N-CSRS 1 filing5928.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-00649



Fidelity Puritan Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, 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:

July 31





Date of reporting period:

January 31, 2023



Item 1.

Reports to Stockholders







Fidelity® Series Intrinsic Opportunities Fund
 
 
Semi-Annual Report
January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 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.
 
 
Top Holdings (% of Fund's net assets)
 
iShares Russell 3000 ETF
3.5
 
UnitedHealth Group, Inc.
2.1
 
Wells Fargo & Co.
1.8
 
Genpact Ltd.
1.3
 
Sprouts Farmers Market LLC
1.2
 
Univar Solutions, Inc.
1.2
 
PG&E Corp.
1.2
 
Discover Financial Services
1.1
 
Elevance Health, Inc.
1.1
 
Cigna Corp.
1.0
 
 
15.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
15.2
 
Consumer Discretionary
13.7
 
Information Technology
12.1
 
Health Care
12.1
 
Financials
11.4
 
Materials
6.2
 
Energy
5.0
 
Investment Companies
3.5
 
Consumer Staples
3.3
 
Communication Services
1.5
 
Utilities
1.2
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 21.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 82.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.5%
 
 
 
Entertainment - 0.6%
 
 
 
International Games Systems Co. Ltd.
 
224,000
3,702,633
Warner Bros Discovery, Inc. (a)
 
1,116,816
16,551,213
 
 
 
20,253,846
Interactive Media & Services - 0.4%
 
 
 
Cars.com, Inc. (a)
 
844,600
14,442,660
Media - 0.5%
 
 
 
Nexstar Broadcasting Group, Inc. Class A
 
40,600
8,313,662
Pico Far East Holdings Ltd.
 
10,600,000
2,084,426
Reach PLC
 
2,397,800
2,691,554
Thryv Holdings, Inc. (a)
 
213,859
4,784,026
 
 
 
17,873,668
TOTAL COMMUNICATION SERVICES
 
 
52,570,174
CONSUMER DISCRETIONARY - 13.7%
 
 
 
Auto Components - 2.4%
 
 
 
Adient PLC (a)
 
711,300
32,022,726
Brembo SpA (a)
 
25,000
336,201
Cie Automotive SA
 
274,100
8,117,188
DaikyoNishikawa Corp.
 
303,553
1,427,966
IJTT Co. Ltd.
 
1,133,896
4,649,786
Lear Corp.
 
115,415
16,825,199
Patrick Industries, Inc.
 
278,200
19,743,854
TBK Co. Ltd.
 
392,000
758,087
Yorozu Corp.
 
141,000
795,846
 
 
 
84,676,853
Automobiles - 0.4%
 
 
 
Harley-Davidson, Inc.
 
264,600
12,179,538
Distributors - 0.0%
 
 
 
Harima-Kyowa Co. Ltd.
 
96,900
1,156,454
Diversified Consumer Services - 0.3%
 
 
 
H&R Block, Inc.
 
244,100
9,515,018
Heian Ceremony Service Co. Ltd.
 
371,400
2,136,130
Kukbo Design Co. Ltd.
 
30,732
411,358
 
 
 
12,062,506
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Brinker International, Inc. (a)
 
229,200
9,044,232
Ruth's Hospitality Group, Inc. (b)
 
825,000
14,280,750
 
 
 
23,324,982
Household Durables - 3.0%
 
 
 
Ace Bed Co. Ltd.
 
183,877
5,181,974
D.R. Horton, Inc.
 
222,151
21,924,082
Helen of Troy Ltd. (a)(b)
 
215,903
24,420,788
Tempur Sealy International, Inc.
 
841,200
34,278,900
TopBuild Corp. (a)
 
88,759
17,757,126
 
 
 
103,562,870
Multiline Retail - 1.1%
 
 
 
B&M European Value Retail SA
 
1,642,900
9,067,936
Big Lots, Inc. (b)
 
1,100,000
17,996,000
Europris ASA (c)
 
616,426
3,961,662
Gwangju Shinsegae Co. Ltd.
 
221,907
5,802,119
Lifestyle China Group Ltd. (a)
 
9,556,000
1,294,901
 
 
 
38,122,618
Specialty Retail - 3.5%
 
 
 
Academy Sports & Outdoors, Inc.
 
162,200
9,475,724
Arcland Sakamoto Co. Ltd.
 
525,000
5,915,149
AutoZone, Inc. (a)
 
5,700
13,901,445
Dick's Sporting Goods, Inc.
 
171,100
22,373,036
Foot Locker, Inc.
 
306,215
13,323,415
Formosa Optical Technology Co. Ltd.
 
388,383
755,332
JD Sports Fashion PLC
 
4,807,700
9,646,474
Jumbo SA
 
357,100
6,397,886
Lookers PLC
 
19,382
21,099
Maisons du Monde SA (c)
 
251,600
3,082,649
Mr. Bricolage SA (a)
 
272,398
2,351,332
Sally Beauty Holdings, Inc. (a)
 
725,200
11,298,616
The Hour Glass Ltd.
 
2,542,880
4,034,831
Tokatsu Holdings Co. Ltd.
 
111,294
295,019
Williams-Sonoma, Inc. (b)
 
134,600
18,162,924
 
 
 
121,034,931
Textiles, Apparel & Luxury Goods - 2.3%
 
 
 
Best Pacific International Holdings Ltd.
 
17,105,380
2,442,387
Capri Holdings Ltd. (a)
 
297,244
19,763,754
Crocs, Inc. (a)
 
130,600
15,903,162
Kontoor Brands, Inc. (b)
 
492,100
23,502,696
PVH Corp.
 
201,400
18,105,860
Sitoy Group Holdings Ltd.
 
2,444,000
279,826
 
 
 
79,997,685
TOTAL CONSUMER DISCRETIONARY
 
 
476,118,437
CONSUMER STAPLES - 3.3%
 
 
 
Beverages - 0.1%
 
 
 
Jinro Distillers Co. Ltd.
 
302,997
5,032,476
Food & Staples Retailing - 2.7%
 
 
 
Acomo NV
 
207,900
4,439,003
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
239,200
10,923,146
BJ's Wholesale Club Holdings, Inc. (a)
 
157,292
11,398,951
Daiichi Co. Ltd.
 
127,500
750,716
MARR SpA
 
750,000
9,833,272
OM2 Network Co. Ltd.
 
157,900
1,300,606
Sprouts Farmers Market LLC (a)
 
1,306,900
41,755,455
Walgreens Boots Alliance, Inc.
 
360,306
13,280,879
 
 
 
93,682,028
Food Products - 0.2%
 
 
 
Ajinomoto Malaysia Bhd
 
759,300
2,495,093
LDC SA
 
8,650
1,029,721
London Biscuits Bhd (a)(d)
 
5,000,000
23,443
S Foods, Inc.
 
68,100
1,556,545
 
 
 
5,104,802
Household Products - 0.0%
 
 
 
Transaction Co. Ltd.
 
32,500
387,805
Personal Products - 0.3%
 
 
 
Sarantis SA
 
1,417,424
11,865,334
TOTAL CONSUMER STAPLES
 
 
116,072,445
ENERGY - 5.0%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
Liberty Oilfield Services, Inc. Class A
 
449,125
7,109,649
Oil, Gas & Consumable Fuels - 4.8%
 
 
 
Antero Resources Corp. (a)
 
1,121,300
32,338,292
Civitas Resources, Inc.
 
219,286
14,593,483
Diamondback Energy, Inc.
 
97,200
14,202,864
Enterprise Products Partners LP
 
334,000
8,550,400
EQT Corp.
 
249,991
8,167,206
Ovintiv, Inc.
 
666,400
32,806,872
PDC Energy, Inc.
 
142,395
9,644,413
Range Resources Corp.
 
563,378
14,095,718
Southwestern Energy Co. (a)
 
3,974,540
21,939,461
TotalEnergies SE sponsored ADR
 
186,983
11,600,425
 
 
 
167,939,134
TOTAL ENERGY
 
 
175,048,783
FINANCIALS - 11.4%
 
 
 
Banks - 6.0%
 
 
 
Associated Banc-Corp.
 
923,080
20,686,223
Bar Harbor Bankshares
 
183,272
5,694,261
Cadence Bank
 
344,100
8,802,078
Camden National Corp.
 
44,343
1,872,605
Community Trust Bancorp, Inc.
 
58,500
2,520,180
F & M Bank Corp.
 
128,594
2,912,654
First Bancorp, Puerto Rico
 
540,800
7,273,760
First Foundation, Inc.
 
94,300
1,464,479
FNB Corp., Pennsylvania
 
497,000
7,092,190
Nicolet Bankshares, Inc. (a)
 
79,800
5,816,622
Plumas Bancorp
 
131,134
5,375,183
Preferred Bank, Los Angeles
 
36,800
2,617,584
QCR Holdings, Inc.
 
237,500
12,483,000
Synovus Financial Corp.
 
404,700
16,977,165
United Community Bank, Inc.
 
366,400
11,922,656
Washington Trust Bancorp, Inc. (b)
 
168,900
7,223,853
Webster Financial Corp.
 
379,989
20,006,421
Wells Fargo & Co.
 
1,337,188
62,674,002
West Bancorp., Inc. (b)
 
252,500
5,529,750
 
 
 
208,944,666
Capital Markets - 1.1%
 
 
 
Lazard Ltd. Class A
 
300,000
12,024,000
LPL Financial
 
61,800
14,654,016
Raymond James Financial, Inc.
 
87,598
9,878,426
Van Lanschot Kempen NV (Bearer)
 
94,300
2,706,482
 
 
 
39,262,924
Consumer Finance - 1.9%
 
 
 
Aeon Credit Service (Asia) Co. Ltd.
 
7,524,000
4,942,559
Cash Converters International Ltd.
 
2,664,165
442,868
Discover Financial Services
 
335,832
39,201,669
OneMain Holdings, Inc.
 
221,100
9,538,254
Synchrony Financial
 
303,206
11,136,756
 
 
 
65,262,106
Diversified Financial Services - 0.1%
 
 
 
Zenkoku Hosho Co. Ltd.
 
42,500
1,655,280
Insurance - 1.9%
 
 
 
ASR Nederland NV
 
92,000
4,338,772
NN Group NV
 
123,501
5,346,397
Primerica, Inc.
 
30,700
4,965,725
Reinsurance Group of America, Inc.
 
187,075
28,392,373
Selective Insurance Group, Inc.
 
150,338
14,282,110
Talanx AG
 
193,600
9,547,021
 
 
 
66,872,398
Thrifts & Mortgage Finance - 0.4%
 
 
 
Greene County Bancorp, Inc.
 
121,573
5,950,998
Southern Missouri Bancorp, Inc.
 
131,700
6,376,914
 
 
 
12,327,912
TOTAL FINANCIALS
 
 
394,325,286
HEALTH CARE - 12.1%
 
 
 
Biotechnology - 2.9%
 
 
 
Amgen, Inc.
 
128,475
32,427,090
Gilead Sciences, Inc.
 
228,300
19,163,502
Regeneron Pharmaceuticals, Inc. (a)
 
43,928
33,318,070
United Therapeutics Corp. (a)
 
59,104
15,554,400
 
 
 
100,463,062
Health Care Equipment & Supplies - 0.5%
 
 
 
Envista Holdings Corp. (a)
 
380,200
14,823,998
InBody Co. Ltd.
 
27,900
502,511
Value Added Technology Co. Ltd.
 
55,500
1,606,871
 
 
 
16,933,380
Health Care Providers & Services - 8.0%
 
 
 
Centene Corp. (a)
 
335,000
25,540,400
Cigna Corp.
 
115,096
36,447,450
Elevance Health, Inc.
 
75,391
37,694,746
Humana, Inc.
 
54,310
27,790,427
Laboratory Corp. of America Holdings
 
87,500
22,060,500
Quest Diagnostics, Inc.
 
82,600
12,264,448
Sinopharm Group Co. Ltd. (H Shares)
 
4,055,837
9,940,825
UnitedHealth Group, Inc.
 
146,816
73,289,079
Universal Health Services, Inc. Class B
 
227,858
33,770,834
 
 
 
278,798,709
Life Sciences Tools & Services - 0.2%
 
 
 
ICON PLC (a)
 
31,800
7,336,578
Pharmaceuticals - 0.5%
 
 
 
Genomma Lab Internacional SA de CV
 
2,000,000
1,877,805
Jazz Pharmaceuticals PLC (a)
 
94,255
14,765,988
 
 
 
16,643,793
TOTAL HEALTH CARE
 
 
420,175,522
INDUSTRIALS - 15.2%
 
 
 
Aerospace & Defense - 0.9%
 
 
 
Cadre Holdings, Inc. (b)
 
762,700
17,458,203
Huntington Ingalls Industries, Inc.
 
66,866
14,746,628
 
 
 
32,204,831
Air Freight & Logistics - 0.1%
 
 
 
Compania de Distribucion Integral Logista Holdings SA
 
124,500
3,367,512
Onelogix Group Ltd. (a)
 
4,600,100
864,502
 
 
 
4,232,014
Airlines - 0.3%
 
 
 
Jet2 PLC
 
592,100
8,869,141
Building Products - 1.9%
 
 
 
Builders FirstSource, Inc. (a)
 
367,600
29,297,720
Euro Ceramics Ltd. (a)(d)
 
5,000
64
Hayward Holdings, Inc. (a)(b)
 
1,286,900
17,360,281
KVK Corp.
 
53,709
624,931
Masonite International Corp. (a)
 
191,800
17,495,996
Nihon Dengi Co. Ltd.
 
37,600
924,167
 
 
 
65,703,159
Commercial Services & Supplies - 0.5%
 
 
 
Civeo Corp. (a)(b)
 
192,958
6,608,812
VSE Corp.
 
225,600
12,385,440
 
 
 
18,994,252
Construction & Engineering - 0.8%
 
 
 
Boustead Projs. Pte Ltd.
 
1,132,475
685,734
Boustead Singapore Ltd.
 
6,202,600
3,826,780
Bowman Consulting Group Ltd. (a)
 
79,500
2,026,455
Comfort Systems U.S.A., Inc.
 
62,283
7,538,734
EMCOR Group, Inc.
 
77,400
11,474,550
Kawasaki Setsubi Kogyo Co. Ltd.
 
103,983
413,468
Watanabe Sato Co. Ltd.
 
47,900
826,950
 
 
 
26,792,671
Electrical Equipment - 1.4%
 
 
 
Acuity Brands, Inc.
 
100,935
19,028,266
AQ Group AB
 
444,717
14,480,009
Atkore, Inc. (a)
 
47,000
6,121,750
GrafTech International Ltd.
 
1,489,800
9,743,292
Terasaki Electric Co. Ltd.
 
45,700
347,772
 
 
 
49,721,089
Machinery - 2.7%
 
 
 
Crane Holdings Co.
 
264,400
30,646,604
Daiwa Industries Ltd.
 
598,600
5,573,558
Estic Corp.
 
45,790
341,365
Fujimak Corp.
 
411,900
2,130,779
Hy-Lok Corp.
 
17,000
303,300
Ihara Science Corp.
 
16,900
299,721
ITT, Inc.
 
230,100
21,074,859
JOST Werke AG (c)
 
117,506
6,796,122
Nansin Co. Ltd.
 
41,500
151,969
Oshkosh Corp.
 
211,737
21,338,855
Sakura Rubber Co. Ltd.
 
16,600
397,064
Sansei Co. Ltd.
 
36,600
89,352
TK Group Holdings Ltd.
 
22,905,000
4,722,517
Tocalo Co. Ltd.
 
154,600
1,480,983
 
 
 
95,347,048
Professional Services - 2.1%
 
 
 
Alight, Inc. Class A (a)(b)
 
868,800
8,158,032
Altech Corp.
 
35,953
618,004
ASGN, Inc. (a)
 
77,700
7,066,815
Barrett Business Services, Inc.
 
43,325
4,305,639
CACI International, Inc. Class A (a)
 
82,800
25,509,852
KBR, Inc.
 
471,048
24,131,789
Quick Co. Ltd.
 
93,627
1,469,816
SHL-JAPAN Ltd.
 
92,482
1,910,767
Will Group, Inc.
 
102,800
971,015
 
 
 
74,141,729
Road & Rail - 0.7%
 
 
 
Autohellas SA
 
1,221,229
13,674,889
Hamakyorex Co. Ltd.
 
95,200
2,384,071
NANSO Transport Co. Ltd.
 
10,296
99,600
Stef SA
 
65,760
6,920,327
 
 
 
23,078,887
Trading Companies & Distributors - 3.7%
 
 
 
AerCap Holdings NV (a)
 
70,400
4,449,984
Alligo AB (B Shares)
 
357,987
3,050,092
Beacon Roofing Supply, Inc. (a)
 
260,000
14,788,800
Ferguson PLC
 
105,000
14,945,700
Green Cross Co. Ltd.
 
57,500
454,757
HERIGE
 
12,045
438,673
Itochu Corp.
 
224,100
7,243,324
Mitani Shoji Co. Ltd.
 
2,498,600
26,045,305
Momentum Group Komponenter & Tjanster AB (a)
 
450,000
3,270,349
Rush Enterprises, Inc. Class A
 
204,700
11,014,907
Totech Corp.
 
21,881
614,689
Univar Solutions, Inc. (a)
 
1,189,100
41,000,168
 
 
 
127,316,748
Transportation Infrastructure - 0.1%
 
 
 
Qingdao Port International Co. Ltd. (H Shares) (c)
 
4,910,130
2,439,745
TOTAL INDUSTRIALS
 
 
528,841,314
INFORMATION TECHNOLOGY - 12.1%
 
 
 
Electronic Equipment & Components - 4.5%
 
 
 
Advanced Energy Industries, Inc.
 
202,900
18,816,946
CDW Corp.
 
141,200
27,679,436
Daido Signal Co. Ltd.
 
404,000
1,306,823
Flex Ltd. (a)
 
575,200
13,430,920
Insight Enterprises, Inc. (a)
 
161,300
18,181,736
Jabil, Inc.
 
178,900
14,066,907
Kingboard Chemical Holdings Ltd.
 
1,955,000
7,985,859
Lacroix SA
 
165,082
5,473,801
Methode Electronics, Inc. Class A (b)
 
358,700
17,124,338
Redington (India) Ltd.
 
739,442
1,683,278
Riken Keiki Co. Ltd.
 
25,400
906,063
TD SYNNEX Corp.
 
212,150
21,671,123
Vontier Corp.
 
259,300
5,971,679
VSTECS Holdings Ltd.
 
5,327,600
3,333,385
 
 
 
157,632,294
IT Services - 4.2%
 
 
 
Amdocs Ltd.
 
146,900
13,504,517
Cognizant Technology Solutions Corp. Class A
 
432,333
28,858,228
Concentrix Corp.
 
246,406
34,942,835
E-Credible Co. Ltd.
 
62,400
833,494
Enea AB (a)
 
30,100
254,729
FleetCor Technologies, Inc. (a)
 
3,125
652,531
Genpact Ltd.
 
981,200
46,391,136
Societe Pour L'Informatique Industrielle SA
 
54,600
2,846,235
Sopra Steria Group
 
36,600
6,063,949
TDC Soft, Inc.
 
146,707
1,818,612
Verra Mobility Corp. (a)
 
756,900
11,678,967
 
 
 
147,845,233
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
Micron Technology, Inc.
 
240,000
14,472,000
MKS Instruments, Inc.
 
206,500
21,129,080
Renesas Electronics Corp. (a)
 
1,243,700
12,792,824
 
 
 
48,393,904
Software - 0.1%
 
 
 
Cresco Ltd.
 
110,400
1,556,043
System Research Co. Ltd.
 
93,800
1,590,518
 
 
 
3,146,561
Technology Hardware, Storage & Peripherals - 1.9%
 
 
 
Dell Technologies, Inc.
 
669,900
27,211,338
MCJ Co. Ltd.
 
366,800
2,853,046
Seagate Technology Holdings PLC
 
508,500
34,466,130
 
 
 
64,530,514
TOTAL INFORMATION TECHNOLOGY
 
 
421,548,506
MATERIALS - 6.2%
 
 
 
Chemicals - 4.3%
 
 
 
Axalta Coating Systems Ltd. (a)
 
480,000
14,448,000
C. Uyemura & Co. Ltd.
 
86,800
4,432,344
Daishin-Chemical Co. Ltd.
 
79,195
727,155
EcoGreen International Group Ltd. (a)(d)
 
1,000,000
193,849
Element Solutions, Inc.
 
623,588
12,771,082
Huntsman Corp.
 
622,500
19,727,025
LyondellBasell Industries NV Class A
 
330,400
31,946,376
Soulbrain Co. Ltd.
 
29,800
5,683,206
The Mosaic Co.
 
486,741
24,113,149
Tronox Holdings PLC
 
1,220,900
20,938,435
Valvoline, Inc.
 
429,991
15,763,470
 
 
 
150,744,091
Construction Materials - 1.1%
 
 
 
Eagle Materials, Inc.
 
167,300
24,439,184
RHI Magnesita NV
 
139,500
4,626,331
Wienerberger AG
 
260,200
7,779,102
 
 
 
36,844,617
Containers & Packaging - 0.6%
 
 
 
Mayr-Melnhof Karton AG
 
42,800
7,156,317
Packaging Corp. of America
 
80,800
11,530,160
 
 
 
18,686,477
Metals & Mining - 0.2%
 
 
 
Commercial Metals Co.
 
145,600
7,901,712
TOTAL MATERIALS
 
 
214,176,897
REAL ESTATE - 0.7%
 
 
 
Real Estate Management & Development - 0.7%
 
 
 
Jones Lang LaSalle, Inc. (a)
 
131,000
24,217,970
UTILITIES - 1.2%
 
 
 
Electric Utilities - 1.2%
 
 
 
PG&E Corp. (a)
 
2,545,400
40,471,860
Gas Utilities - 0.0%
 
 
 
YESCO Co. Ltd.
 
65,677
1,666,642
TOTAL UTILITIES
 
 
42,138,502
 
TOTAL COMMON STOCKS
  (Cost $2,206,065,496)
 
 
 
2,865,233,836
 
 
 
 
Money Market Funds - 17.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (e)
 
526,056,696
526,161,907
Fidelity Securities Lending Cash Central Fund 4.38% (e)(f)
 
77,141,612
77,149,326
 
TOTAL MONEY MARKET FUNDS
  (Cost $603,311,233)
 
 
603,311,233
 
 
 
 
Equity Funds - 3.5%
 
 
Shares
Value ($)
 
Domestic Equity Funds - 3.5%
 
 
 
iShares Russell 3000 ETF (b)
  (Cost $116,773,404)
 
515,200
121,412,032
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.2%
  (Cost $2,926,150,133)
 
 
 
3,589,957,101
NET OTHER ASSETS (LIABILITIES) - (3.2)%  
(112,505,768)
NET ASSETS - 100.0%
3,477,451,333
 
 
 
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)
1,398
Mar 2023
285,891,000
9,821,577
9,821,577
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 8.2%
 
 
 
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)
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 $16,280,178 or 0.5% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
883,316,699
3,022,564,444
3,379,719,236
9,239,404
-
-
526,161,907
1.1%
Fidelity Securities Lending Cash Central Fund 4.38%
102,127,498
645,409,710
670,387,882
147,646
-
-
77,149,326
0.3%
Total
985,444,197
3,667,974,154
4,050,107,118
9,387,050
-
-
603,311,233
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Chori Co. Ltd.
19,661,103
-
19,018,649
117,212
3,170,657
(3,813,111)
-
Fujimak Corp.
4,239,241
-
1,951,078
66,278
(951,459)
794,075
-
G-Tekt Corp.
25,874,675
-
26,066,784
308,704
(6,016,109)
6,208,218
-
Gendai Agency, Inc.
2,249,460
-
2,299,493
32,318
(2,939,971)
2,990,004
-
Gwangju Shinsegae Co. Ltd.
10,317,294
-
4,710,678
331,301
(4,552,883)
4,748,386
-
Jinro Distillers Co. Ltd.
7,066,028
-
1,467,666
245,039
(1,564,916)
999,030
-
MegaStudyEdu Co. Ltd.
46,771,477
-
38,935,330
-
21,708,199
(29,544,346)
-
Sansei Co. Ltd.
2,312,145
-
1,847,374
-
444,242
(819,661)
-
TBK Co. Ltd.
4,315,159
-
2,546,172
-
(4,902,851)
3,891,951
-
Zappallas, Inc.
1,764,867
-
1,678,926
-
(4,643,990)
4,558,049
-
Total
124,571,449
-
100,522,150
1,100,852
(249,081)
(9,987,405)
-
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2023, 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
52,570,174
46,783,115
5,787,059
-
Consumer Discretionary
476,118,437
438,781,272
37,337,165
-
Consumer Staples
116,072,445
104,525,761
11,523,241
23,443
Energy
175,048,783
175,048,783
-
-
Financials
394,325,286
387,284,579
7,040,707
-
Health Care
420,175,522
408,125,315
12,050,207
-
Industrials
528,841,314
461,449,747
67,391,503
64
Information Technology
421,548,506
384,888,561
36,659,945
-
Materials
214,176,897
203,140,343
10,842,705
193,849
Real Estate
24,217,970
24,217,970
-
-
Utilities
42,138,502
40,471,860
1,666,642
-
 Money Market Funds
603,311,233
603,311,233
-
-
  Equity Funds
121,412,032
121,412,032
-
-
 Total Investments in Securities:
3,589,957,101
3,399,440,571
190,299,174
217,356
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
9,821,577
9,821,577
-
-
  Total Assets
9,821,577
9,821,577
-
-
 Total Derivative Instruments:
9,821,577
9,821,577
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  
9,821,577
0
Total Equity Risk
9,821,577
0
Total Value of Derivatives
9,821,577
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).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
January 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $77,836,024) - See accompanying schedule:
$
 
 
 
Unaffiliated issuers (cost $2,322,838,900)
2,986,645,868
 
 
Fidelity Central Funds (cost $603,311,233)
603,311,233
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,926,150,133)
 
 
$
3,589,957,101
Segregated cash with brokers for derivative instruments
 
 
18,274,400
Cash
 
 
264,424
Foreign currency held at value (cost $119,909)
 
 
117,954
Receivable for investments sold
 
 
44,929,107
Receivable for fund shares sold
 
 
6,011
Dividends receivable
 
 
2,486,937
Reclaims receivable
 
 
5,349,545
Interest receivable
 
 
45
Distributions receivable from Fidelity Central Funds
 
 
1,901,641
Receivable for daily variation margin on futures contracts
 
 
4,638,441
Receivable from investment adviser for expense reductions
 
 
44,289
Other receivables
 
 
746,041
  Total assets
 
 
3,668,715,936
Liabilities
 
 
 
 
Payable for investments purchased
 
$22,745,894
 
 
Payable for fund shares redeemed
 
90,878,498
 
 
Other payables and accrued expenses
 
518,461
 
 
Collateral on securities loaned
 
77,121,750
 
 
  Total Liabilities
 
 
 
191,264,603
Net Assets  
 
 
$
3,477,451,333
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,949,766,403
Total accumulated earnings (loss)
 
 
 
1,527,684,930
Net Assets
 
 
$
3,477,451,333
Net Asset Value , offering price and redemption price per share ($3,477,451,333 ÷ 281,522,557 shares)
 
 
$
12.35
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
January 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $1,100,852 earned from affiliated issuers)
 
 
$
43,049,557
Interest  
 
 
204,874
Income from Fidelity Central Funds (including $147,646 from security lending)
 
 
 
9,387,050
 Total Income
 
 
 
52,641,481
Expenses
 
 
 
 
Custodian fees and expenses
 
268,884
 
 
Independent trustees' fees and expenses
 
9,856
 
 
 Total expenses before reductions
 
278,740
 
 
 Expense reductions
 
(194,996)
 
 
 Total expenses after reductions
 
 
 
83,744
Net Investment income (loss)
 
 
 
52,557,737
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,963,088)
 
1,802,158,099
 
 
   Affiliated issuers
 
(249,081)
 
 
 Foreign currency transactions
 
(543,222)
 
 
 Futures contracts
 
(6,979,207)
 
 
Total net realized gain (loss)
 
 
 
1,794,386,589
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,269,414)  
 
(1,593,106,234)
 
 
   Affiliated issuers
 
(9,987,405)
 
 
 Assets and liabilities in foreign currencies
 
383,551
 
 
 Futures contracts
 
(11,144,896)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,613,854,984)
Net gain (loss)
 
 
 
180,531,605
Net increase (decrease) in net assets resulting from operations
 
 
$
233,089,342
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2023
(Unaudited)
 
Year ended
July 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
52,557,737
$
246,249,930
Net realized gain (loss)
 
1,794,386,589
 
 
2,050,263,960
 
Change in net unrealized appreciation (depreciation)
 
(1,613,854,984)
 
(2,227,550,825)
 
Net increase (decrease) in net assets resulting from operations
 
233,089,342
 
 
68,963,065
 
Distributions to shareholders
 
(2,290,889,691)
 
 
(2,341,123,420)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
216,166,929
 
1,008,422,550
  Reinvestment of distributions
 
2,290,889,691
 
 
2,341,123,420
 
Cost of shares redeemed
 
(4,593,654,758)
 
(7,346,888,130)
  Net increase (decrease) in net assets resulting from share transactions
 
(2,086,598,138)
 
 
(3,997,342,160)
 
Total increase (decrease) in net assets
 
(4,144,398,487)
 
 
(6,269,502,515)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,621,849,820
 
13,891,352,335
 
End of period
$
3,477,451,333
$
7,621,849,820
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
15,717,566
 
50,423,635
  Issued in reinvestment of distributions
 
172,732,746
 
 
119,292,853
 
Redeemed
 
(311,914,504)
 
(384,509,527)
Net increase (decrease)
 
(123,464,192)
 
(214,793,039)
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Intrinsic Opportunities Fund
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.82
$
22.41
$
15.29
$
16.42
$
18.79
$
17.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.40
 
.40
 
.38
 
.44
 
.40
     Net realized and unrealized gain (loss)
 
.87
 
(.31)
 
7.49
 
(.65)
 
(1.37)
 
1.91
  Total from investment operations
 
1.03  
 
.09  
 
7.89  
 
(.27)  
 
(.93)
 
2.31
  Distributions from net investment income
 
(.35)
 
(.51)
 
(.44)
 
(.45)
 
(.42)
 
(.28)
  Distributions from net realized gain
 
(7.15)
 
(3.17)
 
(.33)
 
(.40)
 
(1.02)
 
(.54)
     Total distributions
 
(7.50)
 
(3.68)
 
(.77)
 
(.86) C
 
(1.44)
 
(.82)
  Net asset value, end of period
$
12.35
$
18.82
$
22.41
$
15.29
$
16.42
$
18.79
 Total Return   D,E
 
8.51%
 
.18%
 
53.18%
 
(1.89)%
 
(5.13)%
 
13.82%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
-% H,I
 
-% I
 
-% I
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
-% H,I
 
-% I
 
-% I
 
.01%
 
.01%
 
-% I
    Net investment income (loss)
 
2.11% H
 
1.99%
 
2.08%
 
2.46%
 
2.61%
 
2.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,477,451
$
7,621,850
$
13,891,352
$
11,787,708
$
13,589,092
$
14,520,045
    Portfolio turnover rate J
 
38% H
 
18%
 
10%
 
19%
 
27%
 
13%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
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 represents less than .005%.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended January 31, 2023
 
1. Organization.
Fidelity Series Intrinsic Opportunities Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 January 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
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), 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
$788,762,560
Gross unrealized depreciation
(120,193,064)
Net unrealized appreciation (depreciation)
$668,569,496
Tax cost
$2,931,209,182
 
The Fund elected to defer to its next fiscal year approximately $62,346,686 of capital losses recognized during the prior November 1, 2021 to July 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, 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.
 
Derivatives were used 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 objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
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.
 
 
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 a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
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 Intrinsic Opportunities Fund
828,116,514
4,872,405,255
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Series Intrinsic Opportunities Fund
$53,320
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Intrinsic Opportunities Fund
35,285,512
374,574,909
71,776,655
 
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 Intrinsic Opportunities Fund
$14,011
$38
$-
 
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through November 30, 2025. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $194,094.
 
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 $902.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
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 (August 1, 2022 to January 31, 2023).
 
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 August 1, 2022
 
Ending Account Value January 31, 2023
 
Expenses Paid During Period- C August 1, 2022 to January 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Intrinsic Opportunities Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,085.10
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.951015.110
O2T-SANN-0423
Fidelity® Value Discovery K6 Fund
 
 
Semi-Annual Report
January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 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.
 
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
5.0
 
Berkshire Hathaway, Inc. Class B
4.6
 
Comcast Corp. Class A
2.8
 
JPMorgan Chase & Co.
2.8
 
Cigna Corp.
2.7
 
Bristol-Myers Squibb Co.
2.5
 
Centene Corp.
2.3
 
UnitedHealth Group, Inc.
2.2
 
Bank of America Corp.
2.1
 
The Travelers Companies, Inc.
2.0
 
 
29.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.1
 
Health Care
19.4
 
Energy
9.3
 
Industrials
9.1
 
Utilities
9.1
 
Information Technology
7.6
 
Consumer Staples
7.3
 
Communication Services
6.2
 
Consumer Discretionary
4.2
 
Materials
3.4
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 16%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.2%
 
 
 
Entertainment - 1.5%
 
 
 
Activision Blizzard, Inc.
 
37,089
2,839,905
Interactive Media & Services - 1.9%
 
 
 
Alphabet, Inc. Class A (a)
 
37,477
3,704,227
Media - 2.8%
 
 
 
Comcast Corp. Class A
 
140,886
5,543,864
TOTAL COMMUNICATION SERVICES
 
 
12,087,996
CONSUMER DISCRETIONARY - 4.2%
 
 
 
Diversified Consumer Services - 1.4%
 
 
 
H&R Block, Inc.
 
72,172
2,813,265
Internet & Direct Marketing Retail - 0.5%
 
 
 
eBay, Inc.
 
18,882
934,659
Multiline Retail - 1.3%
 
 
 
Dollar General Corp.
 
11,144
2,603,238
Specialty Retail - 1.0%
 
 
 
Ross Stores, Inc.
 
16,108
1,903,805
TOTAL CONSUMER DISCRETIONARY
 
 
8,254,967
CONSUMER STAPLES - 7.3%
 
 
 
Beverages - 0.7%
 
 
 
Coca-Cola European Partners PLC
 
23,660
1,330,165
Food & Staples Retailing - 0.8%
 
 
 
U.S. Foods Holding Corp. (a)
 
41,556
1,584,530
Food Products - 2.5%
 
 
 
Mondelez International, Inc.
 
53,375
3,492,860
Tyson Foods, Inc. Class A
 
21,638
1,422,699
 
 
 
4,915,559
Household Products - 3.0%
 
 
 
Procter & Gamble Co.
 
18,090
2,575,654
Reckitt Benckiser Group PLC
 
17,549
1,250,558
Spectrum Brands Holdings, Inc.
 
15,723
1,067,277
The Clorox Co.
 
6,536
945,694
 
 
 
5,839,183
Personal Products - 0.3%
 
 
 
Unilever PLC sponsored ADR
 
12,971
662,818
TOTAL CONSUMER STAPLES
 
 
14,332,255
ENERGY - 9.3%
 
 
 
Oil, Gas & Consumable Fuels - 9.3%
 
 
 
Antero Resources Corp. (a)
 
18,300
527,772
ConocoPhillips Co.
 
23,667
2,884,297
Equinor ASA sponsored ADR
 
43,241
1,315,824
Exxon Mobil Corp.
 
84,249
9,773,724
Occidental Petroleum Corp.
 
24,936
1,615,603
Ovintiv, Inc.
 
20,847
1,026,298
Parex Resources, Inc.
 
57,859
984,936
 
 
 
18,128,454
FINANCIALS - 22.1%
 
 
 
Banks - 8.9%
 
 
 
Bank of America Corp.
 
115,418
4,095,031
Cullen/Frost Bankers, Inc.
 
4,375
569,975
JPMorgan Chase & Co.
 
38,384
5,372,225
M&T Bank Corp.
 
14,066
2,194,296
PNC Financial Services Group, Inc.
 
14,241
2,355,889
Wells Fargo & Co.
 
59,413
2,784,687
 
 
 
17,372,103
Capital Markets - 3.2%
 
 
 
Affiliated Managers Group, Inc.
 
9,038
1,561,224
BlackRock, Inc. Class A
 
4,190
3,181,090
Invesco Ltd.
 
16,975
314,207
Northern Trust Corp.
 
12,620
1,223,761
 
 
 
6,280,282
Diversified Financial Services - 4.6%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
28,980
9,027,850
Insurance - 5.1%
 
 
 
Chubb Ltd.
 
13,870
3,155,286
The Travelers Companies, Inc.
 
20,533
3,924,267
Willis Towers Watson PLC
 
11,124
2,827,610
 
 
 
9,907,163
Mortgage Real Estate Investment Trusts - 0.3%
 
 
 
AGNC Investment Corp.
 
20,412
236,779
Annaly Capital Management, Inc.
 
9,945
233,409
MFA Financial, Inc.
 
16,200
192,618
 
 
 
662,806
TOTAL FINANCIALS
 
 
43,250,204
HEALTH CARE - 19.4%
 
 
 
Biotechnology - 2.6%
 
 
 
Regeneron Pharmaceuticals, Inc. (a)
 
3,742
2,838,195
Vertex Pharmaceuticals, Inc. (a)
 
7,047
2,276,886
 
 
 
5,115,081
Health Care Providers & Services - 10.1%
 
 
 
Centene Corp. (a)
 
58,244
4,440,523
Cigna Corp.
 
16,876
5,344,123
Elevance Health, Inc.
 
6,115
3,057,439
Humana, Inc.
 
5,134
2,627,068
UnitedHealth Group, Inc.
 
8,564
4,275,063
 
 
 
19,744,216
Pharmaceuticals - 6.7%
 
 
 
AstraZeneca PLC sponsored ADR
 
42,041
2,748,220
Bristol-Myers Squibb Co.
 
66,587
4,837,546
Roche Holding AG (participation certificate)
 
8,130
2,537,945
Sanofi SA sponsored ADR
 
58,701
2,884,567
 
 
 
13,008,278
TOTAL HEALTH CARE
 
 
37,867,575
INDUSTRIALS - 9.1%
 
 
 
Aerospace & Defense - 4.9%
 
 
 
Airbus Group NV
 
4,668
585,208
L3Harris Technologies, Inc.
 
7,946
1,706,960
Lockheed Martin Corp.
 
4,215
1,952,641
Northrop Grumman Corp.
 
6,339
2,840,126
The Boeing Co. (a)
 
12,190
2,596,470
 
 
 
9,681,405
Air Freight & Logistics - 0.2%
 
 
 
Deutsche Post AG
 
8,043
346,305
Electrical Equipment - 1.1%
 
 
 
Eaton Corp. PLC
 
2,732
443,158
Regal Rexnord Corp.
 
12,487
1,738,190
 
 
 
2,181,348
Industrial Conglomerates - 0.6%
 
 
 
Siemens AG
 
7,411
1,157,637
Machinery - 2.3%
 
 
 
Crane Holdings Co.
 
2,148
248,975
ITT, Inc.
 
4,856
444,761
Oshkosh Corp.
 
20,054
2,021,042
Parker Hannifin Corp.
 
1,047
341,322
Pentair PLC
 
19,305
1,069,111
Stanley Black & Decker, Inc.
 
3,626
323,838
 
 
 
4,449,049
TOTAL INDUSTRIALS
 
 
17,815,744
INFORMATION TECHNOLOGY - 6.4%
 
 
 
Communications Equipment - 1.5%
 
 
 
Cisco Systems, Inc.
 
59,822
2,911,537
Electronic Equipment & Components - 0.3%
 
 
 
TE Connectivity Ltd.
 
4,412
560,986
IT Services - 2.8%
 
 
 
Amdocs Ltd.
 
22,893
2,104,553
Capgemini SA
 
4,369
825,983
Cognizant Technology Solutions Corp. Class A
 
21,915
1,462,826
Maximus, Inc.
 
14,438
1,080,684
 
 
 
5,474,046
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
NXP Semiconductors NV
 
2,798
515,699
Software - 1.5%
 
 
 
Aspen Technology, Inc. (a)
 
3,213
638,584
Gen Digital, Inc.
 
70,720
1,627,267
Open Text Corp.
 
23,562
790,505
 
 
 
3,056,356
TOTAL INFORMATION TECHNOLOGY
 
 
12,518,624
MATERIALS - 3.4%
 
 
 
Chemicals - 2.3%
 
 
 
DuPont de Nemours, Inc.
 
42,072
3,111,224
International Flavors & Fragrances, Inc.
 
10,433
1,173,295
The Scotts Miracle-Gro Co. Class A
 
1,500
108,285
 
 
 
4,392,804
Metals & Mining - 1.1%
 
 
 
Lundin Mining Corp.
 
193,456
1,464,133
Newmont Corp.
 
12,827
678,933
 
 
 
2,143,066
TOTAL MATERIALS
 
 
6,535,870
REAL ESTATE - 0.6%
 
 
 
Real Estate Management & Development - 0.6%
 
 
 
CBRE Group, Inc. (a)
 
14,423
1,233,311
UTILITIES - 9.1%
 
 
 
Electric Utilities - 7.4%
 
 
 
Constellation Energy Corp.
 
29,329
2,503,523
Duke Energy Corp.
 
11,455
1,173,565
Edison International
 
5,600
385,840
Evergy, Inc.
 
30,946
1,938,767
Exelon Corp.
 
17,761
749,337
NextEra Energy, Inc.
 
18,259
1,362,669
PG&E Corp. (a)
 
210,592
3,348,413
Portland General Electric Co.
 
21,165
1,007,031
Southern Co.
 
28,696
1,942,145
 
 
 
14,411,290
Independent Power and Renewable Electricity Producers - 0.6%
 
 
 
The AES Corp.
 
46,651
1,278,704
Multi-Utilities - 1.1%
 
 
 
Dominion Energy, Inc.
 
33,094
2,106,102
TOTAL UTILITIES
 
 
17,796,096
 
TOTAL COMMON STOCKS
  (Cost $147,153,205)
 
 
 
189,821,096
 
 
 
 
Nonconvertible Preferred Stocks - 1.2%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 1.2%
 
 
 
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Samsung Electronics Co. Ltd.
 
  (Cost $2,040,079)
 
 
52,497
2,352,881
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (b)
 
  (Cost $3,827,145)
 
 
3,826,380
3,827,145
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
  (Cost $153,020,429)
 
 
 
196,001,122
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(556,097)
NET ASSETS - 100.0%
195,445,025
 
 
 
 
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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
3,085,900
58,100,021
57,358,776
48,054
-
-
3,827,145
0.0%
Fidelity Securities Lending Cash Central Fund 4.38%
-
1,286,676
1,286,676
115
-
-
-
0.0%
Total
3,085,900
59,386,697
58,645,452
48,169
-
-
3,827,145
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2023, 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
12,087,996
12,087,996
-
-
Consumer Discretionary
8,254,967
8,254,967
-
-
Consumer Staples
14,332,255
13,081,697
1,250,558
-
Energy
18,128,454
18,128,454
-
-
Financials
43,250,204
43,250,204
-
-
Health Care
37,867,575
35,329,630
2,537,945
-
Industrials
17,815,744
15,726,594
2,089,150
-
Information Technology
14,871,505
12,518,624
2,352,881
-
Materials
6,535,870
6,535,870
-
-
Real Estate
1,233,311
1,233,311
-
-
Utilities
17,796,096
17,796,096
-
-
  Money Market Funds
3,827,145
3,827,145
-
-
 Total Investments in Securities:
196,001,122
187,770,588
8,230,534
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
January 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $149,193,284)
$
192,173,977
 
 
Fidelity Central Funds (cost $3,827,145)
3,827,145
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $153,020,429)
 
 
$
196,001,122
Cash
 
 
26,658
Foreign currency held at value (cost $49)
 
 
49
Receivable for fund shares sold
 
 
86,564
Dividends receivable
 
 
176,080
Distributions receivable from Fidelity Central Funds
 
 
14,849
  Total assets
 
 
196,305,322
Liabilities
 
 
 
 
Payable for investments purchased
$
81,997
 
 
Payable for fund shares redeemed
707,048
 
 
Accrued management fee
71,252
 
 
  Total Liabilities
 
 
 
860,297
Net Assets  
 
 
$
195,445,025
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
152,675,468
Total accumulated earnings (loss)
 
 
 
42,769,557
Net Assets
 
 
$
195,445,025
Net Asset Value , offering price and redemption price per share ($195,445,025 ÷ 15,921,289 shares)
 
 
$
12.28
 
Statement of Operations
 
 
 
Six months ended
January 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,514,937
Income from Fidelity Central Funds (including $115 from security lending)
 
 
48,169
 Total Income
 
 
 
1,563,106
Expenses
 
 
 
 
Management fee
$
364,196
 
 
Independent trustees' fees and expenses
267
 
 
 Total expenses before reductions
 
364,463
 
 
 Expense reductions
 
(47)
 
 
 Total expenses after reductions
 
 
 
364,416
Net Investment income (loss)
 
 
 
1,198,690
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(320,148)
 
 
 Foreign currency transactions
 
420
 
 
Total net realized gain (loss)
 
 
 
(319,728)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
11,467,379
 
 
 Assets and liabilities in foreign currencies
 
2,718
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
11,470,097
Net gain (loss)
 
 
 
11,150,369
Net increase (decrease) in net assets resulting from operations
 
 
$
12,349,059
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2023
(Unaudited)
 
Year ended
July 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,198,690
$
2,460,394
Net realized gain (loss)
 
(319,728)
 
 
17,083,833
 
Change in net unrealized appreciation (depreciation)
 
11,470,097
 
(18,057,645)
 
Net increase (decrease) in net assets resulting from operations
 
12,349,059
 
 
1,486,582
 
Distributions to shareholders
 
(13,940,304)
 
 
(16,794,011)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
72,989,624
 
45,744,592
  Reinvestment of distributions
 
13,940,304
 
 
16,794,011
 
Cost of shares redeemed
 
(27,343,238)
 
(90,356,117)
  Net increase (decrease) in net assets resulting from share transactions
 
59,586,690
 
 
(27,817,514)
 
Total increase (decrease) in net assets
 
57,995,445
 
 
(43,124,943)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
137,449,580
 
180,574,523
 
End of period
$
195,445,025
$
137,449,580
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,391,854
 
3,427,539
  Issued in reinvestment of distributions
 
1,185,215
 
 
1,259,265
 
Redeemed
 
(2,235,609)
 
(6,803,571)
Net increase (decrease)
 
5,341,460
 
(2,116,767)
 
 
 
 
 
 
Financial Highlights
Fidelity® Value Discovery K6 Fund
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.99
$
14.22
$
10.15
$
10.94
$
10.98
$
10.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.21
 
.19
 
.23 C
 
.22
 
.19
     Net realized and unrealized gain (loss)
 
.51
 
(.12)
 
4.09
 
(.62)
 
.09
 
.49
  Total from investment operations
 
.60  
 
.09  
 
4.28  
 
(.39)  
 
.31
 
.68
  Distributions from net investment income
 
(.17)
 
(.20)
 
(.21)
 
(.23)
 
(.27)
 
(.08)
  Distributions from net realized gain
 
(1.14)
 
(1.12)
 
-
 
(.17)
 
(.08)
 
-
     Total distributions
 
(1.31)
 
(1.32)
 
(.21)
 
(.40)
 
(.35)
 
(.08)
  Net asset value, end of period
$
12.28
$
12.99
$
14.22
$
10.15
$
10.94
$
10.98
 Total Return   D,E
 
5.11%
 
.60%
 
42.84%
 
(3.80)%
 
2.98%
 
6.58%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of fee waivers, if any
 
.45% H
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of all reductions
 
.45% H
 
.45%
 
.45%
 
.44%
 
.45%
 
.45%
    Net investment income (loss)
 
1.49% H
 
1.52%
 
1.51%
 
2.27% C
 
2.13%
 
1.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
195,445
$
137,450
$
180,575
$
164,392
$
191,701
$
266,215
    Portfolio turnover rate I
 
19% H,J
 
37% J
 
55%
 
82%
 
45%
 
38% J
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
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 1.93%.
 
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.
 
For the period ended January 31, 2023
 
1 . Organization.
Fidelity Value Discovery K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 January 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$45,402,642
Gross unrealized depreciation
(2,868,085)
Net unrealized appreciation (depreciation)
$42,534,557
Tax cost
$153,466,565
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Value Discovery K6 Fund
61,288,212
15,126,097
 
Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Value Discovery K6 Fund
54,864
596,372
 
Prior Year Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Value Discovery K6 Fund
136,458
1,898,136
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Value Discovery K6 Fund
$521
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Value Discovery K6 Fund
2,523,353
609,029
(30,192)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Value Discovery K6 Fund
$12
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $47.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
 
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 (August 1, 2022 to January 31, 2023).
 
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 August 1, 2022
 
Ending Account Value January 31, 2023
 
Expenses Paid During Period- C August 1, 2022 to January 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Value Discovery K6 Fund
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,051.10
 
$ 2.33
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.94
 
$ 2.29
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9884002.105
FVDK6-SANN-0423
Fidelity® Low-Priced Stock Fund
 
 
Semi-Annual Report
January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 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.
 
 
Top Holdings (% of Fund's net assets)
 
UnitedHealth Group, Inc.
4.4
 
AutoZone, Inc.
3.4
 
Metro, Inc.
2.9
 
Elevance Health, Inc.
2.7
 
Next PLC
2.6
 
Ross Stores, Inc.
2.1
 
Universal Health Services, Inc. Class B
1.8
 
Unum Group
1.6
 
Monster Beverage Corp.
1.6
 
Chord Energy Corp.
1.3
 
 
24.4
 
 
Market Sectors (% of Fund's net assets)
 
Consumer Discretionary
18.6
 
Health Care
14.7
 
Information Technology
12.9
 
Consumer Staples
11.4
 
Energy
10.9
 
Financials
10.6
 
Industrials
8.9
 
Materials
5.5
 
Utilities
1.5
 
Communication Services
1.0
 
Real Estate
0.4
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 41.3%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.0%
 
 
 
Entertainment - 0.6%
 
 
 
GungHo Online Entertainment, Inc.
 
499,722
8,328
International Games Systems Co. Ltd.
 
2,828,000
46,746
Warner Bros Discovery, Inc. (a)
 
8,494,990
125,896
 
 
 
180,970
Interactive Media & Services - 0.1%
 
 
 
Cars.com, Inc. (a)
 
71,370
1,220
Infocom Corp.
 
50,061
844
New Work SE
 
1,998
365
Ziff Davis, Inc. (a)
 
24,973
2,235
ZIGExN Co. Ltd.
 
3,497,893
10,257
 
 
 
14,921
Media - 0.3%
 
 
 
AMC Networks, Inc. Class A (a)
 
81,054
1,500
Cl Holdings, Inc.
 
29,991
188
Comcast Corp. Class A
 
520,579
20,485
Corus Entertainment, Inc. Class B (non-vtg.) (b)
 
853,571
1,443
DMS, Inc.
 
199,215
1,931
Gray Television, Inc.
 
149,965
1,944
Intage Holdings, Inc.
 
850,005
10,244
Nexstar Broadcasting Group, Inc. Class A
 
14,500
2,969
Pico Far East Holdings Ltd.
 
22,515,750
4,428
RKB Mainichi Broadcasting Corp.
 
35,443
1,647
Saga Communications, Inc. Class A
 
479,117
12,098
TechTarget, Inc. (a)
 
41,691
2,065
Thryv Holdings, Inc. (a)
 
450,183
10,071
TOW Co. Ltd. (c)
 
3,097,200
6,996
Trenders, Inc.
 
150,005
2,152
TVA Group, Inc. Class B (non-vtg.) (a)
 
2,980,559
4,256
WOWOW INC.
 
39,309
378
 
 
 
84,795
Wireless Telecommunication Services - 0.0%
 
 
 
Okinawa Cellular Telephone Co.
 
98,597
2,386
TOTAL COMMUNICATION SERVICES
 
 
283,072
CONSUMER DISCRETIONARY - 18.6%
 
 
 
Auto Components - 1.0%
 
 
 
Adient PLC (a)
 
151,953
6,841
Akwel
 
11,522
197
ASTI Corp. (c)
 
274,351
6,205
Cie Automotive SA
 
424,834
12,581
Compagnie Plastic Omnium SA
 
471,208
8,217
DaikyoNishikawa Corp.
 
499,709
2,351
G-Tekt Corp.
 
2,098,874
24,949
Gentex Corp.
 
600,092
17,709
GUD Holdings Ltd.
 
99,568
591
Hi-Lex Corp.
 
1,299,493
11,523
IJTT Co. Ltd.
 
16,325
67
LCI Industries
 
100
11
Lear Corp.
 
364,817
53,183
Linamar Corp.
 
949,909
48,511
Motonic Corp. (c)
 
2,066,285
13,873
Murakami Corp. (c)
 
849,827
15,682
Nippon Seiki Co. Ltd.
 
2,048,820
13,208
Patrick Industries, Inc.
 
131,547
9,336
Sewon Precision Industries Co. Ltd. (c)
 
500,000
3,162
SJM Co. Ltd. (c)
 
1,269,605
4,643
SJM Holdings Co. Ltd.
 
500,470
1,509
SNT Holdings Co. Ltd. (c)
 
885,108
11,594
Strattec Security Corp. (a)
 
200,427
4,993
TBK Co. Ltd.
 
596,842
1,154
Topre Corp.
 
326,133
3,181
TPR Co. Ltd.
 
365,150
3,703
Yachiyo Industry Co. Ltd. (b)
 
899,943
8,592
Yutaka Giken Co. Ltd. (c)
 
1,200,815
15,783
 
 
 
303,349
Automobiles - 0.0%
 
 
 
Isuzu Motors Ltd.
 
99,722
1,261
Kabe Husvagnar AB (B Shares)
 
246,487
5,032
 
 
 
6,293
Distributors - 0.2%
 
 
 
Arata Corp.
 
597,120
19,367
Central Automotive Products Ltd.
 
305,811
5,711
LKQ Corp.
 
86,500
5,100
PALTAC Corp.
 
187,785
6,799
SPK Corp.
 
519,698
5,890
 
 
 
42,867
Diversified Consumer Services - 0.2%
 
 
 
Adtalem Global Education, Inc. (a)
 
93,500
3,570
Clip Corp. (c)
 
236,435
1,459
Cross-Harbour Holdings Ltd.
 
2,379,857
3,306
Frontdoor, Inc. (a)
 
399,944
10,870
H&R Block, Inc.
 
21,600
842
JP-Holdings, Inc.
 
176,342
462
Kukbo Design Co. Ltd.
 
162,889
2,180
MegaStudyEdu Co. Ltd.
 
175,100
10,611
Step Co. Ltd. (c)
 
1,150,260
15,984
YDUQS Participacoes SA
 
200,100
407
 
 
 
49,691
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Betsson AB (B Shares)
 
3,098,141
25,650
Brinker International, Inc. (a)
 
83,007
3,275
Everi Holdings, Inc. (a)
 
2,706
47
Ibersol SGPS SA
 
1,197,471
8,019
J.D. Wetherspoon PLC (a)
 
100,147
561
Kindred Group PLC (depositary receipt)
 
1,049,753
10,550
Ride On Express Holdings Co. Lt
 
40,274
335
Ruth's Hospitality Group, Inc.
 
225,226
3,899
 
 
 
52,336
Household Durables - 4.0%
 
 
 
Ace Bed Co. Ltd.
 
45,226
1,275
Barratt Developments PLC
 
46,871,370
265,697
Bellway PLC
 
3,549,671
92,688
Chervon Holdings Ltd.
 
99,939
502
Coway Co. Ltd.
 
35,000
1,585
Cuckoo Holdings Co. Ltd.
 
508,128
6,788
D.R. Horton, Inc. (b)
 
1,291,800
127,488
Emak SpA
 
3,753,784
4,889
First Juken Co. Ltd. (c)
 
1,350,293
10,827
FJ Next Co. Ltd.
 
1,199,763
9,250
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
18,600,837
95,628
Hamilton Beach Brands Holding Co. Class A
 
498,443
6,455
Helen of Troy Ltd. (a)
 
990,538
112,040
M/I Homes, Inc. (a)
 
379,308
22,683
Mohawk Industries, Inc. (a)
 
1,499,465
180,026
Open House Group Co. Ltd.
 
549,720
20,796
Portmeirion Group PLC
 
59,447
260
Pressance Corp.
 
2,531,622
32,391
Sanei Architecture Planning Co. Ltd. (c)
 
1,682,458
19,317
Taylor Morrison Home Corp. (a)
 
2,023,038
72,425
Tempur Sealy International, Inc.
 
199,633
8,135
Token Corp.
 
240,047
14,517
Toll Brothers, Inc.
 
78,789
4,687
TopBuild Corp. (a)
 
7,596
1,520
Vistry Group PLC
 
5,398,836
49,554
ZAGG, Inc. rights (a)(d)
 
448,847
0
 
 
 
1,161,423
Internet & Direct Marketing Retail - 0.2%
 
 
 
Aucfan Co. Ltd. (a)(b)
 
25,014
76
Belluna Co. Ltd. (c)
 
6,146,272
33,042
Ci Medical Co. Ltd.
 
99,181
4,056
Connectwave Co. Ltd. (a)
 
75,100
956
Dustin Group AB (a)(e)
 
300,115
1,010
Enigmo, Inc. (b)
 
1,249,535
5,965
Hamee Corp. (b)
 
625,435
3,629
Papyless Co. Ltd.
 
99,901
774
Syuppin Co. Ltd.
 
300,283
2,541
Vipshop Holdings Ltd. ADR (a)
 
1,000,311
15,475
 
 
 
67,524
Leisure Products - 0.0%
 
 
 
Miroku Corp.
 
67,779
762
Multiline Retail - 2.9%
 
 
 
B&M European Value Retail SA
 
9,855,912
54,399
Big Lots, Inc. (b)(c)
 
1,748,985
28,613
Europris ASA (e)
 
399,673
2,569
Gwangju Shinsegae Co. Ltd.
 
134,915
3,528
Lifestyle China Group Ltd. (a)
 
12,092,871
1,639
Max Stock Ltd.
 
10,641
20
Next PLC (c)
 
9,294,674
758,353
Pan Pacific International Holdings Ltd.
 
19,988
370
Ryohin Keikaku Co. Ltd.
 
100,322
1,112
 
 
 
850,603
Specialty Retail - 8.0%
 
 
 
Academy Sports & Outdoors, Inc.
 
104,487
6,104
Arcland Sakamoto Co. Ltd.
 
163,365
1,841
AutoZone, Inc. (a)
 
401,776
979,871
Best Buy Co., Inc.
 
919,895
81,613
BMTC Group, Inc. (c)
 
3,319,755
34,506
Buffalo Co. Ltd.
 
89,789
782
Dick's Sporting Goods, Inc.
 
63,792
8,341
Foot Locker, Inc. (b)
 
3,593,505
156,353
Formosa Optical Technology Co. Ltd.
 
1,002,000
1,949
Fuji Corp.
 
519,557
5,383
Genesco, Inc. (a)
 
44,833
2,165
Goldlion Holdings Ltd.
 
28,364,927
5,132
Handsman Co. Ltd.
 
420,295
3,784
IA Group Corp. (c)
 
127,599
3,366
International Housewares Retail Co. Ltd.
 
4,027,135
1,474
JD Sports Fashion PLC
 
33,367,803
66,951
Jumbo SA (c)
 
9,437,495
169,084
Kid ASA (e)
 
51,873
388
Ku Holdings Co. Ltd.
 
1,433,171
15,886
Leon's Furniture Ltd.
 
309,891
4,379
Maisons du Monde SA (e)
 
147,620
1,809
Mr. Bricolage SA (a)
 
829,935
7,164
Nafco Co. Ltd. (c)
 
1,871,018
23,472
Nextage Co. Ltd.
 
325,550
7,323
Nitori Holdings Co. Ltd.
 
56,931
7,535
Ross Stores, Inc.
 
5,031,019
594,616
Sally Beauty Holdings, Inc. (a)(c)
 
8,273,980
128,909
Sleep Number Corp. (a)(b)
 
788
27
The Buckle, Inc. (b)
 
112,420
4,946
WH Smith PLC
 
50,129
986
Williams-Sonoma, Inc.
 
29,452
3,974
 
 
 
2,330,113
Textiles, Apparel & Luxury Goods - 1.9%
 
 
 
Best Pacific International Holdings Ltd.
 
34,979,415
4,995
Capri Holdings Ltd. (a)
 
2,966,896
197,269
Deckers Outdoor Corp. (a)
 
16,192
6,922
Embry Holdings Ltd. (a)
 
2,263,572
182
Fossil Group, Inc. (a)(c)
 
3,453,820
19,618
Gildan Activewear, Inc.
 
4,597,985
144,172
Handsome Co. Ltd. (c)
 
1,400,000
31,163
JLM Couture, Inc. (a)(c)(d)
 
154,621
209
Levi Strauss & Co. Class A
 
100
2
PVH Corp.
 
988,530
88,869
Samsonite International SA (a)(e)
 
995,965
2,967
Steven Madden Ltd. (b)
 
14,991
537
Sun Hing Vision Group Holdings Ltd. (c)
 
18,981,061
2,594
Texwinca Holdings Ltd.
 
39,964,718
6,935
Victory City International Holdings Ltd. (d)
 
8,385,171
310
Youngone Corp.
 
250,000
8,880
Youngone Holdings Co. Ltd. (c)
 
961,000
47,820
 
 
 
563,444
TOTAL CONSUMER DISCRETIONARY
 
 
5,428,405
CONSUMER STAPLES - 11.4%
 
 
 
Beverages - 1.8%
 
 
 
A.G. Barr PLC
 
1,982,588
13,443
Britvic PLC
 
5,547,450
53,140
Monster Beverage Corp. (a)
 
4,415,171
459,531
Muhak Co. Ltd.
 
666,845
2,856
Spritzer Bhd
 
4,600,400
2,389
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares)
 
2,068,514
3,138
 
 
 
534,497
Food & Staples Retailing - 7.0%
 
 
 
Acomo NV
 
138,017
2,947
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,788,837
81,688
Belc Co. Ltd. (c)
 
1,638,381
70,593
BJ's Wholesale Club Holdings, Inc. (a)
 
117,411
8,509
Corporativo Fragua S.A.B. de CV
 
270,819
4,765
Cosmos Pharmaceutical Corp.
 
1,566,759
153,084
Create SD Holdings Co. Ltd. (c)
 
4,897,910
133,271
Daikokutenbussan Co. Ltd.
 
295,823
12,390
G-7 Holdings, Inc.
 
1,249,662
15,472
Genky DrugStores Co. Ltd. (c)
 
999,433
28,799
Halows Co. Ltd. (c)
 
1,647,423
40,354
Kusuri No Aoki Holdings Co. Ltd.
 
660,205
37,199
MARR SpA (a)
 
113,187
1,484
Metro, Inc. (b)(c)
 
15,736,584
854,155
North West Co., Inc.
 
75,143
2,047
Qol Holdings Co. Ltd. (c)
 
2,298,633
20,777
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
10,058
639
Sapporo Clinical Laboratory
 
28,030
258
Sprouts Farmers Market LLC (a)
 
3,860,511
123,343
Sugi Holdings Co. Ltd.
 
49,980
2,185
Sundrug Co. Ltd.
 
1,547,727
43,790
Tsuruha Holdings, Inc.
 
149,997
11,044
United Natural Foods, Inc. (a)
 
452,366
18,827
Walgreens Boots Alliance, Inc. (b)
 
8,944,659
329,700
YAKUODO Holdings Co. Ltd.
 
156,522
3,125
Yaoko Co. Ltd.
 
724,567
37,825
 
 
 
2,038,270
Food Products - 2.2%
 
 
 
Armanino Foods of Distinction
 
199,932
724
Axyz Co. Ltd.
 
21,759
487
Carr's Group PLC (c)(d)
 
5,805,575
8,696
Cloetta AB
 
24,860
52
Cranswick PLC
 
504,160
19,778
Dole PLC
 
799,723
9,221
Food Empire Holdings Ltd. (c)
 
30,613,034
16,570
Fresh Del Monte Produce, Inc. (c)
 
4,172,469
119,333
Inghams Group Ltd.
 
699,804
1,439
Ingredion, Inc.
 
266,773
27,424
Kaveri Seed Co. Ltd.
 
500,714
3,246
Kri Kri Milk Industry SA
 
98,670
663
Lassonde Industries, Inc. Class A (sub. vtg.)
 
15,496
1,361
Origin Enterprises PLC (c)
 
8,490,955
38,493
Ottogi Corp.
 
165,008
63,725
Pacific Andes International Holdings Ltd. (a)(d)
 
106,294,500
0
Pacific Andes Resources Development Ltd. (a)(d)
 
207,064,007
2
Pickles Holdings Co. Ltd.
 
356,469
3,325
Prima Meat Packers Ltd.
 
749,728
12,719
Rocky Mountain Chocolate Factory, Inc. (a)(c)
 
453,117
2,388
S Foods, Inc.
 
804,590
18,390
Seaboard Corp.
 
40,475
158,682
Sunjin Co. Ltd. (c)
 
2,300,055
18,461
Sunjuice Holdings Co. Ltd.
 
240,000
2,269
Thai President Foods PCL (For. Reg.)
 
339,837
2,081
Tyson Foods, Inc. Class A
 
1,709,497
112,399
 
 
 
641,928
Household Products - 0.0%
 
 
 
Transaction Co. Ltd.
 
398,833
4,759
Personal Products - 0.3%
 
 
 
Hengan International Group Co. Ltd.
 
8,845,806
43,516
Sarantis SA (c)
 
3,978,353
33,303
TCI Co. Ltd.
 
400,000
2,519
 
 
 
79,338
Tobacco - 0.1%
 
 
 
KT&G Corp.
 
50,000
3,746
Scandinavian Tobacco Group A/S (e)
 
699,906
12,131
 
 
 
15,877
TOTAL CONSUMER STAPLES
 
 
3,314,669
ENERGY - 10.9%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Bristow Group, Inc. (a)
 
173,679
5,304
Championx Corp.
 
247,193
8,162
Enerflex Ltd.
 
49,949
360
Helix Energy Solutions Group, Inc. (a)
 
650,386
5,158
John Wood Group PLC (a)
 
11,555,903
20,195
KS Energy Services Ltd. (a)(d)
 
12,911,018
128
Liberty Oilfield Services, Inc. Class A
 
4,797,151
75,939
Oil States International, Inc. (a)
 
2,509,088
21,478
PHX Energy Services Corp.
 
1,199,673
7,186
Total Energy Services, Inc.
 
1,794,260
12,501
 
 
 
156,411
Oil, Gas & Consumable Fuels - 10.4%
 
 
 
Adams Resources & Energy, Inc. (c)
 
152,569
7,323
Antero Resources Corp. (a)
 
209,616
6,045
APA Corp.
 
9,949
441
Baytex Energy Corp. (a)(b)
 
599,737
2,777
Beach Energy Ltd.
 
8,994,643
9,666
Berry Corp. (c)
 
4,198,188
38,623
Birchcliff Energy Ltd.
 
100,717
646
Bonterra Energy Corp. (a)
 
579,828
2,898
Callon Petroleum Co. (a)
 
1,399,288
59,540
Cenovus Energy, Inc. (Canada)
 
10,672,544
213,202
China Petroleum & Chemical Corp. (H Shares)
 
98,497,064
53,185
Chord Energy Corp. (c)
 
2,723,879
390,414
Chord Energy Corp.:
 
 
 
 warrants 9/1/24 (a)(c)
 
330,423
6,526
 warrants 9/1/25 (a)(c)
 
165,261
2,809
Civitas Resources, Inc. (c)
 
2,880,994
191,730
CNX Resources Corp. (a)(b)
 
1,599,043
26,752
Denbury, Inc. (a)
 
138,474
12,017
Diamondback Energy, Inc.
 
502,197
73,381
Energy Transfer LP
 
701,795
9,320
Enterprise Products Partners LP
 
1,628,236
41,683
EQT Corp.
 
6,012,532
196,429
Exxon Mobil Corp.
 
43,174
5,009
Hankook Shell Oil Co. Ltd.
 
40,000
7,667
HF Sinclair Corp.
 
3,947,626
224,620
INPEX Corp.
 
99,900
1,098
Iwatani Corp.
 
98,630
4,251
Marathon Oil Corp.
 
9,577,281
263,088
Mi Chang Oil Industrial Co. Ltd. (c)
 
173,900
10,411
Murphy Oil Corp.
 
3,022,129
131,795
NACCO Industries, Inc. Class A
 
395,334
15,406
Northern Oil & Gas, Inc.
 
400,120
13,412
Oil & Natural Gas Corp. Ltd.
 
47,947,493
85,617
Oil India Ltd.
 
30,994,000
88,950
Ovintiv, Inc.
 
2,194,113
108,016
PDC Energy, Inc.
 
143,862
9,744
Petronet LNG Ltd.
 
14,000,000
37,347
Peyto Exploration & Development Corp. (b)(c)
 
9,494,288
86,555
Range Resources Corp.
 
205,449
5,140
SilverBow Resources, Inc. (a)(b)
 
724,290
19,027
Southwestern Energy Co. (a)(b)
 
50,979,595
281,407
Star Petroleum Refining PCL (For. Reg.)
 
7,497,820
2,644
Thungela Resources Ltd.
 
19,701
256
TotalEnergies SE sponsored ADR (b)
 
4,505,504
279,521
Unit Corp. warrants 9/3/27 (a)
 
193,905
1,280
Vital Energy, Inc. (a)(b)
 
44,944
2,529
 
 
 
3,030,197
TOTAL ENERGY
 
 
3,186,608
FINANCIALS - 10.6%
 
 
 
Banks - 2.3%
 
 
 
ACNB Corp.
 
344,954
13,574
Arrow Financial Corp.
 
413,839
13,619
Associated Banc-Corp.
 
203,385
4,558
Bank7 Corp.
 
94,953
2,617
Bar Harbor Bankshares
 
672,595
20,898
C & F Financial Corp.
 
29,551
1,802
Cadence Bank
 
84,872
2,171
Camden National Corp.
 
349,678
14,767
Cathay General Bancorp
 
537,971
23,649
Central Pacific Financial Corp.
 
119,888
2,709
Central Valley Community Bancorp
 
109,047
2,715
Citizens Financial Services, Inc. (b)
 
19,980
1,572
CNB Financial Corp., Pennsylvania
 
9,014
217
Community Trust Bancorp, Inc.
 
68,079
2,933
Dimeco, Inc.
 
34,960
1,607
Eagle Bancorp, Inc.
 
999,042
47,445
East West Bancorp, Inc.
 
489,897
38,467
Financial Institutions, Inc.
 
448,515
11,083
First Bancorp, Puerto Rico
 
272,121
3,660
First Foundation, Inc.
 
24,731
384
First of Long Island Corp. (c)
 
1,249,422
22,065
Five Star Bancorp
 
140,279
3,782
FNB Corp., Pennsylvania
 
356,795
5,091
Hanmi Financial Corp.
 
593,517
13,823
LCNB Corp. (b)
 
94,896
1,732
Meridian Bank/Malvern, PA
 
99,950
3,183
Oak Valley Bancorp Oakdale California (b)
 
97,743
2,475
OFG Bancorp
 
104,902
2,970
Plumas Bancorp
 
199,935
8,195
Popular, Inc.
 
49,500
3,398
Preferred Bank, Los Angeles
 
214,949
15,289
QCR Holdings, Inc.
 
64,620
3,396
Regions Financial Corp.
 
148,844
3,504
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
1,134,788
13,120
Sparebanken Nord-Norge
 
1,969,129
18,307
The First Bancorp, Inc.
 
144,841
4,296
Trico Bancshares
 
27
1
U.S. Bancorp
 
99,939
4,977
United Community Bank, Inc.
 
99,992
3,254
Unity Bancorp, Inc.
 
109,955
2,911
Washington Trust Bancorp, Inc.
 
669,551
28,637
Wells Fargo & Co.
 
5,746,613
269,344
West Bancorp., Inc.
 
634,682
13,900
 
 
 
658,097
Capital Markets - 0.8%
 
 
 
Azimut Holding SpA
 
118,315
2,943
Banca Generali SpA
 
44,019
1,618
CI Financial Corp.
 
4,097,927
48,878
Diamond Hill Investment Group, Inc. (b)
 
18,651
3,514
Federated Hermes, Inc.
 
1,749,031
68,737
Lazard Ltd. Class A
 
1,634,919
65,528
LPL Financial
 
24,880
5,900
PJT Partners, Inc.
 
6,128
490
SEI Investments Co.
 
18,385
1,148
T. Rowe Price Group, Inc.
 
10,091
1,175
Van Lanschot Kempen NV (Bearer)
 
1,024,271
29,397
 
 
 
229,328
Consumer Finance - 1.9%
 
 
 
Aeon Credit Service (Asia) Co. Ltd.
 
14,137,556
9,287
Bread Financial Holdings, Inc. (b)
 
31,470
1,291
Cash Converters International Ltd.
 
5,568,450
926
Discover Financial Services
 
2,214,366
258,483
Navient Corp.
 
1,999,955
37,939
Regional Management Corp.
 
257,864
8,894
Synchrony Financial
 
6,412,539
235,533
 
 
 
552,353
Diversified Financial Services - 0.5%
 
 
 
Far East Horizon Ltd.
 
999,365
903
Fuyo General Lease Co. Ltd.
 
130,014
8,936
Jackson Financial, Inc.
 
1,636,667
72,079
Ricoh Leasing Co. Ltd.
 
375,051
11,205
Tokyo Century Corp.
 
150,642
5,297
Zenkoku Hosho Co. Ltd.
 
1,249,284
48,657
 
 
 
147,077
Insurance - 4.5%
 
 
 
AEGON NV
 
9,696,611
53,484
AFLAC, Inc.
 
1,219,089
89,603
ASR Nederland NV
 
1,651,505
77,886
Chubb Ltd.
 
15,225
3,464
Db Insurance Co. Ltd.
 
1,800,077
95,811
Direct Line Insurance Group PLC
 
6,627,000
14,498
Employers Holdings, Inc.
 
611,920
26,845
Hartford Financial Services Group, Inc.
 
84,497
6,558
Hiscox Ltd.
 
299,873
4,157
Hyundai Fire & Marine Insurance Co. Ltd.
 
650,004
16,345
Legal & General Group PLC
 
7,078,399
22,166
National Western Life Group, Inc.
 
101,487
28,092
NN Group NV
 
600,285
25,987
Old Republic International Corp.
 
131,014
3,457
Primerica, Inc.
 
328,679
53,164
Qualitas Controladora S.A.B. de CV
 
699,582
3,859
Reinsurance Group of America, Inc.
 
2,056,849
312,168
Selective Insurance Group, Inc.
 
26,000
2,470
The Travelers Companies, Inc.
 
20,500
3,918
Unum Group (c)
 
11,447,495
481,138
 
 
 
1,325,070
Thrifts & Mortgage Finance - 0.6%
 
 
 
ASAX Co. Ltd.
 
109,814
512
Axos Financial, Inc. (a)
 
348,943
16,791
Enact Holdings, Inc.
 
2,577,423
64,822
EQB, Inc.
 
599,656
29,718
Essent Group Ltd.
 
794,843
34,997
Federal Agricultural Mortgage Corp.:
 
 
 
 Class A (multi-vtg.)
 
4,930
533
 Class C (non-vtg.)
 
169,949
22,598
Hingham Institution for Savings (b)
 
10,847
3,171
Southern Missouri Bancorp, Inc.
 
124,957
6,050
Walker & Dunlop, Inc.
 
10,049
958
 
 
 
180,150
TOTAL FINANCIALS
 
 
3,092,075
HEALTH CARE - 14.7%
 
 
 
Biotechnology - 1.5%
 
 
 
Amgen, Inc.
 
1,106,713
279,334
Cell Biotech Co. Ltd. (c)
 
518,100
5,811
Essex Bio-Technology Ltd.
 
11,988,456
6,533
Exelixis, Inc. (a)
 
139,921
2,465
Gilead Sciences, Inc.
 
44,974
3,775
Regeneron Pharmaceuticals, Inc. (a)
 
200,671
152,203
United Therapeutics Corp. (a)
 
999
263
 
 
 
450,384
Health Care Equipment & Supplies - 1.0%
 
 
 
Arts Optical International Holdings Ltd. (a)
 
11,435,621
1,114
Embecta Corp. (b)(c)
 
3,460,578
91,325
Fukuda Denshi Co. Ltd.
 
1,536,190
53,535
Hoshi Iryo-Sanki Co. Ltd. (c)
 
204,973
6,189
I-Sens, Inc.
 
325,000
9,263
InBody Co. Ltd. (c)
 
741,922
13,363
Japan Lifeline Co. Ltd.
 
99,900
734
Medikit Co. Ltd.
 
56,144
1,065
Nakanishi, Inc.
 
395,507
8,391
Prim SA (c)
 
1,365,941
17,152
ResMed, Inc.
 
21,974
5,018
St. Shine Optical Co. Ltd. (c)
 
3,175,800
26,875
Techno Medica Co. Ltd.
 
37,582
503
Utah Medical Products, Inc. (c)
 
215,871
19,888
Value Added Technology Co. Ltd.
 
436,553
12,639
Vieworks Co. Ltd.
 
394,258
10,334
 
 
 
277,388
Health Care Providers & Services - 10.8%
 
 
 
Centene Corp. (a)
 
882,899
67,312
Cigna Corp.
 
364,395
115,393
DaVita HealthCare Partners, Inc. (a)
 
28,284
2,330
DVx, Inc. (c)
 
620,585
4,908
Elevance Health, Inc.
 
1,549,126
774,548
HCA Holdings, Inc.
 
9,491
2,421
Henry Schein, Inc. (a)
 
27,384
2,359
Hi-Clearance, Inc.
 
1,546,000
7,398
Humana, Inc.
 
278,939
142,733
Laboratory Corp. of America Holdings
 
355,949
89,742
Quest Diagnostics, Inc.
 
88,175
13,092
Select Medical Holdings Corp.
 
199,824
5,809
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares)
 
9,990
18
Ship Healthcare Holdings, Inc.
 
69,346
1,347
Sinopharm Group Co. Ltd. (H Shares)
 
41,676,001
102,148
UnitedHealth Group, Inc.
 
2,558,493
1,277,161
Universal Health Services, Inc. Class B
 
3,486,969
516,804
WIN-Partners Co. Ltd. (c)
 
2,348,461
18,025
 
 
 
3,143,548
Health Care Technology - 0.0%
 
 
 
Software Service, Inc.
 
49,949
3,387
Life Sciences Tools & Services - 0.3%
 
 
 
ICON PLC (a)
 
418,981
96,663
Pharmaceuticals - 1.1%
 
 
 
Bliss Gvs Pharma Ltd.
 
1,989,000
1,908
China Medical System Holdings Ltd.
 
9,994,391
17,252
Consun Pharmaceutical Group Ltd.
 
3,997,903
2,109
Daewon Pharmaceutical Co. Ltd. (c)
 
2,142,922
29,426
Dai Han Pharmaceutical Co. Ltd.
 
297,037
7,048
Daito Pharmaceutical Co. Ltd. (c)
 
1,028,933
20,835
Dawnrays Pharmaceutical Holdings Ltd.
 
64,960,940
10,771
DongKook Pharmaceutical Co. Ltd. (c)
 
3,150,000
43,687
Faes Farma SA
 
2,956,608
11,057
FDC Ltd. (a)
 
1,943,366
6,333
Fuji Pharma Co. Ltd.
 
625,591
5,128
Genomma Lab Internacional SA de CV
 
2,489,400
2,337
Granules India Ltd.
 
145,164
526
Huons Co. Ltd. (c)
 
853,834
20,415
Hypera SA
 
419,700
3,836
Jazz Pharmaceuticals PLC (a)
 
10,955
1,716
Kaken Pharmaceutical Co. Ltd.
 
34,564
1,003
Korea United Pharm, Inc.
 
40,010
750
Kwang Dong Pharmaceutical Co. Ltd. (c)
 
4,164,491
20,345
Lee's Pharmaceutical Holdings Ltd.
 
21,549,366
5,271
Luye Pharma Group Ltd. (a)(e)
 
993,782
511
Nippon Chemiphar Co. Ltd.
 
82,333
1,133
Recordati SpA
 
176,782
7,713
Samjin Pharmaceutical Co. Ltd.
 
1,600
31
Sanofi SA
 
704,571
68,995
Syngen Biotech Co. Ltd.
 
357,700
1,862
Towa Pharmaceutical Co. Ltd.
 
319,870
5,050
Whanin Pharmaceutical Co. Ltd. (c)
 
1,750,000
24,875
 
 
 
321,923
TOTAL HEALTH CARE
 
 
4,293,293
INDUSTRIALS - 8.9%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
BWX Technologies, Inc.
 
10,092
614
Huntington Ingalls Industries, Inc.
 
10,033
2,213
Rheinmetall AG
 
27,453
6,387
V2X, Inc. (a)
 
402,327
17,767
 
 
 
26,981
Air Freight & Logistics - 0.0%
 
 
 
AIT Corp.
 
162,384
1,880
Compania de Distribucion Integral Logista Holdings SA
 
4,960
134
Sinotrans Ltd. (H Shares)
 
29,981,888
10,342
 
 
 
12,356
Airlines - 0.0%
 
 
 
Jet2 PLC
 
134,122
2,009
Building Products - 0.3%
 
 
 
Builders FirstSource, Inc. (a)
 
44,600
3,555
Hayward Holdings, Inc. (a)(b)
 
3,766,340
50,808
Kondotec, Inc. (c)
 
1,602,047
12,553
Masonite International Corp. (a)
 
23,640
2,156
Nihon Dengi Co. Ltd.
 
309,858
7,616
Nihon Flush Co. Ltd.
 
1,249,695
8,914
Owens Corning
 
35,998
3,479
Sekisui Jushi Corp.
 
130,620
1,983
 
 
 
91,064
Commercial Services & Supplies - 0.9%
 
 
 
Aeon Delight Co. Ltd.
 
82,052
1,948
AJIS Co. Ltd. (c)
 
860,911
15,616
Asia File Corp. Bhd
 
4,500,000
1,828
Calian Group Ltd.
 
74,244
3,440
Civeo Corp. (a)(c)
 
774,884
26,540
CoreCivic, Inc. (a)
 
4,297,733
45,728
CTS Co. Ltd.
 
4,921
31
Fursys, Inc. (c)
 
900,000
21,655
Lion Rock Group Ltd.
 
18,538,718
2,391
Mears Group PLC
 
1,002,229
2,533
Mitie Group PLC
 
39,802,672
38,275
NICE Total Cash Management Co., Ltd.
 
1,025,000
4,184
Pilot Corp.
 
4,997
178
Prosegur Compania de Seguridad SA (Reg.)
 
299,752
677
S1 Corp.
 
10,000
467
Sunny Friend Environmental Technology Co. Ltd.
 
100,000
562
The GEO Group, Inc. (a)
 
1,942,543
22,339
VSE Corp. (c)
 
1,164,682
63,941
 
 
 
252,333
Construction & Engineering - 0.5%
 
 
 
Argan, Inc. (b)
 
93,867
3,660
Boustead Projs. Pte Ltd.
 
1,284,204
778
Boustead Singapore Ltd.
 
5,796,637
3,576
Br Holding Corp.
 
61,512
161
Dai-Dan Co. Ltd.
 
100,001
1,696
Daiichi Kensetsu Corp.
 
999,494
10,438
EMCOR Group, Inc.
 
54,949
8,146
Fuji Furukawa Engineering & Construction Co. Ltd.
 
15,168
417
Geumhwa PSC Co. Ltd. (c)
 
360,000
8,506
Kyeryong Construction Industrial Co. Ltd. (c)
 
675,000
11,089
Meisei Industrial Co. Ltd.
 
1,149,337
7,328
Mirait One Corp.
 
386,050
4,708
Nippon Rietec Co. Ltd.
 
999,880
6,910
Primoris Services Corp.
 
1,349,211
35,889
Raiznext Corp. (c)
 
3,148,162
32,009
Seikitokyu Kogyo Co. Ltd.
 
243,476
1,519
Shinnihon Corp.
 
1,749,789
11,157
Sinopec Engineering Group Co. Ltd. (H Shares)
 
99,185
50
Totetsu Kogyo Co. Ltd.
 
147,942
3,058
United Integrated Services Co.
 
300,800
2,075
 
 
 
153,170
Electrical Equipment - 1.1%
 
 
 
Acuity Brands, Inc.
 
527,259
99,399
Aichi Electric Co. Ltd. (c)
 
601,384
16,019
AQ Group AB
 
760,259
24,754
Atkore, Inc. (a)
 
67,009
8,728
Chiyoda Integre Co. Ltd.
 
271,001
4,718
Generac Holdings, Inc. (a)
 
9,859
1,189
GrafTech International Ltd. (c)
 
17,239,100
112,744
Hammond Power Solutions, Inc. Class A
 
436,084
8,030
Korea Electric Terminal Co. Ltd.
 
437,401
19,400
Sensata Technologies, Inc. PLC
 
299,731
15,241
Servotronics, Inc. (a)
 
109,880
1,235
Vitzrocell Co. Ltd.
 
140,000
1,839
 
 
 
313,296
Industrial Conglomerates - 0.3%
 
 
 
DCC PLC (United Kingdom)
 
1,537,432
87,303
Mytilineos SA
 
49,780
1,283
Nolato AB (B Shares)
 
125,000
753
Reunert Ltd.
 
1,035,285
3,406
 
 
 
92,745
Machinery - 2.1%
 
 
 
Aalberts Industries NV
 
5,254,928
247,083
Allison Transmission Holdings, Inc.
 
314,854
14,194
ASL Marine Holdings Ltd. (a)(c)
 
42,111,992
1,422
Beijer Alma AB (B Shares)
 
24,985
495
Crane Holdings Co.
 
880,918
102,107
Daiwa Industries Ltd.
 
850,337
7,917
ESAB Corp.
 
349,866
20,226
Estic Corp.
 
374,855
2,795
Foremost Income Fund (a)
 
2,141,103
9,414
Haitian International Holdings Ltd.
 
6,696,073
20,550
Hosokawa Micron Corp.
 
109,990
2,346
Hurco Companies, Inc.
 
109,669
3,093
Hy-Lok Corp.
 
102,000
1,820
Hyster-Yale Materials Handling, Inc.:
 
 
 
 Class A (c)
 
199,712
6,477
 Class B (a)(c)
 
310,000
10,053
Ihara Science Corp. (c)
 
1,095,799
19,434
JOST Werke AG (e)
 
75,475
4,365
Kyowakogyosyo Co. Ltd.
 
41,706
1,308
Luxfer Holdings PLC sponsored
 
167,571
2,773
Maruzen Co. Ltd. (c)
 
1,531,233
21,337
Mincon Group PLC
 
2,082,405
2,581
Mitsui Engineering & Shipbuilding Co. (a)
 
2,998,987
9,334
Nadex Co. Ltd. (c)
 
767,559
5,064
Nippon Dry-Chemical Co. Ltd.
 
84,028
973
Oshkosh Corp.
 
24,898
2,509
Park-Ohio Holdings Corp. (c)
 
749,555
9,932
Proto Labs, Inc. (a)
 
135,448
4,145
Semperit AG Holding (b)
 
369,813
9,066
Shinwa Co. Ltd.
 
87,720
1,431
SIMPAC, Inc.
 
1,183,000
5,035
Stabilus Se
 
24,734
1,699
Takamatsu Machinery Co. Ltd.
 
350,140
1,482
Takeuchi Manufacturing Co. Ltd.
 
449,768
9,954
TK Group Holdings Ltd.
 
8,031,658
1,656
Tocalo Co. Ltd.
 
2,955,692
28,314
Trinity Industrial Corp.
 
816,655
4,172
Yamada Corp.
 
55,046
1,165
 
 
 
597,721
Marine - 0.0%
 
 
 
Eagle Bulk Shipping, Inc. (b)
 
103,091
5,905
Genco Shipping & Trading Ltd. (b)
 
111,005
2,014
Japan Transcity Corp.
 
102,320
422
Tokyo Kisen Co. Ltd. (c)
 
548,577
2,008
 
 
 
10,349
Professional Services - 0.9%
 
 
 
ABIST Co. Ltd.
 
73,098
1,661
Altech Corp.
 
335,632
5,769
Artner Co. Ltd.
 
246,895
1,898
ASGN, Inc. (a)
 
53,464
4,863
Barrett Business Services, Inc.
 
52,724
5,240
CACI International, Inc. Class A (a)
 
280,456
86,406
Career Design Center Co. Ltd.
 
309,820
3,513
Careerlink Co. Ltd.
 
49,255
997
Creek & River Co. Ltd.
 
10,033
169
Dip Corp.
 
50,177
1,489
en japan, Inc.
 
249,910
4,758
FTI Consulting, Inc. (a)
 
1,989
317
Gakujo Co. Ltd.
 
275,320
2,970
Hito Communications Holdings, Inc.
 
181,274
2,272
HRnetgroup Ltd.
 
20,080
12
JAC Recruitment Co. Ltd.
 
99,931
1,816
Kelly Services, Inc. Class A (non-vtg.)
 
425,138
7,695
McMillan Shakespeare Ltd.
 
1,399,473
14,011
Open Up Group, Inc.
 
98,596
1,454
Outsourcing, Inc.
 
349,854
2,719
Persol Holdings Co. Ltd.
 
157,525
3,454
Quick Co. Ltd. (c)
 
1,052,313
16,520
Robert Half International, Inc.
 
9,990
839
SaraminHR Co. Ltd.
 
75,000
1,811
Science Applications International Corp.
 
156,897
16,283
SHL-JAPAN Ltd.
 
109,986
2,272
Synergie SA
 
133,192
4,836
TrueBlue, Inc. (a)
 
318,269
6,248
WDB Holdings Co. Ltd.
 
660,099
10,923
Will Group, Inc.
 
1,114,166
10,524
World Holdings Co. Ltd. (c)
 
1,314,415
26,337
 
 
 
250,076
Road & Rail - 0.8%
 
 
 
Alps Logistics Co. Ltd. (c)
 
2,298,000
21,269
Chilled & Frozen Logistics Holdings Co. Ltd.
 
791,973
7,585
Daqin Railway Co. Ltd. (A Shares)
 
31,000,000
30,788
Hamakyorex Co. Ltd. (c)
 
1,246,456
31,215
NANSO Transport Co. Ltd.
 
116,983
1,132
Sakai Moving Service Co. Ltd. (c)
 
1,114,347
38,535
SENKO Co. Ltd.
 
499,972
3,867
Stef SA
 
191,083
20,109
Trancom Co. Ltd. (c)
 
824,712
47,254
Universal Logistics Holdings, Inc.
 
1,242,720
44,639
 
 
 
246,393
Trading Companies & Distributors - 1.8%
 
 
 
AddTech AB (B Shares)
 
25,407
404
Alconix Corp. (c)
 
2,372,761
25,442
Alligo AB (B Shares)
 
9,990
85
Beacon Roofing Supply, Inc. (a)
 
45,155
2,568
Chori Co. Ltd. (c)
 
1,424,181
25,986
Ferguson PLC
 
638,880
90,938
Goodfellow, Inc. (c)
 
685,232
7,596
Green Cross Co. Ltd. (c)
 
492,959
3,899
Hanwa Co. Ltd.
 
100,667
3,205
Itochu Corp.
 
3,940,386
127,361
Kamei Corp.
 
1,877,529
20,605
Lumax International Corp. Ltd.
 
2,201,510
5,224
Mitani Shoji Co. Ltd.
 
2,808,303
29,274
Narasaki Sangyo Co. Ltd.
 
78,925
1,246
Otec Corp.
 
120,113
1,977
Parker Corp. (c)
 
2,138,750
8,799
Rasa Corp.
 
161,839
1,540
Richelieu Hardware Ltd.
 
699,143
20,792
Sanyo Trading Co. Ltd.
 
132,372
1,157
Senshu Electric Co. Ltd. (c)
 
1,389,653
37,038
Tanaka Co. Ltd.
 
35,622
157
TECHNO ASSOCIE Co. Ltd.
 
219,961
2,089
Totech Corp. (c)
 
899,997
25,283
Univar Solutions, Inc. (a)
 
2,130,991
73,477
Yamazen Co. Ltd.
 
129,918
1,064
Yuasa Trading Co. Ltd.
 
365,370
10,411
 
 
 
527,617
Transportation Infrastructure - 0.1%
 
 
 
Anhui Expressway Co. Ltd. (H Shares)
 
12,416,578
11,324
Daito Koun Co. Ltd.
 
19,847
110
Isewan Terminal Service Co. Ltd. (c)
 
1,374,393
7,407
Meiko Transportation Co. Ltd.
 
815,750
7,338
Qingdao Port International Co. Ltd. (H Shares) (e)
 
16,490,830
8,194
 
 
 
34,373
TOTAL INDUSTRIALS
 
 
2,610,483
INFORMATION TECHNOLOGY - 12.9%
 
 
 
Electronic Equipment & Components - 4.7%
 
 
 
A&D Holon Holdings Co. Ltd.
 
582,827
4,773
Advanced Energy Industries, Inc.
 
170,017
15,767
Alviva Holdings Ltd. (c)
 
7,316,886
11,636
CDW Corp.
 
581,213
113,935
Climb Global Solutions, Inc. (c)
 
275,821
10,448
Daido Signal Co. Ltd.
 
94,177
305
Daiwabo Holdings Co. Ltd.
 
843,244
12,763
Dexerials Corp.
 
210,700
4,504
Elematec Corp. (c)
 
2,119,886
26,881
ePlus, Inc. (a)
 
25,046
1,247
FLEXium Interconnect, Inc.
 
600,000
2,008
Hagiwara Electric Holdings Co. Ltd.
 
235,630
4,691
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
40,820,012
136,006
IDIS Holdings Co. Ltd. (c)
 
800,000
8,939
Insight Enterprises, Inc. (a)
 
371,667
41,894
Jabil, Inc.
 
1,186,857
93,323
Kingboard Chemical Holdings Ltd. (c)
 
68,295,993
278,978
Kitron ASA
 
700,254
1,863
Makus, Inc.
 
686,027
5,047
Methode Electronics, Inc. Class A
 
1,034,715
49,397
Nihon Denkei Co. Ltd.
 
54,267
687
Nippo Ltd. (c)
 
639,637
3,608
PAX Global Technology Ltd.
 
45,073,203
42,601
Redington (India) Ltd.
 
28,000,820
63,742
SAMT Co. Ltd.
 
100,000
220
ScanSource, Inc. (a)
 
281,284
9,263
Shibaura Electronics Co. Ltd.
 
374,672
15,026
Simplo Technology Co. Ltd.
 
6,500,000
64,339
Sunny Optical Technology Group Co. Ltd.
 
99,991
1,350
TD SYNNEX Corp.
 
2,299,097
234,853
Test Research, Inc.
 
150,000
319
Thinking Electronic Industries Co. Ltd.
 
4,124,000
20,665
Tomen Devices Corp. (c)
 
424,814
20,008
Tripod Technology Corp.
 
1,266,000
4,185
VSTECS Holdings Ltd. (c)
 
112,425,255
70,342
 
 
 
1,375,613
IT Services - 4.5%
 
 
 
ALTEN
 
120,004
18,356
Amdocs Ltd.
 
2,700,082
248,219
Argo Graphics, Inc.
 
735,499
23,000
Asahi Intelligence Service Co.
 
39,249
356
Avant Group Corp.
 
229,143
2,552
CDS Co. Ltd. (c)
 
455,976
6,387
Cielo SA
 
120,100
119
Cognizant Technology Solutions Corp. Class A
 
982,554
65,585
Concentrix Corp.
 
2,252,879
319,481
CSE Global Ltd. (c)
 
40,333,025
11,540
Densan System Holdings Co. Ltd.
 
41,214
689
Dimerco Data System Corp.
 
994,799
2,386
DTS Corp.
 
370,985
9,099
E-Credible Co. Ltd.
 
250,349
3,344
E-Guardian, Inc.
 
109,340
2,303
eClerx Services Ltd.
 
144,078
2,570
Enea AB (a)
 
8,840
75
EOH Holdings Ltd. (a)
 
5,796,713
546
EOH Holdings Ltd. rights 2/10/23 (a)
 
13,158,539
204
Estore Corp.
 
175,552
1,975
ExlService Holdings, Inc. (a)
 
170,867
29,150
FleetCor Technologies, Inc. (a)
 
38,280
7,993
Gabia, Inc. (c)
 
900,000
9,178
Genpact Ltd.
 
2,945,813
139,278
Himacs Ltd.
 
27,972
315
IFIS Japan Ltd.
 
177,386
827
Indra Sistemas SA (c)
 
11,443,088
139,332
Information Planning Co.
 
125,269
2,886
Jfe Systems, Inc.
 
25,029
488
Know IT AB
 
375,269
7,321
KPS AG (b)
 
12,036
52
Maximus, Inc.
 
71,617
5,361
Metaage Corp.
 
1,927,000
2,171
Neurones
 
4,997
213
Nice Information & Telecom, Inc.
 
433,187
9,370
Pole To Win Holdings, Inc.
 
261,744
1,763
Proact IT Group AB
 
4,931
41
Societe Pour L'Informatique Industrielle SA (c)
 
1,524,197
79,455
Softcat PLC
 
5,117
76
Softcreate Co. Ltd.
 
591,648
15,066
Sopra Steria Group
 
82,359
13,645
SS&C Technologies Holdings, Inc.
 
4,997
302
TDC Soft, Inc.
 
525,346
6,512
The Western Union Co. (b)
 
6,823,350
96,687
Verra Mobility Corp. (a)
 
925,071
14,274
 
 
 
1,300,542
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
ASMPT Ltd.
 
250,017
2,065
FormFactor, Inc. (a)
 
85,585
2,408
Japan Material Co. Ltd.
 
98,652
1,850
Machvision, Inc.
 
209,000
1,036
Melexis NV
 
99,070
10,501
Micron Technology, Inc.
 
1,617,657
97,545
MKS Instruments, Inc.
 
1,209,982
123,805
Novatek Microelectronics Corp.
 
100,000
1,190
Parade Technologies Ltd.
 
300,000
9,269
Powertech Technology, Inc.
 
10,000,000
27,927
Renesas Electronics Corp. (a)
 
499,787
5,141
Skyworks Solutions, Inc.
 
143,557
15,744
Synaptics, Inc. (a)
 
48,597
6,076
Systems Technology, Inc.
 
150,100
1,565
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,701,000
65,254
Topco Scientific Co. Ltd.
 
7,600,000
42,957
 
 
 
414,333
Software - 0.7%
 
 
 
ANSYS, Inc. (a)
 
456,747
121,659
Check Point Software Technologies Ltd. (a)
 
5,056
643
Cresco Ltd.
 
705,933
9,950
Cvent Holding Corp. (a)
 
4,997
40
Enghouse Systems Ltd.
 
24,890
739
Focus Systems Corp.
 
54,810
450
Fukui Computer Holdings, Inc.
 
199,882
4,609
Hecto Innovation Co. Ltd.
 
500,074
5,740
InfoVine Co. Ltd.
 
97,464
1,815
Justsystems Corp.
 
99,900
2,488
KSK Co., Ltd. (c)
 
542,723
9,520
NetGem SA
 
527,357
654
Nsw, Inc.
 
174,924
2,781
Open Text Corp.
 
20,045
672
Pro-Ship, Inc.
 
601,688
6,935
SPS Commerce, Inc. (a)
 
32,567
4,432
System Information Co. Ltd.
 
204,400
1,333
System Research Co. Ltd.
 
137,257
2,327
VMware, Inc. Class A (a)
 
249,769
30,589
 
 
 
207,376
Technology Hardware, Storage & Peripherals - 1.6%
 
 
 
Chenbro Micom Co. Ltd.
 
831,000
2,394
Dell Technologies, Inc.
 
114,587
4,655
Elecom Co. Ltd.
 
549,837
5,772
MCJ Co. Ltd.
 
2,689,546
20,920
Samsung Electronics Co. Ltd.
 
1,884,000
93,728
Seagate Technology Holdings PLC (b)
 
4,522,361
306,526
Super Micro Computer, Inc. (a)(b)
 
412,314
29,823
TSC Auto ID Technology Corp. (c)
 
2,314,000
15,320
 
 
 
479,138
TOTAL INFORMATION TECHNOLOGY
 
 
3,777,002
MATERIALS - 5.5%
 
 
 
Chemicals - 3.1%
 
 
 
AdvanSix, Inc.
 
239,239
10,345
Birla Carbon Thailand PCL (For. Reg.)
 
11,168,286
19,941
C. Uyemura & Co. Ltd.
 
749,600
38,277
Celanese Corp. Class A
 
50,049
6,166
CF Industries Holdings, Inc.
 
60,000
5,082
Chase Corp. (c)
 
484,727
45,749
Daishin-Chemical Co. Ltd. (c)
 
250,089
2,296
EcoGreen International Group Ltd. (a)(c)(d)
 
52,936,972
10,262
Element Solutions, Inc.
 
49,879
1,022
FMC Corp.
 
967,283
128,774
Fujikura Kasei Co., Ltd. (c)
 
1,810,197
6,038
Gujarat Narmada Valley Fertilizers Co.
 
1,800,000
12,164
Gujarat State Fertilizers & Chemicals Ltd.
 
14,000,100
22,296
HEXPOL AB (B Shares)
 
4,095
44
Huntsman Corp. (b)
 
2,780,217
88,105
Hyundai HCN
 
2,000,079
4,452
Ingevity Corp. (a)
 
63,251
5,214
Insecticides (India) Ltd.
 
60,050
451
Jcu Corp.
 
349,863
8,675
K+S AG
 
899,322
21,470
KPX Chemical Co. Ltd.
 
163,083
6,537
KPX Holdings Corp.
 
69,171
3,084
LyondellBasell Industries NV Class A
 
1,399,733
135,340
Miwon Chemicals Co. Ltd.
 
45,000
2,392
Miwon Commercial Co. Ltd.
 
28,100
3,777
Muto Seiko Co. Ltd.
 
199,854
1,208
Scientex Bhd
 
100,000
83
SK Kaken Co. Ltd.
 
59,957
20,068
Soken Chemical & Engineer Co. Ltd. (c)
 
642,057
8,621
Soulbrain Co. Ltd.
 
16,911
3,225
T&K Toka Co. Ltd. (b)
 
1,099,590
10,690
Thai Rayon PCL:
 
 
 
 (For. Reg.) (a)
 
2,622,281
3,798
 NVDR
 
283,561
411
The Mosaic Co.
 
3,469,165
171,862
Trinseo PLC (b)
 
50,440
1,400
Tronox Holdings PLC
 
1,059,314
18,167
Valvoline, Inc.
 
86,747
3,180
Yara International ASA
 
1,634,097
72,360
Yip's Chemical Holdings Ltd.
 
26,656,374
11,336
 
 
 
914,362
Construction Materials - 0.2%
 
 
 
Buzzi Unicem SpA
 
400,012
8,976
Eagle Materials, Inc.
 
57,505
8,400
Mitani Sekisan Co. Ltd.
 
934,457
30,532
RHI Magnesita NV
 
88,624
2,939
Vertex Corp.
 
30,147
318
West China Cement Ltd.
 
4,985,609
611
Wienerberger AG
 
74,957
2,241
 
 
 
54,017
Containers & Packaging - 0.3%
 
 
 
Chuoh Pack Industry Co. Ltd. (c)
 
408,841
3,441
Kohsoku Corp. (c)
 
1,649,423
23,918
Mayr-Melnhof Karton AG
 
32,173
5,379
O-I Glass, Inc. (a)
 
187,300
3,606
Packaging Corp. of America
 
69,279
9,886
Silgan Holdings, Inc.
 
223,891
12,065
The Pack Corp. (c)
 
1,284,286
25,674
 
 
 
83,969
Metals & Mining - 1.4%
 
 
 
Boliden AB
 
149,994
6,705
Chubu Steel Plate Co. Ltd.
 
445,586
5,967
CI Resources Ltd. (d)
 
430,467
380
CK-SAN-ETSU Co. Ltd.
 
28,938
960
Cleveland-Cliffs, Inc. (a)(b)
 
9,922,716
211,850
Commercial Metals Co.
 
61,600
3,343
Gatos Silver, Inc. (a)
 
72,447
374
Granges AB
 
321,240
2,679
Hill & Smith Holdings PLC
 
503,001
7,814
Mount Gibson Iron Ltd. (a)
 
29,121,172
12,379
Pacific Metals Co. Ltd.
 
624,760
9,646
Perenti Ltd. (a)
 
12,896,205
11,458
Sandfire Resources NL
 
4,997,574
22,272
Teck Resources Ltd. Class B (sub. vtg.)
 
499,790
21,621
Tohoku Steel Co. Ltd. (c)
 
603,315
8,455
Tokyo Tekko Co. Ltd. (c)
 
742,905
9,697
Warrior Metropolitan Coal, Inc.
 
1,534,336
58,121
Webco Industries, Inc. (a)
 
7,322
1,300
 
 
 
395,021
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones, Inc.
 
2,291,903
83,405
Sylvamo Corp.
 
1,372,642
65,242
Western Forest Products, Inc.
 
1,666,627
1,779
 
 
 
150,426
TOTAL MATERIALS
 
 
1,597,795
REAL ESTATE - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Anabuki Kosan, Inc.
 
170,278
2,719
Business One Holdings, Inc.
 
14,020
63
Century21 Real Estate Japan Ltd.
 
36,771
288
Daito Trust Construction Co. Ltd.
 
500,115
49,421
Jones Lang LaSalle, Inc. (a)
 
249,988
46,215
LSL Property Services PLC
 
1,241,719
4,041
Relo Group, Inc.
 
196,783
3,335
Selvaag Bolig ASA
 
513,393
1,656
Servcorp Ltd.
 
917,565
2,025
Tejon Ranch Co. (a)
 
416,608
8,340
Vonovia SE
 
9,949
281
 
 
 
118,384
UTILITIES - 1.5%
 
 
 
Electric Utilities - 1.3%
 
 
 
PG&E Corp. (a)
 
22,979,622
365,376
Power Grid Corp. of India Ltd.
 
50,000
133
Southern Co.
 
54,500
3,689
 
 
 
369,198
Gas Utilities - 0.1%
 
 
 
China Resource Gas Group Ltd.
 
3,997,964
16,812
GAIL India Ltd.
 
5,000,934
5,845
KyungDong City Gas Co. Ltd.
 
260,078
5,364
 
 
 
28,021
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Mega First Corp. Bhd
 
32,943,659
27,545
Vistra Corp.
 
163,000
3,759
 
 
 
31,304
TOTAL UTILITIES
 
 
428,523
 
TOTAL COMMON STOCKS
  (Cost $15,648,591)
 
 
 
28,130,309
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (f)
(000s)
 
Value ($)
(000s)
 
ENERGY - 0.0%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Bristow Group, Inc. 6.25% 10/15/22 (d)(g)
 
  (Cost $0)
 
 
9,933
0
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.38% (h)
 
897,810,891
897,990
Fidelity Securities Lending Cash Central Fund 4.38% (h)(i)
 
451,454,034
451,499
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,349,458)
 
 
1,349,489
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
  (Cost $16,998,049)
 
 
 
29,479,798
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(305,136)
NET ASSETS - 100.0%
29,174,662
 
 
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Level 3 security
 
(e)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $33,944,000 or 0.1% of net assets.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Non-income producing - Security is in default.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
1,282,478
2,115,292
2,499,780
20,315
-
-
897,990
1.9%
Fidelity Securities Lending Cash Central Fund 4.38%
212,670
1,468,618
1,229,789
319
-
-
451,499
1.5%
Total
1,495,148
3,583,910
3,729,569
20,634
-
-
1,349,489
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
AJIS Co. Ltd.
13,604
-
13
-
6
2,019
15,616
ASL Marine Holdings Ltd.
1,946
-
34
-
(466)
(24)
1,422
ASTI Corp.
4,005
-
4
-
2
2,202
6,205
Adams Resources & Energy, Inc.
5,885
-
681
77
59
2,060
7,323
Aichi Electric Co. Ltd.
11,754
1,373
14
290
8
2,898
16,019
Alconix Corp.
23,458
1
23
385
8
1,998
25,442
Alps Logistics Co. Ltd.
22,808
-
2,690
243
735
416
21,269
Alviva Holdings Ltd.
10,083
-
11
192
5
1,559
11,636
BMTC Group, Inc.
37,129
-
186
374
178
(2,615)
34,506
Belc Co. Ltd.
66,828
956
66
445
52
2,823
70,593
Belluna Co. Ltd.
35,910
44
31
385
15
(2,896)
33,042
Berry Corp.
32,314
3,478
34
4,411
26
2,839
38,623
Big Lots, Inc.
35,230
78
30
1,047
1
(6,666)
28,613
CDS Co. Ltd.
5,446
869
6
82
1
77
6,387
CSE Global Ltd.
13,112
245
11
351
-
(1,806)
11,540
Carr's Group PLC
9,233
76
13
80
(2)
(598)
8,696
Cell Biotech Co. Ltd.
2,885
2,130
-
153
-
796
5,811
Chase Corp.
45,131
-
1,005
490
454
1,169
45,749
Chord Energy Corp.
359,790
668
13,186
13,510
(58)
43,200
390,414
Chord Energy Corp. warrants 9/1/24
6,466
-
6
-
(1)
67
6,526
Chord Energy Corp. warrants 9/1/25
2,829
-
3
-
-
(17)
2,809
Chori Co. Ltd.
10,106
11,072
22
442
6
4,824
25,986
Chuoh Pack Industry Co. Ltd.
3,267
-
3
64
1
176
3,441
Civeo Corp.
25,981
-
2,779
-
(2,262)
5,600
26,540
Civitas Resources, Inc.
166,566
3,677
171
10,598
140
21,518
191,730
Climb Global Solutions, Inc.
8,855
-
167
96
76
1,684
10,448
Clip Corp.
1,374
-
1
-
-
86
1,459
Codorus Valley Bancorp, Inc.
14,246
-
13,069
-
3,853
(5,030)
-
Create SD Holdings Co. Ltd.
114,519
-
986
795
641
19,097
133,271
DVx, Inc.
4,838
-
4
-
2
72
4,908
Daewon Pharmaceutical Co. Ltd.
29,234
-
-
281
-
192
29,426
Daiichi Kensetsu Corp.
14,777
-
4,820
-
717
(236)
-
Daishin-Chemical Co. Ltd.
2,014
216
2
-
-
68
2,296
Daito Pharmaceutical Co. Ltd.
19,319
1,063
37
222
(16)
506
20,835
DongKook Pharmaceutical Co. Ltd.
46,410
134
-
371
-
(2,857)
43,687
EcoGreen International Group Ltd.
12,826
-
11
-
2
(2,555)
10,262
Elematec Corp.
20,032
-
23
357
13
6,859
26,881
Embecta Corp.
101,535
458
91
1,037
7
(10,584)
91,325
First Juken Co. Ltd.
11,487
-
11
181
1
(650)
10,827
First of Long Island Corp.
23,126
-
399
526
(77)
(585)
22,065
Food Empire Holdings Ltd.
13,383
-
1,887
-
(389)
5,463
16,570
Foot Locker, Inc.
178,733
6,001
112,799
4,603
5,782
78,636
-
Fossil Group, Inc.
24,084
-
2,293
-
(2,098)
(75)
19,618
Fresh Del Monte Produce, Inc.
134,051
453
9,956
1,302
547
(5,762)
119,333
Fujikura Kasei Co., Ltd.
9,508
-
2,334
112
(3,828)
2,692
6,038
Fursys, Inc.
21,867
-
-
648
-
(212)
21,655
Gabia, Inc.
8,159
-
-
41
-
1,019
9,178
Genky DrugStores Co. Ltd.
24,366
16
26
89
21
4,422
28,799
Geumhwa PSC Co. Ltd.
8,184
-
-
307
-
322
8,506
Goodfellow, Inc.
5,532
-
101
231
(19)
2,184
7,596
GrafTech International Ltd.
92,982
29,256
80
288
11
(9,425)
112,744
Green Cross Co. Ltd.
3,600
67
4
-
-
236
3,899
Gujarat State Fertilizers & Chemicals Ltd.
49,021
-
19,928
432
6,524
(13,321)
-
Halows Co. Ltd.
38,573
244
37
211
26
1,548
40,354
Hamakyorex Co. Ltd.
29,044
896
28
348
11
1,292
31,215
Handsome Co. Ltd.
33,441
-
-
550
-
(2,278)
31,163
Hoshi Iryo-Sanki Co. Ltd.
5,819
49
6
38
2
325
6,189
Huons Co. Ltd.
24,682
-
-
336
-
(4,267)
20,415
Hyster-Yale Materials Handling, Inc. Class A
6,915
-
5
129
-
(433)
6,477
Hyster-Yale Materials Handling, Inc. Class B
10,723
-
-
200
-
(670)
10,053
IA Group Corp.
3,367
-
3
48
-
2
3,366
IDIS Holdings Co. Ltd.
8,256
-
-
105
-
683
8,939
Ihara Science Corp.
18,026
58
18
-
13
1,355
19,434
InBody Co. Ltd.
13,194
765
-
96
-
(596)
13,363
Indra Sistemas SA
104,257
-
176
(15)
(162)
35,413
139,332
InfoVine Co. Ltd.
5,702
-
2,322
57
(1)
(1,564)
-
Isewan Terminal Service Co. Ltd.
6,397
625
7
86
3
389
7,407
JLM Couture, Inc.
279
-
-
-
(1)
(69)
209
Jackson Financial, Inc.
117,186
-
96,844
4,685
9,444
42,293
-
Jumbo SA
146,277
-
146
3,637
106
22,847
169,084
KSK Co., Ltd.
8,577
486
8
-
6
459
9,520
Kingboard Chemical Holdings Ltd.
198,672
1,198
221
2,637
182
79,147
278,978
Kohsoku Corp.
18,948
-
352
242
100
5,222
23,918
Kondotec, Inc.
12,543
-
12
159
9
13
12,553
Kwang Dong Pharmaceutical Co. Ltd.
17,440
3,532
-
273
-
(627)
20,345
Kyeryong Construction Industrial Co. Ltd.
12,722
-
-
354
-
(1,633)
11,089
Maruzen Co. Ltd.
21,605
-
34
249
21
(255)
21,337
Metro, Inc.
1,190,599
-
318,913
7,335
286,946
(304,477)
854,155
Mi Chang Oil Industrial Co. Ltd.
10,703
-
-
285
-
(292)
10,411
Motonic Corp.
13,672
-
-
541
-
201
13,873
Muhak Co. Ltd.
10,205
-
4,781
100
(5,789)
3,221
-
Murakami Corp.
14,682
-
14
232
10
1,004
15,682
Murphy Oil Corp.
414,742
717
376,488
5,726
194,153
(101,329)
-
Nadex Co. Ltd.
4,351
-
5
48
2
716
5,064
Nafco Co. Ltd.
22,497
22
22
329
4
971
23,472
Next PLC
816,407
-
37,713
7,596
20,241
(40,582)
758,353
Nippo Ltd.
3,943
-
259
-
(117)
41
3,608
Origin Enterprises PLC
35,186
-
843
1,191
(527)
4,677
38,493
Park-Ohio Holdings Corp.
13,261
41
9
187
1
(3,362)
9,932
Parker Corp.
8,812
-
15
120
3
(1)
8,799
Peyto Exploration & Development Corp.
90,032
14,149
86
2,120
(1)
(17,539)
86,555
Piolax, Inc.
33,332
-
29,227
379
21,987
(26,092)
-
Prim SA
19,177
-
150
136
4
(1,879)
17,152
Qol Holdings Co. Ltd.
24,077
1,365
19
207
6
(4,652)
20,777
Quick Co. Ltd.
7,576
5,482
14
122
4
3,472
16,520
Raiznext Corp.
28,619
391
29
-
5
3,023
32,009
Rocky Mountain Chocolate Factory, Inc.
3,072
-
8
-
(3)
(673)
2,388
SJM Co. Ltd.
3,603
-
41
126
(55)
1,136
4,643
SNT Holdings Co. Ltd.
10,669
-
-
221
-
925
11,594
Sakai Moving Service Co. Ltd.
41,224
202
36
209
26
(2,881)
38,535
Sally Beauty Holdings, Inc.
89,141
16,981
114
-
31
22,870
128,909
Sanei Architecture Planning Co. Ltd.
21,081
-
19
410
7
(1,752)
19,317
Sarantis SA
27,263
810
27
-
16
5,241
33,303
Senshu Electric Co. Ltd.
27,236
-
30
327
23
9,809
37,038
Sewon Precision Industries Co. Ltd.
1,537
-
-
-
-
1,625
3,162
Societe Pour L'Informatique Industrielle SA
72,814
-
940
451
778
6,803
79,455
Soken Chemical & Engineer Co. Ltd.
9,118
-
21
-
(16)
(460)
8,621
St. Shine Optical Co. Ltd.
27,439
330
-
1,248
-
(894)
26,875
Step Co. Ltd.
15,007
125
15
164
10
857
15,984
Strattec Security Corp.
7,770
-
1,714
-
(221)
(842)
-
Sun Hing Vision Group Holdings Ltd.
2,683
-
21
73
(54)
(14)
2,594
Sunjin Co. Ltd.
19,085
-
-
151
-
(624)
18,461
T&K Toka Co. Ltd.
7,929
-
766
140
48
3,479
-
TOW Co. Ltd.
8,370
-
942
152
281
(713)
6,996
TSC Auto ID Technology Corp.
10,580
2,967
-
-
-
1,773
15,320
The Pack Corp.
26,438
-
2,779
261
1
2,014
25,674
Tohoku Steel Co. Ltd.
7,008
-
7
56
4
1,450
8,455
Tokyo Kisen Co. Ltd.
2,962
-
801
-
(618)
465
2,008
Tokyo Tekko Co. Ltd.
6,865
73
8
46
(1)
2,768
9,697
Tomen Devices Corp.
20,630
-
3,264
-
831
1,811
20,008
Totech Corp.
23,243
121
22
275
17
1,924
25,283
Trancom Co. Ltd.
45,626
-
46
351
45
1,629
47,254
Unum Group
442,418
-
94,754
8,538
34,526
98,948
481,138
Utah Medical Products, Inc.
19,911
-
198
127
180
(5)
19,888
VSE Corp.
42,234
7,524
2,701
239
473
16,411
63,941
VSTECS Holdings Ltd.
86,171
-
173
-
105
(15,761)
70,342
WIN-Partners Co. Ltd.
18,125
-
151
-
60
(9)
18,025
Whanin Pharmaceutical Co. Ltd.
23,033
-
-
344
-
1,842
24,875
World Holdings Co. Ltd.
21,993
1,735
107
712
(32)
2,748
26,337
Youngone Holdings Co. Ltd.
35,400
-
-
1,259
-
12,420
47,820
Yutaka Giken Co. Ltd.
17,184
2
167
274
(236)
(1,000)
15,783
Total
6,819,208
123,221
1,168,729
102,771
573,595
22,902
5,956,882
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
283,072
186,547
96,525
-
Consumer Discretionary
5,428,405
4,757,962
669,924
519
Consumer Staples
3,314,669
2,490,170
815,801
8,698
Energy
3,186,608
2,885,644
300,836
128
Financials
3,092,075
2,840,712
251,363
-
Health Care
4,293,293
3,704,449
588,844
-
Industrials
2,610,483
1,546,407
1,064,076
-
Information Technology
3,777,002
2,525,902
1,251,100
-
Materials
1,597,795
1,232,005
355,148
10,642
Real Estate
118,384
60,252
58,132
-
Utilities
428,523
372,824
55,699
-
 Corporate Bonds
-
-
-
-
  Money Market Funds
1,349,489
1,349,489
-
-
 Total Investments in Securities:
29,479,798
23,952,363
5,507,448
19,987
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)
 
 
 
January 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $441,439) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $12,601,409)
$
22,173,427
 
 
Fidelity Central Funds (cost $1,349,458)
1,349,489
 
 
Other affiliated issuers (cost $3,047,182)
5,956,882
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $16,998,049)
 
 
$
29,479,798
Cash
 
 
5
Foreign currency held at value (cost $4,556)
 
 
4,554
Receivable for investments sold
 
 
213,708
Receivable for fund shares sold
 
 
9,152
Dividends receivable
 
 
37,943
Distributions receivable from Fidelity Central Funds
 
 
3,783
Prepaid expenses
 
 
27
Other receivables
 
 
3,019
  Total assets
 
 
29,751,989
Liabilities
 
 
 
 
Payable for investments purchased
$
82,565
 
 
Payable for fund shares redeemed
12,928
 
 
Accrued management fee
18,453
 
 
Other affiliated payables
2,794
 
 
Other payables and accrued expenses
9,145
 
 
Collateral on securities loaned
451,442
 
 
  Total Liabilities
 
 
 
577,327
Net Assets  
 
 
$
29,174,662
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
16,021,389
Total accumulated earnings (loss)
 
 
 
13,153,273
Net Assets
 
 
$
29,174,662
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Low-Priced Stock :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($25,499,235 ÷ 524,139 shares)
 
 
$
48.65
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,675,427 ÷ 75,655 shares)
 
 
$
48.58
 
Statement of Operations
Amounts in thousands
 
 
 
Six months ended
January 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $102,771 earned from affiliated issuers)
 
 
$
327,746
Interest  
 
 
3
Income from Fidelity Central Funds (including $319 from security lending)
 
 
20,634
 Income before foreign taxes withheld
 
 
$
348,383
Less foreign taxes withheld
 
 
(19,201)
 Total Income
 
 
 
329,182
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
79,463
 
 
 Performance adjustment
28,856
 
 
Transfer agent fees
15,591
 
 
Accounting fees
913
 
 
Custodian fees and expenses
634
 
 
Independent trustees' fees and expenses
48
 
 
Registration fees
98
 
 
Audit
136
 
 
Legal
28
 
 
Miscellaneous
89
 
 
 Total expenses before reductions
 
125,856
 
 
 Expense reductions
 
(521)
 
 
 Total expenses after reductions
 
 
 
125,335
Net Investment income (loss)
 
 
 
203,847
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,184)
 
1,126,154
 
 
   Redemptions in-kind
 
14,745
 
 
   Affiliated issuers
 
573,595
 
 
 Foreign currency transactions
 
540
 
 
Total net realized gain (loss)
 
 
 
1,715,034
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,806)
 
199,583
 
 
   Affiliated issuers
 
22,902
 
 
 Assets and liabilities in foreign currencies
 
1,090
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
223,575
Net gain (loss)
 
 
 
1,938,609
Net increase (decrease) in net assets resulting from operations
 
 
$
2,142,456
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
January 31, 2023
(Unaudited)
 
Year ended
July 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
203,847
$
446,146
Net realized gain (loss)
 
1,715,034
 
 
3,185,349
 
Change in net unrealized appreciation (depreciation)
 
223,575
 
(4,865,790)
 
Net increase (decrease) in net assets resulting from operations
 
2,142,456
 
 
(1,234,295)
 
Distributions to shareholders
 
(2,504,391)
 
 
(3,782,854)
 
Share transactions - net increase (decrease)
 
1,177,417
 
 
(301,230)
 
Total increase (decrease) in net assets
 
815,482
 
 
(5,318,379)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
28,359,180
 
33,677,559
 
End of period
$
29,174,662
$
28,359,180
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Low-Priced Stock Fund
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.42
$
58.05
$
44.78
$
49.03
$
55.65
$
54.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.74
 
.58
 
.73
 
.91
 
.80
     Net realized and unrealized gain (loss)
 
3.26
 
(2.86)
 
18.11
 
(.91)
 
(1.69)
 
5.33
  Total from investment operations
 
3.60  
 
(2.12)  
 
18.69  
 
(.18)  
 
(.78)
 
6.13
  Distributions from net investment income
 
(.55)
 
(.83)
 
(.86)
 
(.89)
 
(.84)
 
(.79)
  Distributions from net realized gain
 
(3.81)
 
(5.68)
 
(4.56)
 
(3.19)
 
(5.00)
 
(4.06)
     Total distributions
 
(4.37) C
 
(6.51)
 
(5.42)
 
(4.07) C
 
(5.84)
 
(4.86) C
  Net asset value, end of period
$
48.65
$
49.42
$
58.05
$
44.78
$
49.03
$
55.65
 Total Return   D,E
 
7.99%
 
(4.16)%
 
45.83%
 
(.48)%
 
(1.20)%
 
12.07%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92% H
 
.82%
 
.65%
 
.78%
 
.52%
 
.62%
    Expenses net of fee waivers, if any
 
.92% H
 
.82%
 
.64%
 
.78%
 
.52%
 
.62%
    Expenses net of all reductions
 
.92% H
 
.82%
 
.64%
 
.78%
 
.51%
 
.62%
    Net investment income (loss)
 
1.47% H
 
1.41%
 
1.12%
 
1.64%
 
1.86%
 
1.48%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
25,499  
$
24,633
$
28,251
$
19,517
$
24,047
$
28,809
    Portfolio turnover rate I,J
 
25% H
 
14%
 
21%
 
9% K
 
17%
 
11%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
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.
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity® Low-Priced Stock Fund Class K
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.38
$
58.00
$
44.75
$
49.01
$
55.63
$
54.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.79
 
.62
 
.77
 
.96
 
.85
     Net realized and unrealized gain (loss)
 
3.24
 
(2.85)
 
18.09
 
(.91)
 
(1.69)
 
5.33
  Total from investment operations
 
3.60  
 
(2.06)  
 
18.71  
 
(.14)  
 
(.73)
 
6.18
  Distributions from net investment income
 
(.59)
 
(.88)
 
(.90)
 
(.93)
 
(.89)
 
(.84)
  Distributions from net realized gain
 
(3.81)
 
(5.68)
 
(4.56)
 
(3.19)
 
(5.00)
 
(4.06)
     Total distributions
 
(4.40)
 
(6.56)
 
(5.46)
 
(4.12)
 
(5.89)
 
(4.91) C
  Net asset value, end of period
$
48.58
$
49.38
$
58.00
$
44.75
$
49.01
$
55.63
 Total Return   D,E
 
8.02%
 
(4.07)%
 
45.94%
 
(.41)%
 
(1.10)%
 
12.18%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.84% H
 
.74%
 
.56%
 
.69%
 
.43%
 
.53%
    Expenses net of fee waivers, if any
 
.84% H
 
.74%
 
.56%
 
.69%
 
.43%
 
.53%
    Expenses net of all reductions
 
.84% H
 
.74%
 
.56%
 
.69%
 
.43%
 
.53%
    Net investment income (loss)
 
1.55% H
 
1.49%
 
1.20%
 
1.72%
 
1.95%
 
1.57%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,675  
$
3,726
$
5,426
$
4,294
$
5,776
$
7,601
    Portfolio turnover rate I,J
 
25% H
 
14%
 
21%
 
9% K
 
17%
 
11%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
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.
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
For the period ended January 31, 2023
( Amounts in thousands except percentages)
 
1 . Organization.
Fidelity Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Low-Priced Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Low-Priced Stock Fund
$1,275
 
 
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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred trustee compensation, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$13,505,461
Gross unrealized depreciation
(1,234,086)
Net unrealized appreciation (depreciation)
$12,271,375
Tax cost
$17,208,423
 
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.
 
 
 
Short-term
$(42,861)
Long-term
(26,231)
Total capital loss carryforward
$(69,092)
 
 
Due to a merger in a prior period, approximately $69,092 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $680 of those capital losses per year to offset capital gains. These realized capital losses were acquired from Fidelity Event Driven Opportunities Fund when it merged into the Fund on June 19, 2020.
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Low-Priced Stock Fund
3,256,431
4,029,318
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Low-Priced Stock Fund
561
14,745
25,315
Low-Priced Stock, 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 Low-Priced Stock Fund
7,228
224,138
371,229
Low-Priced Stock, 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 .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Low-Priced Stock as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .79% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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
Low-Priced Stock
$14,859
.12
Class K
     732
.04
 
$15,591
 
 
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 Low-Priced Stock Fund
.01
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Low-Priced Stock Fund
$74
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Low-Priced Stock Fund
396,055
105,392
35,484
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Low-Priced Stock Fund
$37
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Low-Priced Stock Fund
$33
$- A
$-
A In the amount of less than five hundred dollars.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.
 
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 $518.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended January 31, 2023
Year ended   July 31, 2022
Fidelity Low-Priced Stock Fund
 
 
Distributions to shareholders
 
 
Low-Priced Stock
$   2,185,254
$3,179,810
Class K
     319,137
     603,044
Total
$2,504,391
$3,782,854
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 January 31, 2023
Year ended   July 31, 2022
Six months ended January 31, 2023
Year ended   July 31, 2022
Fidelity Low-Priced Stock Fund
 
 
 
 
Low-Priced Stock
 
 
 
 
Shares sold
14,920
31,877
$694,233
$1,663,480
Reinvestment of distributions
44,186
55,687
2,022,615
2,957,810
Shares redeemed
(33,373)
(75,860)
(1,539,240)
(3,980,577)
Net increase (decrease)
25,733
11,704
$1,177,608
$640,713
Class K
 
 
 
 
Shares sold
5,282
11,545
$245,372
$608,413
Reinvestment of distributions
6,981
11,368
319,132
603,042
Shares redeemed
(12,073)
(41,004)
(564,695)
(2,153,398)
Net increase (decrease)
190
(18,091)
$(191)
$(941,943)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
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 (August 1, 2022 to January 31, 2023).
 
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 August 1, 2022
 
Ending Account Value January 31, 2023
 
Expenses Paid During Period- C August 1, 2022 to January 31, 2023
Fidelity® Low-Priced Stock Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Low-Priced Stock Fund
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,079.90
 
$ 4.82
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
Class K
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,080.20
 
$ 4.40
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.97
 
$ 4.28
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.700505.126
LPS-SANN-0423
Fidelity® Low-Priced Stock K6 Fund
 
 
Semi-Annual Report
January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 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.
 
 
Top Holdings (% of Fund's net assets)
 
UnitedHealth Group, Inc.
4.4
 
AutoZone, Inc.
3.4
 
Elevance Health, Inc.
2.7
 
Metro, Inc.
2.7
 
Next PLC
2.6
 
Ross Stores, Inc.
2.1
 
Universal Health Services, Inc. Class B
1.8
 
Unum Group
1.6
 
Monster Beverage Corp.
1.6
 
Chord Energy Corp.
1.4
 
 
24.3
 
 
Market Sectors (% of Fund's net assets)
 
Consumer Discretionary
18.3
 
Health Care
14.5
 
Information Technology
12.8
 
Consumer Staples
11.0
 
Energy
10.9
 
Financials
10.5
 
Industrials
8.6
 
Materials
5.4
 
Utilities
1.4
 
Communication Services
1.0
 
Real Estate
0.4
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 39.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 94.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.0%
 
 
 
Entertainment - 0.7%
 
 
 
GungHo Online Entertainment, Inc.
 
54,240
903,934
International Games Systems Co. Ltd.
 
366,400
6,056,450
Warner Bros Discovery, Inc. (a)
 
942,670
13,970,369
 
 
 
20,930,753
Interactive Media & Services - 0.0%
 
 
 
Cars.com, Inc. (a)
 
7,580
129,618
Infocom Corp.
 
5,339
89,998
New Work SE
 
202
36,894
Ziff Davis, Inc. (a)
 
2,727
244,012
ZIGExN Co. Ltd.
 
380,656
1,116,242
 
 
 
1,616,764
Media - 0.3%
 
 
 
AMC Networks, Inc. Class A (a)
 
9,182
169,959
Cl Holdings, Inc.
 
2,849
17,896
Comcast Corp. Class A
 
56,921
2,239,841
Corus Entertainment, Inc. Class B (non-vtg.)
 
84,286
142,530
DMS, Inc.
 
21,485
208,239
Gray Television, Inc.
 
17,700
229,392
Intage Holdings, Inc. (b)
 
92,485
1,114,567
Nexstar Broadcasting Group, Inc. Class A
 
1,600
327,632
Pico Far East Holdings Ltd.
 
2,261,243
444,660
RKB Mainichi Broadcasting Corp.
 
2,963
137,700
Saga Communications, Inc. Class A
 
57,846
1,460,612
TechTarget, Inc. (a)
 
4,509
223,331
Thryv Holdings, Inc. (a)
 
46,161
1,032,622
TOW Co. Ltd.
 
313,155
707,309
Trenders, Inc.
 
16,291
233,745
TVA Group, Inc. Class B (non-vtg.) (a)
 
247,133
352,901
 
 
 
9,042,936
Wireless Telecommunication Services - 0.0%
 
 
 
Okinawa Cellular Telephone Co.
 
10,579
255,960
TOTAL COMMUNICATION SERVICES
 
 
31,846,413
CONSUMER DISCRETIONARY - 18.3%
 
 
 
Auto Components - 1.0%
 
 
 
Adient PLC (a)
 
16,547
744,946
Akwel
 
1,178
20,183
ASTI Corp.
 
26,703
603,914
Cie Automotive SA
 
46,213
1,368,550
Compagnie Plastic Omnium SA
 
49,622
865,303
DaikyoNishikawa Corp.
 
53,627
252,271
G-Tekt Corp.
 
228,324
2,714,079
Gentex Corp.
 
63,963
1,887,548
GUD Holdings Ltd.
 
10,274
61,033
Hi-Lex Corp.
 
141,363
1,253,560
IJTT Co. Ltd.
 
10
41
LCI Industries
 
1,000
112,220
Lear Corp.
 
39,674
5,783,676
Linamar Corp.
 
109,163
5,574,857
Motonic Corp.
 
208,664
1,400,977
Murakami Corp.
 
89,031
1,642,859
Nippon Seiki Co. Ltd.
 
223,056
1,437,977
Patrick Industries, Inc.
 
14,222
1,009,335
Sewon Precision Industries Co. Ltd.
 
17,674
111,788
SJM Co. Ltd.
 
127,823
467,411
SNT Holdings Co. Ltd.
 
88,674
1,161,588
Strattec Security Corp. (a)
 
21,759
542,017
TBK Co. Ltd. (b)
 
61,342
118,629
Topre Corp.
 
35,567
346,955
TPR Co. Ltd.
 
38,050
385,823
Yachiyo Industry Co. Ltd. (b)
 
97,852
934,208
Yutaka Giken Co. Ltd.
 
107,656
1,415,013
 
 
 
32,216,761
Automobiles - 0.0%
 
 
 
Isuzu Motors Ltd.
 
9,978
126,175
Kabe Husvagnar AB (B Shares)
 
23,865
487,222
 
 
 
613,397
Distributors - 0.1%
 
 
 
Arata Corp.
 
58,151
1,886,064
Central Automotive Products Ltd.
 
28,738
536,637
LKQ Corp.
 
9,510
560,710
PALTAC Corp.
 
20,615
746,409
SPK Corp.
 
56,433
639,558
 
 
 
4,369,378
Diversified Consumer Services - 0.2%
 
 
 
Adtalem Global Education, Inc. (a)
 
10,200
389,436
Clip Corp.
 
18,995
117,235
Cross-Harbour Holdings Ltd.
 
235,736
327,437
Frontdoor, Inc. (a)
 
43,513
1,182,683
H&R Block, Inc.
 
2,400
93,552
JP-Holdings, Inc.
 
18,354
48,115
Kukbo Design Co. Ltd.
 
15,692
210,043
MegaStudyEdu Co. Ltd.
 
18,900
1,145,329
Step Co. Ltd.
 
123,992
1,722,952
YDUQS Participacoes SA
 
20,400
41,513
 
 
 
5,278,295
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Betsson AB (B Shares)
 
337,113
2,791,008
Brinker International, Inc. (a)
 
8,967
353,838
Everi Holdings, Inc. (a)
 
525
9,119
Ibersol SGPS SA
 
155,855
1,043,737
J.D. Wetherspoon PLC (a)
 
10,015
56,080
Kindred Group PLC (depositary receipt)
 
114,082
1,146,536
Ride On Express Holdings Co. Lt
 
3,926
32,619
Ruth's Hospitality Group, Inc.
 
24,508
424,233
 
 
 
5,857,170
Household Durables - 4.0%
 
 
 
Ace Bed Co. Ltd.
 
3,981
112,192
Barratt Developments PLC
 
5,184,970
29,391,750
Bellway PLC
 
397,161
10,370,574
Chervon Holdings Ltd.
 
10,861
54,532
Coway Co. Ltd.
 
3,100
140,408
Cuckoo Holdings Co. Ltd.
 
49,130
656,277
D.R. Horton, Inc.
 
142,895
14,102,308
Emak SpA
 
434,582
566,002
First Juken Co. Ltd.
 
131,690
1,055,965
FJ Next Co. Ltd.
 
130,528
1,006,311
Gree Electric Appliances, Inc. of Zhuhai (A Shares)
 
2,067,246
10,627,829
Hamilton Beach Brands Holding Co. Class A (b)
 
68,806
891,038
Helen of Troy Ltd. (a)
 
110,542
12,503,406
M/I Homes, Inc. (a)
 
40,943
2,448,391
Mohawk Industries, Inc. (a)
 
165,906
19,918,674
Open House Group Co. Ltd.
 
59,719
2,259,187
Portmeirion Group PLC
 
5,663
24,785
Pressance Corp.
 
273,428
3,498,355
Sanei Architecture Planning Co. Ltd.
 
182,708
2,097,774
Taylor Morrison Home Corp. (a)
 
228,216
8,170,133
Tempur Sealy International, Inc.
 
22,057
898,823
Token Corp.
 
26,011
1,573,045
Toll Brothers, Inc.
 
7,811
464,676
TopBuild Corp. (a)
 
1,004
200,860
Vistry Group PLC
 
592,326
5,436,705
ZAGG, Inc. rights (a)(c)
 
384
0
 
 
 
128,470,000
Internet & Direct Marketing Retail - 0.2%
 
 
 
Aucfan Co. Ltd. (a)
 
2,334
7,100
Belluna Co. Ltd.
 
667,504
3,588,453
Ci Medical Co. Ltd.
 
12,293
502,764
Connectwave Co. Ltd. (a)
 
7,800
99,266
Dustin Group AB (a)(d)
 
32,327
108,750
Enigmo, Inc. (b)
 
136,231
650,333
Hamee Corp. (b)
 
67,859
393,717
Papyless Co. Ltd.
 
10,347
80,154
Syuppin Co. Ltd.
 
32,605
275,871
Vipshop Holdings Ltd. ADR (a)
 
108,404
1,677,010
 
 
 
7,383,418
Leisure Products - 0.0%
 
 
 
Miroku Corp.
 
1,867
20,980
Multiline Retail - 2.9%
 
 
 
B&M European Value Retail SA
 
1,083,918
5,982,652
Big Lots, Inc. (b)
 
178,333
2,917,528
Europris ASA (d)
 
43,585
280,113
Gwangju Shinsegae Co. Ltd.
 
23,667
618,812
Lifestyle China Group Ltd. (a)
 
1,436,805
194,696
Max Stock Ltd.
 
1,483
2,793
Next PLC
 
1,021,985
83,383,769
Pan Pacific International Holdings Ltd.
 
2,912
53,852
Ryohin Keikaku Co. Ltd.
 
10,839
120,184
 
 
 
93,554,399
Specialty Retail - 7.8%
 
 
 
Academy Sports & Outdoors, Inc.
 
10,221
597,111
Arcland Sakamoto Co. Ltd.
 
17,000
191,538
AutoZone, Inc. (a)
 
44,462
108,436,149
Best Buy Co., Inc.
 
103,845
9,213,128
BMTC Group, Inc.
 
275,032
2,858,737
Buffalo Co. Ltd.
 
6,978
60,737
Dick's Sporting Goods, Inc.
 
6,885
900,283
Foot Locker, Inc.
 
390,839
17,005,405
Formosa Optical Technology Co. Ltd.
 
17,000
33,062
Fuji Corp.
 
56,643
586,833
Genesco, Inc. (a)
 
4,529
218,705
Goldlion Holdings Ltd.
 
2,947,441
533,242
Handsman Co. Ltd.
 
45,505
409,715
IA Group Corp.
 
12,693
334,814
International Housewares Retail Co. Ltd.
 
446,312
163,347
JD Sports Fashion PLC
 
3,766,361
7,557,065
Jumbo SA
 
718,294
12,869,122
Kid ASA (d)
 
7,437
55,657
Ku Holdings Co. Ltd.
 
153,438
1,700,736
Leon's Furniture Ltd.
 
33,781
477,308
Maisons du Monde SA (d)
 
13,122
160,773
Mr. Bricolage SA (a)
 
62,928
543,193
Nafco Co. Ltd.
 
219,862
2,758,168
Nextage Co. Ltd.
 
35,377
795,740
Nitori Holdings Co. Ltd.
 
6,469
856,210
Ross Stores, Inc.
 
556,573
65,781,363
Sally Beauty Holdings, Inc. (a)
 
853,910
13,303,918
The Buckle, Inc.
 
11,933
525,052
WH Smith PLC
 
5,110
100,514
Williams-Sonoma, Inc.
 
3,417
461,090
 
 
 
249,488,715
Textiles, Apparel & Luxury Goods - 1.9%
 
 
 
Best Pacific International Holdings Ltd.
 
4,529,713
646,774
Capri Holdings Ltd. (a)
 
327,914
21,803,002
Deckers Outdoor Corp. (a)
 
1,721
735,693
Embry Holdings Ltd. (a)
 
176,815
14,212
Fossil Group, Inc. (a)
 
375,637
2,133,618
Gildan Activewear, Inc.
 
509,476
15,974,852
Handsome Co. Ltd.
 
151,100
3,363,418
JLM Couture, Inc. (a)(c)
 
11,731
15,837
Levi Strauss & Co. Class A (b)
 
1,000
18,400
PVH Corp.
 
109,924
9,882,168
Samsonite International SA (a)(d)
 
108,067
321,930
Steven Madden Ltd.
 
2,009
72,023
Sun Hing Vision Group Holdings Ltd.
 
1,447,639
197,817
Texwinca Holdings Ltd.
 
4,071,549
706,531
Victory City International Holdings Ltd. (c)
 
4,590,144
169,764
Youngone Corp.
 
27,064
961,305
Youngone Holdings Co. Ltd.
 
64,795
3,224,268
 
 
 
60,241,612
TOTAL CONSUMER DISCRETIONARY
 
 
587,494,125
CONSUMER STAPLES - 11.0%
 
 
 
Beverages - 1.8%
 
 
 
A.G. Barr PLC
 
215,604
1,461,941
Britvic PLC
 
633,886
6,072,149
Monster Beverage Corp. (a)
 
488,416
50,834,337
Muhak Co. Ltd.
 
35,600
152,483
Spritzer Bhd
 
444,300
230,745
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares)
 
163,055
247,371
 
 
 
58,999,026
Food & Staples Retailing - 6.7%
 
 
 
Acomo NV
 
14,784
315,662
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
200,650
9,162,748
Belc Co. Ltd.
 
160,385
6,910,519
BJ's Wholesale Club Holdings, Inc. (a)
 
12,657
917,253
Corporativo Fragua S.A.B. de CV
 
29,484
518,798
Cosmos Pharmaceutical Corp.
 
173,336
16,936,196
Create SD Holdings Co. Ltd.
 
543,974
14,801,395
Daikokutenbussan Co. Ltd.
 
34,158
1,430,606
G-7 Holdings, Inc.
 
134,661
1,667,256
Genky DrugStores Co. Ltd.
 
108,624
3,130,011
Halows Co. Ltd.
 
170,583
4,178,457
Kusuri No Aoki Holdings Co. Ltd.
 
71,829
4,047,142
MARR SpA (a)
 
9,186
120,438
MARR SpA
 
1,900
24,911
Metro, Inc.
 
1,567,696
85,091,883
North West Co., Inc.
 
8,190
223,070
Qol Holdings Co. Ltd.
 
249,725
2,257,265
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
1,112
70,619
Sapporo Clinical Laboratory
 
3,770
34,639
Sprouts Farmers Market LLC (a)
 
427,048
13,644,184
Sugi Holdings Co. Ltd.
 
5,494
240,132
Sundrug Co. Ltd.
 
168,493
4,767,227
Tsuruha Holdings, Inc.
 
16,303
1,200,351
United Natural Foods, Inc. (a)
 
49,069
2,042,252
Walgreens Boots Alliance, Inc.
 
989,503
36,473,081
YAKUODO Holdings Co. Ltd.
 
16,994
339,325
Yaoko Co. Ltd.
 
78,810
4,114,214
 
 
 
214,659,634
Food Products - 2.1%
 
 
 
Armanino Foods of Distinction
 
21,468
77,714
Axyz Co. Ltd.
 
2,141
47,909
Carr's Group PLC (c)
 
575,561
862,140
Cloetta AB
 
2,240
4,657
Cranswick PLC
 
53,692
2,106,299
Dole PLC (b)
 
86,872
1,001,634
Food Empire Holdings Ltd.
 
3,028,588
1,639,250
Fresh Del Monte Produce, Inc.
 
463,498
13,256,043
Inghams Group Ltd.
 
66,195
136,087
Ingredion, Inc.
 
28,829
2,963,621
Kaveri Seed Co. Ltd.
 
54,000
350,113
Kri Kri Milk Industry SA
 
13,249
89,015
Lassonde Industries, Inc. Class A (sub. vtg.)
 
1,328
116,626
Origin Enterprises PLC
 
771,073
3,495,594
Ottogi Corp.
 
18,573
7,172,787
Pacific Andes International Holdings Ltd. (a)(c)
 
3,104,000
4
Pacific Andes Resources Development Ltd. (a)(c)
 
176,886
1
Pickles Holdings Co. Ltd.
 
38,490
359,072
Prima Meat Packers Ltd.
 
81,472
1,382,105
Rocky Mountain Chocolate Factory, Inc. (a)(b)
 
62,043
326,967
S Foods, Inc.
 
87,398
1,997,635
Seaboard Corp.
 
4,475
17,544,238
Sunjin Co. Ltd.
 
75,520
606,152
Sunjuice Holdings Co. Ltd.
 
22,000
207,993
Thai President Foods PCL (For. Reg.)
 
33,372
204,336
Tyson Foods, Inc. Class A
 
190,616
12,533,002
 
 
 
68,480,994
Household Products - 0.0%
 
 
 
Transaction Co. Ltd.
 
61,071
728,728
Personal Products - 0.3%
 
 
 
Hengan International Group Co. Ltd.
 
962,332
4,734,058
Sarantis SA
 
315,803
2,643,604
TCI Co. Ltd.
 
41,000
258,177
 
 
 
7,635,839
Tobacco - 0.1%
 
 
 
KT&G Corp.
 
5,420
406,066
Scandinavian Tobacco Group A/S (d)
 
76,114
1,319,234
 
 
 
1,725,300
TOTAL CONSUMER STAPLES
 
 
352,229,521
ENERGY - 10.9%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Bristow Group, Inc. (a)
 
19,077
582,612
Championx Corp.
 
25,216
832,632
Enerflex Ltd.
 
5,651
40,772
Helix Energy Solutions Group, Inc. (a)
 
70,984
562,903
John Wood Group PLC (a)
 
1,258,602
2,199,489
KS Energy Services Ltd. (a)(c)
 
810,548
8,020
Liberty Oilfield Services, Inc. Class A
 
542,010
8,580,018
Oil States International, Inc. (a)
 
283,799
2,429,319
PHX Energy Services Corp.
 
130,291
780,444
Total Energy Services, Inc.
 
137,216
955,990
 
 
 
16,972,199
Oil, Gas & Consumable Fuels - 10.4%
 
 
 
Adams Resources & Energy, Inc.
 
16,342
784,416
Antero Resources Corp. (a)
 
23,262
670,876
APA Corp.
 
1,051
46,591
Baytex Energy Corp. (a)
 
65,063
301,220
Beach Energy Ltd.
 
979,564
1,052,628
Berry Corp.
 
455,943
4,194,676
Birchcliff Energy Ltd.
 
10,883
69,770
Bonterra Energy Corp. (a)
 
59,372
296,737
Callon Petroleum Co. (a)
 
159,312
6,778,726
Cenovus Energy, Inc. (Canada)
 
1,180,556
23,583,615
China Petroleum & Chemical Corp. (H Shares)
 
10,733,425
5,795,725
Chord Energy Corp.
 
301,781
43,254,271
Chord Energy Corp.:
 
 
 
 warrants 9/1/24 (a)
 
34,173
674,917
 warrants 9/1/25 (a)
 
16,983
288,711
Civitas Resources, Inc.
 
318,694
21,209,086
CNX Resources Corp. (a)(b)
 
175,225
2,931,514
Denbury, Inc. (a)
 
14,501
1,258,397
Diamondback Energy, Inc.
 
56,523
8,259,141
Energy Transfer LP
 
79,205
1,051,842
Enterprise Products Partners LP
 
181,764
4,653,158
EQT Corp.
 
666,117
21,762,042
Exxon Mobil Corp.
 
4,226
490,258
Hankook Shell Oil Co. Ltd.
 
5,281
1,012,246
HF Sinclair Corp.
 
436,601
24,842,597
INPEX Corp.
 
10,100
110,985
Iwatani Corp.
 
10,666
459,718
Marathon Oil Corp.
 
1,059,452
29,103,146
Murphy Oil Corp.
 
334,359
14,581,396
NACCO Industries, Inc. Class A
 
49,068
1,912,180
Northern Oil & Gas, Inc.
 
43,587
1,461,036
Oil & Natural Gas Corp. Ltd.
 
5,168,069
9,228,334
Oil India Ltd.
 
3,428,300
9,838,940
Ovintiv, Inc.
 
244,324
12,028,071
PDC Energy, Inc.
 
15,498
1,049,680
Petronet LNG Ltd.
 
1,623,900
4,331,939
Peyto Exploration & Development Corp. (b)
 
1,046,912
9,544,205
Range Resources Corp.
 
22,438
561,399
SilverBow Resources, Inc. (a)
 
78,901
2,072,729
Southwestern Energy Co. (a)
 
5,640,768
31,137,039
Star Petroleum Refining PCL (For. Reg.)
 
816,982
288,119
Thungela Resources Ltd.
 
2,119
27,561
TotalEnergies SE sponsored ADR
 
498,095
30,901,814
Unit Corp. warrants 9/3/27 (a)
 
21,198
139,907
Vital Energy, Inc. (a)(b)
 
4,956
278,924
 
 
 
334,320,282
TOTAL ENERGY
 
 
351,292,481
FINANCIALS - 10.5%
 
 
 
Banks - 2.2%
 
 
 
ACNB Corp. (b)
 
37,512
1,476,097
Arrow Financial Corp.
 
44,659
1,469,728
Associated Banc-Corp.
 
21,215
475,428
Bank7 Corp.
 
10,303
283,951
Bar Harbor Bankshares
 
72,459
2,251,301
C & F Financial Corp.
 
2,857
174,248
Cadence Bank
 
9,636
246,489
Camden National Corp.
 
38,296
1,617,240
Cathay General Bancorp
 
58,644
2,577,990
Central Pacific Financial Corp.
 
12,612
285,031
Central Valley Community Bancorp
 
11,327
282,042
Citizens Financial Services, Inc. (b)
 
2,543
200,032
CNB Financial Corp., Pennsylvania
 
1,014
24,458
Community Trust Bancorp, Inc.
 
6,742
290,445
Dimeco, Inc.
 
2,739
125,939
Eagle Bancorp, Inc.
 
114,854
5,454,416
East West Bancorp, Inc.
 
53,213
4,178,285
Financial Institutions, Inc.
 
48,188
1,190,725
First Bancorp, Puerto Rico
 
27,565
370,749
First Foundation, Inc.
 
2,538
39,415
First of Long Island Corp.
 
124,020
2,190,193
Five Star Bancorp (b)
 
15,389
414,887
FNB Corp., Pennsylvania
 
38,491
549,267
Hanmi Financial Corp.
 
61,971
1,443,305
LCNB Corp.
 
8,178
149,249
Meridian Bank/Malvern, PA
 
10,932
348,184
Oak Valley Bancorp Oakdale California (b)
 
11,401
288,673
OFG Bancorp
 
10,598
300,029
Plumas Bancorp
 
21,054
863,003
Popular, Inc.
 
4,943
339,288
Preferred Bank, Los Angeles
 
23,309
1,657,969
QCR Holdings, Inc.
 
7,007
368,288
Regions Financial Corp.
 
14,915
351,099
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
124,996
1,445,113
Sparebanken Nord-Norge
 
214,024
1,989,804
The First Bancorp, Inc.
 
15,866
470,586
U.S. Bancorp
 
10,861
540,878
United Community Bank, Inc.
 
10,886
354,230
Unity Bancorp, Inc.
 
11,932
315,840
Washington Trust Bancorp, Inc.
 
72,815
3,114,298
Wells Fargo & Co.
 
635,733
29,796,806
West Bancorp., Inc.
 
69,030
1,511,757
 
 
 
71,816,755
Capital Markets - 0.8%
 
 
 
Azimut Holding SpA
 
12,820
318,885
Banca Generali SpA
 
4,017
147,607
CI Financial Corp.
 
445,568
5,314,467
Diamond Hill Investment Group, Inc.
 
2,094
394,572
Federated Hermes, Inc.
 
197,980
7,780,614
Lazard Ltd. Class A
 
185,250
7,424,820
LPL Financial
 
2,668
632,636
PJT Partners, Inc.
 
575
46,017
SEI Investments Co.
 
3,315
206,955
T. Rowe Price Group, Inc.
 
1,109
129,165
Van Lanschot Kempen NV (Bearer)
 
101,813
2,922,110
 
 
 
25,317,848
Consumer Finance - 1.9%
 
 
 
Aeon Credit Service (Asia) Co. Ltd.
 
1,760,393
1,156,412
Bread Financial Holdings, Inc. (b)
 
4,636
190,215
Cash Converters International Ltd.
 
562,044
93,429
Discover Financial Services
 
245,009
28,599,901
Navient Corp.
 
217,400
4,124,078
Regional Management Corp.
 
28,073
968,238
Synchrony Financial
 
698,485
25,655,354
 
 
 
60,787,627
Diversified Financial Services - 0.5%
 
 
 
Far East Horizon Ltd.
 
101,108
91,328
Fuyo General Lease Co. Ltd.
 
14,086
968,098
Jackson Financial, Inc.
 
179,762
7,916,718
Ricoh Leasing Co. Ltd.
 
40,837
1,220,093
Tokyo Century Corp.
 
16,558
582,198
Zenkoku Hosho Co. Ltd.
 
143,447
5,586,938
 
 
 
16,365,373
Insurance - 4.5%
 
 
 
AEGON NV
 
1,109,728
6,121,029
AFLAC, Inc.
 
136,787
10,053,845
ASR Nederland NV
 
182,756
8,618,877
Chubb Ltd.
 
1,656
376,723
Db Insurance Co. Ltd.
 
199,770
10,633,017
Direct Line Insurance Group PLC
 
733,600
1,604,891
Employers Holdings, Inc.
 
66,409
2,913,363
Hartford Financial Services Group, Inc.
 
8,656
671,792
Hiscox Ltd.
 
9,984
138,412
Hyundai Fire & Marine Insurance Co. Ltd.
 
70,247
1,766,414
Legal & General Group PLC
 
770,222
2,411,903
National Western Life Group, Inc.
 
11,478
3,177,110
NN Group NV
 
65,323
2,827,853
Old Republic International Corp.
 
13,235
349,272
Primerica, Inc.
 
35,669
5,769,461
Qualitas Controladora S.A.B. de CV
 
68,574
378,221
Reinsurance Group of America, Inc.
 
223,926
33,985,249
Selective Insurance Group, Inc.
 
2,900
275,500
The Travelers Companies, Inc.
 
2,300
439,576
Unum Group
 
1,242,618
52,227,235
 
 
 
144,739,743
Thrifts & Mortgage Finance - 0.6%
 
 
 
ASAX Co. Ltd.
 
67
313
Axos Financial, Inc. (a)
 
37,697
1,813,980
Enact Holdings, Inc.
 
284,786
7,162,368
EQB, Inc.
 
65,152
3,228,832
Essent Group Ltd.
 
85,260
3,753,998
Federal Agricultural Mortgage Corp.:
 
 
 
 Class A (multi-vtg.)
 
555
59,979
 Class C (non-vtg.)
 
18,515
2,461,940
Hingham Institution for Savings
 
1,220
356,655
Southern Missouri Bancorp, Inc.
 
13,589
657,979
Walker & Dunlop, Inc.
 
1,121
106,921
 
 
 
19,602,965
TOTAL FINANCIALS
 
 
338,630,311
HEALTH CARE - 14.5%
 
 
 
Biotechnology - 1.6%
 
 
 
Amgen, Inc.
 
122,468
30,910,923
Cell Biotech Co. Ltd.
 
49,400
554,102
Essex Bio-Technology Ltd.
 
1,236,235
673,688
Exelixis, Inc. (a)
 
15,079
265,692
Gilead Sciences, Inc.
 
4,626
388,306
Regeneron Pharmaceuticals, Inc. (a)
 
22,322
16,930,567
United Therapeutics Corp. (a)
 
101
26,580
 
 
 
49,749,858
Health Care Equipment & Supplies - 0.9%
 
 
 
Arts Optical International Holdings Ltd. (a)
 
969,071
94,396
Embecta Corp. (b)
 
387,822
10,234,623
Fukuda Denshi Co. Ltd.
 
174,410
6,078,064
Hoshi Iryo-Sanki Co. Ltd.
 
27,666
835,391
I-Sens, Inc.
 
35,100
1,000,376
InBody Co. Ltd.
 
85,500
1,539,952
Japan Lifeline Co. Ltd.
 
10,000
73,497
Medikit Co. Ltd.
 
6,856
130,026
Nakanishi, Inc.
 
43,073
913,819
Prim SA
 
103,577
1,300,573
ResMed, Inc.
 
2,443
557,908
St. Shine Optical Co. Ltd.
 
343,100
2,903,435
Techno Medica Co. Ltd.
 
2,536
33,963
Utah Medical Products, Inc.
 
23,292
2,145,892
Value Added Technology Co. Ltd.
 
43,287
1,253,272
Vieworks Co. Ltd.
 
43,800
1,148,096
 
 
 
30,243,283
Health Care Providers & Services - 10.8%
 
 
 
Centene Corp. (a)
 
99,645
7,596,935
Cigna Corp.
 
40,622
12,863,769
DaVita HealthCare Partners, Inc. (a)
 
3,316
273,205
DVx, Inc.
 
50,170
396,766
Elevance Health, Inc.
 
171,317
85,656,787
HCA Holdings, Inc.
 
1,009
257,366
Henry Schein, Inc. (a)
 
2,816
242,598
Hi-Clearance, Inc.
 
174,000
832,680
Humana, Inc.
 
30,961
15,842,744
Laboratory Corp. of America Holdings
 
39,751
10,022,022
Quest Diagnostics, Inc.
 
9,568
1,420,657
Select Medical Holdings Corp.
 
21,776
633,028
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares)
 
1,010
1,781
Ship Healthcare Holdings, Inc.
 
8,995
174,658
Sinopharm Group Co. Ltd. (H Shares)
 
4,527,645
11,097,222
UnitedHealth Group, Inc.
 
282,942
141,241,809
Universal Health Services, Inc. Class B
 
381,623
56,560,345
WIN-Partners Co. Ltd.
 
255,120
1,958,069
 
 
 
347,072,441
Health Care Technology - 0.0%
 
 
 
Software Service, Inc.
 
5,251
356,095
Life Sciences Tools & Services - 0.3%
 
 
 
ICON PLC (a)
 
46,819
10,801,611
Pharmaceuticals - 0.9%
 
 
 
Bliss Gvs Pharma Ltd.
 
200,498
192,298
China Medical System Holdings Ltd.
 
1,085,587
1,873,959
Consun Pharmaceutical Group Ltd.
 
432,035
227,962
Dai Han Pharmaceutical Co. Ltd.
 
32,100
761,611
Daito Pharmaceutical Co. Ltd.
 
111,863
2,265,121
Dawnrays Pharmaceutical Holdings Ltd.
 
7,032,889
1,166,158
DongKook Pharmaceutical Co. Ltd.
 
222,780
3,089,732
Faes Farma SA
 
325,459
1,217,150
FDC Ltd. (a)
 
205,423
669,403
Fuji Pharma Co. Ltd.
 
68,090
558,128
Genomma Lab Internacional SA de CV
 
246,852
231,770
Granules India Ltd.
 
14,327
51,956
Huons Co. Ltd.
 
78,866
1,885,656
Hypera SA
 
45,900
419,550
Jazz Pharmaceuticals PLC (a)
 
1,245
195,042
Kaken Pharmaceutical Co. Ltd.
 
4,130
119,877
Korea United Pharm, Inc.
 
4,980
93,301
Kwang Dong Pharmaceutical Co. Ltd.
 
450,892
2,202,767
Lee's Pharmaceutical Holdings Ltd.
 
2,352,758
575,509
Luye Pharma Group Ltd. (a)(d)
 
98,016
50,350
Nippon Chemiphar Co. Ltd.
 
9,460
130,130
Recordati SpA
 
19,215
838,299
Samjin Pharmaceutical Co. Ltd.
 
100
1,946
Sanofi SA
 
79,829
7,817,213
Syngen Biotech Co. Ltd.
 
35,000
182,182
Towa Pharmaceutical Co. Ltd.
 
34,901
551,033
Whanin Pharmaceutical Co. Ltd.
 
652
9,268
 
 
 
27,377,371
TOTAL HEALTH CARE
 
 
465,600,659
INDUSTRIALS - 8.6%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
BWX Technologies, Inc.
 
1,108
67,433
Huntington Ingalls Industries, Inc.
 
1,067
235,316
Rheinmetall AG
 
2,964
689,575
V2X, Inc. (a)
 
43,686
1,929,174
 
 
 
2,921,498
Air Freight & Logistics - 0.0%
 
 
 
AIT Corp.
 
17,916
207,402
Compania de Distribucion Integral Logista Holdings SA
 
440
11,901
Sinotrans Ltd. (H Shares)
 
3,263,666
1,125,798
 
 
 
1,345,101
Airlines - 0.0%
 
 
 
Jet2 PLC
 
12,387
185,546
Building Products - 0.3%
 
 
 
Builders FirstSource, Inc. (a)
 
4,800
382,560
Hayward Holdings, Inc. (a)(b)
 
415,600
5,606,444
Kondotec, Inc.
 
174,603
1,368,138
Masonite International Corp. (a)
 
2,881
262,805
Nihon Dengi Co. Ltd.
 
33,742
829,342
Nihon Flush Co. Ltd.
 
135,377
965,629
Owens Corning
 
3,858
372,876
Sekisui Jushi Corp.
 
14,480
219,774
 
 
 
10,007,568
Commercial Services & Supplies - 0.8%
 
 
 
Aeon Delight Co. Ltd.
 
8,960
212,703
AJIS Co. Ltd.
 
75,634
1,371,914
Asia File Corp. Bhd
 
361,200
146,750
Calian Group Ltd.
 
8,052
373,083
Civeo Corp. (a)
 
76,887
2,633,380
CoreCivic, Inc. (a)
 
494,032
5,256,500
CTS Co. Ltd.
 
364
2,260
Fursys, Inc.
 
600
14,437
Lion Rock Group Ltd.
 
1,583,452
204,202
Mears Group PLC
 
109,321
276,292
Mitie Group PLC
 
4,331,528
4,165,297
NICE Total Cash Management Co., Ltd.
 
111,311
454,410
Pilot Corp.
 
503
17,953
Prosegur Compania de Seguridad SA (Reg.)
 
31,451
71,051
S1 Corp.
 
900
42,058
Sunny Friend Environmental Technology Co. Ltd.
 
10,000
56,186
The GEO Group, Inc. (a)
 
211,693
2,434,470
VSE Corp.
 
126,499
6,944,795
 
 
 
24,677,741
Construction & Engineering - 0.5%
 
 
 
Argan, Inc.
 
10,225
398,673
Boustead Projs. Pte Ltd.
 
126,522
76,611
Boustead Singapore Ltd.
 
630,740
389,144
Br Holding Corp.
 
5,388
14,114
Dai-Dan Co. Ltd.
 
10,799
183,121
Daiichi Kensetsu Corp.
 
108,641
1,134,602
EMCOR Group, Inc.
 
5,551
822,936
Fuji Furukawa Engineering & Construction Co. Ltd.
 
1,532
42,128
Geumhwa PSC Co. Ltd.
 
38,839
917,662
Kyeryong Construction Industrial Co. Ltd.
 
27,197
446,785
Meisei Industrial Co. Ltd.
 
124,969
796,773
Mirait One Corp.
 
41,687
508,382
Nippon Rietec Co. Ltd.
 
108,688
751,175
Primoris Services Corp.
 
145,594
3,872,800
Raiznext Corp.
 
360,907
3,669,537
Seikitokyu Kogyo Co. Ltd.
 
18,722
116,772
Shinnihon Corp.
 
192,996
1,230,587
Sinopec Engineering Group Co. Ltd. (H Shares)
 
8,815
4,443
Totetsu Kogyo Co. Ltd.
 
15,002
310,110
United Integrated Services Co.
 
32,200
222,108
 
 
 
15,908,463
Electrical Equipment - 1.1%
 
 
 
Acuity Brands, Inc.
 
58,880
11,100,058
Aichi Electric Co. Ltd.
 
63,201
1,683,507
AQ Group AB
 
82,790
2,695,647
Atkore, Inc. (a)
 
7,392
962,808
Chiyoda Integre Co. Ltd.
 
37,466
652,197
Generac Holdings, Inc. (a)
 
910
109,746
GrafTech International Ltd.
 
1,921,585
12,567,166
Hammond Power Solutions, Inc. Class A
 
35,012
644,691
Korea Electric Terminal Co. Ltd.
 
47,296
2,097,735
Sensata Technologies, Inc. PLC
 
37,746
1,919,384
Servotronics, Inc. (a)(b)
 
11,777
132,318
Vitzrocell Co. Ltd.
 
12,100
158,979
 
 
 
34,724,236
Industrial Conglomerates - 0.3%
 
 
 
DCC PLC (United Kingdom)
 
171,615
9,745,170
Mytilineos SA
 
5,060
130,373
Nolato AB (B Shares)
 
13,800
83,136
Reunert Ltd.
 
108,346
356,421
 
 
 
10,315,100
Machinery - 1.9%
 
 
 
Aalberts Industries NV
 
517,471
24,331,092
Allison Transmission Holdings, Inc.
 
34,375
1,549,625
ASL Marine Holdings Ltd. (a)
 
3,864,598
130,526
Beijer Alma AB (B Shares)
 
2,615
51,762
Crane Holdings Co.
 
98,082
11,368,685
Daiwa Industries Ltd.
 
92,407
860,401
ESAB Corp.
 
37,734
2,181,403
Estic Corp.
 
40,605
302,711
Haitian International Holdings Ltd.
 
727,941
2,234,018
Hosokawa Micron Corp.
 
11,910
254,001
Hurco Companies, Inc.
 
11,131
313,894
Hy-Lok Corp.
 
11,000
196,253
Hyster-Yale Materials Handling, Inc. Class A
 
55,844
1,811,021
Ihara Science Corp.
 
99,625
1,766,849
JOST Werke AG (d)
 
8,268
478,191
Kyowakogyosyo Co. Ltd.
 
3,392
106,356
Luxfer Holdings PLC sponsored
 
18,265
302,286
Maruzen Co. Ltd.
 
118,352
1,649,162
Mincon Group PLC
 
176,085
218,231
Mitsui Engineering & Shipbuilding Co. (a)
 
326,024
1,014,670
Nadex Co. Ltd.
 
76,907
507,411
Nippon Dry-Chemical Co. Ltd.
 
8,313
96,272
Oshkosh Corp.
 
2,602
262,230
Park-Ohio Holdings Corp.
 
81,532
1,080,299
Proto Labs, Inc. (a)
 
15,283
467,660
Semperit AG Holding (b)
 
46,243
1,133,658
Shinwa Co. Ltd.
 
10,735
175,108
SIMPAC, Inc.
 
127,420
542,366
Stabilus Se
 
2,505
172,113
Takamatsu Machinery Co. Ltd.
 
35,855
151,758
Takeuchi Manufacturing Co. Ltd.
 
49,032
1,085,199
TK Group Holdings Ltd.
 
808,734
166,744
Tocalo Co. Ltd.
 
234,776
2,249,025
Trinity Industrial Corp.
 
79,305
405,181
Yamada Corp.
 
6,854
145,056
 
 
 
59,761,217
Marine - 0.0%
 
 
 
Eagle Bulk Shipping, Inc. (b)
 
10,594
606,824
Genco Shipping & Trading Ltd.
 
12,150
220,401
Japan Transcity Corp.
 
10,180
42,011
Tokyo Kisen Co. Ltd.
 
59,262
216,970
 
 
 
1,086,206
Professional Services - 0.9%
 
 
 
ABIST Co. Ltd.
 
1,047
23,788
Altech Corp.
 
36,064
619,912
Artner Co. Ltd.
 
24,705
189,956
ASGN, Inc. (a)
 
5,573
506,864
Barrett Business Services, Inc.
 
5,499
546,491
CACI International, Inc. Class A (a)
 
32,788
10,101,655
Career Design Center Co. Ltd.
 
33,737
382,591
Careerlink Co. Ltd.
 
4,593
93,015
Creek & River Co. Ltd.
 
1,667
28,123
Dip Corp.
 
5,087
150,984
en japan, Inc.
 
27,090
515,761
FTI Consulting, Inc. (a)
 
211
33,659
Gakujo Co. Ltd.
 
29,780
321,251
Hito Communications Holdings, Inc.
 
19,036
238,640
HRnetgroup Ltd.
 
2,820
1,741
JAC Recruitment Co. Ltd.
 
10,869
197,537
Kelly Services, Inc. Class A (non-vtg.)
 
45,874
830,319
McMillan Shakespeare Ltd.
 
152,649
1,528,290
Open Up Group, Inc.
 
10,700
157,831
Outsourcing, Inc.
 
37,855
294,179
Persol Holdings Co. Ltd.
 
19,987
438,225
Quick Co. Ltd.
 
113,022
1,774,291
Robert Half International, Inc.
 
1,010
84,800
SaraminHR Co. Ltd.
 
9,700
234,233
Science Applications International Corp.
 
18,501
1,920,034
SHL-JAPAN Ltd.
 
20,209
417,537
Synergie SA
 
12,889
468,010
TrueBlue, Inc. (a)
 
34,761
682,358
WDB Holdings Co. Ltd.
 
69,869
1,156,174
Will Group, Inc.
 
111,681
1,054,902
World Holdings Co. Ltd.
 
142,833
2,861,964
 
 
 
27,855,115
Road & Rail - 0.8%
 
 
 
Alps Logistics Co. Ltd.
 
246,738
2,283,656
Chilled & Frozen Logistics Holdings Co. Ltd.
 
85,998
823,582
Daqin Railway Co. Ltd. (A Shares)
 
3,350,846
3,327,947
Hamakyorex Co. Ltd.
 
135,910
3,403,562
NANSO Transport Co. Ltd.
 
12,717
123,020
Sakai Moving Service Co. Ltd.
 
121,018
4,184,896
SENKO Co. Ltd.
 
54,428
420,992
Stef SA
 
20,717
2,180,177
Trancom Co. Ltd.
 
62,615
3,587,671
Universal Logistics Holdings, Inc.
 
135,627
4,871,722
 
 
 
25,207,225
Trading Companies & Distributors - 1.8%
 
 
 
AddTech AB (B Shares)
 
2,562
40,766
Alconix Corp.
 
258,234
2,768,912
Alligo AB (B Shares)
 
910
7,753
Beacon Roofing Supply, Inc. (a)
 
4,930
280,418
Chori Co. Ltd.
 
154,820
2,824,847
Ferguson PLC
 
71,620
10,194,391
Goodfellow, Inc.
 
55,242
612,393
Green Cross Co. Ltd.
 
50,641
400,511
Hanwa Co. Ltd.
 
11,233
357,671
Itochu Corp.
 
438,092
14,159,938
Kamei Corp.
 
203,471
2,232,950
Lumax International Corp. Ltd.
 
148,200
351,696
Mitani Shoji Co. Ltd.
 
305,369
3,183,154
Narasaki Sangyo Co. Ltd.
 
7,075
111,710
Otec Corp.
 
8,907
146,609
Parker Corp.
 
167,419
688,787
Rasa Corp.
 
17,161
163,291
Richelieu Hardware Ltd.
 
75,927
2,258,037
Sanyo Trading Co. Ltd.
 
13,528
118,265
Senshu Electric Co. Ltd.
 
151,011
4,024,890
Tanaka Co. Ltd.
 
2,406
10,598
TECHNO ASSOCIE Co. Ltd.
 
21,625
205,408
Totech Corp.
 
97,806
2,747,601
Univar Solutions, Inc. (a)
 
248,510
8,568,625
Yamazen Co. Ltd.
 
14,213
116,420
Yuasa Trading Co. Ltd.
 
39,730
1,132,114
 
 
 
57,707,755
Transportation Infrastructure - 0.1%
 
 
 
Anhui Expressway Co. Ltd. (H Shares)
 
1,557,376
1,420,292
Daito Koun Co. Ltd.
 
2,015
11,127
Isewan Terminal Service Co. Ltd.
 
150,292
809,959
Meiko Transportation Co. Ltd.
 
86,949
782,100
Qingdao Port International Co. Ltd. (H Shares) (d)
 
2,095,414
1,041,169
 
 
 
4,064,647
TOTAL INDUSTRIALS
 
 
275,767,418
INFORMATION TECHNOLOGY - 12.8%
 
 
 
Electronic Equipment & Components - 4.8%
 
 
 
A&D Holon Holdings Co. Ltd.
 
64,072
524,665
Advanced Energy Industries, Inc.
 
18,436
1,709,755
Alviva Holdings Ltd.
 
736,040
1,170,473
CDW Corp.
 
65,403
12,820,950
Climb Global Solutions, Inc.
 
30,048
1,138,218
Daido Signal Co. Ltd.
 
5,861
18,959
Daiwabo Holdings Co. Ltd.
 
87,955
1,331,280
Dexerials Corp.
 
23,200
495,921
Elematec Corp.
 
230,509
2,922,994
ePlus, Inc. (a)
 
2,654
132,116
FLEXium Interconnect, Inc.
 
64,700
216,579
Hagiwara Electric Holdings Co. Ltd.
 
25,650
510,693
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,515,900
15,046,298
IDIS Holdings Co. Ltd.
 
70,389
786,541
Insight Enterprises, Inc. (a)
 
40,461
4,560,764
Jabil, Inc.
 
132,543
10,421,856
Kingboard Chemical Holdings Ltd.
 
7,554,283
30,858,025
Kitron ASA
 
76,205
202,697
Makus, Inc.
 
69,400
510,537
Methode Electronics, Inc. Class A (b)
 
116,210
5,547,865
Nihon Denkei Co. Ltd.
 
6,133
77,657
Nippo Ltd.
 
69,299
390,940
PAX Global Technology Ltd.
 
4,896,978
4,628,385
Redington (India) Ltd.
 
4,178,922
9,512,970
SAMT Co. Ltd.
 
8,500
18,702
ScanSource, Inc. (a)
 
30,808
1,014,507
Shibaura Electronics Co. Ltd.
 
40,684
1,631,585
Simplo Technology Co. Ltd.
 
735,000
7,275,281
Sunny Optical Technology Group Co. Ltd.
 
10,909
147,240
TD SYNNEX Corp.
 
254,341
25,980,933
Test Research, Inc.
 
16,000
34,027
Thinking Electronic Industries Co. Ltd.
 
498,900
2,499,898
Tomen Devices Corp.
 
46,181
2,175,080
Tripod Technology Corp.
 
137,000
452,840
VSTECS Holdings Ltd.
 
10,005,771
6,260,433
 
 
 
153,027,664
IT Services - 4.3%
 
 
 
ALTEN
 
13,009
1,989,883
Amdocs Ltd.
 
298,725
27,461,789
Argo Graphics, Inc.
 
80,151
2,506,442
Asahi Intelligence Service Co.
 
3,651
33,074
Avant Group Corp.
 
24,873
276,973
CDS Co. Ltd.
 
54,439
762,548
Cielo SA
 
11,300
11,152
Cognizant Technology Solutions Corp. Class A
 
108,713
7,256,593
Concentrix Corp.
 
221,573
31,421,267
CSE Global Ltd.
 
3,672,202
1,050,652
Densan System Holdings Co. Ltd.
 
4,464
74,663
Dimerco Data System Corp.
 
87,318
209,434
DTS Corp.
 
40,409
991,075
E-Credible Co. Ltd.
 
27,075
361,648
E-Guardian, Inc.
 
11,360
239,284
eClerx Services Ltd.
 
12,874
229,598
Enea AB (a)
 
860
7,278
EOH Holdings Ltd. (a)(b)
 
547,490
51,603
EOH Holdings Ltd. rights 2/10/23 (a)
 
1,242,802
19,285
Estore Corp. (b)
 
17,944
201,841
ExlService Holdings, Inc. (a)
 
18,191
3,103,385
FleetCor Technologies, Inc. (a)
 
4,107
857,583
Gabia, Inc.
 
97,100
990,173
Genpact Ltd.
 
325,887
15,407,937
Himacs Ltd.
 
2,928
32,985
IFIS Japan Ltd.
 
19,714
91,875
Indra Sistemas SA
 
1,239,798
15,095,880
Information Planning Co.
 
12,860
296,252
Jfe Systems, Inc.
 
2,571
50,114
Know IT AB
 
40,859
797,051
KPS AG
 
1,864
8,045
Maximus, Inc.
 
7,862
588,471
Metaage Corp.
 
174,000
196,044
Neurones
 
603
25,763
Nice Information & Telecom, Inc.
 
46,280
1,001,023
Pole To Win Holdings, Inc.
 
26,378
177,685
Proact IT Group AB
 
454
3,820
Societe Pour L'Informatique Industrielle SA
 
148,819
7,757,762
Softcat PLC
 
617
9,174
Softcreate Co. Ltd.
 
64,387
1,639,579
Sopra Steria Group
 
9,200
1,524,271
SS&C Technologies Holdings, Inc.
 
603
36,391
TDC Soft, Inc.
 
59,311
735,232
The Western Union Co.
 
762,545
10,805,263
Verra Mobility Corp. (a)
 
100,362
1,548,586
 
 
 
137,936,426
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
ASMPT Ltd.
 
27,353
225,926
FormFactor, Inc. (a)
 
8,491
238,937
Japan Material Co. Ltd.
 
9,644
180,878
Machvision, Inc.
 
22,000
109,029
Melexis NV
 
10,767
1,141,271
Micron Technology, Inc.
 
180,843
10,904,833
MKS Instruments, Inc.
 
134,358
13,747,511
Novatek Microelectronics Corp.
 
10,000
118,976
Parade Technologies Ltd.
 
32,000
988,702
Powertech Technology, Inc.
 
1,081,000
3,018,866
Renesas Electronics Corp. (a)
 
60,553
622,854
Skyworks Solutions, Inc.
 
15,743
1,726,535
Synaptics, Inc. (a)
 
5,213
651,781
Systems Technology, Inc.
 
24,400
254,358
Taiwan Semiconductor Manufacturing Co. Ltd.
 
420,000
7,405,242
Topco Scientific Co. Ltd.
 
876,700
4,955,304
 
 
 
46,291,003
Software - 0.7%
 
 
 
ANSYS, Inc. (a)
 
50,959
13,573,439
Check Point Software Technologies Ltd. (a)
 
499
63,473
Cresco Ltd.
 
70,935
999,800
Cvent Holding Corp. (a)
 
503
4,059
Enghouse Systems Ltd.
 
2,510
74,571
Focus Systems Corp.
 
5,895
48,386
Fukui Computer Holdings, Inc.
 
21,618
498,530
Hecto Innovation Co. Ltd.
 
71,300
818,444
InfoVine Co. Ltd.
 
628
11,692
Justsystems Corp.
 
10,900
271,462
KSK Co., Ltd.
 
52,703
924,506
NetGem SA
 
48,207
59,745
Nsw, Inc.
 
19,120
303,986
Open Text Corp.
 
2,106
70,641
Pro-Ship, Inc.
 
60,969
702,724
SPS Commerce, Inc. (a)
 
3,539
481,587
System Information Co. Ltd.
 
21,200
138,214
System Research Co. Ltd.
 
14,017
237,679
VMware, Inc. Class A (a)
 
27,157
3,325,918
 
 
 
22,608,856
Technology Hardware, Storage & Peripherals - 1.6%
 
 
 
Chenbro Micom Co. Ltd.
 
80,000
230,445
Dell Technologies, Inc.
 
12,475
506,735
Elecom Co. Ltd.
 
59,824
627,964
MCJ Co. Ltd.
 
291,127
2,264,446
Samsung Electronics Co. Ltd.
 
210,170
10,455,846
Seagate Technology Holdings PLC
 
500,294
33,909,927
Super Micro Computer, Inc. (a)
 
44,534
3,221,144
TSC Auto ID Technology Corp.
 
251,000
1,661,812
 
 
 
52,878,319
TOTAL INFORMATION TECHNOLOGY
 
 
412,742,268
MATERIALS - 5.4%
 
 
 
Chemicals - 3.1%
 
 
 
AdvanSix, Inc.
 
25,284
1,093,280
Birla Carbon Thailand PCL (For. Reg.)
 
1,200,555
2,143,619
C. Uyemura & Co. Ltd.
 
81,527
4,163,084
Celanese Corp. Class A
 
5,451
671,563
CF Industries Holdings, Inc.
 
6,600
559,020
Chase Corp.
 
56,007
5,285,941
Daishin-Chemical Co. Ltd.
 
27,211
249,847
EcoGreen International Group Ltd. (a)(c)
 
5,230,540
1,013,936
Element Solutions, Inc.
 
5,209
106,680
FMC Corp.
 
107,326
14,288,310
Fujikura Kasei Co., Ltd.
 
195,486
652,060
Gujarat Narmada Valley Fertilizers Co.
 
194,742
1,316,057
Gujarat State Fertilizers & Chemicals Ltd.
 
1,513,287
2,410,032
HEXPOL AB (B Shares)
 
805
8,668
Huntsman Corp.
 
317,905
10,074,409
Hyundai HCN
 
215,675
480,104
Ingevity Corp. (a)
 
7,049
581,120
Insecticides (India) Ltd.
 
5,700
42,807
Jcu Corp.
 
38,737
960,544
K+S AG
 
97,774
2,334,238
KPX Holdings Corp.
 
6,945
309,634
LyondellBasell Industries NV Class A
 
155,514
15,036,649
Miwon Chemicals Co. Ltd.
 
3,900
207,320
Miwon Commercial Co. Ltd.
 
2,800
376,329
Muto Seiko Co. Ltd.
 
21,737
131,344
Scientex Bhd
 
9,800
8,125
SK Kaken Co. Ltd.
 
6,007
2,010,567
Soken Chemical & Engineer Co. Ltd.
 
55,340
743,052
Soulbrain Co. Ltd.
 
3,052
582,052
T&K Toka Co. Ltd.
 
119,448
1,161,246
Thai Rayon PCL (For. Reg.) (a)
 
312,905
453,158
The Mosaic Co.
 
383,746
19,010,777
Trinseo PLC
 
5,500
152,625
Tronox Holdings PLC
 
114,084
1,956,541
Valvoline, Inc.
 
8,953
328,217
Yara International ASA
 
184,445
8,167,497
Yip's Chemical Holdings Ltd.
 
2,914,746
1,239,510
 
 
 
100,309,962
Construction Materials - 0.2%
 
 
 
Buzzi Unicem SpA
 
43,462
975,234
Eagle Materials, Inc.
 
6,026
880,278
Mitani Sekisan Co. Ltd.
 
101,644
3,321,020
RHI Magnesita NV
 
8,711
288,889
Vertex Corp.
 
3,053
32,187
West China Cement Ltd.
 
521,480
63,931
Wienerberger AG
 
8,075
241,415
 
 
 
5,802,954
Containers & Packaging - 0.3%
 
 
 
Chuoh Pack Industry Co. Ltd.
 
40,695
342,483
Kohsoku Corp.
 
163,391
2,369,299
Mayr-Melnhof Karton AG
 
3,466
579,528
O-I Glass, Inc. (a)
 
21,200
408,100
Packaging Corp. of America
 
7,575
1,080,953
Silgan Holdings, Inc.
 
27,814
1,498,896
The Pack Corp.
 
139,617
2,791,118
 
 
 
9,070,377
Metals & Mining - 1.3%
 
 
 
Boliden AB
 
16,350
730,916
Chubu Steel Plate Co. Ltd. (b)
 
64,986
870,246
CI Resources Ltd. (c)
 
44,533
39,292
CK-SAN-ETSU Co. Ltd.
 
3,962
131,391
Cleveland-Cliffs, Inc. (a)
 
1,096,276
23,405,493
Commercial Metals Co.
 
6,800
369,036
Gatos Silver, Inc. (a)
 
230
1,187
Granges AB
 
33,603
280,196
Hill & Smith Holdings PLC
 
54,612
848,338
Mount Gibson Iron Ltd. (a)
 
3,163,289
1,344,649
Pacific Metals Co. Ltd.
 
67,854
1,047,597
Perenti Ltd. (a)
 
1,399,513
1,243,489
Sandfire Resources NL
 
543,066
2,420,219
Teck Resources Ltd. Class B (sub. vtg.)
 
54,288
2,348,515
Tohoku Steel Co. Ltd.
 
46,073
645,647
Tokyo Tekko Co. Ltd.
 
80,148
1,046,110
Warrior Metropolitan Coal, Inc.
 
174,788
6,620,969
Webco Industries, Inc. (a)
 
786
139,515
 
 
 
43,532,805
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones, Inc.
 
226,618
8,246,848
Sylvamo Corp.
 
151,578
7,204,502
Western Forest Products, Inc.
 
140,858
150,328
 
 
 
15,601,678
TOTAL MATERIALS
 
 
174,317,776
REAL ESTATE - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Anabuki Kosan, Inc.
 
19,763
315,521
Business One Holdings, Inc.
 
1,380
6,212
Century21 Real Estate Japan Ltd.
 
6,354
49,810
Daito Trust Construction Co. Ltd.
 
57,114
5,643,926
Jones Lang LaSalle, Inc. (a)
 
28,912
5,344,961
LSL Property Services PLC
 
122,883
399,950
Relo Group, Inc.
 
20,967
355,315
Selvaag Bolig ASA
 
53,953
174,049
Servcorp Ltd.
 
91,794
202,590
Tejon Ranch Co. (a)
 
52,583
1,052,712
Vonovia SE
 
951
26,864
 
 
 
13,571,910
UTILITIES - 1.4%
 
 
 
Electric Utilities - 1.2%
 
 
 
PG&E Corp. (a)
 
2,513,599
39,966,224
Power Grid Corp. of India Ltd.
 
4,300
11,435
Southern Co.
 
6,000
406,080
 
 
 
40,383,739
Gas Utilities - 0.1%
 
 
 
China Resource Gas Group Ltd.
 
434,698
1,828,009
GAIL India Ltd.
 
539,843
630,988
 
 
 
2,458,997
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Mega First Corp. Bhd
 
3,356,700
2,806,603
Vistra Corp.
 
18,300
421,998
 
 
 
3,228,601
TOTAL UTILITIES
 
 
46,071,337
 
TOTAL COMMON STOCKS
  (Cost $2,445,031,498)
 
 
 
3,049,564,219
 
 
 
 
Nonconvertible Bonds - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
ENERGY - 0.0%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Bristow Group, Inc. 6.25% 10/15/22 (c)(f)
 
  (Cost $0)
 
 
388,666
0
 
 
 
 
Money Market Funds - 5.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (g)
 
149,773,256
149,803,210
Fidelity Securities Lending Cash Central Fund 4.38% (g)(h)
 
32,343,828
32,347,063
 
TOTAL MONEY MARKET FUNDS
  (Cost $182,150,272)
 
 
182,150,273
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
  (Cost $2,627,181,770)
 
 
 
3,231,714,492
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(16,675,668)
NET ASSETS - 100.0%
3,215,038,824
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,816,167 or 0.1% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Non-income producing - Security is in default.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
229,608,615
368,379,878
448,185,283
4,380,092
-
-
149,803,210
0.3%
Fidelity Securities Lending Cash Central Fund 4.38%
22,594,633
81,162,044
71,409,614
20,950
-
-
32,347,063
0.1%
Total
252,203,248
449,541,922
519,594,897
4,401,042
-
-
182,150,273
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2023, 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
31,846,413
20,559,713
11,286,700
-
Consumer Discretionary
587,494,125
517,913,371
69,395,153
185,601
Consumer Staples
352,229,521
264,451,574
86,915,802
862,145
Energy
351,292,481
319,165,827
32,118,634
8,020
Financials
338,630,311
310,411,042
28,219,269
-
Health Care
465,600,659
409,075,751
56,524,908
-
Industrials
275,767,418
168,177,672
107,589,746
-
Information Technology
412,742,268
274,190,473
138,551,795
-
Materials
174,317,776
135,954,671
37,309,877
1,053,228
Real Estate
13,571,910
6,971,672
6,600,238
-
Utilities
46,071,337
40,794,302
5,277,035
-
 Corporate Bonds
-
-
-
-
  Money Market Funds
182,150,273
182,150,273
-
-
 Total Investments in Securities:
3,231,714,492
2,649,816,341
579,789,157
2,108,994
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
January 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $30,829,616) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,445,031,498)
$
3,049,564,219
 
 
Fidelity Central Funds (cost $182,150,272)
182,150,273
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,627,181,770)
 
 
$
3,231,714,492
Cash
 
 
10,694
Foreign currency held at value (cost $4,219,950)
 
 
4,219,816
Receivable for investments sold
 
 
20,852,769
Receivable for fund shares sold
 
 
4,633,450
Dividends receivable
 
 
3,177,414
Distributions receivable from Fidelity Central Funds
 
 
777,105
Other receivables
 
 
126,791
  Total assets
 
 
3,265,512,531
Liabilities
 
 
 
 
Payable for investments purchased
$
12,162,809
 
 
Payable for fund shares redeemed
3,384,027
 
 
Accrued management fee
1,300,297
 
 
Other payables and accrued expenses
1,280,920
 
 
Collateral on securities loaned
32,345,654
 
 
  Total Liabilities
 
 
 
50,473,707
Net Assets  
 
 
$
3,215,038,824
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,610,004,930
Total accumulated earnings (loss)
 
 
 
605,033,894
Net Assets
 
 
$
3,215,038,824
Net Asset Value , offering price and redemption price per share ($3,215,038,824 ÷ 217,392,828 shares)
 
 
$
14.79
Statement of Operations
 
 
 
Six months ended
January 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
32,845,406
Income from Fidelity Central Funds (including $20,950 from security lending)
 
 
4,401,042
 Income before foreign taxes withheld
 
 
$
37,246,448
Less foreign taxes withheld
 
 
(1,906,658)
 Total Income
 
 
 
35,339,790
Expenses
 
 
 
 
Management fee
$
7,304,739
 
 
Independent trustees' fees and expenses
5,000
 
 
 Total expenses before reductions
 
7,309,739
 
 
 Expense reductions
 
(553)
 
 
 Total expenses after reductions
 
 
 
7,309,186
Net Investment income (loss)
 
 
 
28,030,604
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $332,143)
 
5,481,594
 
 
 Foreign currency transactions
 
117,405
 
 
Total net realized gain (loss)
 
 
 
5,598,999
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $220,588)
 
204,298,086
 
 
 Assets and liabilities in foreign currencies
 
91,439
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
204,389,525
Net gain (loss)
 
 
 
209,988,524
Net increase (decrease) in net assets resulting from operations
 
 
$
238,019,128
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2023
(Unaudited)
 
Year ended
July 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
28,030,604
$
46,920,261
Net realized gain (loss)
 
5,598,999
 
 
74,276,978
 
Change in net unrealized appreciation (depreciation)
 
204,389,525
 
(216,742,879)
 
Net increase (decrease) in net assets resulting from operations
 
238,019,128
 
 
(95,545,640)
 
Distributions to shareholders
 
(100,231,372)
 
 
(154,968,654)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
362,616,163
 
911,723,878
  Reinvestment of distributions
 
100,231,372
 
 
154,968,654
 
Cost of shares redeemed
 
(240,906,624)
 
(897,913,232)
  Net increase (decrease) in net assets resulting from share transactions
 
221,940,911
 
 
168,779,300
 
Total increase (decrease) in net assets
 
359,728,667
 
 
(81,734,994)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,855,310,157
 
2,937,045,151
 
End of period
$
3,215,038,824
$
2,855,310,157
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
26,145,879
 
61,872,312
  Issued in reinvestment of distributions
 
7,285,754
 
 
10,370,110
 
Redeemed
 
(17,441,887)
 
(60,141,009)
Net increase (decrease)
 
15,989,746
 
12,101,413
 
 
 
 
 
 
Financial Highlights
Fidelity® Low-Priced Stock K6 Fund
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.18
$
15.52
$
10.82
$
11.19
$
11.52
$
10.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.24
 
.17
 
.20
 
.20
 
.17
     Net realized and unrealized gain (loss)
 
.97
 
(.76)
 
4.72
 
(.27)
 
(.29)
 
1.19
  Total from investment operations
 
1.10  
 
(.52)  
 
4.89  
 
(.07)  
 
(.09)
 
1.36
  Distributions from net investment income
 
(.22)
 
(.20)
 
(.19)
 
(.22)
 
(.17)
 
(.06)
  Distributions from net realized gain
 
(.27)
 
(.63)
 
-
 
(.08)
 
(.06)
 
(.01)
     Total distributions
 
(.49)
 
(.82) C
 
(.19)
 
(.30)
 
(.24) C
 
(.07)
  Net asset value, end of period
$
14.79
$
14.18
$
15.52
$
10.82
$
11.19
$
11.52
 Total Return   D,E
 
8.02%
 
(3.56)%
 
45.81%
 
(.74)%
 
(.73)%
 
13.33%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% H
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Expenses net of fee waivers, if any
 
.50% H
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Expenses net of all reductions
 
.50% H
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Net investment income (loss)
 
1.92% H
 
1.63%
 
1.23%
 
1.86%
 
1.85%
 
1.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,215,039
$
2,855,310
$
2,937,045
$
1,861,492
$
1,923,317
$
2,092,759
    Portfolio turnover rate I,J
 
26% H
 
25%
 
27%
 
21%
 
20%
 
23%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
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.
 
For the period ended January 31, 2023
 
1. Organization.
Fidelity Low-Priced Stock K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$777,176,924
Gross unrealized depreciation
(175,474,152)
Net unrealized appreciation (depreciation)
$601,702,772
Tax cost
$2,630,011,720
 
The Fund elected to defer to its next fiscal year $8,326,260 of capital losses recognized during the period November 1, 2021 to July 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Low-Priced Stock K6 Fund
538,914,789
340,027,933
 
Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Low-Priced Stock K6 Fund
1,850,424
25,315,310
 
Prior Year Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Low-Priced Stock K6 Fund
19,440,680
278,707,902
 
5. Fees and Other Transactions with Affiliates.
Management Fee.   Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Low-Priced Stock K6 Fund
$8,153
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Low-Priced Stock K6 Fund
87,459,606
7,451,631
921,142
 
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Low-Priced Stock K6 Fund
$2,228
$19
$28,508
 
8. Expense Reductions.
Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $482 and $71, respectively.
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
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 (August 1, 2022 to January 31, 2023).
 
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 August 1, 2022
 
Ending Account Value January 31, 2023
 
Expenses Paid During Period- C August 1, 2022 to January 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Low-Priced Stock K6 Fund
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,080.20
 
$ 2.62
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.68
 
$ 2.55
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883998.105
LPSK6-SANN-0423
Fidelity® Value Discovery Fund
 
 
Semi-Annual Report
January 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 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.
 
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
4.9
 
Berkshire Hathaway, Inc. Class B
4.7
 
JPMorgan Chase & Co.
2.8
 
Comcast Corp. Class A
2.7
 
Cigna Corp.
2.7
 
Bristol-Myers Squibb Co.
2.4
 
Chubb Ltd.
2.4
 
PG&E Corp.
2.4
 
Centene Corp.
2.3
 
UnitedHealth Group, Inc.
2.1
 
 
29.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.0
 
Health Care
19.0
 
Utilities
9.4
 
Energy
9.4
 
Industrials
9.1
 
Information Technology
7.3
 
Consumer Staples
7.2
 
Communication Services
6.1
 
Consumer Discretionary
4.1
 
Materials
3.4
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 16.4%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.1%
 
 
 
Entertainment - 1.5%
 
 
 
Activision Blizzard, Inc.
 
576,170
44,117,337
Interactive Media & Services - 1.9%
 
 
 
Alphabet, Inc. Class A (a)
 
586,722
57,991,602
Media - 2.7%
 
 
 
Comcast Corp. Class A
 
2,121,973
83,499,638
TOTAL COMMUNICATION SERVICES
 
 
185,608,577
CONSUMER DISCRETIONARY - 4.1%
 
 
 
Diversified Consumer Services - 1.5%
 
 
 
H&R Block, Inc.
 
1,120,374
43,672,179
Internet & Direct Marketing Retail - 0.4%
 
 
 
eBay, Inc.
 
259,458
12,843,171
Multiline Retail - 1.3%
 
 
 
Dollar General Corp.
 
173,155
40,449,008
Specialty Retail - 0.9%
 
 
 
Ross Stores, Inc.
 
240,722
28,450,933
TOTAL CONSUMER DISCRETIONARY
 
 
125,415,291
CONSUMER STAPLES - 7.2%
 
 
 
Beverages - 0.6%
 
 
 
Coca-Cola European Partners PLC
 
357,523
20,099,943
Food & Staples Retailing - 0.8%
 
 
 
U.S. Foods Holding Corp. (a)
 
620,574
23,662,487
Food Products - 2.5%
 
 
 
Mondelez International, Inc.
 
820,503
53,693,716
Tyson Foods, Inc. Class A
 
339,613
22,329,555
 
 
 
76,023,271
Household Products - 3.0%
 
 
 
Procter & Gamble Co.
 
270,548
38,520,624
Reckitt Benckiser Group PLC
 
269,971
19,238,388
Spectrum Brands Holdings, Inc.
 
242,723
16,476,037
The Clorox Co. (b)
 
110,095
15,929,646
 
 
 
90,164,695
Personal Products - 0.3%
 
 
 
Unilever PLC sponsored ADR
 
193,434
9,884,477
TOTAL CONSUMER STAPLES
 
 
219,834,873
ENERGY - 9.4%
 
 
 
Oil, Gas & Consumable Fuels - 9.4%
 
 
 
Antero Resources Corp. (a)
 
287,100
8,279,964
ConocoPhillips Co.
 
387,658
47,243,880
Equinor ASA sponsored ADR
 
668,537
20,343,581
Exxon Mobil Corp.
 
1,297,750
150,551,977
Occidental Petroleum Corp.
 
400,665
25,959,085
Ovintiv, Inc.
 
322,646
15,883,863
Parex Resources, Inc.
 
1,026,141
17,468,035
 
 
 
285,730,385
FINANCIALS - 23.0%
 
 
 
Banks - 8.7%
 
 
 
Bank of America Corp.
 
1,769,101
62,767,703
Cullen/Frost Bankers, Inc.
 
67,645
8,812,791
JPMorgan Chase & Co.
 
602,382
84,309,385
M&T Bank Corp.
 
211,231
32,952,036
PNC Financial Services Group, Inc.
 
209,126
34,595,714
Wells Fargo & Co.
 
894,253
41,913,638
 
 
 
265,351,267
Capital Markets - 3.3%
 
 
 
Affiliated Managers Group, Inc.
 
132,185
22,833,637
BlackRock, Inc. Class A
 
69,558
52,809,129
Invesco Ltd. (b)
 
323,793
5,993,408
Northern Trust Corp.
 
189,839
18,408,688
 
 
 
100,044,862
Diversified Financial Services - 4.7%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
458,399
142,800,456
Insurance - 5.9%
 
 
 
Chubb Ltd.
 
318,292
72,408,247
The Travelers Companies, Inc.
 
327,859
62,660,412
Willis Towers Watson PLC
 
167,060
42,464,981
 
 
 
177,533,640
Mortgage Real Estate Investment Trusts - 0.4%
 
 
 
AGNC Investment Corp.
 
325,600
3,776,960
Annaly Capital Management, Inc.
 
159,200
3,736,424
MFA Financial, Inc.
 
338,600
4,025,954
 
 
 
11,539,338
TOTAL FINANCIALS
 
 
697,269,563
HEALTH CARE - 19.0%
 
 
 
Biotechnology - 2.5%
 
 
 
Regeneron Pharmaceuticals, Inc. (a)
 
52,056
39,482,914
Vertex Pharmaceuticals, Inc. (a)
 
108,908
35,188,175
 
 
 
74,671,089
Health Care Providers & Services - 10.0%
 
 
 
Centene Corp. (a)
 
908,040
69,228,970
Cigna Corp.
 
261,404
82,778,805
Elevance Health, Inc.
 
92,710
46,354,073
Humana, Inc.
 
78,634
40,237,018
UnitedHealth Group, Inc.
 
129,260
64,525,299
 
 
 
303,124,165
Pharmaceuticals - 6.5%
 
 
 
AstraZeneca PLC sponsored ADR
 
640,692
41,882,036
Bristol-Myers Squibb Co.
 
1,009,837
73,364,658
Roche Holding AG (participation certificate)
 
126,918
39,620,043
Sanofi SA sponsored ADR
 
901,192
44,284,575
 
 
 
199,151,312
TOTAL HEALTH CARE
 
 
576,946,566
INDUSTRIALS - 9.1%
 
 
 
Aerospace & Defense - 4.7%
 
 
 
Airbus Group NV
 
77,063
9,661,071
L3Harris Technologies, Inc.
 
114,603
24,619,016
Lockheed Martin Corp.
 
59,549
27,586,670
Northrop Grumman Corp.
 
93,809
42,030,184
The Boeing Co. (a)
 
180,453
38,436,489
 
 
 
142,333,430
Air Freight & Logistics - 0.2%
 
 
 
Deutsche Post AG
 
146,224
6,295,921
Electrical Equipment - 1.2%
 
 
 
Eaton Corp. PLC
 
38,800
6,293,748
Regal Rexnord Corp.
 
203,768
28,364,506
 
 
 
34,658,254
Industrial Conglomerates - 0.6%
 
 
 
Siemens AG
 
121,835
19,031,270
Machinery - 2.4%
 
 
 
Crane Holdings Co.
 
42,000
4,868,220
ITT, Inc.
 
84,041
7,697,315
Oshkosh Corp.
 
305,429
30,781,135
Parker Hannifin Corp.
 
20,800
6,780,800
Pentair PLC
 
320,526
17,750,730
Stanley Black & Decker, Inc. (b)
 
59,684
5,330,378
 
 
 
73,208,578
TOTAL INDUSTRIALS
 
 
275,527,453
INFORMATION TECHNOLOGY - 6.1%
 
 
 
Communications Equipment - 1.4%
 
 
 
Cisco Systems, Inc.
 
886,331
43,137,730
Electronic Equipment & Components - 0.3%
 
 
 
TE Connectivity Ltd.
 
64,028
8,141,160
IT Services - 2.7%
 
 
 
Amdocs Ltd.
 
339,487
31,209,040
Capgemini SA
 
62,937
11,898,579
Cognizant Technology Solutions Corp. Class A
 
328,677
21,939,190
Maximus, Inc.
 
224,715
16,819,918
 
 
 
81,866,727
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
NXP Semiconductors NV
 
32,019
5,901,422
Software - 1.5%
 
 
 
Aspen Technology, Inc. (a)
 
51,101
10,156,324
Gen Digital, Inc.
 
1,053,925
24,250,814
Open Text Corp.
 
365,895
12,275,777
 
 
 
46,682,915
TOTAL INFORMATION TECHNOLOGY
 
 
185,729,954
MATERIALS - 3.4%
 
 
 
Chemicals - 2.3%
 
 
 
DuPont de Nemours, Inc.
 
636,651
47,080,341
International Flavors & Fragrances, Inc.
 
159,944
17,987,302
The Scotts Miracle-Gro Co. Class A (b)
 
48,000
3,465,120
 
 
 
68,532,763
Metals & Mining - 1.1%
 
 
 
Lundin Mining Corp.
 
2,938,919
22,242,617
Newmont Corp.
 
213,408
11,295,685
 
 
 
33,538,302
TOTAL MATERIALS
 
 
102,071,065
REAL ESTATE - 0.6%
 
 
 
Real Estate Management & Development - 0.6%
 
 
 
CBRE Group, Inc. (a)
 
221,094
18,905,748
UTILITIES - 9.4%
 
 
 
Electric Utilities - 7.7%
 
 
 
Constellation Energy Corp.
 
444,907
37,977,262
Duke Energy Corp.
 
97,563
9,995,329
Edison International
 
88,800
6,118,320
Evergy, Inc.
 
469,107
29,389,554
Exelon Corp.
 
252,031
10,633,188
NextEra Energy, Inc.
 
281,036
20,973,717
PG&E Corp. (a)
 
4,551,515
72,369,089
Portland General Electric Co. (b)
 
330,090
15,705,682
Southern Co.
 
449,353
30,412,211
 
 
 
233,574,352
Independent Power and Renewable Electricity Producers - 0.6%
 
 
 
The AES Corp.
 
716,337
19,634,797
Multi-Utilities - 1.1%
 
 
 
Dominion Energy, Inc.
 
519,945
33,089,300
TOTAL UTILITIES
 
 
286,298,449
 
TOTAL COMMON STOCKS
  (Cost $2,251,593,280)
 
 
 
2,959,337,924
 
 
 
 
Nonconvertible Preferred Stocks - 1.2%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 1.2%
 
 
 
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Samsung Electronics Co. Ltd.
 
  (Cost $33,921,909)
 
 
825,020
36,976,846
 
 
 
 
Money Market Funds - 2.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (c)
 
42,569,038
42,577,551
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)
 
26,279,122
26,281,750
 
TOTAL MONEY MARKET FUNDS
  (Cost $68,859,301)
 
 
68,859,301
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
  (Cost $2,354,374,490)
 
 
 
3,065,174,071
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(26,290,624)
NET ASSETS - 100.0%
3,038,883,447
 
 
 
 
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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
83,928,877
224,383,046
265,734,372
711,108
-
-
42,577,551
0.1%
Fidelity Securities Lending Cash Central Fund 4.38%
-
174,120,216
147,838,466
12,286
-
-
26,281,750
0.1%
Total
83,928,877
398,503,262
413,572,838
723,394
-
-
68,859,301
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2023, 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
185,608,577
185,608,577
-
-
Consumer Discretionary
125,415,291
125,415,291
-
-
Consumer Staples
219,834,873
200,596,485
19,238,388
-
Energy
285,730,385
285,730,385
-
-
Financials
697,269,563
697,269,563
-
-
Health Care
576,946,566
537,326,523
39,620,043
-
Industrials
275,527,453
240,539,191
34,988,262
-
Information Technology
222,706,800
185,729,954
36,976,846
-
Materials
102,071,065
102,071,065
-
-
Real Estate
18,905,748
18,905,748
-
-
Utilities
286,298,449
286,298,449
-
-
  Money Market Funds
68,859,301
68,859,301
-
-
 Total Investments in Securities:
3,065,174,071
2,934,350,532
130,823,539
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
January 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $26,446,277) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,285,515,189)
$
2,996,314,770
 
 
Fidelity Central Funds (cost $68,859,301)
68,859,301
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,354,374,490)
 
 
$
3,065,174,071
Foreign currency held at value (cost $1,242)
 
 
1,281
Receivable for fund shares sold
 
 
1,967,074
Dividends receivable
 
 
2,940,836
Distributions receivable from Fidelity Central Funds
 
 
182,592
Prepaid expenses
 
 
2,801
  Total assets
 
 
3,070,268,655
Liabilities
 
 
 
 
Payable for investments purchased
$
1,204,401
 
 
Payable for fund shares redeemed
1,688,195
 
 
Accrued management fee
1,768,617
 
 
Other affiliated payables
394,298
 
 
Other payables and accrued expenses
47,947
 
 
Collateral on securities loaned
26,281,750
 
 
  Total Liabilities
 
 
 
31,385,208
Net Assets  
 
 
$
3,038,883,447
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,341,599,766
Total accumulated earnings (loss)
 
 
 
697,283,681
Net Assets
 
 
$
3,038,883,447
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Value Discovery :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,985,169,491 ÷ 82,530,261 shares)
 
 
$
36.17
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($53,713,956 ÷ 1,484,429 shares)
 
 
$
36.18
 
Statement of Operations
 
 
 
Six months ended
January 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
27,528,504
Income from Fidelity Central Funds (including $12,286 from security lending)
 
 
723,394
 Total Income
 
 
 
28,251,898
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
7,614,485
 
 
 Performance adjustment
2,634,849
 
 
Transfer agent fees
1,928,601
 
 
Accounting fees
375,063
 
 
Custodian fees and expenses
52,167
 
 
Independent trustees' fees and expenses
5,028
 
 
Registration fees
94,804
 
 
Audit
29,963
 
 
Legal
3,494
 
 
Miscellaneous
9,178
 
 
 Total expenses before reductions
 
12,747,632
 
 
 Expense reductions
 
(54,978)
 
 
 Total expenses after reductions
 
 
 
12,692,654
Net Investment income (loss)
 
 
 
15,559,244
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,828,511
 
 
   Redemptions in-kind
 
166,586
 
 
 Foreign currency transactions
 
5,191
 
 
Total net realized gain (loss)
 
 
 
2,000,288
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
126,988,809
 
 
 Assets and liabilities in foreign currencies
 
54,457
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
127,043,266
Net gain (loss)
 
 
 
129,043,554
Net increase (decrease) in net assets resulting from operations
 
 
$
144,602,798
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2023
(Unaudited)
 
Year ended
July 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
15,559,244
$
39,159,762
Net realized gain (loss)
 
2,000,288
 
 
198,289,828
 
Change in net unrealized appreciation (depreciation)
 
127,043,266
 
(252,646,452)
 
Net increase (decrease) in net assets resulting from operations
 
144,602,798
 
 
(15,196,862)
 
Distributions to shareholders
 
(133,719,223)
 
 
(156,990,940)
 
Share transactions - net increase (decrease)
 
72,949,826
 
 
(152,690,805)
 
Total increase (decrease) in net assets
 
83,833,401
 
 
(324,878,607)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,955,050,046
 
3,279,928,653
 
End of period
$
3,038,883,447
$
2,955,050,046
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Value Discovery Fund
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.10
$
37.95
$
26.99
$
28.85
$
29.25
$
28.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.45
 
.40
 
.57 C
 
.54
 
.42
     Net realized and unrealized gain (loss)
 
1.53
 
(.48)
 
10.98
 
(1.53)
 
.22
 
1.28
  Total from investment operations
 
1.72  
 
(.03)  
 
11.38  
 
(.96)  
 
.76
 
1.70
  Distributions from net investment income
 
(.44)
 
(.43)
 
(.42)
 
(.52)
 
(.57)
 
(.31)
  Distributions from net realized gain
 
(1.21)
 
(1.40)
 
-
 
(.38)
 
(.59)
 
(.24)
     Total distributions
 
(1.65)
 
(1.82) D
 
(.42)
 
(.90)
 
(1.16)
 
(.55)
  Net asset value, end of period
$
36.17
$
36.10
$
37.95
$
26.99
$
28.85
$
29.25
 Total Return   E,F
 
4.99%
 
(.21)%
 
42.65%
 
(3.54)%
 
2.86%
 
6.19%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% I
 
.80%
 
.75%
 
.66%
 
.60%
 
.69%
    Expenses net of fee waivers, if any
 
.88% I
 
.80%
 
.75%
 
.66%
 
.60%
 
.69%
    Expenses net of all reductions
 
.88% I
 
.80%
 
.74%
 
.64%
 
.60%
 
.69%
    Net investment income (loss)
 
1.08% I
 
1.20%
 
1.21%
 
2.07% C
 
1.95%
 
1.50%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,985,169
$
2,895,400
$
3,192,073
$
1,788,146
$
2,400,695
$
2,313,811
    Portfolio turnover rate J
 
20% I,K
 
34% K
 
36%
 
70% K
 
48%
 
33% K
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.
 
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.
 
Fidelity® Value Discovery Fund Class K
 
 
Six months ended
(Unaudited) January 31, 2023  
 
Years ended July 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.13
$
37.98
$
27.01
$
28.86
$
29.28
$
28.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.49
 
.44
 
.60 C
 
.58
 
.46
     Net realized and unrealized gain (loss)
 
1.54
 
(.48)
 
10.97
 
(1.52)
 
.20
 
1.28
  Total from investment operations
 
1.74  
 
.01  
 
11.41  
 
(.92)  
 
.78
 
1.74
  Distributions from net investment income
 
(.47)
 
(.46)
 
(.44)
 
(.55)
 
(.61)
 
(.33)
  Distributions from net realized gain
 
(1.21)
 
(1.40)
 
-
 
(.38)
 
(.59)
 
(.24)
     Total distributions
 
(1.69) D
 
(1.86)
 
(.44)
 
(.93)
 
(1.20)
 
(.57)
  Net asset value, end of period
$
36.18
$
36.13
$
37.98
$
27.01
$
28.86
$
29.28
 Total Return   E,F
 
5.02%
 
(.12)%
 
42.76%
 
(3.40)%
 
2.93%
 
6.34%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.79% I
 
.70%
 
.65%
 
.56%
 
.49%
 
.57%
    Expenses net of fee waivers, if any
 
.79% I
 
.70%
 
.65%
 
.56%
 
.49%
 
.57%
    Expenses net of all reductions
 
.79% I
 
.70%
 
.65%
 
.54%
 
.48%
 
.56%
    Net investment income (loss)
 
1.17% I
 
1.30%
 
1.30%
 
2.17% C
 
2.06%
 
1.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
53,714
$
59,650
$
87,856
$
37,275
$
55,768
$
67,335
    Portfolio turnover rate J
 
20% I,K
 
34% K
 
36%
 
70% K
 
48%
 
33% K
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.84%.
 
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.
 
For the period ended January 31, 2023
 
1 . Organization.
Fidelity Value Discovery Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Value Discovery and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 January 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
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 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
$767,950,012
Gross unrealized depreciation
(61,434,977)
Net unrealized appreciation (depreciation)
$706,515,035
Tax cost
$2,358,659,036
 
The Fund elected to defer to its next fiscal year approximately $12,580,038 of capital losses recognized during the period November 1,2021 to July 31, 2022.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Value Discovery Fund
282,759,494
296,874,217
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Value Discovery Fund
18,602
166,586
596,372
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 Value Discovery Fund
48,984
731,012
1,898,136
Class K
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Value Discovery as compared to its benchmark index, the Russell 3000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Value Discovery, 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
Value Discovery
$   1,917,147
.14
Class K
11,454
.04
 
$1,928,601
 
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 Value Discovery Fund
.03
 
 
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Value Discovery Fund
$5,280
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Value Discovery Fund
7,232,215
15,239,273
2,016,273
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Value Discovery Fund
$3,984
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Value Discovery Fund
$1,301
$-
$-
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $589.
 
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 $54,389.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2023
Year ended
July 31, 2022
Fidelity Value Discovery Fund
 
 
Distributions to shareholders
 
 
Value Discovery
$   131,037,906
$152,839,585
Class K
2,681,317
4,151,355
Total   
$    133,719,223
$    156,990,940
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  January 31, 2023
Year ended
  July 31, 2022
Six months ended
  January 31, 2023
Year ended
  July 31, 2022
Fidelity Value Discovery Fund
 
 
 
 
Value Discovery
 
 
 
 
Shares sold
12,731,593
25,869,888
$426,166,205
$956,993,939
Reinvestment of distributions
2,461,661
2,456,100
85,499,522
92,332,868
Shares redeemed
(12,861,836)
(32,232,149)
(432,890,360)
(1,176,807,903)
Net increase (decrease)
2,331,418
(3,906,161)
$78,775,367
$(127,481,096)
Class K
 
 
 
 
Shares sold
199,187
509,056
$6,969,692
$19,075,817
Reinvestment of distributions
77,184
110,335
2,681,317
4,151,355
Shares redeemed
(442,767)
(1,281,507)
(15,476,550)
(48,436,881)
Net increase (decrease)
(166,396)
(662,116)
$(5,825,541)
$(25,209,709)
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
 
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 (August 1, 2022 to January 31, 2023).
 
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 August 1, 2022
 
Ending Account Value January 31, 2023
 
Expenses Paid During Period- C August 1, 2022 to January 31, 2023
Fidelity® Value Discovery Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Value Discovery Fund
 
 
 
.88%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,049.90
 
$ 4.55
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.77
 
$ 4.48
 
Class K
 
 
 
.79%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,050.20
 
$ 4.08
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 4.02
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.783113.120
FVD-SANN-0423


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 Puritan Trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Puritan Trust’s (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 Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

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 Puritan Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

March 23, 2023


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

March 23, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

March 23, 2023