PDF Fidelity Capital Appreciation Fund

QUARTERLY FUND REVIEW | AS OF JUNE 30, 2024

Fidelity? Capital Appreciation Fund

Investment Approach

? Fidelity? Capital Appreciation Fund is a diversified domestic equity strategy that seeks capital appreciation.

? Our core philosophy is that stock prices follow earnings growth, and the fund skews toward the fastest quartile of earnings growers, with an emphasis on quality.

? We employ a "go-anywhere" approach, favoring companies with growth catalysts, such as new products, acquisitions or turnaround situations.

? We emphasize fundamental, bottom-up research, with a focus on driving results through security selection.

PERFORMANCE SUMMARY

Fidelity Capital Appreciation Fund Gross Expense Ratio: 0.61%2

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

3.49% 18.14% 29.32% 9.39% 16.76% 13.05%

S&P 500 Index Morningstar Fund Large Growth % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

4.28% 4.94%

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15.29% 17.60%

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24.56% 29.15%

57% 1,162

10.01% 6.15% 26% 1,092

15.05% 15.08%

32% 1,019

12.86% 13.40%

62% 794

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/26/1986. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Asher Anolic Jason Weiner

Trading Symbol: FDCAX

Start Date: November 26, 1986

Size (in millions): $6,784.43

Morningstar Category: Fund Large Growth Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Capital Appreciation Fund | AS OF JUNE 30, 2024

Performance Review

For the three months ending June 30, 2024, the fund gained 3.49%, modestly lagging the 4.28% advance of the benchmark S&P 500? Index.

U.S. stocks shook off a rough April and rose steadily the remainder of the second quarter due to resilient corporate profits, investor frenzy over generative artificial intelligence and the U.S. Federal Reserve's likely pivot to cutting interest rates later this year. Amid this favorable backdrop for risk assets, the index continued its late2023 momentum and reached midyear just shy of its all-time high. Growth stocks led the narrow rally, with only three of 11 sectors topping the broader market.

In Q2, U.S. large-cap growth stocks once again topped the performance leaderboard, adding to a strong year-to-date gain in what was a relatively quiet three months for capital markets. In April, the S&P 500? returned -4.08%, as inflation remained stickier than expected, spurring doubts of a soft landing for the economy. Reversing course, the S&P 500? rose 4.96% in May. Tech stocks, particularly AI-related firms came back into focus, while the bull market finally began to reflect broader participation. At its June meeting, the Fed bumped up its inflation forecast and reduced its outlook from three cuts to one in 2024. The market followed suit, reducing its rate-cut expectations for the second straight quarter. Still, signs of inflation easing helped the index gain 3.59% for the month, boosting its year-to-date result to 15.29%.

Within the S&P 500?, growth (+10%) topped value (-2%), while large-caps handily bested small-caps. By sector within, a continued rally in the largest U.S. companies by market capitalization ? concentrated in information technology (+14%) and communication services (+9%), fanned by AI fervor ? once again stood out to the upside. In tech specifically, semiconductor-related firms gained about 23%, with AI-focused chipmakers Nvidia (+37%) and Broadcom (+22%) leading the way. Hardware and equipment stocks (+18%) also powered the surge, driven higher by personalelectronics maker Apple (+23%). In communication services, Google parent Alphabet advanced about 21%, while , from the consumer discretionary sector, was up 7%.

Conversely, notable laggards included materials (-5%), industrials (-3%) and energy (-2%) stocks, with the latter being hampered by sluggish oil prices. Financials (-2%), real estate (-2%) and health care (-1%) also were unable to keep pace with the broader benchmark, while consumer discretionary and consumer staples each gained about 1% for the three months.

Security selection and an overweight in the lagging health care sector notably detracted from the fund's performance versus the benchmark in Q2, as did subpar investment choices in tech. Within the latter, a sizable underweight in benchmark heavyweight Apple hurt the most. The stock gained 23% the past three months, rising in early May after the company authorized up to $110 billion to buy its own stock and increased its dividend by 4%. Financial results for the first quarter, also released in May, weren't as bad as some had anticipated. Revenue fell 4% but slightly exceeded the consensus figure, as did earnings. The shares rose again in June, when the company unveiled Apple Intelligence, marking its closely watched entry into the race to enhance its devices by capitalizing on generative artificial intelligence. I'd highlight that the biggest change to the fund's positioning this quarter was our decision to notably increase exposure to the stock. This was possible to the proceeds from our reduction in top relative contributor Nvidia. Apple ended the quarter our second-largest holding.

An outsized position in software firm MongoDB further challenged the fund's relative result. Shares of the firm returned -30% this period, falling sharply in late May after management retracted its financial guidance for the second quarter and the full year, citing a cautious macroeconomic backdrop and prior-year acquisitions with low potential for consumption growth. Still, the company reported better-than-expected revenue and earnings for the first quarter. We added to the position a bit in Q2.

Conversely, an overweight in technology, stock picks among capital goods firms and a lack of exposure to the real estate sector were bright spots this past quarter. On a stock-specific basis, an overweight in Nvidia (+37%) proved most advantageous, as the firm continued to dominate the market for advanced graphics chips that are the lifeblood of new generative AI systems. In mid-May, the firm reported financial results for the three months ending April 28 that far exceeded analysts' expectations ? sales roughly tripled, and earnings surged about sevenfold, each setting a quarterly record. In addition, management raised its financial forecast for the firm's next fiscal quarter. Even though we reduced our holding by roughly half this quarter, Nvidia remained our No. 3 position on June 30.

An out-of-index position in Alnylam Pharmaceuticals (+63%) was another plus. The stock was range-bound until June 24, when it surged on news that the maker of RNA interference therapeutics achieved favorable top-line results in a late-stage clinical trial for its cardiovascular treatment, vutrisiran. Management noted the drug's potential to address the needs of patients with a steadily progressive, debilitating and ultimately fatal disease.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

NVIDIA Corp.

Information Technology

0.82%

35

Alnylam Pharmaceuticals, Inc.

Health Care

0.48%

29

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

Information Technology

1.15%

25

Insmed, Inc.

Health Care

0.20%

21

Boston Scientific Corp. Health Care

2.60%

20

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Apple, Inc.

Information Technology

-2.34%

-38

MongoDB, Inc. Class A

Information Technology

0.73%

-33

Uber Technologies, Inc. Industrials

2.73%

-31

Exact Sciences Corp.

Health Care

0.41%

-27

Bruker Corp.

Health Care

0.61%

-27

* 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Capital Appreciation Fund | AS OF JUNE 30, 2024

Outlook and Positioning

As of midyear, markets enjoy favorable momentum and easier financial conditions, even though the pace and magnitude of global monetary easing remains uncertain. The European Central Bank and the Bank of Canada both cut their policy interest rate by a quarter point in early June, becoming the first major central banks to ease after the rapid tightening cycle that began in 2022. Market projections signal an expectation of more rate cuts in 2024, including from the Fed and Bank of England, but the timing and pace is significantly diminished compared with expectations entering this year.

Economic expansion in the U.S. demonstrates evidence of both mid- and late-cycle dynamics. Disinflation trends have progressed globally, but persistent core inflation in the U.S. has made the "last mile" toward the Fed's target more difficult. After declining significantly from 2022, both headline and core inflation remain higher than 3%. The Fed's preferred measure of inflation, the Personal Consumption Expenditures Index, registered a lower price gain compared with other metrics. Job creation, worker sentiment and wage increases moderated in Q2, indicating a slowing in demand for labor. However, employment markets are historically tight, and some key indicators are still near peak pre-pandemic levels.

Equity valuations became somewhat more expensive amid Q2's rally, especially among large-cap growth and tech-oriented tech stocks. The trailing one-year price-to-earnings ratio for U.S. stocks remained notably higher than its historical long-term average, but rising earnings have provided increased support for valuations.

Overall, we are avoiding the temptation to make macroeconomic calls, which is difficult. It's equally hard to time and to anticipate the market's reaction. Instead, we remain focused on areas of the market that are driven by salient secular trends that we think can lead to long-term growth, such as U.S.-focused industrial companies and growth-oriented areas of the technology sector. These include semiconductors, which play a critical role in the development of several growth themes in the fund, most notably generative AI.As we mentioned, the most notable change by far to the fund's positioning this quarter was our significantly larger stake in Apple, funded by a decrease in Nvidia. While Apple has been a laggard among the large tech companies benefiting from the AI boom, we think its roughly 1 billion iPhone users will make the company the gateway for generative AI applications, such as OpenAI, to bring in customers. Therefore, we think Apple is poised for an earnings upgrade as the AI product cycle progresses. With Nvidia, we pared the position on our murky spending outlook for its customers.

At the midpoint of 2024, industrials and information technology were the biggest sector overweights. Since 2022, the U.S. government has approved three substantial pieces of legislation ? the Inflation Reduction Act, Creating Helpful Incentives to Produce Semiconductors and the Tax Cuts and Jobs Act ? that have led to a robust growth outlook for several companies in the sector. In tech, the fund's largest position is in software & services giant Microsoft, followed by Apple and Nvidia. Conversely, the fund's biggest underweight sectors were consumer staples, utilities, real estate and financials. As of period end, we continued to avoid several benchmark components that failed to meet our investment criteria, including Berkshire Hathaway, Eli Lilly and Broadcom.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Information Technology Health Care Industrials Financials Consumer Discretionary Communication Services Energy Materials Consumer Staples Utilities Real Estate Other

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

37.38% 14.59% 14.00% 10.36%

32.45% 11.72% 8.13% 12.42%

4.93% 2.87% 5.87% -2.06%

3.57% 0.57% -1.72% 0.09%

9.08%

9.95% -0.87% -1.31%

8.69% 2.76% 1.56% 1.30% 0.00% 0.00% 0.00%

9.34% 3.65% 2.15% 5.77% 2.26% 2.15% 0.00%

-0.65% -0.89% -0.59% -4.47% -2.26% -2.15% 0.00%

-0.49% -0.36% 0.28% -0.43% -0.06% 0.13% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

35.8x

Price/Earnings (IBES 1-Year Forecast)

26.5x

Price/Book

6.9x

Price/Cash Flow

25.6x

Return on Equity (5-Year Trailing)

16.5%

Growth

Sales/Share Growth 1-Year (Trailing)

11.5%

Earnings/Share Growth 1-Year (Trailing)

22.8%

Earnings/Share Growth 1-Year (IBES Forecast)

20.7%

Earnings/Share Growth 5-Year (Trailing)

20.6%

Size

Weighted Average Market Cap ($ Billions) 1064.0

Weighted Median Market Cap ($ Billions) 158.1

Median Market Cap ($ Billions)

18.8

Index

25.6x 21.3x 5.0x 19.3x 18.4%

13.1% 10.7% 16.8% 18.1%

1004.0 274.2 35.1

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Capital Appreciation Fund | AS OF JUNE 30, 2024

LARGEST OVERWEIGHTS BY HOLDING

Holding Uber Technologies, Inc. Microsoft Corp. Boston Scientific Corp. Apple, Inc. Ingersoll Rand, Inc.

Market Segment Industrials Information Technology Health Care Information Technology Industrials

Relative Weight

2.67% 2.63% 2.58% 2.35% 1.67%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Berkshire Hathaway, Inc. Class B Eli Lilly & Co. Broadcom, Inc. Meta Platforms, Inc. Class A Tesla, Inc.

Market Segment

Financials

Health Care Information Technology Communication Services Consumer Discretionary

Relative Weight

-1.61%

-1.58% -1.53% -1.26% -1.20%

10 LARGEST HOLDINGS

Holding Microsoft Corp. Apple, Inc. NVIDIA Corp. , Inc. Uber Technologies, Inc. Boston Scientific Corp. MasterCard, Inc. Class A Alphabet, Inc. Class A Ingersoll Rand, Inc. Netflix, Inc. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Information Technology Information Technology Information Technology Consumer Discretionary Industrials Health Care Financials Communication Services Industrials Communication Services

42.30%

155

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

ASSET ALLOCATION

Asset Class

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Domestic Equities

86.73% 99.40% -12.67% 1.18%

International Equities

12.91% 0.60% 12.31% -0.95%

Developed Markets

9.82%

0.60%

9.22%

-1.23%

Emerging Markets

3.09%

0.00%

3.09%

0.28%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.04%

0.00%

0.04%

-0.01%

Cash & Net Other Assets 0.32%

0.00%

0.32%

-0.22%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared

Portfolio 1.04

18.95% 0.33 4.10% -0.15 0.95

Index 1.00 17.86% 0.38

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4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Capital Appreciation Fund | AS OF JUNE 30, 2024

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Earnings-Per-Share Growth Trailing measures the growth in reported earnings per share over trailing one- and five-year periods.

Earnings-Per-Share Growth (IBES 1-Year Forecast) measures the growth in reported earnings per share as estimated by Wall Street analysts.

Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps.

Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital.

Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share.

Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings.

Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share.

Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth.

Sales-Per-Share Growth measures the growth in reported sales over the specified past time period.

Weighted Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark.

Weighted Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES

It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION ? 2024 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

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