
(Cost $2,021,205,304)  3,802,687,165 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 9/30/21 to 10/28/21 (c)   
(Cost $7,279,304) 7,280,000 7,279,180 
 Shares Value 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund 0.06% (d) 159,148,925 $159,180,755 
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) 4,641,041 4,641,505 
TOTAL MONEY MARKET FUNDS   
(Cost $163,821,139)  163,822,260 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $2,192,305,747)  3,973,788,605 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (91,701,086) 
NET ASSETS - 100%  $3,882,087,519 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 239 Sept. 2021 $52,454,525 $506,735 $506,735 

The notional amount of futures purchased as a percentage of Net Assets is 1.4%

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,679,791.

 (d) 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 are available on the SEC's website or upon request.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $15,987 
Fidelity Securities Lending Cash Central Fund 14,206 
Total $30,193 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $72,392,381 $790,123,416 $703,334,641 $(401) $-- $159,180,755 0.2% 
Fidelity Securities Lending Cash Central Fund 0.06% 5,784,355 50,155,178 51,298,028 -- -- 4,641,505 0.0% 
Total $78,176,736 $840,278,594 $754,632,669 $(401) $-- $163,822,260  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $401,192,111 $401,192,111 $-- $-- 
Consumer Discretionary 463,954,874 463,954,874 -- -- 
Consumer Staples 203,702,145 203,702,145 -- -- 
Energy 92,457,447 92,457,447 -- -- 
Financials 424,756,796 424,756,796 -- -- 
Health Care 501,542,774 501,542,774 -- -- 
Industrials 367,714,948 367,714,948 -- -- 
Information Technology 1,044,354,782 1,044,354,782 -- -- 
Materials 90,182,097 90,182,097 -- -- 
Real Estate 122,130,635 122,130,635 -- -- 
Utilities 90,698,556 90,698,556 -- -- 
U.S. Government and Government Agency Obligations 7,279,180 -- 7,279,180 -- 
Money Market Funds 163,822,260 163,822,260 -- -- 
Total Investments in Securities: $3,973,788,605 $3,966,509,425 $7,279,180 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $506,735 $506,735 $-- $-- 
Total Assets $506,735 $506,735 $-- $-- 
Total Derivative Instruments: $506,735 $506,735 $-- $-- 

Value of Derivative Instruments

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

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $506,735 $0 
Total Equity Risk 506,735 
Total Value of Derivatives $506,735 $0 

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

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


Fidelity® Series All-Sector Equity Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $4,510,372) — See accompanying schedule:
Unaffiliated issuers (cost $2,028,484,608) 
$3,809,966,345  
Fidelity Central Funds (cost $163,821,139) 163,822,260  
Total Investment in Securities (cost $2,192,305,747)  $3,973,788,605 
Cash  236,819 
Receivable for investments sold  10,511,592 
Receivable for fund shares sold  11,703 
Dividends receivable  2,121,350 
Distributions receivable from Fidelity Central Funds  6,121 
Other receivables  101,119 
Total assets  3,986,777,309 
Liabilities   
Payable for investments purchased $17,168,262  
Payable for fund shares redeemed 82,243,905  
Payable for daily variation margin on futures contracts 607,696  
Other payables and accrued expenses 27,952  
Collateral on securities loaned 4,641,975  
Total liabilities  104,689,790 
Net Assets  $3,882,087,519 
Net Assets consist of:   
Paid in capital  $1,765,490,663 
Total accumulated earnings (loss)  2,116,596,856 
Net Assets  $3,882,087,519 
Net Asset Value, offering price and redemption price per share ($3,882,087,519 ÷ 300,127,983 shares)  $12.93 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $20,852,896 
Interest  249 
Income from Fidelity Central Funds (including $14,206 from security lending)  30,193 
Total income  20,883,338 
Expenses   
Custodian fees and expenses $33,252  
Independent trustees' fees and expenses 7,485  
Total expenses  40,737 
Net investment income (loss)  20,842,601 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 321,704,597  
Fidelity Central Funds (401)  
Foreign currency transactions (993)  
Futures contracts 4,827,739  
Total net realized gain (loss)  326,530,942 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 334,222,017  
Assets and liabilities in foreign currencies (2,025)  
Futures contracts 909,725  
Total change in net unrealized appreciation (depreciation)  335,129,717 
Net gain (loss)  661,660,659 
Net increase (decrease) in net assets resulting from operations  $682,503,260 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $20,842,601 $49,883,400 
Net realized gain (loss) 326,530,942 375,196,187 
Change in net unrealized appreciation (depreciation) 335,129,717 330,422,945 
Net increase (decrease) in net assets resulting from operations 682,503,260 755,502,532 
Distributions to shareholders (179,164,847) (440,518,195) 
Share transactions   
Proceeds from sales of shares 157,754,164 172,524,328 
Reinvestment of distributions 179,164,847 440,518,195 
Cost of shares redeemed (647,564,017) (719,507,203) 
Net increase (decrease) in net assets resulting from share transactions (310,645,006) (106,464,680) 
Total increase (decrease) in net assets 192,693,407 208,519,657 
Net Assets   
Beginning of period 3,689,394,112 3,480,874,455 
End of period $3,882,087,519 $3,689,394,112 
Other Information   
Shares   
Sold 12,888,047 17,312,431 
Issued in reinvestment of distributions 15,743,835 43,606,246 
Redeemed (52,388,145) (71,429,879) 
Net increase (decrease) (23,756,263) (10,511,202) 

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


Financial Highlights

Fidelity Series All-Sector Equity Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $11.39 $10.41 $9.35 $13.46 $12.33 $12.02 
Income from Investment Operations       
Net investment income (loss)A .07 .15B .17 .21 .18 .12 
Net realized and unrealized gain (loss) 2.03 2.22 1.78 (.79) 2.80 2.33 
Total from investment operations 2.10 2.37 1.95 (.58) 2.98 2.45 
Distributions from net investment income C (.17) (.18) (.22) (.19) (.18) 
Distributions from net realized gain (.55) (1.23) (.71) (3.31) (1.66) (1.96) 
Total distributions (.56)D (1.39)D (.89) (3.53) (1.85) (2.14) 
Net asset value, end of period $12.93 $11.39 $10.41 $9.35 $13.46 $12.33 
Total ReturnE,F 19.08% 24.94% 21.33% (3.23)% 25.62% 21.03% 
Ratios to Average Net AssetsG,H       
Expenses before reductions - %I,J - %J - %J - %J .20% .68% 
Expenses net of fee waivers, if any - %I,J - %J - %J - %J .20% .68% 
Expenses net of all reductions - %I,J - %J - %J - %J .20% .67% 
Net investment income (loss) 1.06%I 1.47%B 1.68% 1.68% 1.37% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,882,088 $3,689,394 $3,480,874 $3,598,453 $6,550,143 $2,736,748 
Portfolio turnover rateK 30%I 64% 59% 65% 61% 43% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.32%.

 C Amount represents less than $.005 per share.

 D Total distributions per share do not sum due to rounding.

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

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

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

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

 I Annualized

 J Amount represents less than .005%.

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

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


Fidelity® Series Stock Selector Large Cap Value Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Capital One Financial Corp. 2.9 
UnitedHealth Group, Inc. 2.4 
Wells Fargo & Co. 2.4 
Johnson & Johnson 2.1 
Bank of America Corp. 2.1 
Cisco Systems, Inc. 2.1 
Procter & Gamble Co. 2.1 
Thermo Fisher Scientific, Inc. 2.0 
The Walt Disney Co. 1.9 
Verizon Communications, Inc. 1.6 
 21.6 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Financials 20.2 
Health Care 16.6 
Industrials 11.7 
Information Technology 10.1 
Communication Services 8.4 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 98.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.6% 


 * Foreign investments - 8.6%

Fidelity® Series Stock Selector Large Cap Value Fund

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value 
COMMUNICATION SERVICES - 8.4%   
Diversified Telecommunication Services - 2.8%   
AT&T, Inc. 3,124,510 $87,642,505 
Liberty Global PLC Class C (a) 1,735,225 46,608,144 
Verizon Communications, Inc. 3,393,278 189,277,047 
  323,527,696 
Entertainment - 2.0%   
Cinemark Holdings, Inc. (a)(b) 935,119 14,522,398 
The Walt Disney Co. (a) 1,223,117 215,293,054 
  229,815,452 
Interactive Media & Services - 1.8%   
Alphabet, Inc. Class A (a) 63,054 169,900,895 
Facebook, Inc. Class A (a) 112,350 40,030,305 
  209,931,200 
Media - 1.8%   
Cogeco Communications, Inc. 262,100 24,817,147 
Comcast Corp. Class A 931,179 54,781,261 
Interpublic Group of Companies, Inc. 1,550,519 54,826,352 
Omnicom Group, Inc. 917,263 66,795,092 
  201,219,852 
TOTAL COMMUNICATION SERVICES  964,494,200 
CONSUMER DISCRETIONARY - 5.6%   
Auto Components - 0.9%   
Aptiv PLC (a) 596,200 99,475,970 
Hotels, Restaurants & Leisure - 1.3%   
Las Vegas Sands Corp. (a) 1,501,600 63,592,760 
Marriott International, Inc. Class A (a) 611,700 89,295,966 
  152,888,726 
Household Durables - 0.6%   
Lennar Corp. Class A 681,500 71,659,725 
Multiline Retail - 0.6%   
Dollar Tree, Inc. (a) 625,900 62,458,561 
Specialty Retail - 2.2%   
Best Buy Co., Inc. 815,200 91,587,720 
Burlington Stores, Inc. (a) 253,990 85,035,852 
Ulta Beauty, Inc. (a) 235,960 79,235,368 
  255,858,940 
TOTAL CONSUMER DISCRETIONARY  642,341,922 
CONSUMER STAPLES - 7.1%   
Beverages - 1.5%   
Diageo PLC 288,077 14,284,661 
Keurig Dr. Pepper, Inc. 1,081,900 38,093,699 
Monster Beverage Corp. (a) 252,800 23,844,096 
PepsiCo, Inc. 106,100 16,652,395 
The Coca-Cola Co. 1,413,000 80,583,390 
  173,458,241 
Food & Staples Retailing - 1.0%   
U.S. Foods Holding Corp. (a) 109,700 3,767,098 
Walmart, Inc. 738,571 105,283,296 
  109,050,394 
Food Products - 1.1%   
Darling Ingredients, Inc. (a) 305,500 21,100,885 
McCormick & Co., Inc. (non-vtg.) 60,400 5,083,868 
Mondelez International, Inc. 1,366,452 86,441,754 
Post Holdings, Inc. (a) 31,100 3,182,774 
TreeHouse Foods, Inc. (a) 259,733 11,532,145 
  127,341,426 
Household Products - 2.4%   
Kimberly-Clark Corp. 273,700 37,146,564 
Procter & Gamble Co. 1,694,372 240,990,530 
  278,137,094 
Tobacco - 1.1%   
Altria Group, Inc. 1,928,200 92,630,728 
Philip Morris International, Inc. 323,100 32,339,079 
  124,969,807 
TOTAL CONSUMER STAPLES  812,956,962 
ENERGY - 4.5%   
Oil, Gas & Consumable Fuels - 4.5%   
Canadian Natural Resources Ltd. 1,424,400 47,004,287 
Cenovus Energy, Inc. (Canada) 8,879,947 74,094,460 
Cheniere Energy, Inc. (a) 988,800 83,978,784 
Exxon Mobil Corp. 3,218,400 185,283,288 
Hess Corp. 988,600 75,568,584 
Royal Dutch Shell PLC Class A (United Kingdom) 2,484,866 49,948,147 
  515,877,550 
FINANCIALS - 20.2%   
Banks - 7.9%   
Bank of America Corp. 6,379,686 244,724,755 
Citigroup, Inc. 537,844 36,369,011 
Citizens Financial Group, Inc. 789,782 33,297,209 
Comerica, Inc. 390,978 26,844,549 
First Horizon National Corp. 1,976,327 30,534,252 
JPMorgan Chase & Co. 1,016,826 154,333,850 
PNC Financial Services Group, Inc. 418,176 76,279,484 
Societe Generale Series A 1,215,054 35,583,749 
Wells Fargo & Co. 5,860,273 269,220,942 
  907,187,801 
Capital Markets - 4.4%   
Bank of New York Mellon Corp. 3,350,087 171,959,966 
BlackRock, Inc. Class A 163,757 142,005,158 
Cboe Global Markets, Inc. 200,023 23,696,725 
Morgan Stanley 1,520,870 145,973,103 
Virtu Financial, Inc. Class A 898,613 23,130,299 
  506,765,251 
Consumer Finance - 4.2%   
American Express Co. 864,684 147,454,563 
Capital One Financial Corp. 2,077,667 335,958,749 
  483,413,312 
Diversified Financial Services - 1.4%   
Berkshire Hathaway, Inc. Class B (a) 352,811 98,183,773 
Voya Financial, Inc. 993,688 63,993,507 
  162,177,280 
Insurance - 2.3%   
American International Group, Inc. 1,157,517 54,808,430 
Hartford Financial Services Group, Inc. 1,504,604 95,722,906 
The Travelers Companies, Inc. 753,118 112,154,333 
  262,685,669 
TOTAL FINANCIALS  2,322,229,313 
HEALTH CARE - 16.6%   
Biotechnology - 0.2%   
Biogen, Inc. (a) 66,200 21,629,526 
Health Care Equipment & Supplies - 3.3%   
Abbott Laboratories 686,900 83,101,162 
Boston Scientific Corp. (a) 1,772,300 80,816,880 
Danaher Corp. 434,700 129,318,903 
Teleflex, Inc. 217,400 86,401,282 
  379,638,227 
Health Care Providers & Services - 5.4%   
Cardinal Health, Inc. 1,181,400 70,151,532 
Centene Corp. (a) 861,900 59,134,959 
CVS Health Corp. 578,036 47,607,045 
Humana, Inc. 219,700 93,561,442 
McKesson Corp. 375,600 76,558,548 
UnitedHealth Group, Inc. 655,500 270,210,210 
  617,223,736 
Life Sciences Tools & Services - 3.8%   
Bio-Rad Laboratories, Inc. Class A (a) 151,800 112,257,618 
IQVIA Holdings, Inc. (a) 361,800 89,617,860 
Thermo Fisher Scientific, Inc. 430,000 232,204,300 
  434,079,778 
Pharmaceuticals - 3.9%   
Bristol-Myers Squibb Co. 1,617,600 109,786,512 
Johnson & Johnson 1,422,506 244,955,533 
Merck & Co., Inc. 1,268,200 97,486,534 
  452,228,579 
TOTAL HEALTH CARE  1,904,799,846 
INDUSTRIALS - 11.7%   
Aerospace & Defense - 4.5%   
General Dynamics Corp. 440,872 86,424,138 
Lockheed Martin Corp. 69,700 25,905,399 
Northrop Grumman Corp. 273,640 99,336,793 
Raytheon Technologies Corp. 1,658,059 144,168,230 
The Boeing Co. (a) 692,616 156,863,672 
  512,698,232 
Air Freight & Logistics - 0.7%   
FedEx Corp. 291,298 81,548,875 
Construction & Engineering - 0.7%   
AECOM (a) 1,313,059 82,670,195 
Electrical Equipment - 1.0%   
Sensata Technologies, Inc. PLC (a) 2,025,653 118,743,779 
Industrial Conglomerates - 1.4%   
General Electric Co. 11,106,364 143,827,414 
Honeywell International, Inc. 64,721 15,131,123 
  158,958,537 
Machinery - 0.7%   
Caterpillar, Inc. 418,476 86,519,913 
Marine - 0.4%   
Kirby Corp. (a) 763,306 44,203,050 
Professional Services - 1.5%   
Nielsen Holdings PLC 7,239,677 171,507,948 
Road & Rail - 0.4%   
Norfolk Southern Corp. 183,392 47,283,959 
Trading Companies & Distributors - 0.4%   
Univar, Inc. (a) 1,764,200 43,293,468 
TOTAL INDUSTRIALS  1,347,427,956 
INFORMATION TECHNOLOGY - 10.1%   
Communications Equipment - 3.1%   
Cisco Systems, Inc. 4,398,229 243,529,940 
F5 Networks, Inc. (a) 539,080 111,325,411 
  354,855,351 
Electronic Equipment & Components - 0.5%   
Vontier Corp. 1,636,918 52,954,297 
IT Services - 4.2%   
Amdocs Ltd. 2,170,509 167,367,949 
Fiserv, Inc. (a) 1,095,941 126,153,769 
GoDaddy, Inc. (a) 933,225 78,250,916 
IBM Corp. 788,378 111,129,763 
  482,902,397 
Semiconductors & Semiconductor Equipment - 0.7%   
Intel Corp. 1,540,472 82,754,156 
Software - 1.3%   
Check Point Software Technologies Ltd. (a) 609,489 77,466,052 
NortonLifeLock, Inc. 766,723 19,030,065 
SS&C Technologies Holdings, Inc. 755,993 59,262,291 
  155,758,408 
Technology Hardware, Storage & Peripherals - 0.3%   
NCR Corp. (a) 678,463 30,123,757 
TOTAL INFORMATION TECHNOLOGY  1,159,348,366 
MATERIALS - 3.3%   
Chemicals - 1.4%   
Huntsman Corp. 1,609,200 42,498,972 
Olin Corp. 1,794,951 84,416,546 
The Chemours Co. LLC 1,093,300 36,352,225 
  163,267,743 
Construction Materials - 0.4%   
Eagle Materials, Inc. 286,200 40,445,784 
Containers & Packaging - 0.4%   
O-I Glass, Inc. (a) 3,017,065 44,622,391 
Metals& Mining - 1.1%   
Freeport-McMoRan, Inc. 1,605,600 61,173,360 
Newmont Corp. 1,105,100 69,422,382 
  130,595,742 
TOTAL MATERIALS  378,931,660 
REAL ESTATE - 4.8%   
Equity Real Estate Investment Trusts (REITs) - 4.2%   
Digital Realty Trust, Inc. 308,400 47,542,944 
Douglas Emmett, Inc. 1,196,200 39,953,080 
Equity Lifestyle Properties, Inc. 565,200 47,363,760 
Invitation Homes, Inc. 2,173,300 88,409,844 
Mid-America Apartment Communities, Inc. 544,700 105,181,570 
Prologis (REIT), Inc. 797,163 102,068,751 
Welltower, Inc. 557,600 48,433,136 
  478,953,085 
Real Estate Management & Development - 0.6%   
Cushman & Wakefield PLC (a) 3,686,100 68,819,487 
TOTAL REAL ESTATE  547,772,572 
UTILITIES - 4.8%   
Electric Utilities - 2.8%   
Edison International 1,217,800 66,370,100 
Exelon Corp. 1,640,400 76,770,720 
FirstEnergy Corp. 1,351,400 51,785,648 
PG&E Corp. (a) 5,968,148 52,460,021 
Southern Co. 1,135,200 72,505,224 
  319,891,713 
Independent Power and Renewable Electricity Producers - 0.8%   
The AES Corp. 2,364,600 56,041,020 
Vistra Corp. 2,141,333 41,006,527 
  97,047,547 
Multi-Utilities - 1.2%   
CenterPoint Energy, Inc. 2,277,600 57,987,696 
Sempra Energy 576,600 75,332,790 
  133,320,486 
TOTAL UTILITIES  550,259,746 
TOTAL COMMON STOCKS   
(Cost $8,309,781,813)  11,146,440,093 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 0.06% (c) 213,109,175 213,151,798 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 9,539,421 9,540,375 
TOTAL MONEY MARKET FUNDS   
(Cost $222,691,312)  222,692,173 
Equity Funds - 1.3%   
Domestic Equity Funds - 1.3%   
iShares Russell 1000 Value Index ETF (b)   
(Cost $134,840,203) 919,772 147,135,927 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $8,667,313,328)  11,516,268,193 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (40,915,699) 
NET ASSETS - 100%  $11,475,352,494 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $56,440 
Fidelity Securities Lending Cash Central Fund 6,070 
Total $62,510 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $306,031,809 $3,249,960,132 $3,342,839,291 $(852) $-- $213,151,798 0.3% 
Fidelity Securities Lending Cash Central Fund 0.06% 45,627,778 196,000,327 232,087,730 -- -- 9,540,375 0.0% 
Total $351,659,587 $3,445,960,459 $3,574,927,021 $(852) $-- $222,692,173  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $964,494,200 $964,494,200 $-- $-- 
Consumer Discretionary 642,341,922 642,341,922 -- -- 
Consumer Staples 812,956,962 798,672,301 14,284,661 -- 
Energy 515,877,550 465,929,403 49,948,147 -- 
Financials 2,322,229,313 2,286,645,564 35,583,749 -- 
Health Care 1,904,799,846 1,904,799,846 -- -- 
Industrials 1,347,427,956 1,347,427,956 -- -- 
Information Technology 1,159,348,366 1,159,348,366 -- -- 
Materials 378,931,660 378,931,660 -- -- 
Real Estate 547,772,572 547,772,572 -- -- 
Utilities 550,259,746 550,259,746 -- -- 
Money Market Funds 222,692,173 222,692,173 -- -- 
Equity Funds 147,135,927 147,135,927 -- -- 
Total Investments in Securities: $11,516,268,193 $11,416,451,636 $99,816,557 $-- 

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


Fidelity® Series Stock Selector Large Cap Value Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,180,915) — See accompanying schedule:
Unaffiliated issuers (cost $8,444,622,016) 
$11,293,576,020  
Fidelity Central Funds (cost $222,691,312) 222,692,173  
Total Investment in Securities (cost $8,667,313,328)  $11,516,268,193 
Foreign currency held at value (cost $628)  628 
Receivable for investments sold  291,777,137 
Receivable for fund shares sold  29,580 
Dividends receivable  13,868,352 
Distributions receivable from Fidelity Central Funds  10,718 
Other receivables  354 
Total assets  11,821,954,962 
Liabilities   
Payable to custodian bank $3,777,516  
Payable for investments purchased 164,338,169  
Payable for fund shares redeemed 168,910,869  
Other payables and accrued expenses 35,539  
Collateral on securities loaned 9,540,375  
Total liabilities  346,602,468 
Net Assets  $11,475,352,494 
Net Assets consist of:   
Paid in capital  $7,540,707,691 
Total accumulated earnings (loss)  3,934,644,803 
Net Assets  $11,475,352,494 
Net Asset Value, offering price and redemption price per share ($11,475,352,494 ÷ 752,023,891 shares)  $15.26 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $105,158,357 
Income from Fidelity Central Funds (including $6,070 from security lending)  62,510 
Total income  105,220,867 
Expenses   
Custodian fees and expenses $44,139  
Independent trustees' fees and expenses 22,139  
Interest 3,401  
Total expenses  69,679 
Net investment income (loss)  105,151,188 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,190,588,047  
Fidelity Central Funds (852)  
Foreign currency transactions (80,812)  
Futures contracts (2,374,172)  
Total net realized gain (loss)  1,188,132,211 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 879,085,906  
Assets and liabilities in foreign currencies (3,413)  
Total change in net unrealized appreciation (depreciation)  879,082,493 
Net gain (loss)  2,067,214,704 
Net increase (decrease) in net assets resulting from operations  $2,172,365,892 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $105,151,188 $239,234,260 
Net realized gain (loss) 1,188,132,211 (169,717,772) 
Change in net unrealized appreciation (depreciation) 879,082,493 581,047,119 
Net increase (decrease) in net assets resulting from operations 2,172,365,892 650,563,607 
Distributions to shareholders (11,689,827) (403,310,833) 
Share transactions   
Proceeds from sales of shares 537,036,783 1,765,293,646 
Reinvestment of distributions 11,689,827 403,310,832 
Cost of shares redeemed (2,165,105,958) (1,458,449,071) 
Net increase (decrease) in net assets resulting from share transactions (1,616,379,348) 710,155,407 
Total increase (decrease) in net assets 544,296,717 957,408,181 
Net Assets   
Beginning of period 10,931,055,777 9,973,647,596 
End of period $11,475,352,494 $10,931,055,777 
Other Information   
Shares   
Sold 36,608,874 160,242,895 
Issued in reinvestment of distributions 847,703 34,324,353 
Redeemed (150,449,588) (129,885,545) 
Net increase (decrease) (112,993,011) 64,681,703 

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


Financial Highlights

Fidelity Series Stock Selector Large Cap Value Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.64 $12.46 $11.57 $13.47 $12.49 $10.38 
Income from Investment Operations       
Net investment income (loss)A .13 .28B .28 .29 .28C .17 
Net realized and unrealized gain (loss) 2.50 .39 1.33 (1.01) 1.63 2.25 
Total from investment operations 2.63 .67 1.61 (.72) 1.91 2.42 
Distributions from net investment income (.01) (.28) (.31) (.27) (.28) (.16) 
Distributions from net realized gain – (.21) (.41) (.90) (.65) (.14) 
Total distributions (.01) (.49) (.72) (1.18)D (.93) (.31)D 
Net asset value, end of period $15.26 $12.64 $12.46 $11.57 $13.47 $12.49 
Total ReturnE,F 20.85% 5.74% 13.98% (5.07)% 15.62% 23.49% 
Ratios to Average Net AssetsG,H       
Expenses before reductions - %I,J - %J - %J - %J .20% .67% 
Expenses net of fee waivers, if any - %I,J - %J - %J - %J .20% .67% 
Expenses net of all reductions - %I,J - %J - %J - %J .20% .66% 
Net investment income (loss) 1.81%I 2.54%B 2.32% 2.33% 2.13%C 1.51% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,475,352 $10,931,056 $9,973,648 $10,531,018 $10,485,796 $3,615,123 
Portfolio turnover rateK 97%I 94% 65%L 87%M 61% 54% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.23%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.87%.

 D Total distributions per share do not sum due to rounding.

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

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

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

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

 I Annualized

 J Amount represents less than .005%.

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

 L Portfolio turnover rate excludes securities received or delivered in-kind.

 M The portfolio turnover rate does not include the assets acquired in the merger.

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


Fidelity® Series Value Discovery Fund

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Berkshire Hathaway, Inc. Class B 3.9 
Comcast Corp. Class A 3.2 
UnitedHealth Group, Inc. 2.5 
Bristol-Myers Squibb Co. 2.4 
Alphabet, Inc. Class A 2.4 
CBRE Group, Inc. 2.3 
Procter & Gamble Co. 2.3 
Bank of America Corp. 2.3 
JPMorgan Chase & Co. 2.2 
Cigna Corp. 2.2 
 25.7 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Health Care 18.8 
Financials 18.3 
Industrials 11.7 
Communication Services 10.5 
Information Technology 8.8 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 96.9% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.9% 


 * Foreign investments - 18.7%

Fidelity® Series Value Discovery Fund

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value 
COMMUNICATION SERVICES - 10.5%   
Diversified Telecommunication Services - 1.7%   
Verizon Communications, Inc. 2,873,700 $160,294,986 
Entertainment - 0.3%   
Lions Gate Entertainment Corp. Class B (a) 2,053,234 27,431,206 
Interactive Media & Services - 2.9%   
Alphabet, Inc. Class A (a) 83,691 225,507,910 
Facebook, Inc. Class A (a) 141,300 50,345,190 
  275,853,100 
Media - 5.6%   
Comcast Corp. Class A 5,214,304 306,757,504 
Fox Corp. Class A 823,410 29,362,801 
Interpublic Group of Companies, Inc. 4,231,314 149,619,263 
WPP PLC 4,266,162 55,174,409 
  540,913,977 
TOTAL COMMUNICATION SERVICES  1,004,493,269 
CONSUMER DISCRETIONARY - 4.4%   
Auto Components - 0.3%   
Lear Corp. 140,613 24,604,463 
Household Durables - 0.4%   
Whirlpool Corp. 196,424 43,515,773 
Multiline Retail - 1.1%   
Dollar General Corp. 455,639 105,999,857 
Specialty Retail - 1.2%   
Best Buy Co., Inc. 752,200 84,509,670 
Lowe's Companies, Inc. 148,300 28,575,927 
  113,085,597 
Textiles, Apparel & Luxury Goods - 1.4%   
PVH Corp. (a) 603,985 63,188,911 
Tapestry, Inc. (a) 1,634,955 69,158,597 
  132,347,508 
TOTAL CONSUMER DISCRETIONARY  419,553,198 
CONSUMER STAPLES - 7.2%   
Beverages - 0.4%   
Coca-Cola European Partners PLC 640,943 39,776,923 
Food & Staples Retailing - 1.5%   
Kroger Co. 2,372,100 96,544,470 
U.S. Foods Holding Corp. (a) 1,335,830 45,872,402 
  142,416,872 
Food Products - 2.0%   
Mondelez International, Inc. 2,203,200 139,374,432 
Tyson Foods, Inc. Class A 766,200 54,752,652 
  194,127,084 
Household Products - 3.3%   
Procter & Gamble Co. 1,553,200 220,911,636 
Reckitt Benckiser Group PLC 905,200 69,247,488 
Spectrum Brands Holdings, Inc. 288,527 25,202,833 
  315,361,957 
TOTAL CONSUMER STAPLES  691,682,836 
ENERGY - 1.3%   
Energy Equipment & Services - 0.1%   
Hoegh LNG Partners LP (b) 1,153,654 6,322,024 
Oil, Gas & Consumable Fuels - 1.2%   
Dynagas LNG Partners LP (a)(b) 994,300 3,022,672 
Parex Resources, Inc. 4,768,269 78,350,044 
Teekay LNG Partners LP 2,552,592 36,987,058 
  118,359,774 
TOTAL ENERGY  124,681,798 
FINANCIALS - 18.3%   
Banks - 7.0%   
Bank of America Corp. 5,734,900 219,990,764 
Cullen/Frost Bankers, Inc. 235,300 25,252,396 
JPMorgan Chase & Co. 1,407,000 213,554,460 
M&T Bank Corp. 652,644 87,356,399 
PNC Financial Services Group, Inc. 679,600 123,965,836 
  670,119,855 
Capital Markets - 1.7%   
Affiliated Managers Group, Inc. 457,331 72,459,524 
BlackRock, Inc. Class A 38,900 33,732,913 
Invesco Ltd. 1,267,824 30,909,549 
State Street Corp. 290,139 25,282,712 
  162,384,698 
Consumer Finance - 2.3%   
Capital One Financial Corp. 544,374 88,025,276 
Discover Financial Services 1,074,734 133,610,931 
  221,636,207 
Diversified Financial Services - 3.9%   
Berkshire Hathaway, Inc. Class B (a) 1,366,266 380,218,161 
Insurance - 3.4%   
Allstate Corp. 214,003 27,831,090 
American International Group, Inc. 936,200 44,329,070 
Chubb Ltd. 748,139 126,240,975 
The Travelers Companies, Inc. 868,370 129,317,660 
  327,718,795 
TOTAL FINANCIALS  1,762,077,716 
HEALTH CARE - 18.8%   
Biotechnology - 2.3%   
Amgen, Inc. 517,198 124,924,005 
Regeneron Pharmaceuticals, Inc. (a) 166,600 95,730,026 
  220,654,031 
Health Care Providers & Services - 10.1%   
Anthem, Inc. 297,626 114,291,360 
Centene Corp. (a) 2,892,403 198,447,770 
Cigna Corp. 913,707 209,686,619 
CVS Health Corp. 1,187,634 97,813,536 
Humana, Inc. 260,422 110,903,313 
UnitedHealth Group, Inc. 579,144 238,734,740 
  969,877,338 
Pharmaceuticals - 6.4%   
AstraZeneca PLC sponsored ADR 2,192,054 125,473,171 
Bristol-Myers Squibb Co. 3,359,248 227,992,162 
Roche Holding AG (participation certificate) 401,509 155,107,821 
Sanofi SA sponsored ADR 2,072,278 106,846,654 
  615,419,808 
TOTAL HEALTH CARE  1,805,951,177 
INDUSTRIALS - 11.7%   
Aerospace & Defense - 2.4%   
L3Harris Technologies, Inc. 385,300 87,362,922 
Northrop Grumman Corp. 388,300 140,960,666 
  228,323,588 
Air Freight & Logistics - 0.6%   
Deutsche Post AG 837,600 56,765,198 
Building Products - 1.4%   
Johnson Controls International PLC 921,600 65,820,672 
Owens Corning 141,000 13,558,560 
Trane Technologies PLC 286,571 58,348,721 
  137,727,953 
Electrical Equipment - 0.7%   
Regal Beloit Corp. 424,200 62,454,966 
Industrial Conglomerates - 2.4%   
3M Co. 607,500 120,248,550 
Siemens AG 727,400 113,498,521 
  233,747,071 
Machinery - 4.2%   
ITT, Inc. 796,900 78,024,479 
Oshkosh Corp. 1,027,200 122,801,760 
Otis Worldwide Corp. 803,700 71,971,335 
Pentair PLC 1,030,717 75,932,921 
Stanley Black & Decker, Inc. 299,400 58,996,770 
  407,727,265 
TOTAL INDUSTRIALS  1,126,746,041 
INFORMATION TECHNOLOGY - 7.0%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 3,669,775 203,195,442 
Electronic Equipment & Components - 1.4%   
TE Connectivity Ltd. 912,238 134,527,738 
IT Services - 2.3%   
Amdocs Ltd. 845,478 65,194,809 
Capgemini SA 269,500 58,264,300 
Cognizant Technology Solutions Corp. Class A 1,308,479 96,212,461 
  219,671,570 
Semiconductors & Semiconductor Equipment - 0.6%   
NXP Semiconductors NV 291,200 60,100,768 
Software - 0.6%   
NortonLifeLock, Inc. 2,103,328 52,204,601 
TOTAL INFORMATION TECHNOLOGY  669,700,119 
MATERIALS - 3.3%   
Chemicals - 1.4%   
DuPont de Nemours, Inc. 938,895 70,464,070 
International Flavors & Fragrances, Inc. 407,060 61,319,518 
  131,783,588 
Metals & Mining - 1.9%   
BHP Group Ltd. sponsored ADR 160,100 12,577,456 
Lundin Mining Corp. 7,664,500 69,850,405 
Newmont Corp. 1,594,029 100,136,902 
  182,564,763 
TOTAL MATERIALS  314,348,351 
REAL ESTATE - 4.2%   
Equity Real Estate Investment Trusts (REITs) - 1.9%   
American Tower Corp. 411,400 116,343,920 
Simon Property Group, Inc. 511,394 64,701,569 
  181,045,489 
Real Estate Management & Development - 2.3%   
CBRE Group, Inc. (a) 2,292,772 221,160,787 
TOTAL REAL ESTATE  402,206,276 
UTILITIES - 8.4%   
Electric Utilities - 7.0%   
Duke Energy Corp. 982,400 103,260,064 
Entergy Corp. 47,200 4,857,824 
Evergy, Inc. 1,496,600 97,608,252 
Exelon Corp. 2,503,606 117,168,761 
PG&E Corp. (a) 8,164,300 71,764,197 
Portland General Electric Co. 1,273,600 62,279,040 
PPL Corp. 2,484,000 70,471,080 
Southern Co. 2,271,476 145,079,172 
  672,488,390 
Multi-Utilities - 1.4%   
Dominion Energy, Inc. 1,792,100 134,174,527 
TOTAL UTILITIES  806,662,917 
TOTAL COMMON STOCKS   
(Cost $6,507,014,533)  9,128,103,698 
Nonconvertible Preferred Stocks - 1.8%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Dynagas LNG Partners LP 9.00% 188,872 4,804,923 
INFORMATION TECHNOLOGY - 1.8%   
Technology Hardware, Storage & Peripherals - 1.8%   
Samsung Electronics Co. Ltd. 2,693,430 168,462,042 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $112,952,033)  173,266,965 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels – 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $39,369,027) 39,369,027 20,523,074 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund 0.06% (f) 272,240,379 272,294,827 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 71,277 71,284 
TOTAL MONEY MARKET FUNDS   
(Cost $272,366,111)  272,366,111 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $6,931,701,704)  9,594,259,848 
NET OTHER ASSETS (LIABILITIES) - 0.1%  9,945,801 
NET ASSETS - 100%  $9,604,205,649 

Legend

 (a) Non-income producing

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

 (c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $20,523,074 or 0.2% of net assets.

 (e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 10/30/18 $39,369,027 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $35,067 
Fidelity Securities Lending Cash Central Fund 117,276 
Total $152,343 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $135,461,575 $1,394,491,053 $1,257,658,215 $414 $-- $272,294,827 0.4% 
Fidelity Securities Lending Cash Central Fund 0.06% 15,411,395 453,074,296 468,414,407 -- -- 71,284 0.0% 
Total $150,872,970 $1,847,565,349 $1,726,072,622 $414 $-- $272,366,111  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $1,004,493,269 $949,318,860 $55,174,409 $-- 
Consumer Discretionary 419,553,198 419,553,198 -- -- 
Consumer Staples 691,682,836 622,435,348 69,247,488 -- 
Energy 129,486,721 129,486,721 -- -- 
Financials 1,762,077,716 1,762,077,716 -- -- 
Health Care 1,805,951,177 1,650,843,356 155,107,821 -- 
Industrials 1,126,746,041 956,482,322 170,263,719 -- 
Information Technology 838,162,161 838,162,161 -- -- 
Materials 314,348,351 314,348,351 -- -- 
Real Estate 402,206,276 402,206,276 -- -- 
Utilities 806,662,917 806,662,917 -- -- 
Other 20,523,074 -- -- 20,523,074 
Money Market Funds 272,366,111 272,366,111 -- -- 
Total Investments in Securities: $9,594,259,848 $9,123,943,337 $449,793,437 $20,523,074 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 81.3% 
Switzerland 4.3% 
United Kingdom 2.4% 
Ireland 2.1% 
Canada 1.8% 
Germany 1.8% 
Korea (South) 1.8% 
France 1.7% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Fidelity® Series Value Discovery Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $65,512) — See accompanying schedule:
Unaffiliated issuers (cost $6,659,335,593) 
$9,321,893,737  
Fidelity Central Funds (cost $272,366,111) 272,366,111  
Total Investment in Securities (cost $6,931,701,704)  $9,594,259,848 
Restricted cash  327,300 
Receivable for investments sold  122,400,206 
Receivable for fund shares sold  42,545 
Dividends receivable  11,610,418 
Distributions receivable from Fidelity Central Funds  19,976 
Other receivables  414 
Total assets  9,728,660,707 
Liabilities   
Payable for fund shares redeemed $124,292,073  
Other payables and accrued expenses 91,335  
Collateral on securities loaned 71,650  
Total liabilities  124,455,058 
Net Assets  $9,604,205,649 
Net Assets consist of:   
Paid in capital  $6,516,647,271 
Total accumulated earnings (loss)  3,087,558,378 
Net Assets  $9,604,205,649 
Net Asset Value, offering price and redemption price per share ($9,604,205,649 ÷ 565,357,450 shares)  $16.99 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $93,503,032 
Income from Fidelity Central Funds (including $117,276 from security lending)  152,343 
Total income  93,655,375 
Expenses   
Custodian fees and expenses $115,621  
Independent trustees' fees and expenses 18,295  
Interest 1,958  
Total expenses before reductions 135,874  
Expense reductions (9)  
Total expenses after reductions  135,865 
Net investment income (loss)  93,519,510 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 587,132,225  
Fidelity Central Funds 414  
Foreign currency transactions 44,549  
Total net realized gain (loss)  587,177,188 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 968,481,613  
Assets and liabilities in foreign currencies 15,183  
Total change in net unrealized appreciation (depreciation)  968,496,796 
Net gain (loss)  1,555,673,984 
Net increase (decrease) in net assets resulting from operations  $1,649,193,494 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,519,510 $193,222,691 
Net realized gain (loss) 587,177,188 (239,998,622) 
Change in net unrealized appreciation (depreciation) 968,496,796 1,119,378,150 
Net increase (decrease) in net assets resulting from operations 1,649,193,494 1,072,602,219 
Distributions to shareholders (9,334,445) (259,945,106) 
Share transactions   
Proceeds from sales of shares 629,837,468 1,507,960,345 
Reinvestment of distributions 9,334,445 259,945,106 
Cost of shares redeemed (1,646,535,371) (1,165,843,350) 
Net increase (decrease) in net assets resulting from share transactions (1,007,363,458) 602,062,101 
Total increase (decrease) in net assets 632,495,591 1,414,719,214 
Net Assets   
Beginning of period 8,971,710,058 7,556,990,844 
End of period $9,604,205,649 $8,971,710,058 
Other Information   
Shares   
Sold 38,755,578 121,271,306 
Issued in reinvestment of distributions 609,696 19,586,697 
Redeemed (101,661,683) (93,992,823) 
Net increase (decrease) (62,296,409) 46,865,180 

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


Financial Highlights

Fidelity Series Value Discovery Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $14.29 $13.01 $12.19 $13.89 $13.03 $10.83 
Income from Investment Operations       
Net investment income (loss)A .16 .32B .32 .32 .31 .27 
Net realized and unrealized gain (loss) 2.56 1.39 1.03 (1.20) 1.58 2.44 
Total from investment operations 2.72 1.71 1.35 (.88) 1.89 2.71 
Distributions from net investment income (.02) (.30) (.34) (.30) (.25)C (.26) 
Distributions from net realized gain – (.13) (.19) (.52) (.78)C (.25) 
Total distributions (.02) (.43) (.53) (.82) (1.03) (.51) 
Net asset value, end of period $16.99 $14.29 $13.01 $12.19 $13.89 $13.03 
Total ReturnD,E 19.01% 13.45% 10.95% (6.12)% 15.05% 25.40% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I - %I - %I - %I .27% .62% 
Expenses net of fee waivers, if any - %H,I - %I - %I - %I .27% .62% 
Expenses net of all reductions - %H,I - %I - %I - %I .26% .62% 
Net investment income (loss) 1.94%H 2.54%B 2.49% 2.47% 2.29% 2.21% 
Supplemental Data       
Net assets, end of period (000 omitted) $9,604,206 $8,971,710 $7,556,991 $7,742,285 $7,430,718 $5,063,707 
Portfolio turnover rateJ 33%H 75% 47%K 40%L 74%K 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.25%.

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

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

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

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

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

 H Annualized

 I Amount represents less than .005%.

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

 L The portfolio turnover rate does not include the assets acquired in the merger.

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

Fidelity Series All-Sector Equity Fund, Fidelity Series Stock Selector Large Cap Value Fund and Fidelity Series Value Discovery Fund (the Funds) are funds of Fidelity Devonshire Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Series All-Sector Equity Fund $2,199,694,129 $1,804,685,400 $(30,084,189) $1,774,601,211 
Fidelity Series Stock Selector Large Cap Value Fund 8,693,278,082 2,917,999,341 (95,009,230) 2,822,990,111 
Fidelity Series Value Discovery Fund 6,941,893,883 2,770,565,288 (118,199,323) 2,652,365,965 

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

 No expiration   
 Short-term Long-term Total capital loss carryforward 
Fidelity Series Stock Selector Large Cap Value Fund (96,982,484) (26,954,853) (123,937,337) 
Fidelity Series Value Discovery Fund (18,792,169) (216,321,427) (235,113,596) 

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

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Series Value Discovery Fund 20,850,374 .22 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Derivative Instruments.

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

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

The Funds' use of derivatives increased or decreased their exposure to the following risk:

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Series All-Sector Equity Fund 567,004,682 1,053,372,457 
Fidelity Series Stock Selector Large Cap Value Fund 5,386,083,937 6,769,827,933 
Fidelity Series Value Discovery Fund 1,511,323,728 2,591,309,590 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

 Amount 
Fidelity Series All-Sector Equity Fund $12,558 
Fidelity Series Stock Selector Large Cap Value Fund 92,950 
Fidelity Series Value Discovery Fund 25,566 

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

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Series Stock Selector Large Cap Value Fund Borrower $211,111,500 .29% $3,401 
Fidelity Series Value Discovery Fund Borrower $81,395,333 .29% $1,958 

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

 Purchases ($) Sales ($) 
Fidelity Series All-Sector Equity Fund 42,979,188 63,576,470 
Fidelity Series Stock Selector Large Cap Value Fund 267,093,553 573,015,092 
Fidelity Series Value Discovery Fund 88,857,870 280,752,259 

7. Committed Line of Credit.

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

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series All-Sector Equity Fund $1,541 $– $– 
Fidelity Series Stock Selector Large Cap Value Fund $600 $– $– 
Fidelity Series Value Discovery Fund $12,686 $– $– 

9. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Series Value Discovery Fund 

10. Other.

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Series All-Sector Equity Fund - %-C    
Actual  $1,000.00 $1,190.80 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 
Fidelity Series Stock Selector Large Cap Value Fund - %-C    
Actual  $1,000.00 $1,208.50 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 
Fidelity Series Value Discovery Fund - %-C    
Actual  $1,000.00 $1,190.10 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series All-Sector Equity Fund
Fidelity Series Value Discovery Fund
Fidelity Series Stock Selector Large Cap Value Fund

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

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

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

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

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

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

Investment Performance.  The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew each fund's Advisory Contracts, as the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans. The Board noted that there were portfolio management changes for the Fidelity Series All-Sector Equity Fund in March 2019, November 2019, and. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through May 31, 2024.

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

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

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

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

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

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

EDT-LDT-SANN-0921
1.956974.108


Fidelity® Stock Selector Large Cap Value Fund



Semi-Annual Report

July 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Capital One Financial Corp. 2.9 
UnitedHealth Group, Inc. 2.4 
Wells Fargo & Co. 2.3 
Johnson & Johnson 2.1 
Cisco Systems, Inc. 2.1 
Procter & Gamble Co. 2.1 
Bank of America Corp. 2.1 
Thermo Fisher Scientific, Inc. 2.0 
The Walt Disney Co. 1.9 
Verizon Communications, Inc. 1.6 
 21.5 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Financials 20.3 
Health Care 16.6 
Industrials 11.8 
Information Technology 10.1 
Communication Services 8.4 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 98.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.6% 


 * Foreign investments - 8.6%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value 
COMMUNICATION SERVICES - 8.4%   
Diversified Telecommunication Services - 2.8%   
AT&T, Inc. 147,891 $4,148,343 
Liberty Global PLC Class C (a) 82,156 2,206,710 
Verizon Communications, Inc. 160,693 8,963,456 
  15,318,509 
Entertainment - 2.0%   
Cinemark Holdings, Inc. (a)(b) 44,400 689,532 
The Walt Disney Co. (a) 57,954 10,201,063 
  10,890,595 
Interactive Media & Services - 1.8%   
Alphabet, Inc. Class A (a) 2,825 7,612,047 
Facebook, Inc. Class A (a) 5,318 1,894,803 
  9,506,850 
Media - 1.8%   
Cogeco Communications, Inc. 12,500 1,183,572 
Comcast Corp. Class A 44,136 2,596,521 
Interpublic Group of Companies, Inc. 73,410 2,595,778 
Omnicom Group, Inc. 43,426 3,162,281 
  9,538,152 
TOTAL COMMUNICATION SERVICES  45,254,106 
CONSUMER DISCRETIONARY - 5.7%   
Auto Components - 0.9%   
Aptiv PLC (a) 28,110 4,690,154 
Hotels, Restaurants & Leisure - 1.3%   
Las Vegas Sands Corp. (a) 70,850 3,000,498 
Marriott International, Inc. Class A (a) 28,850 4,211,523 
  7,212,021 
Household Durables - 0.6%   
Lennar Corp. Class A 32,060 3,371,109 
Multiline Retail - 0.6%   
Dollar Tree, Inc. (a) 29,470 2,940,811 
Specialty Retail - 2.3%   
Best Buy Co., Inc. 38,490 4,324,352 
Burlington Stores, Inc. (a) 12,011 4,021,283 
Ulta Beauty, Inc. (a) 11,050 3,710,590 
  12,056,225 
TOTAL CONSUMER DISCRETIONARY  30,270,320 
CONSUMER STAPLES - 7.1%   
Beverages - 1.5%   
Diageo PLC 13,471 667,977 
Keurig Dr. Pepper, Inc. 50,775 1,787,788 
Monster Beverage Corp. (a) 11,831 1,115,900 
PepsiCo, Inc. 4,982 781,925 
The Coca-Cola Co. 66,166 3,773,447 
  8,127,037 
Food & Staples Retailing - 1.0%   
U.S. Foods Holding Corp. (a) 5,200 178,568 
Walmart, Inc. 34,587 4,930,377 
  5,108,945 
Food Products - 1.1%   
Darling Ingredients, Inc. (a) 14,358 991,707 
McCormick & Co., Inc. (non-vtg.) 2,800 235,676 
Mondelez International, Inc. 64,049 4,051,740 
Post Holdings, Inc. (a) 1,500 153,510 
TreeHouse Foods, Inc. (a) 12,145 539,238 
  5,971,871 
Household Products - 2.4%   
Kimberly-Clark Corp. 12,844 1,743,188 
Procter & Gamble Co. 79,428 11,297,044 
  13,040,232 
Tobacco - 1.1%   
Altria Group, Inc. 90,436 4,344,545 
Philip Morris International, Inc. 15,100 1,511,359 
  5,855,904 
TOTAL CONSUMER STAPLES  38,103,989 
ENERGY - 4.5%   
Oil, Gas & Consumable Fuels - 4.5%   
Canadian Natural Resources Ltd. 67,100 2,214,257 
Cenovus Energy, Inc. (Canada) 418,300 3,490,304 
Cheniere Energy, Inc. (a) 46,600 3,957,738 
Exxon Mobil Corp. 151,600 8,727,612 
Hess Corp. 46,600 3,562,104 
Royal Dutch Shell PLC Class A (United Kingdom) 117,038 2,352,574 
  24,304,589 
FINANCIALS - 20.3%   
Banks - 7.8%   
Bank of America Corp. 289,072 11,088,802 
Citigroup, Inc. 33,573 2,270,206 
Citizens Financial Group, Inc. 36,335 1,531,884 
Comerica, Inc. 17,520 1,202,923 
First Horizon National Corp. 89,020 1,375,359 
JPMorgan Chase & Co. 48,239 7,321,715 
PNC Financial Services Group, Inc. 19,237 3,509,021 
Societe Generale Series A 54,709 1,602,193 
Wells Fargo & Co. 265,148 12,180,899 
  42,083,002 
Capital Markets - 4.4%   
Bank of New York Mellon Corp. 165,723 8,506,562 
BlackRock, Inc. Class A 7,323 6,350,286 
Cboe Global Markets, Inc. 9,027 1,069,429 
Morgan Stanley 68,466 6,571,367 
Virtu Financial, Inc. Class A 39,300 1,011,582 
  23,509,226 
Consumer Finance - 4.1%   
American Express Co. 38,866 6,627,819 
Capital One Financial Corp. 95,987 15,521,093 
  22,148,912 
Diversified Financial Services - 1.8%   
Berkshire Hathaway, Inc. Class B (a) 23,828 6,631,094 
Voya Financial, Inc. 44,724 2,880,226 
  9,511,320 
Insurance - 2.2%   
American International Group, Inc. 61,882 2,930,113 
Hartford Financial Services Group, Inc. 58,885 3,746,264 
The Travelers Companies, Inc. 35,155 5,235,283 
  11,911,660 
TOTAL FINANCIALS  109,164,120 
HEALTH CARE - 16.6%   
Biotechnology - 0.2%   
Biogen, Inc. (a) 3,100 1,012,863 
Health Care Equipment & Supplies - 3.3%   
Abbott Laboratories 32,200 3,895,556 
Boston Scientific Corp. (a) 83,100 3,789,360 
Danaher Corp. 20,400 6,068,796 
Teleflex, Inc. 10,200 4,053,786 
  17,807,498 
Health Care Providers & Services - 5.4%   
Cardinal Health, Inc. 55,400 3,289,652 
Centene Corp. (a) 40,400 2,771,844 
CVS Health Corp. 27,134 2,234,756 
Humana, Inc. 10,300 4,386,358 
McKesson Corp. 17,600 3,587,408 
UnitedHealth Group, Inc. 30,700 12,655,154 
  28,925,172 
Life Sciences Tools & Services - 3.8%   
Bio-Rad Laboratories, Inc. Class A (a) 7,100 5,250,521 
IQVIA Holdings, Inc. (a) 17,000 4,210,900 
Thermo Fisher Scientific, Inc. 20,200 10,908,202 
  20,369,623 
Pharmaceuticals - 3.9%   
Bristol-Myers Squibb Co. 75,900 5,151,333 
Johnson & Johnson 66,785 11,500,377 
Merck & Co., Inc. 59,500 4,573,765 
  21,225,475 
TOTAL HEALTH CARE  89,340,631 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 4.5%   
General Dynamics Corp. 20,768 4,071,151 
Lockheed Martin Corp. 3,200 1,189,344 
Northrop Grumman Corp. 12,890 4,679,328 
Raytheon Technologies Corp. 78,105 6,791,230 
The Boeing Co. (a) 32,614 7,386,419 
  24,117,472 
Air Freight & Logistics - 0.7%   
FedEx Corp. 13,722 3,841,474 
Construction & Engineering - 0.7%   
AECOM (a) 61,888 3,896,468 
Electrical Equipment - 1.0%   
Sensata Technologies, Inc. PLC (a) 95,480 5,597,038 
Industrial Conglomerates - 1.4%   
General Electric Co. 523,219 6,775,686 
Honeywell International, Inc. 3,049 712,826 
  7,488,512 
Machinery - 0.8%   
Caterpillar, Inc. 19,846 4,103,161 
Marine - 0.4%   
Kirby Corp. (a) 35,983 2,083,776 
Professional Services - 1.5%   
Nielsen Holdings PLC 341,036 8,079,143 
Road & Rail - 0.4%   
Norfolk Southern Corp. 8,645 2,228,940 
Trading Companies & Distributors - 0.4%   
Univar, Inc. (a) 82,062 2,013,801 
TOTAL INDUSTRIALS  63,449,785 
INFORMATION TECHNOLOGY - 10.1%   
Communications Equipment - 3.1%   
Cisco Systems, Inc. 206,138 11,413,861 
F5 Networks, Inc. (a) 25,292 5,223,051 
  16,636,912 
Electronic Equipment & Components - 0.5%   
Vontier Corp. 76,691 2,480,954 
IT Services - 4.2%   
Amdocs Ltd. 101,760 7,846,714 
Fiserv, Inc. (a) 51,355 5,911,474 
GoDaddy, Inc. (a) 43,697 3,663,993 
IBM Corp. 36,912 5,203,116 
  22,625,297 
Semiconductors & Semiconductor Equipment - 0.7%   
Intel Corp. 72,242 3,880,840 
Software - 1.3%   
Check Point Software Technologies Ltd. (a) 28,576 3,632,010 
NortonLifeLock, Inc. 35,976 892,924 
SS&C Technologies Holdings, Inc. 35,366 2,772,341 
  7,297,275 
Technology Hardware, Storage & Peripherals - 0.3%   
NCR Corp. (a) 31,841 1,413,740 
TOTAL INFORMATION TECHNOLOGY  54,335,018 
MATERIALS - 3.3%   
Chemicals - 1.4%   
Huntsman Corp. 74,851 1,976,815 
Olin Corp. 83,508 3,927,381 
The Chemours Co. LLC 50,857 1,690,995 
  7,595,191 
Construction Materials - 0.4%   
Eagle Materials, Inc. 13,255 1,873,197 
Containers & Packaging - 0.4%   
O-I Glass, Inc. (a) 156,100 2,308,719 
Metals & Mining - 1.1%   
Freeport-McMoRan, Inc. 74,684 2,845,460 
Newmont Corp. 51,404 3,229,199 
  6,074,659 
TOTAL MATERIALS  17,851,766 
REAL ESTATE - 4.8%   
Equity Real Estate Investment Trusts (REITs) - 4.2%   
Digital Realty Trust, Inc. 13,800 2,127,408 
Douglas Emmett, Inc. 57,800 1,930,520 
Equity Lifestyle Properties, Inc. 25,100 2,103,380 
Invitation Homes, Inc. 90,100 3,665,268 
Mid-America Apartment Communities, Inc. 26,800 5,175,080 
Prologis (REIT), Inc. 36,800 4,711,872 
Welltower, Inc. 32,100 2,788,206 
  22,501,734 
Real Estate Management & Development - 0.6%   
Cushman & Wakefield PLC (a) 172,200 3,214,974 
TOTAL REAL ESTATE  25,716,708 
UTILITIES - 4.8%   
Electric Utilities - 2.8%   
Edison International 57,298 3,122,741 
Exelon Corp. 77,086 3,607,625 
FirstEnergy Corp. 63,513 2,433,818 
PG&E Corp. (a) 280,471 2,465,340 
Southern Co. 53,390 3,410,019 
  15,039,543 
Independent Power and Renewable Electricity Producers - 0.8%   
The AES Corp. 111,135 2,633,900 
Vistra Corp. 100,673 1,927,888 
  4,561,788 
Multi-Utilities - 1.2%   
CenterPoint Energy, Inc. 107,024 2,724,831 
Sempra Energy 27,070 3,536,696 
  6,261,527 
TOTAL UTILITIES  25,862,858 
TOTAL COMMON STOCKS   
(Cost $409,765,238)  523,653,890 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 0.06% (c) 10,414,690 10,416,773 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 484,202 484,250 
TOTAL MONEY MARKET FUNDS   
(Cost $10,900,946)  10,901,023 
Equity Funds - 1.0%   
Domestic Equity Funds - 1.0%   
iShares Russell 1000 Value Index ETF   
(Cost $5,253,411) 32,700 5,231,019 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $425,919,595)  539,785,932 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (2,105,348) 
NET ASSETS - 100%  $537,680,584 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,902 
Fidelity Securities Lending Cash Central Fund 125 
Total $3,027 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $11,657,805 $113,116,379 $114,357,428 $17 $-- $10,416,773 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 548,625 13,988,244 14,052,619 -- -- 484,250 0.0% 
Total $12,206,430 $127,104,623 $128,410,047 $17 $-- $10,901,023  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $45,254,106 $45,254,106 $-- $-- 
Consumer Discretionary 30,270,320 30,270,320 -- -- 
Consumer Staples 38,103,989 37,436,012 667,977 -- 
Energy 24,304,589 21,952,015 2,352,574 -- 
Financials 109,164,120 107,561,927 1,602,193 -- 
Health Care 89,340,631 89,340,631 -- -- 
Industrials 63,449,785 63,449,785 -- -- 
Information Technology 54,335,018 54,335,018 -- -- 
Materials 17,851,766 17,851,766 -- -- 
Real Estate 25,716,708 25,716,708 -- -- 
Utilities 25,862,858 25,862,858 -- -- 
Money Market Funds 10,901,023 10,901,023 -- -- 
Equity Funds 5,231,019 5,231,019 -- -- 
Total Investments in Securities: $539,785,932 $535,163,188 $4,622,744 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $462,794) — See accompanying schedule:
Unaffiliated issuers (cost $415,018,649) 
$528,884,909  
Fidelity Central Funds (cost $10,900,946) 10,901,023  
Total Investment in Securities (cost $425,919,595)  $539,785,932 
Receivable for investments sold  6,830,073 
Receivable for fund shares sold  167,364 
Dividends receivable  662,129 
Distributions receivable from Fidelity Central Funds  545 
Prepaid expenses  381 
Other receivables  15,358 
Total assets  547,461,782 
Liabilities   
Payable to custodian bank $1,503,540  
Payable for investments purchased 7,292,186  
Payable for fund shares redeemed 122,909  
Accrued management fee 239,353  
Distribution and service plan fees payable 16,984  
Other affiliated payables 86,739  
Other payables and accrued expenses 35,237  
Collateral on securities loaned 484,250  
Total liabilities  9,781,198 
Net Assets  $537,680,584 
Net Assets consist of:   
Paid in capital  $417,160,122 
Total accumulated earnings (loss)  120,520,462 
Net Assets  $537,680,584 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,463,464 ÷ 1,216,803 shares)(a)  $25.86 
Maximum offering price per share (100/94.25 of $25.86)  $27.44 
Class M:   
Net Asset Value and redemption price per share ($11,332,932 ÷ 439,834 shares)(a)  $25.77 
Maximum offering price per share (100/96.50 of $25.77)  $26.70 
Class C:   
Net Asset Value and offering price per share ($7,016,664 ÷ 279,502 shares)(a)  $25.10 
Stock Selector Large Cap Value:   
Net Asset Value, offering price and redemption price per share ($456,330,239 ÷ 17,453,249 shares)  $26.15 
Class I:   
Net Asset Value, offering price and redemption price per share ($15,171,968 ÷ 577,929 shares)  $26.25 
Class Z:   
Net Asset Value, offering price and redemption price per share ($16,365,317 ÷ 629,887 shares)  $25.98 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $4,680,333 
Income from Fidelity Central Funds (including $125 from security lending)  3,027 
Total income  4,683,360 
Expenses   
Management fee   
Basic fee $1,354,323  
Performance adjustment 4,986  
Transfer agent fees 398,412  
Distribution and service plan fees 98,607  
Accounting fees 98,917  
Custodian fees and expenses 13,777  
Independent trustees' fees and expenses 953  
Registration fees 52,446  
Audit 25,553  
Legal 1,440  
Miscellaneous 989  
Total expenses before reductions 2,050,403  
Expense reductions (27,871)  
Total expenses after reductions  2,022,532 
Net investment income (loss)  2,660,828 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 37,017,275  
Fidelity Central Funds 17  
Foreign currency transactions (1,976)  
Total net realized gain (loss)  37,015,316 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 49,864,159  
Assets and liabilities in foreign currencies (422)  
Total change in net unrealized appreciation (depreciation)  49,863,737 
Net gain (loss)  86,879,053 
Net increase (decrease) in net assets resulting from operations  $89,539,881 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,660,828 $8,020,829 
Net realized gain (loss) 37,015,316 (27,852,844) 
Change in net unrealized appreciation (depreciation) 49,863,737 35,340,040 
Net increase (decrease) in net assets resulting from operations 89,539,881 15,508,025 
Distributions to shareholders – (10,445,347) 
Share transactions - net increase (decrease) 5,727,936 (61,933,907) 
Total increase (decrease) in net assets 95,267,817 (56,871,229) 
Net Assets   
Beginning of period 442,412,767 499,283,996 
End of period $537,680,584 $442,412,767 

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


Financial Highlights

Fidelity Stock Selector Large Cap Value Fund Class A

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.53 $20.92 $18.80 $21.26 $18.63 $15.37 
Income from Investment Operations       
Net investment income (loss)A .10 .32B .29 .26 .25C .19 
Net realized and unrealized gain (loss) 4.23 .71 2.14 (1.45) 2.54 3.27 
Total from investment operations 4.33 1.03 2.43 (1.19) 2.79 3.46 
Distributions from net investment income – (.42) (.31) (.24) (.16) (.20) 
Distributions from net realized gain – – – (1.03) – – 
Total distributions – (.42) (.31) (1.27) (.16) (.20) 
Net asset value, end of period $25.86 $21.53 $20.92 $18.80 $21.26 $18.63 
Total ReturnD,E,F 20.11% 5.03% 12.92% (5.46)% 15.02% 22.48% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.05%I .94% .93% .96% 1.02% 1.05% 
Expenses net of fee waivers, if any 1.05%I .94% .93% .96% 1.02% 1.05% 
Expenses net of all reductions 1.04%I .93% .93% .95% 1.01% 1.05% 
Net investment income (loss) .77%I 1.67%B 1.45% 1.28% 1.27%C 1.10% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,463 $22,580 $25,576 $25,204 $27,297 $31,054 
Portfolio turnover rateJ 89%I 104% 68%K 92% 90% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.32%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.

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

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Stock Selector Large Cap Value Fund Class M

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.48 $20.88 $18.77 $21.24 $18.61 $15.36 
Income from Investment Operations       
Net investment income (loss)A .06 .26B .23 .19 .19C .13 
Net realized and unrealized gain (loss) 4.23 .70 2.13 (1.44) 2.54 3.26 
Total from investment operations 4.29 .96 2.36 (1.25) 2.73 3.39 
Distributions from net investment income – (.36) (.25) (.18) (.10) (.14) 
Distributions from net realized gain – – – (1.03) – – 
Total distributions – (.36) (.25) (1.22)D (.10) (.14) 
Net asset value, end of period $25.77 $21.48 $20.88 $18.77 $21.24 $18.61 
Total ReturnE,F,G 19.97% 4.70% 12.59% (5.78)% 14.70% 22.04% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.32%J 1.23% 1.24% 1.28% 1.34% 1.39% 
Expenses net of fee waivers, if any 1.32%J 1.23% 1.23% 1.28% 1.34% 1.39% 
Expenses net of all reductions 1.31%J 1.22% 1.23% 1.27% 1.33% 1.39% 
Net investment income (loss) .50%J 1.38%B 1.15% .96% .95%C .76% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,333 $9,526 $10,385 $9,542 $10,615 $10,704 
Portfolio turnover rateK 89%J 104% 68%L 92% 90% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.03%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .58%.

 D Total distributions per share do not sum due to rounding.

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

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

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

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

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

 J Annualized

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

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Stock Selector Large Cap Value Fund Class C

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.99 $20.40 $18.37 $20.81 $18.25 $15.09 
Income from Investment Operations       
Net investment income (loss)A (.01) .16B .12 .09 .08C .05 
Net realized and unrealized gain (loss) 4.12 .68 2.08 (1.42) 2.49 3.18 
Total from investment operations 4.11 .84 2.20 (1.33) 2.57 3.23 
Distributions from net investment income – (.25) (.17) (.08) (.01) (.07) 
Distributions from net realized gain – – – (1.03) – – 
Total distributions – (.25) (.17) (1.11) (.01) (.07) 
Net asset value, end of period $25.10 $20.99 $20.40 $18.37 $20.81 $18.25 
Total ReturnD,E,F 19.58% 4.19% 11.96% (6.26)% 14.07% 21.43% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.88%I 1.76% 1.78% 1.80% 1.86% 1.88% 
Expenses net of fee waivers, if any 1.88%I 1.76% 1.77% 1.80% 1.85% 1.88% 
Expenses net of all reductions 1.87%I 1.75% 1.77% 1.79% 1.85% 1.87% 
Net investment income (loss) (.05)%I .86%B .61% .44% .43%C .27% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,017 $6,723 $8,813 $9,813 $10,703 $10,802 
Portfolio turnover rateJ 89%I 104% 68%K 92% 90% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .51%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.

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

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Stock Selector Large Cap Value Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.73 $21.11 $18.94 $21.41 $18.76 $15.47 
Income from Investment Operations       
Net investment income (loss)A .13 .38B .35 .32 .31C .24 
Net realized and unrealized gain (loss) 4.29 .72 2.16 (1.46) 2.57 3.29 
Total from investment operations 4.42 1.10 2.51 (1.14) 2.88 3.53 
Distributions from net investment income – (.48) (.34) (.29) (.23) (.24) 
Distributions from net realized gain – – – (1.03) – – 
Total distributions – (.48) (.34) (1.33)D (.23) (.24) 
Net asset value, end of period $26.15 $21.73 $21.11 $18.94 $21.41 $18.76 
Total ReturnE,F 20.34% 5.31% 13.24% (5.20)% 15.39% 22.82% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .75%I .64% .64% .67% .73% .77% 
Expenses net of fee waivers, if any .75%I .64% .64% .67% .73% .77% 
Expenses net of all reductions .74%I .63% .64% .66% .72% .76% 
Net investment income (loss) 1.07%I 1.97%B 1.74% 1.57% 1.56%C 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $456,330 $373,322 $432,154 $806,342 $989,001 $703,722 
Portfolio turnover rateJ 89%I 104% 68%K 92% 90% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.62%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.19%.

 D Total distributions per share do not sum due to rounding.

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Stock Selector Large Cap Value Fund Class I

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.82 $21.22 $18.82 $21.28 $18.66 $15.40 
Income from Investment Operations       
Net investment income (loss)A .14 .38B .34 .31 .30C .23 
Net realized and unrealized gain (loss) 4.29 .72 2.14 (1.45) 2.55 3.27 
Total from investment operations 4.43 1.10 2.48 (1.14) 2.85 3.50 
Distributions from net investment income – (.50) (.08) (.29) (.23) (.24) 
Distributions from net realized gain – – – (1.03) – – 
Total distributions – (.50) (.08) (1.32) (.23) (.24) 
Net asset value, end of period $26.25 $21.82 $21.22 $18.82 $21.28 $18.66 
Total ReturnD,E 20.30% 5.31% 13.20% (5.20)% 15.33% 22.72% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .74%H .67% .67% .69% .76% .84% 
Expenses net of fee waivers, if any .74%H .67% .66% .69% .76% .84% 
Expenses net of all reductions .73%H .66% .66% .68% .75% .84% 
Net investment income (loss) 1.09%H 1.94%B 1.72% 1.55% 1.53%C 1.30% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,172 $9,420 $9,450 $98,119 $118,319 $11,273 
Portfolio turnover rateI 89%H 104% 68%J 92% 90% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.59%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.16%.

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

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

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

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

 H Annualized

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Stock Selector Large Cap Value Fund Class Z

 Six months ended (Unaudited) July 31, Years endedJanuary 31,    
 2021 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $21.58 $20.97 $18.84 $21.30 $18.64 
Income from Investment Operations      
Net investment income (loss)B .15 .41C .38 .34 .34D 
Net realized and unrealized gain (loss) 4.25 .71 2.14 (1.45) 2.57 
Total from investment operations 4.40 1.12 2.52 (1.11) 2.91 
Distributions from net investment income – (.51) (.39) (.32) (.25) 
Distributions from net realized gain – – – (1.03) – 
Total distributions – (.51) (.39) (1.35) (.25) 
Net asset value, end of period $25.98 $21.58 $20.97 $18.84 $21.30 
Total ReturnE,F 20.39% 5.43% 13.38% (5.04)% 15.65% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .64%I .52% .52% .55% .60% 
Expenses net of fee waivers, if any .64%I .52% .52% .55% .60% 
Expenses net of all reductions .63%I .51% .51% .54% .59% 
Net investment income (loss) 1.18%I 2.10%C 1.86% 1.70% 1.68%D 
Supplemental Data      
Net assets, end of period (000 omitted) $16,365 $20,841 $12,905 $858 $888 
Portfolio turnover rateJ 89%I 104% 68%K 92% 90% 

 A For the period February 1, 2017 (commencement of sale of shares) to January 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.75%.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.31%.

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

Fidelity Stock Selector Large Cap Value Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Stock Selector Large Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

Gross unrealized appreciation $118,026,428 
Gross unrealized depreciation (7,444,770) 
Net unrealized appreciation (depreciation) $110,581,658 
Tax cost $429,204,274 

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

No expiration  
Short-term $(5,680,937) 
Long-term (23,143,568) 
Total capital loss carryforward $(28,824,505) 

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Stock Selector Large Cap Value Fund 233,059,534 221,891,723 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Stock Selector Large Cap Value as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .53% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $34,104 $872 
Class M .25% .25% 27,256 377 
Class C .75% .25% 37,247 5,707 
   $98,607 $6,956 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $6,664 
Class M 937 
Class C(a) 697 
 $8,298 

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

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $27,712 .20 
Class M 11,984 .22 
Class C 10,368 .28 
Stock Selector Large Cap Value 333,855 .15 
Class I 10,697 .14 
Class Z 3,796 .04 
 $398,412  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Stock Selector Large Cap Value Fund .04 

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

 Amount 
Fidelity Stock Selector Large Cap Value Fund $3,468 

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

 Purchases ($) Sales ($) 
Fidelity Stock Selector Large Cap Value Fund 26,513,177 29,879,448 

6. Committed Line of Credit.

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

 Amount 
Fidelity Stock Selector Large Cap Value Fund $455 

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Stock Selector Large Cap Value Fund $12 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $23,895 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,976.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
July 31, 2021 
Year ended
January 31, 2021 
Fidelity Stock Selector Large Cap Value Fund   
Distributions to shareholders   
Class A $– $486,919 
Class M – 166,759 
Class C – 89,164 
Stock Selector Large Cap Value – 8,684,384 
Class I – 353,431 
Class Z – 664,690 
Total $– $10,445,347 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended July 31, 2021 Year ended January 31, 2021 Six months ended July 31, 2021 Year ended January 31, 2021 
Fidelity Stock Selector Large Cap Value Fund     
Class A     
Shares sold 281,756 232,147 $7,136,989 $4,461,724 
Reinvestment of distributions – 20,946 – 429,721 
Shares redeemed (113,916) (426,592) (2,809,098) (8,148,341) 
Net increase (decrease) 167,840 (173,499) $4,327,891 $(3,256,896) 
Class M     
Shares sold 21,702 42,288 $531,732 $792,314 
Reinvestment of distributions – 8,161 – 166,631 
Shares redeemed (25,389) (104,335) (614,722) (1,906,589) 
Net increase (decrease) (3,687) (53,886) $(82,990) $(947,644) 
Class C     
Shares sold 62,700 49,121 $1,543,665 $906,243 
Reinvestment of distributions – 4,543 – 89,038 
Shares redeemed (103,575) (165,220) (2,527,303) (2,804,394) 
Net increase (decrease) (40,875) (111,556) $(983,638) $(1,809,113) 
Stock Selector Large Cap Value     
Shares sold 1,762,431 1,689,962 $44,576,555 $32,116,561 
Reinvestment of distributions – 397,914 – 8,258,831 
Shares redeemed (1,486,505) (5,381,493) (37,351,664) (102,662,962) 
Net increase (decrease) 275,926 (3,293,617) $7,224,891 $(62,287,570) 
Class I     
Shares sold 399,946 805,395 $9,604,864 $16,819,328 
Reinvestment of distributions – 9,970 – 211,831 
Shares redeemed (253,725) (828,944) (6,406,657) (17,024,870) 
Net increase (decrease) 146,221 (13,579) $3,198,207 $6,289 
Class Z     
Shares sold 103,705 1,113,226 $2,598,802 $22,107,144 
Reinvestment of distributions – 26,137 – 549,160 
Shares redeemed (439,372) (789,221) (10,555,227) (16,295,277) 
Net increase (decrease) (335,667) 350,142 $(7,956,425) $6,361,027 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Stock Selector Large Cap Value Fund     
Class A 1.05%    
Actual  $1,000.00 $1,201.10 $5.73 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class M 1.32%    
Actual  $1,000.00 $1,199.70 $7.20 
Hypothetical-C  $1,000.00 $1,018.25 $6.61 
Class C 1.88%    
Actual  $1,000.00 $1,195.80 $10.24 
Hypothetical-C  $1,000.00 $1,015.47 $9.39 
Stock Selector Large Cap Value .75%    
Actual  $1,000.00 $1,203.40 $4.10 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 
Class I .74%    
Actual  $1,000.00 $1,203.00 $4.04 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 
Class Z .64%    
Actual  $1,000.00 $1,203.90 $3.50 
Hypothetical-C  $1,000.00 $1,021.62 $3.21 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Stock Selector Large Cap Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fidelity Stock Selector Large Cap Value Fund


The Board considered the fund's underperformance for different time periods ended September 30, 2020 (which periods are reflected in the charts above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

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

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

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

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

Fidelity Stock Selector Large Cap Value Fund


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

LCV-SANN-0921
1.900197.112


Fidelity® Mid Cap Value Fund



Semi-Annual Report

July 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
CBRE Group, Inc. 5.9 
Reliance Steel & Aluminum Co. 5.1 
Jones Lang LaSalle, Inc. 4.6 
Synchrony Financial 4.4 
Best Buy Co., Inc. 4.2 
Williams-Sonoma, Inc. 3.6 
Interpublic Group of Companies, Inc. 3.0 
Amdocs Ltd. 2.7 
MDU Resources Group, Inc. 2.7 
NRG Energy, Inc. 2.3 
 38.5 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Industrials 18.2 
Financials 15.0 
Consumer Discretionary 12.3 
Real Estate 12.2 
Utilities 8.3 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 99.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.8% 


 * Foreign investments - 7.2%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
COMMUNICATION SERVICES - 4.4%   
Entertainment - 1.0%   
Electronic Arts, Inc. 105,200 $15,144,592 
Media - 3.4%   
DISH Network Corp. Class A (a) 76,700 3,212,963 
Fox Corp. Class A 101,900 3,633,754 
Interpublic Group of Companies, Inc. 1,273,469 45,029,864 
  51,876,581 
TOTAL COMMUNICATION SERVICES  67,021,173 
CONSUMER DISCRETIONARY - 12.3%   
Distributors - 0.5%   
LKQ Corp. (a) 169,400 8,597,050 
Household Durables - 2.6%   
Garmin Ltd. 66,100 10,390,920 
Lennar Corp. Class A 92,200 9,694,830 
PulteGroup, Inc. 262,900 14,425,323 
Whirlpool Corp. 20,500 4,541,570 
  39,052,643 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 72,400 7,224,796 
Specialty Retail - 8.7%   
Best Buy Co., Inc. 560,912 63,018,463 
Dick's Sporting Goods, Inc. 71,600 7,456,424 
Lowe's Companies, Inc. 32,100 6,185,349 
Williams-Sonoma, Inc. 364,839 55,346,076 
  132,006,312 
TOTAL CONSUMER DISCRETIONARY  186,880,801 
CONSUMER STAPLES - 3.9%   
Food & Staples Retailing - 0.6%   
Kroger Co. 238,000 9,686,600 
Food Products - 3.3%   
Ingredion, Inc. 289,393 25,411,599 
The J.M. Smucker Co. 188,184 24,672,804 
  50,084,403 
TOTAL CONSUMER STAPLES  59,771,003 
ENERGY - 2.9%   
Energy Equipment & Services - 2.0%   
Baker Hughes Co. Class A 1,415,300 30,060,972 
Oil, Gas & Consumable Fuels - 0.9%   
Antero Midstream GP LP (b) 95,100 903,450 
Black Stone Minerals LP 33,500 356,775 
Kinder Morgan, Inc. 218,500 3,797,530 
Sunoco Logistics Partners, LP 29,600 1,125,096 
Targa Resources Corp. 89,000 3,747,790 
Teekay LNG Partners LP 169,400 2,454,606 
World Fuel Services Corp. 47,200 1,626,512 
  14,011,759 
TOTAL ENERGY  44,072,731 
FINANCIALS - 15.0%   
Banks - 2.9%   
M&T Bank Corp. 247,800 33,168,030 
Popular, Inc. 155,500 11,314,180 
  44,482,210 
Capital Markets - 2.0%   
Federated Hermes, Inc. 240,200 7,792,088 
State Street Corp. 263,600 22,970,104 
  30,762,192 
Consumer Finance - 4.4%   
Synchrony Financial 1,420,546 66,794,073 
Insurance - 5.7%   
Allstate Corp. 116,400 15,137,820 
American National Group, Inc. 4,200 692,916 
Hartford Financial Services Group, Inc. 316,300 20,123,006 
MetLife, Inc. 474,380 27,371,726 
Old Republic International Corp. 957,700 23,616,882 
  86,942,350 
TOTAL FINANCIALS  228,980,825 
HEALTH CARE - 7.1%   
Biotechnology - 1.3%   
Amgen, Inc. 33,668 8,132,169 
Regeneron Pharmaceuticals, Inc. (a) 16,300 9,366,143 
United Therapeutics Corp. (a) 13,600 2,474,248 
  19,972,560 
Health Care Equipment & Supplies - 0.6%   
Hologic, Inc. (a) 130,200 9,770,208 
Health Care Providers & Services - 2.8%   
Cigna Corp. 40,400 9,271,396 
Quest Diagnostics, Inc. (b) 57,600 8,167,680 
Universal Health Services, Inc. Class B 151,621 24,321,525 
  41,760,601 
Pharmaceuticals - 2.4%   
AstraZeneca PLC sponsored ADR 158,047 9,046,610 
Jazz Pharmaceuticals PLC (a) 164,513 27,888,244 
  36,934,854 
TOTAL HEALTH CARE  108,438,223 
INDUSTRIALS - 18.2%   
Aerospace & Defense - 0.4%   
Huntington Ingalls Industries, Inc. 30,800 6,318,004 
Building Products - 1.1%   
Fortune Brands Home & Security, Inc. 99,600 9,708,012 
UFP Industries, Inc. 98,200 7,292,332 
  17,000,344 
Construction & Engineering - 1.5%   
EMCOR Group, Inc. 189,100 23,034,271 
Electrical Equipment - 4.0%   
Acuity Brands, Inc. 178,851 31,366,888 
Encore Wire Corp. 100,100 7,850,843 
Hubbell, Inc. Class B 110,800 22,210,968 
  61,428,699 
Machinery - 6.0%   
Allison Transmission Holdings, Inc. 596,300 23,798,333 
Crane Co. 285,767 27,785,125 
Dover Corp. 86,300 14,422,456 
ITT, Inc. 136,500 13,364,715 
Mueller Industries, Inc. 188,400 8,176,560 
Timken Co. 43,000 3,418,500 
  90,965,689 
Professional Services - 3.2%   
CACI International, Inc. Class A (a) 51,000 13,614,960 
FTI Consulting, Inc. (a) 28,900 4,210,730 
Manpower, Inc. 256,626 30,430,711 
  48,256,401 
Road & Rail - 1.1%   
Knight-Swift Transportation Holdings, Inc. Class A 219,000 10,882,110 
Ryder System, Inc. 48,800 3,716,120 
Werner Enterprises, Inc. 47,000 2,148,370 
  16,746,600 
Trading Companies & Distributors - 0.9%   
Boise Cascade Co. 19,700 1,007,655 
MSC Industrial Direct Co., Inc. Class A 135,300 12,064,701 
  13,072,356 
TOTAL INDUSTRIALS  276,822,364 
INFORMATION TECHNOLOGY - 8.2%   
Communications Equipment - 0.3%   
Juniper Networks, Inc. 173,300 4,876,662 
Electronic Equipment & Components - 2.3%   
Avnet, Inc. 173,400 7,164,888 
CDW Corp. 23,600 4,327,060 
Sanmina Corp. (a) 131,000 5,033,020 
SYNNEX Corp. 152,300 18,205,942 
  34,730,910 
IT Services - 3.3%   
Accenture PLC Class A 22,600 7,179,568 
Amdocs Ltd. 539,097 41,569,770 
Sykes Enterprises, Inc. (a) 31,900 1,711,754 
  50,461,092 
Software - 1.1%   
Aspen Technology, Inc. (a) 16,400 2,398,664 
Citrix Systems, Inc. 66,300 6,679,725 
SS&C Technologies Holdings, Inc. 90,100 7,062,939 
  16,141,328 
Technology Hardware, Storage & Peripherals - 1.2%   
HP, Inc. 333,600 9,631,032 
Xerox Holdings Corp. 393,000 9,483,090 
  19,114,122 
TOTAL INFORMATION TECHNOLOGY  125,324,114 
MATERIALS - 6.7%   
Chemicals - 1.2%   
Minerals Technologies, Inc. 44,800 3,593,856 
NewMarket Corp. 44,700 14,121,177 
  17,715,033 
Containers & Packaging - 0.2%   
Berry Global Group, Inc. (a) 45,000 2,893,050 
Metals & Mining - 5.1%   
Reliance Steel & Aluminum Co. 489,538 76,930,897 
Paper & Forest Products - 0.2%   
Schweitzer-Mauduit International, Inc. 92,600 3,641,958 
TOTAL MATERIALS  101,180,938 
REAL ESTATE - 12.2%   
Equity Real Estate Investment Trusts (REITs) - 1.7%   
Equity Commonwealth 189,800 4,989,842 
Gaming & Leisure Properties 243,542 11,529,278 
Highwoods Properties, Inc. (SBI) 204,600 9,757,374 
  26,276,494 
Real Estate Management & Development - 10.5%   
CBRE Group, Inc. (a) 930,456 89,751,786 
Jones Lang LaSalle, Inc. (a) 314,519 70,002,494 
  159,754,280 
TOTAL REAL ESTATE  186,030,774 
UTILITIES - 8.3%   
Electric Utilities - 4.8%   
Exelon Corp. 132,784 6,214,291 
NRG Energy, Inc. (b) 839,539 34,622,588 
OGE Energy Corp. 965,474 32,584,748 
  73,421,627 
Independent Power and Renewable Electricity Producers - 0.8%   
Vistra Corp. 590,600 11,309,990 
Multi-Utilities - 2.7%   
MDU Resources Group, Inc. 1,304,272 41,371,508 
TOTAL UTILITIES  126,103,125 
TOTAL COMMON STOCKS   
(Cost $1,127,350,031)  1,510,626,071 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund 0.06% (c) 11,192,087 11,194,326 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 42,216,172 42,220,394 
TOTAL MONEY MARKET FUNDS   
(Cost $53,414,720)  53,414,720 
TOTAL INVESTMENT IN SECURITIES - 102.7%   
(Cost $1,180,764,751)  1,564,040,791 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (41,624,906) 
NET ASSETS - 100%  $1,522,415,885 

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $3,356 
Fidelity Securities Lending Cash Central Fund 6,936 
Total $10,292 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $28,001,175 $110,235,086 $127,041,369 $(566) $-- $11,194,326 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 37,710,919 126,064,551 121,555,076 -- -- 42,220,394 0.1% 
Total $65,712,094 $236,299,637 $248,596,445 $(566) $-- $53,414,720  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $67,021,173 $67,021,173 $-- $-- 
Consumer Discretionary 186,880,801 186,880,801 -- -- 
Consumer Staples 59,771,003 59,771,003 -- -- 
Energy 44,072,731 44,072,731 -- -- 
Financials 228,980,825 228,980,825 -- -- 
Health Care 108,438,223 108,438,223 -- -- 
Industrials 276,822,364 276,822,364 -- -- 
Information Technology 125,324,114 125,324,114 -- -- 
Materials 101,180,938 101,180,938 -- -- 
Real Estate 186,030,774 186,030,774 -- -- 
Utilities 126,103,125 126,103,125 -- -- 
Money Market Funds 53,414,720 53,414,720 -- -- 
Total Investments in Securities: $1,564,040,791 $1,564,040,791 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $40,810,226) — See accompanying schedule:
Unaffiliated issuers (cost $1,127,350,031) 
$1,510,626,071  
Fidelity Central Funds (cost $53,414,720) 53,414,720  
Total Investment in Securities (cost $1,180,764,751)  $1,564,040,791 
Receivable for fund shares sold  866,304 
Dividends receivable  1,060,083 
Distributions receivable from Fidelity Central Funds  987 
Prepaid expenses  1,072 
Other receivables  14,238 
Total assets  1,565,983,475 
Liabilities   
Payable for fund shares redeemed $556,421  
Accrued management fee 436,459  
Distribution and service plan fees payable 86,016  
Other affiliated payables 249,960  
Other payables and accrued expenses 30,059  
Collateral on securities loaned 42,208,675  
Total liabilities  43,567,590 
Net Assets  $1,522,415,885 
Net Assets consist of:   
Paid in capital  $1,285,388,899 
Total accumulated earnings (loss)  237,026,986 
Net Assets  $1,522,415,885 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($156,998,306 ÷ 5,612,478 shares)(a)  $27.97 
Maximum offering price per share (100/94.25 of $27.97)  $29.68 
Class M:   
Net Asset Value and redemption price per share ($38,137,296 ÷ 1,372,579 shares)(a)  $27.79 
Maximum offering price per share (100/96.50 of $27.79)  $28.80 
Class C:   
Net Asset Value and offering price per share ($45,919,574 ÷ 1,709,927 shares)(a)  $26.85 
Mid Cap Value:   
Net Asset Value, offering price and redemption price per share ($1,146,995,295 ÷ 40,291,971 shares)  $28.47 
Class I:   
Net Asset Value, offering price and redemption price per share ($110,684,963 ÷ 3,924,021 shares)  $28.21 
Class Z:   
Net Asset Value, offering price and redemption price per share ($23,680,451 ÷ 839,929 shares)  $28.19 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $13,931,294 
Income from Fidelity Central Funds (including $6,936 from security lending)  10,292 
Total income  13,941,586 
Expenses   
Management fee   
Basic fee $3,835,935  
Performance adjustment (1,665,167)  
Transfer agent fees 1,221,661  
Distribution and service plan fees 515,859  
Accounting fees 229,180  
Custodian fees and expenses 5,373  
Independent trustees' fees and expenses 2,689  
Registration fees 62,227  
Audit 25,712  
Legal 4,615  
Interest 73  
Miscellaneous 3,671  
Total expenses before reductions 4,241,828  
Expense reductions (43,919)  
Total expenses after reductions  4,197,909 
Net investment income (loss)  9,743,677 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 38,460,389  
Fidelity Central Funds (566)  
Total net realized gain (loss)  38,459,823 
Change in net unrealized appreciation (depreciation) on investment securities  239,102,039 
Net gain (loss)  277,561,862 
Net increase (decrease) in net assets resulting from operations  $287,305,539 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $9,743,677 $23,863,421 
Net realized gain (loss) 38,459,823 (67,360,610) 
Change in net unrealized appreciation (depreciation) 239,102,039 69,179,648 
Net increase (decrease) in net assets resulting from operations 287,305,539 25,682,459 
Distributions to shareholders – (23,901,751) 
Share transactions - net increase (decrease) 5,636,871 (328,621,412) 
Total increase (decrease) in net assets 292,942,410 (326,840,704) 
Net Assets   
Beginning of period 1,229,473,475 1,556,314,179 
End of period $1,522,415,885 $1,229,473,475 

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


Financial Highlights

Fidelity Mid Cap Value Fund Class A

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.67 $21.75 $20.91 $26.62 $24.94 $20.52 
Income from Investment Operations       
Net investment income (loss)A .15 .35 .38 .39 .44B .29 
Net realized and unrealized gain (loss) 5.15 .97 .83 (3.35) 3.54 4.40 
Total from investment operations 5.30 1.32 1.21 (2.96) 3.98 4.69 
Distributions from net investment income – (.40) (.37) (.40) (.43) (.27) 
Distributions from net realized gain – – – (2.35) (1.87) – 
Total distributions – (.40) (.37) (2.75) (2.30) (.27) 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $27.97 $22.67 $21.75 $20.91 $26.62 $24.94 
Total ReturnD,E,F 23.38% 6.12% 5.72% (11.23)% 16.13% 22.87% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .80%I .73% .76% .82% .98% 1.01% 
Expenses net of fee waivers, if any .80%I .73% .76% .82% .98% 1.01% 
Expenses net of all reductions .79%I .72% .75% .81% .97% 1.00% 
Net investment income (loss) 1.11%I 1.79% 1.77% 1.66% 1.67%B 1.25% 
Supplemental Data       
Net assets, end of period (000 omitted) $156,998 $122,838 $141,439 $173,538 $255,907 $299,124 
Portfolio turnover rateJ 20%I 67% 83%K 80%K 138%K 83% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.18%.

 C Amount represents less than $.005 per share.

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

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Mid Cap Value Fund Class M

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.54 $21.65 $20.82 $26.51 $24.84 $20.46 
Income from Investment Operations       
Net investment income (loss)A .11 .29 .32 .32 .36B .22 
Net realized and unrealized gain (loss) 5.14 .95 .82 (3.33) 3.54 4.38 
Total from investment operations 5.25 1.24 1.14 (3.01) 3.90 4.60 
Distributions from net investment income – (.35) (.31) (.33) (.35) (.22) 
Distributions from net realized gain – – – (2.35) (1.87) – 
Total distributions – (.35) (.31) (2.68) (2.23)C (.22) 
Redemption fees added to paid in capitalA – – – – – D 
Net asset value, end of period $27.79 $22.54 $21.65 $20.82 $26.51 $24.84 
Total ReturnE,F,G 23.29% 5.76% 5.44% (11.48)% 15.84% 22.48% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.06%J 1.01% 1.03% 1.10% 1.25% 1.29% 
Expenses net of fee waivers, if any 1.06%J 1.01% 1.03% 1.10% 1.25% 1.29% 
Expenses net of all reductions 1.06%J 1.00% 1.02% 1.09% 1.24% 1.29% 
Net investment income (loss) .85%J 1.51% 1.50% 1.39% 1.40%B .96% 
Supplemental Data       
Net assets, end of period (000 omitted) $38,137 $30,549 $35,684 $41,540 $57,807 $60,761 
Portfolio turnover rateK 20%J 67% 83%L 80%L 138%L 83% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .76%.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

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

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

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

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

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

 J Annualized

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

 L Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Mid Cap Value Fund Class C

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.84 $20.99 $20.19 $25.76 $24.22 $19.95 
Income from Investment Operations       
Net investment income (loss)A .05 .19 .21 .21 .23B .11 
Net realized and unrealized gain (loss) 4.96 .91 .80 (3.23) 3.43 4.27 
Total from investment operations 5.01 1.10 1.01 (3.02) 3.66 4.38 
Distributions from net investment income – (.25) (.21) (.20) (.25) (.11) 
Distributions from net realized gain – – – (2.35) (1.87) – 
Total distributions – (.25) (.21) (2.55) (2.12) (.11) 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $26.85 $21.84 $20.99 $20.19 $25.76 $24.22 
Total ReturnD,E,F 22.94% 5.26% 4.96% (11.89)% 15.28% 21.97% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.56%I 1.49% 1.51% 1.56% 1.72% 1.76% 
Expenses net of fee waivers, if any 1.56%I 1.49% 1.51% 1.56% 1.72% 1.76% 
Expenses net of all reductions 1.55%I 1.48% 1.50% 1.55% 1.71% 1.75% 
Net investment income (loss) .35%I 1.04% 1.02% .92% .93%B .50% 
Supplemental Data       
Net assets, end of period (000 omitted) $45,920 $43,128 $60,685 $85,519 $138,506 $144,503 
Portfolio turnover rateJ 20%I 67% 83%K 80%K 138%K 83% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.

 C Amount represents less than $.005 per share.

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

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Mid Cap Value Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $23.03 $22.09 $21.23 $26.99 $25.24 $20.76 
Income from Investment Operations       
Net investment income (loss)A .19 .41 .45 .47 .52B .35 
Net realized and unrealized gain (loss) 5.25 .99 .84 (3.41) 3.60 4.46 
Total from investment operations 5.44 1.40 1.29 (2.94) 4.12 4.81 
Distributions from net investment income – (.46) (.43) (.47) (.50) (.33) 
Distributions from net realized gain – – – (2.35) (1.87) – 
Total distributions – (.46) (.43) (2.82) (2.37) (.33) 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $28.47 $23.03 $22.09 $21.23 $26.99 $25.24 
Total ReturnD,E 23.62% 6.37% 6.03% (10.97)% 16.51% 23.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .50%H .44% .46% .53% .69% .73% 
Expenses net of fee waivers, if any .50%H .43% .46% .53% .69% .73% 
Expenses net of all reductions .50%H .43% .45% .52% .68% .72% 
Net investment income (loss) 1.41%H 2.09% 2.07% 1.96% 1.96%B 1.53% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,146,995 $920,386 $1,156,286 $1,456,510 $2,332,143 $2,426,359 
Portfolio turnover rateI 20%H 67% 83%J 80%J 138%J 83% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.47%.

 C Amount represents less than $.005 per share.

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

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

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

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

 H Annualized

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Mid Cap Value Fund Class I

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2021 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $22.82 $21.88 $21.03 $26.77 $25.05 $20.61 
Income from Investment Operations       
Net investment income (loss)A .19 .41 .45 .46 .51B .35 
Net realized and unrealized gain (loss) 5.20 .98 .83 (3.38) 3.58 4.43 
Total from investment operations 5.39 1.39 1.28 (2.92) 4.09 4.78 
Distributions from net investment income – (.45) (.43) (.47) (.50) (.34) 
Distributions from net realized gain – – – (2.35) (1.87) – 
Total distributions – (.45) (.43) (2.82) (2.37) (.34) 
Redemption fees added to paid in capitalA – – – – – C 
Net asset value, end of period $28.21 $22.82 $21.88 $21.03 $26.77 $25.05 
Total ReturnD,E 23.62% 6.41% 6.01% (10.99)% 16.52% 23.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .52%H .42% .46% .53% .69% .73% 
Expenses net of fee waivers, if any .51%H .42% .46% .53% .69% .73% 
Expenses net of all reductions .51%H .41% .45% .52% .68% .73% 
Net investment income (loss) 1.40%H 2.10% 2.07% 1.95% 1.95%B 1.53% 
Supplemental Data       
Net assets, end of period (000 omitted) $110,685 $94,586 $127,647 $244,054 $410,868 $363,949 
Portfolio turnover rateI 20%H 67% 83%J 80%J 138%J 83% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.47%.

 C Amount represents less than $.005 per share.

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

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

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

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

 H Annualized

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Fidelity Mid Cap Value Fund Class Z

 Six months ended (Unaudited) July 31, Years endedJanuary 31,    
 2021 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $22.80 $21.86 $21.01 $26.76 $25.03 
Income from Investment Operations      
Net investment income (loss)B .21 .43 .48 .49 .56C 
Net realized and unrealized gain (loss) 5.18 .99 .83 (3.38) 3.59 
Total from investment operations 5.39 1.42 1.31 (2.89) 4.15 
Distributions from net investment income – (.48) (.46) (.51) (.54) 
Distributions from net realized gain – – – (2.35) (1.87) 
Total distributions – (.48) (.46) (2.86) (2.42)D 
Net asset value, end of period $28.19 $22.80 $21.86 $21.01 $26.76 
Total ReturnE,F 23.64% 6.54% 6.19% (10.86)% 16.74% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .39%I .29% .33% .40% .56% 
Expenses net of fee waivers, if any .38%I .29% .33% .40% .56% 
Expenses net of all reductions .38%I .28% .32% .39% .55% 
Net investment income (loss) 1.53%I 2.23% 2.20% 2.09% 2.09%C 
Supplemental Data      
Net assets, end of period (000 omitted) $23,680 $17,987 $34,573 $35,972 $32,974 
Portfolio turnover rateJ 20%I 67% 83%K 80%K 138%K 

 A For the period February 1, 2017 (commencement of sale of shares) to January 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.60%.

 D Total distributions per share do not sum due to rounding.

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

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

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

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

 I Annualized

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

 K Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

Fidelity Mid Cap Value Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Mid Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $419,707,152 
Gross unrealized depreciation (36,617,520) 
Net unrealized appreciation (depreciation) $383,089,632 
Tax cost $1,180,951,159 

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

No expiration  
Short-term $(76,084,154) 
Long-term (118,194,879) 
Total capital loss carryforward $(194,279,033) 

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Mid Cap Value Fund 161,437,919 142,410,006 

5. Fees and Other Transactions with Affiliates.

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

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

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $185,349 $3,146 
Class M .25% .25% 91,762 703 
Class C .75% .25% 238,748 13,140 
   $515,859 $16,989 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $24,774 
Class M 3,823 
Class C(a) 271 
 $28,868 

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

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $154,351 .21 
Class M 40,566 .22 
Class C 52,359 .22 
Mid Cap Value 876,788 .16 
Class I 92,854 .17 
Class Z 4,743 .04 
 $1,221,661  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Mid Cap Value Fund .03 

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

 Amount 
Fidelity Mid Cap Value Fund $1,721 

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

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Mid Cap Value Fund Borrower $9,011,000 .29% $73 

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

 Purchases ($) Sales ($) 
Fidelity Mid Cap Value Fund 13,969,403 22,020,995 

6. Committed Line of Credit.

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

 Amount 
Fidelity Mid Cap Value Fund $1,287 

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Mid Cap Value Fund $713 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $32,762 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,157.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
July 31, 2021 
Year ended
January 31, 2021 
Fidelity Mid Cap Value Fund   
Distributions to shareholders   
Class A $– $2,163,678 
Class M – 465,254 
Class C – 513,185 
Mid Cap Value – 18,752,263 
Class I – 1,638,592 
Class Z – 368,779 
Total $– $23,901,751 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended July 31, 2021 Year ended January 31, 2021 Six months ended July 31, 2021 Year ended January 31, 2021 
Fidelity Mid Cap Value Fund     
Class A     
Shares sold 809,651 917,329 $21,858,711 $17,574,702 
Reinvestment of distributions – 95,063 – 2,107,549 
Shares redeemed (616,828) (2,094,919) (16,590,886) (40,636,481) 
Net increase (decrease) 192,823 (1,082,527) $5,267,825 $(20,954,230) 
Class M     
Shares sold 199,404 153,342 $5,365,040 $3,056,204 
Reinvestment of distributions – 20,936 – 461,857 
Shares redeemed (181,985) (467,588) (4,873,271) (8,724,533) 
Net increase (decrease) 17,419 (293,310) $491,769 $(5,206,472) 
Class C     
Shares sold 135,985 119,309 $3,568,064 $2,185,949 
Reinvestment of distributions – 23,849 – 510,123 
Shares redeemed (400,624) (1,060,142) (10,288,453) (19,578,112) 
Net increase (decrease) (264,639) (916,984) $(6,720,389) $(16,882,040) 
Mid Cap Value     
Shares sold 4,360,635 3,482,266 $120,423,203 $69,370,479 
Reinvestment of distributions – 796,192 – 17,930,244 
Shares redeemed (4,031,413) (16,671,262) (109,783,139) (327,351,759) 
Net increase (decrease) 329,222 (12,392,804) $10,640,064 $(240,051,036) 
Class I     
Shares sold 703,812 2,174,158 $19,169,284 $44,402,514 
Reinvestment of distributions – 72,727 – 1,622,550 
Shares redeemed (924,211) (3,935,478) (24,566,827) (75,322,550) 
Net increase (decrease) (220,399) (1,688,593) $(5,397,543) $(29,297,486) 
Class Z     
Shares sold 167,541 1,066,509 $4,456,434 $19,594,806 
Reinvestment of distributions – 15,261 – 340,157 
Shares redeemed (116,655) (1,874,633) (3,101,289) (36,165,111) 
Net increase (decrease) 50,886 (792,863) $1,355,145 $(16,230,148) 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Mid Cap Value Fund     
Class A .80%    
Actual  $1,000.00 $1,233.80 $4.43 
Hypothetical-C  $1,000.00 $1,020.83 $4.01 
Class M 1.06%    
Actual  $1,000.00 $1,232.90 $5.87 
Hypothetical-C  $1,000.00 $1,019.54 $5.31 
Class C 1.56%    
Actual  $1,000.00 $1,229.40 $8.62 
Hypothetical-C  $1,000.00 $1,017.06 $7.80 
Mid Cap Value .50%    
Actual  $1,000.00 $1,236.20 $2.77 
Hypothetical-C  $1,000.00 $1,022.32 $2.51 
Class I .51%    
Actual  $1,000.00 $1,236.20 $2.83 
Hypothetical-C  $1,000.00 $1,022.27 $2.56 
Class Z .38%    
Actual  $1,000.00 $1,236.40 $2.11 
Hypothetical-C  $1,000.00 $1,022.91 $1.91 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mid Cap Value Fund

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

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

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

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Mid Cap Value Fund


The Board considered the fund's underperformance for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

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

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

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

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

Fidelity Mid Cap Value Fund


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

MCV-SANN-0921
1.900183.112




Fidelity Flex® Funds

Fidelity Flex® Mid Cap Value Fund



Semi-Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Cigna Corp. 2.4 
Equity Lifestyle Properties, Inc. 2.4 
CubeSmart 2.3 
Canadian Natural Resources Ltd. 1.9 
Americold Realty Trust 1.7 
SS&C Technologies Holdings, Inc. 1.7 
Edison International 1.6 
Equinix, Inc. 1.6 
The AES Corp. 1.6 
Laboratory Corp. of America Holdings 1.6 
 18.8 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Financials 19.4 
Industrials 19.3 
Consumer Discretionary 9.3 
Real Estate 9.3 
Utilities 8.4 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 15.3%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%   
 Shares Value 
COMMUNICATION SERVICES - 2.6%   
Diversified Telecommunication Services - 0.6%   
Liberty Global PLC Class C (a) 7,789 $209,213 
Media - 2.0%   
Interpublic Group of Companies, Inc. 12,892 455,861 
Nexstar Broadcasting Group, Inc. Class A 1,866 274,433 
  730,294 
TOTAL COMMUNICATION SERVICES  939,507 
CONSUMER DISCRETIONARY - 9.3%   
Auto Components - 0.5%   
Adient PLC (a) 4,642 195,567 
Distributors - 1.3%   
LKQ Corp. (a) 9,259 469,894 
Diversified Consumer Services - 0.8%   
Laureate Education, Inc. Class A (a) 19,055 282,205 
Hotels, Restaurants & Leisure - 1.1%   
Caesars Entertainment, Inc. (a) 4,662 407,272 
Household Durables - 2.3%   
Mohawk Industries, Inc. (a) 2,496 486,470 
Taylor Morrison Home Corp. (a) 13,756 368,936 
  855,406 
Internet & Direct Marketing Retail - 1.2%   
eBay, Inc. 6,569 448,071 
Leisure Products - 1.1%   
Mattel, Inc. (a) 19,334 419,934 
Specialty Retail - 1.0%   
Gap, Inc. 12,072 352,140 
TOTAL CONSUMER DISCRETIONARY  3,430,489 
CONSUMER STAPLES - 5.0%   
Beverages - 1.1%   
Primo Water Corp. 24,144 399,100 
Food & Staples Retailing - 1.1%   
BJ's Wholesale Club Holdings, Inc. (a) 7,715 390,688 
Food Products - 1.3%   
Darling Ingredients, Inc. (a) 6,786 468,709 
Household Products - 0.7%   
Reynolds Consumer Products, Inc. 9,060 257,757 
Tobacco - 0.8%   
Altria Group, Inc. 6,523 313,365 
TOTAL CONSUMER STAPLES  1,829,619 
ENERGY - 5.2%   
Energy Equipment & Services - 0.5%   
Liberty Oilfield Services, Inc. Class A (a) 18,708 190,635 
Oil, Gas & Consumable Fuels - 4.7%   
Canadian Natural Resources Ltd. 21,007 693,218 
Cheniere Energy, Inc. (a) 6,047 513,572 
Hess Corp. 6,810 520,556 
  1,727,346 
TOTAL ENERGY  1,917,981 
FINANCIALS - 19.4%   
Banks - 2.6%   
East West Bancorp, Inc. 3,886 276,489 
First Citizens Bancshares, Inc. 460 359,991 
Signature Bank 1,451 329,333 
  965,813 
Capital Markets - 4.9%   
Ameriprise Financial, Inc. 2,202 567,147 
Bank of New York Mellon Corp. 5,592 287,037 
Lazard Ltd. Class A 10,031 473,463 
LPL Financial 3,300 465,432 
  1,793,079 
Consumer Finance - 4.6%   
Capital One Financial Corp. 2,371 383,391 
OneMain Holdings, Inc. 7,756 473,116 
SLM Corp. 22,642 426,349 
Synchrony Financial 9,130 429,293 
  1,712,149 
Diversified Financial Services - 0.9%   
Voya Financial, Inc. 5,366 345,570 
Insurance - 6.4%   
American Financial Group, Inc. 3,806 481,421 
Arch Capital Group Ltd. (a) 12,159 474,201 
Assurant, Inc. 3,079 485,897 
Fairfax Financial Holdings Ltd. (sub. vtg.) 431 181,555 
Reinsurance Group of America, Inc. 2,283 251,541 
The Travelers Companies, Inc. 3,120 464,630 
  2,339,245 
TOTAL FINANCIALS  7,155,856 
HEALTH CARE - 7.3%   
Health Care Providers & Services - 5.3%   
Centene Corp. (a) 7,259 498,040 
Cigna Corp. 3,831 879,177 
Laboratory Corp. of America Holdings (a) 1,948 576,900 
  1,954,117 
Pharmaceuticals - 2.0%   
Bristol-Myers Squibb Co. 5,773 391,814 
Jazz Pharmaceuticals PLC (a) 2,036 345,143 
  736,957 
TOTAL HEALTH CARE  2,691,074 
INDUSTRIALS - 19.3%   
Air Freight & Logistics - 1.9%   
FedEx Corp. 926 259,234 
XPO Logistics, Inc. (a) 3,149 436,735 
  695,969 
Building Products - 2.7%   
Builders FirstSource, Inc. (a) 10,983 488,744 
Jeld-Wen Holding, Inc. (a) 18,472 489,139 
  977,883 
Commercial Services & Supplies - 1.1%   
The Brink's Co. 5,243 403,501 
Construction & Engineering - 1.9%   
Fluor Corp. (a) 18,664 310,942 
Willscot Mobile Mini Holdings (a) 14,039 403,060 
  714,002 
Machinery - 1.9%   
Allison Transmission Holdings, Inc. 9,273 370,085 
Crane Co. 3,353 326,012 
  696,097 
Marine - 1.0%   
Kirby Corp. (a) 6,019 348,560 
Professional Services - 3.9%   
ASGN, Inc. (a) 3,173 320,885 
KBR, Inc. 7,166 277,324 
Manpower, Inc. 3,236 383,725 
Nielsen Holdings PLC 19,542 462,950 
  1,444,884 
Road & Rail - 2.0%   
Ryder System, Inc. 3,437 261,728 
TFI International, Inc. (Canada) 4,271 478,108 
  739,836 
Trading Companies & Distributors - 2.9%   
AerCap Holdings NV (a) 5,057 268,021 
Beacon Roofing Supply, Inc. (a) 8,142 435,434 
Univar, Inc. (a) 15,183 372,591 
  1,076,046 
TOTAL INDUSTRIALS  7,096,778 
INFORMATION TECHNOLOGY - 5.8%   
Electronic Equipment & Components - 1.4%   
Flex Ltd. (a) 27,569 495,415 
IT Services - 2.0%   
DXC Technology Co. (a) 10,844 433,543 
Unisys Corp. (a) 14,286 319,292 
  752,835 
Software - 1.7%   
SS&C Technologies Holdings, Inc. 7,806 611,912 
Technology Hardware, Storage & Peripherals - 0.7%   
NCR Corp. (a) 6,166 273,770 
TOTAL INFORMATION TECHNOLOGY  2,133,932 
MATERIALS - 8.3%   
Chemicals - 3.3%   
Axalta Coating Systems Ltd. (a) 13,877 417,698 
Olin Corp. 10,031 471,758 
Tronox Holdings PLC 17,346 319,687 
  1,209,143 
Construction Materials - 1.0%   
Eagle Materials, Inc. 2,583 365,030 
Containers & Packaging - 3.0%   
Berry Global Group, Inc. (a) 6,139 394,676 
Crown Holdings, Inc. 3,877 386,770 
O-I Glass, Inc. (a) 21,082 311,803 
  1,093,249 
Metals & Mining - 1.0%   
Arconic Corp. (a) 5,459 196,196 
Constellium NV (a) 10,287 194,116 
  390,312 
TOTAL MATERIALS  3,057,734 
REAL ESTATE - 9.3%   
Equity Real Estate Investment Trusts (REITs) - 9.3%   
American Tower Corp. 1,672 472,842 
Americold Realty Trust 16,690 648,407 
CubeSmart 16,848 836,672 
Equinix, Inc. 710 582,491 
Equity Lifestyle Properties, Inc. 10,383 870,095 
  3,410,507 
Real Estate Management & Development - 0.0%   
Cushman & Wakefield PLC (a) 835 15,589 
TOTAL REAL ESTATE  3,426,096 
UTILITIES - 8.4%   
Electric Utilities - 3.7%   
Edison International 10,806 588,927 
NRG Energy, Inc. 8,016 330,580 
PG&E Corp. (a) 50,182 441,100 
  1,360,607 
Independent Power and Renewable Electricity Producers - 2.2%   
The AES Corp. 24,479 580,152 
Vistra Corp. 11,412 218,540 
  798,692 
Multi-Utilities - 2.5%   
CenterPoint Energy, Inc. 17,052 434,144 
MDU Resources Group, Inc. 15,574 494,007 
  928,151 
TOTAL UTILITIES  3,087,450 
TOTAL COMMON STOCKS   
(Cost $28,030,139)  36,766,516 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 10/14/21   
(Cost $49,995) 50,000 49,995 
 Shares Value 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund 0.06% (b)   
(Cost $128,221) 128,196 128,221 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $28,208,355)  36,944,732 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (148,131) 
NET ASSETS - 100%  $36,796,601 

Legend

 (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 are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $235 
Total $235 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $256,574 $10,229,364 $10,357,718 $1 $-- $128,221 0.0% 
Total $256,574 $10,229,364 $10,357,718 $1 $-- $128,221  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $939,507 $939,507 $-- $-- 
Consumer Discretionary 3,430,489 3,430,489 -- -- 
Consumer Staples 1,829,619 1,829,619 -- -- 
Energy 1,917,981 1,917,981 -- -- 
Financials 7,155,856 7,155,856 -- -- 
Health Care 2,691,074 2,691,074 -- -- 
Industrials 7,096,778 7,096,778 -- -- 
Information Technology 2,133,932 2,133,932 -- -- 
Materials 3,057,734 3,057,734 -- -- 
Real Estate 3,426,096 3,426,096 -- -- 
Utilities 3,087,450 3,087,450 -- -- 
U.S. Government and Government Agency Obligations 49,995 -- 49,995 -- 
Money Market Funds 128,221 128,221 -- -- 
Total Investments in Securities: $36,944,732 $36,894,737 $49,995 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.7% 
Canada 4.8% 
Bermuda 3.7% 
United Kingdom 2.8% 
Ireland 1.4% 
Singapore 1.4% 
Others (Individually Less Than 1%) 1.2% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $28,080,134) 
$36,816,511  
Fidelity Central Funds (cost $128,221) 128,221  
Total Investment in Securities (cost $28,208,355)  $36,944,732 
Foreign currency held at value (cost $142)  159 
Receivable for fund shares sold  20,875 
Dividends receivable  30,979 
Distributions receivable from Fidelity Central Funds  24 
Total assets  36,996,769 
Liabilities   
Payable to custodian bank $185,764  
Payable for fund shares redeemed 14,404  
Total liabilities  200,168 
Net Assets  $36,796,601 
Net Assets consist of:   
Paid in capital  $25,324,580 
Total accumulated earnings (loss)  11,472,021 
Net Assets  $36,796,601 
Net Asset Value, offering price and redemption price per share ($36,796,601 ÷ 2,461,181 shares)  $14.95 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $338,465 
Interest  20 
Income from Fidelity Central Funds  235 
Total income  338,720 
Expenses   
Independent trustees' fees and expenses $70  
Total expenses  70 
Net investment income (loss)  338,650 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 5,008,784  
Fidelity Central Funds  
Foreign currency transactions (32)  
Futures contracts 36,910  
Total net realized gain (loss)  5,045,663 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,994,857  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  1,994,859 
Net gain (loss)  7,040,522 
Net increase (decrease) in net assets resulting from operations  $7,379,172 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $338,650 $560,384 
Net realized gain (loss) 5,045,663 (2,383,756) 
Change in net unrealized appreciation (depreciation) 1,994,859 5,386,588 
Net increase (decrease) in net assets resulting from operations 7,379,172 3,563,216 
Distributions to shareholders – (809,255) 
Share transactions   
Proceeds from sales of shares 6,496,500 18,921,702 
Reinvestment of distributions – 809,255 
Cost of shares redeemed (10,405,777) (25,603,734) 
Net increase (decrease) in net assets resulting from share transactions (3,909,277) (5,872,777) 
Total increase (decrease) in net assets 3,469,895 (3,118,816) 
Net Assets   
Beginning of period 33,326,706 36,445,522 
End of period $36,796,601 $33,326,706 
Other Information   
Shares   
Sold 448,380 1,990,765 
Issued in reinvestment of distributions – 73,321 
Redeemed (718,623) (2,649,563) 
Net increase (decrease) (270,243) (585,477) 

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


Financial Highlights

Fidelity Flex Mid Cap Value Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,    
 2021 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $12.20 $10.99 $9.51 $11.14 $10.00 
Income from Investment Operations      
Net investment income (loss)B .13 .19 .18 .20 .17 
Net realized and unrealized gain (loss) 2.62 1.29 1.37 (1.18) 1.10 
Total from investment operations 2.75 1.48 1.55 (.98) 1.27 
Distributions from net investment income – (.20) (.07) (.21) (.10) 
Distributions from net realized gain – (.07) – (.44) (.03) 
Total distributions – (.27) (.07) (.65) (.13) 
Net asset value, end of period $14.95 $12.20 $10.99 $9.51 $11.14 
Total ReturnC 22.54% 13.69% 16.26% (8.60)% 12.72% 
Ratios to Average Net AssetsD,E      
Expenses before reductionsF - %G -% -% -% - %G 
Expenses net of fee waivers, if anyF - %G -% -% -% - %G 
Expenses net of all reductionsF - %G -% -% -% - %G 
Net investment income (loss) 1.83%G 1.88% 1.71% 1.88% 1.76%G 
Supplemental Data      
Net assets, end of period (000 omitted) $36,797 $33,327 $36,446 $2,721 $2,869 
Portfolio turnover rateH 89%G 119% 89% 218% 137%G 

 A For the period March 8, 2017 (commencement of operations) to January 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Amount represents less than .005%.

 G Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to capital loss carryforwards, futures contracts, foreign currency transactions, partnerships and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $9,267,455 
Gross unrealized depreciation (722,967) 
Net unrealized appreciation (depreciation) $8,544,488 
Tax cost $28,400,244 

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

No expiration  
Short-term $(2,277,305) 
Total capital loss carryforward $(2,277,305) 

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Flex Mid Cap Value Fund 15,819,217 18,973,004 

6. Fees and Other Transactions with Affiliates.

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

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

 Amount 
Fidelity Flex Mid Cap Value Fund $319 

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

 Purchases ($) Sales ($) 
Fidelity Flex Mid Cap Value Fund 329,531 525,962 

7. Committed Line of Credit.

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

8. Other.

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

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Flex Mid Cap Value Fund - %-C    
Actual  $1,000.00 $1,225.40 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Mid Cap Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ZMV-SANN-0921
1.9881566.104


Fidelity® Mid Cap Value K6 Fund



Semi-Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
CBRE Group, Inc. 6.0 
Reliance Steel & Aluminum Co. 5.1 
Jones Lang LaSalle, Inc. 4.6 
Synchrony Financial 4.4 
Best Buy Co., Inc. 4.1 
Williams-Sonoma, Inc. 3.6 
Interpublic Group of Companies, Inc. 3.0 
Amdocs Ltd. 2.7 
MDU Resources Group, Inc. 2.7 
NRG Energy, Inc. 2.3 
 38.5 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Industrials 18.3 
Financials 15.1 
Real Estate 12.3 
Consumer Discretionary 12.3 
Utilities 8.3 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 99.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


 * Foreign investments - 7.3%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%   
 Shares Value 
COMMUNICATION SERVICES - 4.4%   
Entertainment - 1.0%   
Electronic Arts, Inc. 2,535 $364,939 
Media - 3.4%   
DISH Network Corp. Class A (a) 1,800 75,402 
Fox Corp. Class A 2,400 85,584 
Interpublic Group of Companies, Inc. 30,049 1,062,533 
  1,223,519 
TOTAL COMMUNICATION SERVICES  1,588,458 
CONSUMER DISCRETIONARY - 12.3%   
Distributors - 0.6%   
LKQ Corp. (a) 4,000 203,000 
Household Durables - 2.6%   
Garmin Ltd. 1,600 251,520 
Lennar Corp. Class A 2,200 231,330 
PulteGroup, Inc. 6,277 344,419 
Whirlpool Corp. 467 103,459 
  930,728 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 1,700 169,643 
Specialty Retail - 8.6%   
Best Buy Co., Inc. 13,210 1,484,144 
Dick's Sporting Goods, Inc. 1,700 177,038 
Lowe's Companies, Inc. 700 134,883 
Williams-Sonoma, Inc. 8,428 1,278,528 
  3,074,593 
TOTAL CONSUMER DISCRETIONARY  4,377,964 
CONSUMER STAPLES - 4.0%   
Food & Staples Retailing - 0.7%   
Kroger Co. 5,705 232,194 
Food Products - 3.3%   
Ingredion, Inc. 6,850 601,499 
The J.M. Smucker Co. 4,428 580,555 
  1,182,054 
TOTAL CONSUMER STAPLES  1,414,248 
ENERGY - 2.9%   
Energy Equipment & Services - 2.0%   
Baker Hughes Co. Class A 33,414 709,713 
Oil, Gas & Consumable Fuels - 0.9%   
Antero Midstream GP LP 2,100 19,950 
Black Stone Minerals LP 600 6,390 
Kinder Morgan, Inc. 5,100 88,638 
Sunoco Logistics Partners, LP 700 26,607 
Targa Resources Corp. 2,100 88,431 
Teekay LNG Partners LP 3,900 56,511 
World Fuel Services Corp. 1,158 39,905 
  326,432 
TOTAL ENERGY  1,036,145 
FINANCIALS - 15.1%   
Banks - 2.9%   
M&T Bank Corp. 5,819 778,873 
Popular, Inc. 3,700 269,212 
  1,048,085 
Capital Markets - 2.0%   
Federated Hermes, Inc. 5,628 182,572 
State Street Corp. 6,237 543,492 
  726,064 
Consumer Finance - 4.4%   
Synchrony Financial 33,527 1,576,440 
Insurance - 5.8%   
Allstate Corp. 2,758 358,678 
American National Group, Inc. 95 15,673 
Hartford Financial Services Group, Inc. 7,428 472,569 
MetLife, Inc. 11,190 645,663 
Old Republic International Corp. 22,578 556,773 
  2,049,356 
TOTAL FINANCIALS  5,399,945 
HEALTH CARE - 7.1%   
Biotechnology - 1.3%   
Amgen, Inc. 779 188,160 
Regeneron Pharmaceuticals, Inc. (a) 400 229,844 
United Therapeutics Corp. (a) 277 50,395 
  468,399 
Health Care Equipment & Supplies - 0.6%   
Hologic, Inc. (a) 3,100 232,624 
Health Care Providers & Services - 2.7%   
Cigna Corp. 900 206,541 
Quest Diagnostics, Inc. 1,300 184,340 
Universal Health Services, Inc. Class B 3,598 577,155 
  968,036 
Pharmaceuticals - 2.5%   
AstraZeneca PLC sponsored ADR 3,777 216,195 
Jazz Pharmaceuticals PLC (a) 3,891 659,602 
  875,797 
TOTAL HEALTH CARE  2,544,856 
INDUSTRIALS - 18.3%   
Aerospace & Defense - 0.4%   
Huntington Ingalls Industries, Inc. 700 143,591 
Building Products - 1.1%   
Fortune Brands Home & Security, Inc. 2,378 231,784 
UFP Industries, Inc. 2,345 174,140 
  405,924 
Construction & Engineering - 1.5%   
EMCOR Group, Inc. 4,504 548,632 
Electrical Equipment - 4.1%   
Acuity Brands, Inc. 4,206 737,648 
Encore Wire Corp. 2,340 183,526 
Hubbell, Inc. Class B 2,626 526,408 
  1,447,582 
Machinery - 6.0%   
Allison Transmission Holdings, Inc. 14,073 561,653 
Crane Co. 6,789 660,094 
Dover Corp. 2,000 334,240 
ITT, Inc. 3,274 320,557 
Mueller Industries, Inc. 4,404 191,134 
Timken Co. 1,000 79,500 
  2,147,178 
Professional Services - 3.2%   
CACI International, Inc. Class A (a) 1,200 320,352 
FTI Consulting, Inc. (a) 700 101,990 
Manpower, Inc. 6,075 720,374 
  1,142,716 
Road & Rail - 1.1%   
Knight-Swift Transportation Holdings, Inc. Class A 5,200 258,388 
Ryder System, Inc. 1,100 83,765 
Werner Enterprises, Inc. 1,100 50,281 
  392,434 
Trading Companies & Distributors - 0.9%   
Boise Cascade Co. 500 25,575 
MSC Industrial Direct Co., Inc. Class A 3,174 283,026 
  308,601 
TOTAL INDUSTRIALS  6,536,658 
INFORMATION TECHNOLOGY - 8.3%   
Communications Equipment - 0.3%   
Juniper Networks, Inc. 4,027 113,320 
Electronic Equipment & Components - 2.3%   
Avnet, Inc. 4,032 166,602 
CDW Corp. 500 91,675 
Sanmina Corp. (a) 3,093 118,833 
SYNNEX Corp. 3,560 425,562 
  802,672 
IT Services - 3.3%   
Accenture PLC Class A 562 178,536 
Amdocs Ltd. 12,690 978,526 
Sykes Enterprises, Inc. (a) 700 37,562 
  1,194,624 
Software - 1.1%   
Aspen Technology, Inc. (a) 400 58,504 
Citrix Systems, Inc. 1,600 161,200 
SS&C Technologies Holdings, Inc. 2,100 164,619 
  384,323 
Technology Hardware, Storage & Peripherals - 1.3%   
HP, Inc. 7,900 228,073 
Xerox Holdings Corp. 9,456 228,173 
  456,246 
TOTAL INFORMATION TECHNOLOGY  2,951,185 
MATERIALS - 6.6%   
Chemicals - 1.1%   
Minerals Technologies, Inc. 1,029 82,546 
NewMarket Corp. 1,029 325,071 
  407,617 
Containers & Packaging - 0.2%   
Berry Global Group, Inc. (a) 1,000 64,290 
Metals & Mining - 5.1%   
Reliance Steel & Aluminum Co. 11,513 1,809,268 
Paper & Forest Products - 0.2%   
Schweitzer-Mauduit International, Inc. 2,154 84,717 
TOTAL MATERIALS  2,365,892 
REAL ESTATE - 12.3%   
Equity Real Estate Investment Trusts (REITs) - 1.7%   
Equity Commonwealth 4,399 115,650 
Gaming & Leisure Properties 5,833 276,134 
Highwoods Properties, Inc. (SBI) 4,861 231,821 
  623,605 
Real Estate Management & Development - 10.6%   
CBRE Group, Inc. (a) 21,998 2,121,927 
Jones Lang LaSalle, Inc. (a) 7,420 1,651,469 
  3,773,396 
TOTAL REAL ESTATE  4,397,001 
UTILITIES - 8.3%   
Electric Utilities - 4.9%   
Exelon Corp. 3,157 147,748 
NRG Energy, Inc. 19,823 817,501 
OGE Energy Corp. 22,772 768,555 
  1,733,804 
Independent Power and Renewable Electricity Producers - 0.7%   
Vistra Corp. 14,003 268,157 
Multi-Utilities - 2.7%   
MDU Resources Group, Inc. 30,833 978,023 
TOTAL UTILITIES  2,979,984 
TOTAL COMMON STOCKS   
(Cost $26,593,444)  35,592,336 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund 0.06% (b)   
(Cost $431,997) 431,911 431,997 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $27,025,441)  36,024,333 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (299,483) 
NET ASSETS - 100%  $35,724,850 

Legend

 (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 are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $92 
Fidelity Securities Lending Cash Central Fund 27 
Total $119 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $264,532 $5,207,086 $5,039,621 $-- $-- $431,997 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 799,277 799,277 -- -- -- 0.0% 
Total $264,532 $6,006,363 $5,838,898 $-- $-- $431,997  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $1,588,458 $1,588,458 $-- $-- 
Consumer Discretionary 4,377,964 4,377,964 -- -- 
Consumer Staples 1,414,248 1,414,248 -- -- 
Energy 1,036,145 1,036,145 -- -- 
Financials 5,399,945 5,399,945 -- -- 
Health Care 2,544,856 2,544,856 -- -- 
Industrials 6,536,658 6,536,658 -- -- 
Information Technology 2,951,185 2,951,185 -- -- 
Materials 2,365,892 2,365,892 -- -- 
Real Estate 4,397,001 4,397,001 -- -- 
Utilities 2,979,984 2,979,984 -- -- 
Money Market Funds 431,997 431,997 -- -- 
Total Investments in Securities: $36,024,333 $36,024,333 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $26,593,444) 
$35,592,336  
Fidelity Central Funds (cost $431,997) 431,997  
Total Investment in Securities (cost $27,025,441)  $36,024,333 
Cash  10,694 
Receivable for fund shares sold  15,158 
Dividends receivable  24,766 
Distributions receivable from Fidelity Central Funds  19 
Other receivables  418 
Total assets  36,075,388 
Liabilities   
Payable for fund shares redeemed $337,272  
Accrued management fee 13,266  
Total liabilities  350,538 
Net Assets  $35,724,850 
Net Assets consist of:   
Paid in capital  $34,239,194 
Total accumulated earnings (loss)  1,485,656 
Net Assets  $35,724,850 
Net Asset Value, offering price and redemption price per share ($35,724,850 ÷ 2,714,838 shares)  $13.16 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $322,073 
Income from Fidelity Central Funds (including $27 from security lending)  119 
Total income  322,192 
Expenses   
Management fee $76,049  
Independent trustees' fees and expenses 63  
Total expenses before reductions 76,112  
Expense reductions (1,063)  
Total expenses after reductions  75,049 
Net investment income (loss)  247,143 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 760,839  
Total net realized gain (loss)  760,839 
Change in net unrealized appreciation (depreciation) on investment securities  5,534,636 
Net gain (loss)  6,295,475 
Net increase (decrease) in net assets resulting from operations  $6,542,618 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $247,143 $806,667 
Net realized gain (loss) 760,839 (2,435,601) 
Change in net unrealized appreciation (depreciation) 5,534,636 1,921,020 
Net increase (decrease) in net assets resulting from operations 6,542,618 292,086 
Distributions to shareholders – (859,404) 
Share transactions   
Proceeds from sales of shares 5,239,628 5,595,450 
Reinvestment of distributions – 859,404 
Cost of shares redeemed (3,461,696) (31,670,830) 
Net increase (decrease) in net assets resulting from share transactions 1,777,932 (25,215,976) 
Total increase (decrease) in net assets 8,320,550 (25,783,294) 
Net Assets   
Beginning of period 27,404,300 53,187,594 
End of period $35,724,850 $27,404,300 
Other Information   
Shares   
Sold 414,253 622,935 
Issued in reinvestment of distributions – 83,383 
Redeemed (274,240) (3,306,292) 
Net increase (decrease) 140,013 (2,599,974) 

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


Financial Highlights

Fidelity Mid Cap Value K6 Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,    
 2021 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.64 $10.28 $9.85 $11.35 $10.00 
Income from Investment Operations      
Net investment income (loss)B .09 .19 .21 .21 .11 
Net realized and unrealized gain (loss) 2.43 .40C .40 (1.44) 1.33 
Total from investment operations 2.52 .59 .61 (1.23) 1.44 
Distributions from net investment income – (.23) (.18) (.22) (.09) 
Distributions from net realized gain – – – (.05) – 
Total distributions – (.23) (.18) (.27) (.09) 
Net asset value, end of period $13.16 $10.64 $10.28 $9.85 $11.35 
Total ReturnD,E 23.68% 5.83% 6.15% (10.82)% 14.38% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .45%H .45% .45% .45% .45%H 
Expenses net of fee waivers, if any .45%H .45% .45% .45% .45%H 
Expenses net of all reductions .44%H .44% .44% .44% .45%H 
Net investment income (loss) 1.46%H 2.07% 2.05% 2.05% 1.52%H 
Supplemental Data      
Net assets, end of period (000 omitted) $35,725 $27,404 $53,188 $48,924 $67,563 
Portfolio turnover rateI 22%H 73%J 102%J 89%J 142%H,J 

 A For the period May 25, 2017 (commencement of operations) to January 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

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

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

 H Annualized

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

Fidelity Mid Cap Value K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $9,664,401 
Gross unrealized depreciation (756,440) 
Net unrealized appreciation (depreciation) $8,907,961 
Tax cost $27,116,372 

The Fund intends to elect to defer to its next fiscal year $19,474 of ordinary losses recognized during the period January 1, 2021 to January 31, 2021.

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

No expiration  
Short-term $(5,583,144) 
Long-term (2,873,583) 
Total capital loss carryforward $(8,456,727) 

Due to large redemptions in a prior period, approximately $1,849,024 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $1,170,413 of those capital losses per year to offset capital gains.

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Mid Cap Value K6 Fund 5,817,963 3,683,227 

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

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Fidelity Mid Cap Value K6 Fund 198,493 102,357 1,794,378 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

 Amount 
Fidelity Mid Cap Value K6 Fund $62 

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

 Purchases ($) Sales ($) 
Fidelity Mid Cap Value K6 Fund 417,322 518,293 

6. Committed Line of Credit.

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

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Mid Cap Value K6 Fund $3 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $1,062 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

9. Other.

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

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Mid Cap Value K6 Fund .45%    
Actual  $1,000.00 $1,236.80 $2.50 
Hypothetical-C  $1,000.00 $1,022.56 $2.26 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mid Cap Value K6 Fund

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

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

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

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Mid Cap Value K6 Fund


The Board considered the fund's underperformance for different time periods ended September 30, 2020 and for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for the period ended 2019) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Mid Cap Value K6 Fund


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

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

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

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

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

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

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

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

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

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

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

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

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

MCVK6-SANN-0921
1.9883982.104


Fidelity® Equity-Income K6 Fund



Semi-Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
JPMorgan Chase & Co. 3.3 
Bank of America Corp. 2.5 
Johnson & Johnson 2.2 
Wells Fargo & Co. 2.2 
Danaher Corp. 2.2 
UnitedHealth Group, Inc. 2.2 
The Walt Disney Co. 1.9 
Procter & Gamble Co. 1.8 
Comcast Corp. Class A 1.8 
Cisco Systems, Inc. 1.8 
 21.9 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Financials 18.9 
Health Care 18.2 
Industrials 11.3 
Information Technology 10.6 
Communication Services 8.6 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 97.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 17.7%

Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
COMMUNICATION SERVICES - 8.6%   
Diversified Telecommunication Services - 0.8%   
AT&T, Inc. 9,394 $263,502 
Verizon Communications, Inc. 10,901 608,058 
  871,560 
Entertainment - 1.9%   
The Walt Disney Co. (a) 11,590 2,040,072 
Interactive Media & Services - 1.4%   
Alphabet, Inc. Class A (a) 537 1,446,963 
Media - 3.3%   
Comcast Corp. Class A 33,444 1,967,511 
Interpublic Group of Companies, Inc. 24,287 858,788 
Shaw Communications, Inc. Class B 9,549 278,908 
WPP PLC 39,291 508,152 
  3,613,359 
Wireless Telecommunication Services - 1.2%   
Rogers Communications, Inc. Class B (non-vtg.) 2,046 104,432 
T-Mobile U.S., Inc. (a) 8,505 1,224,890 
  1,329,322 
TOTAL COMMUNICATION SERVICES  9,301,276 
CONSUMER DISCRETIONARY - 6.3%   
Hotels, Restaurants & Leisure - 1.2%   
McDonald's Corp. 5,246 1,273,257 
Household Durables - 0.6%   
Tempur Sealy International, Inc. 14,468 626,030 
Internet & Direct Marketing Retail - 0.2%   
eBay, Inc. 4,121 281,093 
Multiline Retail - 1.6%   
Kohl's Corp. 10,439 530,301 
Nordstrom, Inc. (a) 6,452 213,561 
Target Corp. 3,663 956,226 
  1,700,088 
Specialty Retail - 1.9%   
Best Buy Co., Inc. 2,940 330,309 
Burlington Stores, Inc. (a) 1,719 575,521 
Dick's Sporting Goods, Inc. 3,085 321,272 
Lowe's Companies, Inc. 1,473 283,832 
The Home Depot, Inc. 880 288,807 
TJX Companies, Inc. 4,096 281,846 
  2,081,587 
Textiles, Apparel & Luxury Goods - 0.8%   
PVH Corp. (a) 3,043 318,359 
Tapestry, Inc. (a) 12,499 528,708 
  847,067 
TOTAL CONSUMER DISCRETIONARY  6,809,122 
CONSUMER STAPLES - 7.9%   
Beverages - 2.3%   
Diageo PLC 11,399 565,234 
Keurig Dr. Pepper, Inc. 22,666 798,070 
The Coca-Cola Co. 20,226 1,153,489 
  2,516,793 
Food & Staples Retailing - 2.0%   
BJ's Wholesale Club Holdings, Inc. (a) 6,917 350,277 
Costco Wholesale Corp. 1,125 483,435 
Walmart, Inc. 9,189 1,309,892 
  2,143,604 
Food Products - 1.8%   
Bunge Ltd. 3,679 285,601 
Lamb Weston Holdings, Inc. 6,209 414,575 
Mondelez International, Inc. 15,568 984,832 
Nestle SA (Reg. S) 2,331 295,174 
  1,980,182 
Household Products - 1.8%   
Procter & Gamble Co. 14,052 1,998,616 
TOTAL CONSUMER STAPLES  8,639,195 
ENERGY - 5.4%   
Oil, Gas & Consumable Fuels - 5.4%   
Canadian Natural Resources Ltd. 15,053 496,739 
ConocoPhillips Co. 9,277 520,069 
Enterprise Products Partners LP 22,691 512,136 
Exxon Mobil Corp. 33,028 1,901,422 
Hess Corp. 4,383 335,037 
Imperial Oil Ltd. 16,909 463,249 
Phillips 66 Co. 7,035 516,580 
Suncor Energy, Inc. 33,063 650,872 
Thungela Resources Ltd. (a) 678 2,101 
Valero Energy Corp. 7,396 495,310 
  5,893,515 
FINANCIALS - 18.9%   
Banks - 12.3%   
Bank of America Corp. 69,761 2,676,032 
Citigroup, Inc. 21,355 1,444,025 
Huntington Bancshares, Inc./Ohio 45,704 643,512 
JPMorgan Chase & Co. 23,805 3,613,115 
M&T Bank Corp. 8,610 1,152,449 
PNC Financial Services Group, Inc. 8,265 1,507,619 
Wells Fargo & Co. 52,119 2,394,347 
  13,431,099 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 1,165 1,010,253 
KKR & Co. LP 12,721 811,091 
  1,821,344 
Consumer Finance - 1.6%   
Capital One Financial Corp. 10,730 1,735,041 
Insurance - 3.3%   
American Financial Group, Inc. 4,464 564,651 
American International Group, Inc. 7,761 367,483 
Chubb Ltd. 5,662 955,406 
Hartford Financial Services Group, Inc. 7,992 508,451 
Old Republic International Corp. 18,020 444,373 
The Travelers Companies, Inc. 4,922 732,984 
  3,573,348 
TOTAL FINANCIALS  20,560,832 
HEALTH CARE - 18.2%   
Biotechnology - 2.6%   
AbbVie, Inc. 11,754 1,366,990 
Amgen, Inc. 6,118 1,477,742 
  2,844,732 
Health Care Equipment & Supplies - 2.2%   
Danaher Corp. 8,043 2,392,712 
Health Care Providers & Services - 3.0%   
Cigna Corp. 3,994 916,583 
UnitedHealth Group, Inc. 5,734 2,363,669 
  3,280,252 
Pharmaceuticals - 10.4%   
AstraZeneca PLC (United Kingdom) 9,205 1,057,745 
Bristol-Myers Squibb Co. 28,021 1,901,785 
Eli Lilly & Co. 7,129 1,735,912 
Johnson & Johnson 14,094 2,426,987 
Merck & Co., Inc. 20,138 1,548,008 
Roche Holding AG (participation certificate) 2,872 1,109,489 
Sanofi SA 14,060 1,449,211 
  11,229,137 
TOTAL HEALTH CARE  19,746,833 
INDUSTRIALS - 11.3%   
Aerospace & Defense - 2.1%   
Huntington Ingalls Industries, Inc. 1,241 254,566 
Northrop Grumman Corp. 2,516 913,358 
The Boeing Co. (a) 4,735 1,072,383 
  2,240,307 
Air Freight & Logistics - 1.4%   
Deutsche Post AG 7,957 539,256 
United Parcel Service, Inc. Class B 5,324 1,018,801 
  1,558,057 
Building Products - 0.8%   
Johnson Controls International PLC 11,851 846,398 
Electrical Equipment - 0.8%   
AMETEK, Inc. 6,512 905,494 
Industrial Conglomerates - 2.9%   
General Electric Co. 98,819 1,279,706 
Hitachi Ltd. 4,700 270,340 
Roper Technologies, Inc. 2,077 1,020,513 
Siemens AG 3,388 528,640 
  3,099,199 
Machinery - 2.5%   
Crane Co. 3,273 318,234 
Fortive Corp. 7,216 524,315 
ITT, Inc. 6,512 637,590 
Nordson Corp. 2,008 454,069 
Otis Worldwide Corp. 8,930 799,682 
  2,733,890 
Marine - 0.2%   
A.P. Moller - Maersk A/S Series B 93 258,096 
Trading Companies & Distributors - 0.3%   
Watsco, Inc. 1,131 319,440 
Transportation Infrastructure - 0.3%   
Aena SME SA (a)(b) 2,200 350,228 
TOTAL INDUSTRIALS  12,311,109 
INFORMATION TECHNOLOGY - 10.6%   
Communications Equipment - 1.8%   
Cisco Systems, Inc. 34,753 1,924,274 
IT Services - 2.6%   
Accenture PLC Class A 2,509 797,059 
Amdocs Ltd. 14,599 1,125,729 
Genpact Ltd. 12,493 622,276 
Visa, Inc. Class A 1,171 288,523 
  2,833,587 
Semiconductors & Semiconductor Equipment - 2.7%   
NXP Semiconductors NV 6,126 1,264,345 
Qualcomm, Inc. 3,612 541,078 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 9,159 1,068,306 
  2,873,729 
Software - 2.1%   
Microsoft Corp. 5,043 1,436,801 
NortonLifeLock, Inc. 12,088 300,024 
Open Text Corp. 10,825 562,248 
  2,299,073 
Technology Hardware, Storage & Peripherals - 1.4%   
Apple, Inc. 3,750 546,975 
Samsung Electronics Co. Ltd. 14,847 1,011,043 
  1,558,018 
TOTAL INFORMATION TECHNOLOGY  11,488,681 
MATERIALS - 2.9%   
Chemicals - 1.2%   
Linde PLC 3,748 1,152,098 
Nutrien Ltd. 1,801 107,084 
  1,259,182 
Containers & Packaging - 1.3%   
Crown Holdings, Inc. 7,618 759,972 
Packaging Corp. of America 4,585 648,778 
  1,408,750 
Metals & Mining - 0.4%   
Anglo American PLC (United Kingdom) 7,962 352,828 
Lundin Mining Corp. 12,225 111,413 
  464,241 
TOTAL MATERIALS  3,132,173 
REAL ESTATE - 2.3%   
Equity Real Estate Investment Trusts (REITs) - 2.3%   
American Tower Corp. 2,612 738,674 
Lamar Advertising Co. Class A 10,383 1,106,828 
Public Storage 2,038 636,834 
  2,482,336 
UTILITIES - 5.4%   
Electric Utilities - 2.7%   
Exelon Corp. 13,805 646,074 
NextEra Energy, Inc. 19,015 1,481,269 
NRG Energy, Inc. 15,297 630,848 
PG&E Corp. (a) 18,994 166,957 
  2,925,148 
Independent Power and Renewable Electricity Producers - 0.5%   
Vistra Corp. 26,437 506,269 
Multi-Utilities - 2.2%   
Ameren Corp. 6,066 509,059 
CenterPoint Energy, Inc. 18,709 476,331 
Dominion Energy, Inc. 11,265 843,411 
WEC Energy Group, Inc. 5,962 561,263 
  2,390,064 
TOTAL UTILITIES  5,821,481 
TOTAL COMMON STOCKS   
(Cost $87,008,663)  106,186,553 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund 0.06% (c)   
(Cost $2,411,842) 2,411,360 2,411,842 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $89,420,505)  108,598,395 
NET OTHER ASSETS (LIABILITIES) - 0.0%  46,158 
NET ASSETS - 100%  $108,644,553 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $350,228 or 0.3% of net assets.

 (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 are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $678 
Fidelity Securities Lending Cash Central Fund 223 
Total $901 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $1,322,775 $12,143,516 $11,054,449 $-- $-- $2,411,842 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 338,975 951,889 1,290,864 -- -- -- 0.0% 
Total $1,661,750 $13,095,405 $12,345,313 $-- $-- $2,411,842  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $9,301,276 $8,793,124 $508,152 $-- 
Consumer Discretionary 6,809,122 6,809,122 -- -- 
Consumer Staples 8,639,195 7,778,787 860,408 -- 
Energy 5,893,515 5,893,515 -- -- 
Financials 20,560,832 20,560,832 -- -- 
Health Care 19,746,833 16,130,388 3,616,445 -- 
Industrials 12,311,109 10,714,777 1,596,332 -- 
Information Technology 11,488,681 11,488,681 -- -- 
Materials 3,132,173 2,779,345 352,828 -- 
Real Estate 2,482,336 2,482,336 -- -- 
Utilities 5,821,481 5,821,481 -- -- 
Money Market Funds 2,411,842 2,411,842 -- -- 
Total Investments in Securities: $108,598,395 $101,664,230 $6,934,165 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 82.3% 
Ireland 2.6% 
Canada 2.5% 
Switzerland 2.2% 
United Kingdom 1.8% 
France 1.4% 
Netherlands 1.2% 
Bailiwick of Guernsey 1.0% 
Taiwan 1.0% 
Germany 1.0% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  July 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $87,008,663) 
$106,186,553  
Fidelity Central Funds (cost $2,411,842) 2,411,842  
Total Investment in Securities (cost $89,420,505)  $108,598,395 
Receivable for fund shares sold  75,119 
Dividends receivable  144,026 
Distributions receivable from Fidelity Central Funds  133 
Other receivables  1,327 
Total assets  108,819,000 
Liabilities   
Payable for fund shares redeemed $143,639  
Accrued management fee 30,808  
Total liabilities  174,447 
Net Assets  $108,644,553 
Net Assets consist of:   
Paid in capital  $87,790,710 
Total accumulated earnings (loss)  20,853,843 
Net Assets  $108,644,553 
Net Asset Value, offering price and redemption price per share ($108,644,553 ÷ 8,083,458 shares)  $13.44 

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


Statement of Operations

  Six months ended July 31, 2021 (Unaudited) 
Investment Income   
Dividends  $962,551 
Income from Fidelity Central Funds (including $223 from security lending)  901 
Total income  963,452 
Expenses   
Management fee $148,753  
Independent trustees' fees and expenses 149  
Total expenses before reductions 148,902  
Expense reductions (2,845)  
Total expenses after reductions  146,057 
Net investment income (loss)  817,395 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,135,377  
Foreign currency transactions (1,965)  
Total net realized gain (loss)  3,133,412 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 8,508,468  
Assets and liabilities in foreign currencies (21)  
Total change in net unrealized appreciation (depreciation)  8,508,447 
Net gain (loss)  11,641,859 
Net increase (decrease) in net assets resulting from operations  $12,459,254 

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


Statement of Changes in Net Assets

 Six months ended July 31, 2021 (Unaudited) Year ended January 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $817,395 $1,056,508 
Net realized gain (loss) 3,133,412 (1,601,329) 
Change in net unrealized appreciation (depreciation) 8,508,447 6,731,655 
Net increase (decrease) in net assets resulting from operations 12,459,254 6,186,834 
Distributions to shareholders (757,085) (1,074,032) 
Share transactions   
Proceeds from sales of shares 41,322,118 23,475,441 
Reinvestment of distributions 757,085 1,074,032 
Cost of shares redeemed (9,194,414) (14,135,739) 
Net increase (decrease) in net assets resulting from share transactions 32,884,789 10,413,734 
Total increase (decrease) in net assets 44,586,958 15,526,536 
Net Assets   
Beginning of period 64,057,595 48,531,059 
End of period $108,644,553 $64,057,595 
Other Information   
Shares   
Sold 3,135,905 2,433,324 
Issued in reinvestment of distributions 57,477 110,007 
Redeemed (710,117) (1,423,790) 
Net increase (decrease) 2,483,265 1,119,541 

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


Financial Highlights

Fidelity Equity-Income K6 Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,  
 2021 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $11.44 $10.83 $10.00 
Income from Investment Operations    
Net investment income (loss)B .12 .20 .12 
Net realized and unrealized gain (loss) 1.99 .62 .79 
Total from investment operations 2.11 .82 .91 
Distributions from net investment income (.11) (.20) (.08) 
Distributions from net realized gain – (.01) C 
Total distributions (.11) (.21) (.08) 
Net asset value, end of period $13.44 $11.44 $10.83 
Total ReturnD,E 18.45% 7.97% 9.14% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .34%H .34% .34%H 
Expenses net of fee waivers, if any .34%H .34% .34%H 
Expenses net of all reductions .33%H .34% .34%H 
Net investment income (loss) 1.86%H 1.98% 1.78%H 
Supplemental Data    
Net assets, end of period (000 omitted) $108,645 $64,058 $48,531 
Portfolio turnover rateI 69%H,J 70%J 21%H,J 

 A For the period June 13, 2019 (commencement of operations) to January 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

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

 H Annualized

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2021

1. Organization.

Fidelity Equity-Income K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Ranged from less than .005% to .01% 

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

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

3. Significant Accounting Policies.

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

Gross unrealized appreciation $20,101,149 
Gross unrealized depreciation (1,347,246) 
Net unrealized appreciation (depreciation) $18,753,903 
Tax cost $89,844,492 

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

No expiration  
Short-term $(994,971) 

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Equity-Income K6 Fund 30,945,292 27,491,317 

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity Equity-Income K6 Fund 2,202,584 29,474,296 

Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity Equity-Income K6 Fund 109,169 1,115,704 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .34% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

 Amount 
Fidelity Equity-Income K6 Fund $610 

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

 Purchases ($) Sales ($) 
Fidelity Equity-Income K6 Fund 1,673,174 1,307,847 

6. Committed Line of Credit.

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

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Equity-Income K6 Fund $23 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $2,842 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3.

9. Other.

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

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Equity-Income K6 Fund .34%    
Actual  $1,000.00 $1,184.50 $1.84 
Hypothetical-C  $1,000.00 $1,023.11 $1.71 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Equity-Income K6 Fund

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

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

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

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Equity-Income K6 Fund


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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 (June 30 for the period ended 2019) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Equity-Income K6 Fund


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

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

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

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

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

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

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

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

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

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

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

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

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

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

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

EQU-K6-SANN-0921
1.9893875.102



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


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 Fidelity Devonshire Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Devonshire Trusts (the Trust) 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 Trusts 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 Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.






SIGNATURES


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


Fidelity Devonshire Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

September 21, 2021


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

September 21, 2021



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

September 21, 2021

 








                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Devonshire Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and





5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 September 21, 2021

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer







I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Devonshire Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):





a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

September 21, 2021

/s/John J. Burke III

John J. Burke III

Chief Financial Officer










Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Devonshire Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated: September 21, 2021



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated: September 21, 2021



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.







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