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 811-2841

Fidelity Capital Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

William C. Coffey, 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:	September 30

Date of reporting period:	September 30, 2018

Item 1.

Reports to Stockholders

Fidelity Advisor® Stock Selector All Cap Fund -

Class A, Class M, Class C, Class I and Class Z

Annual Report

September 30, 2018

Class A, Class M, Class C, Class I and Class Z are classes of Fidelity® Stock Selector All Cap Fund

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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 1-877-208-0098 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.

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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	10.10%	11.34%	10.51%
Class M (incl. 3.50% sales charge)	12.43%	11.57%	10.60%
Class C (incl. contingent deferred sales charge)	14.91%	11.80%	10.66%
Class I	17.13%	12.97%	11.35%
Class Z	17.30%	13.13%	11.43%

Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.

Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.

Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class I shares took place on October 23, 2012. Returns prior to October 23, 2012 are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund.

The initial offering of Class Z shares took place on August 13, 2013. Returns between October 23, 2012 and August 13, 2013, are those of Class I. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Stock Selector All Cap Fund - Class A on September 30, 2008, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

See previous page for additional information regarding the performance of Class A.

	Period Ending Values
	$27,174	Fidelity Advisor® Stock Selector All Cap Fund - Class A
	$30,962	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Lead Portfolio Manager Geoff Stein: For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained roughly 16% to 17%, trailing the benchmark S&P 500 index. Late-period changes in style factors rewarded by the market hampered the fund’s stock selection across several sectors, most notably in consumer discretionary and information technology, resulting in underperformance versus the benchmark. On the plus side, picks in health care, industrials and energy notably aided relative performance. A sizable underweighting in smartphone maker and index heavyweight Apple (+49%) was the biggest individual relative detractor, followed by an out-of-benchmark stake in electric vehicle maker Tesla (-23%). The top relative contributors were software developer PTC (+86%) and biotechnology firm Sarepta Therapeutics (+200%) – both of which are outside the fund’s benchmark.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Notes to Shareholders: On November 17, 2017, Richard Malnight and James McElligott became Co-Managers of the fund. Malnight succeeded Tobias Welo in managing the fund’s materials investments, while McElligott succeeded Robert Lee in managing the consumer staples sleeve. Welo continues to oversee the fund’s investments in the industrials sector.
On October 1, 2018, Fidelity added the Dow Jones U.S. Total Stock Market Index as the fund’s supplemental benchmark to better reflect the breadth of investment opportunities available to the underlying sector managers.

Investment Summary (Unaudited)

The information in the following tables is based on the Fund’s pro-rata share of the investments of Fidelity’s Equity Central Funds.

Top Ten Stocks as of September 30, 2018

	% of fund's net assets
Microsoft Corp.	3.9
Amazon.com, Inc.	2.7
Apple, Inc.	1.9
NVIDIA Corp.	1.7
UnitedHealth Group, Inc.	1.5
Activision Blizzard, Inc.	1.2
Becton, Dickinson & Co.	1.1
Salesforce.com, Inc.	1.1
Boston Scientific Corp.	1.1
Parametric Technology Corp.	0.9
	17.1

Top Five Market Sectors as of September 30, 2018

	% of fund's net assets
Information Technology	25.7
Health Care	15.5
Financials	12.8
Consumer Discretionary	12.5
Industrials	10.4

At period end, investments in foreign securities including the Fund's pro-rata share of Fidelity's Equity Central Funds, was 10.5% of net assets.

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Equity Central Funds - 100.0%
	Shares	Value (000s)
Fidelity Consumer Discretionary Central Fund (a)	3,361,388	$1,178,469
Fidelity Consumer Staples Central Fund (a)	3,190,649	652,902
Fidelity Energy Central Fund (a)	4,417,838	604,802
Fidelity Financials Central Fund (a)	15,796,451	1,664,788
Fidelity Health Care Central Fund (a)	3,386,437	1,636,563
Fidelity Industrials Central Fund (a)	3,372,142	1,044,555
Fidelity Information Technology Central Fund (a)	5,719,677	2,858,637
Fidelity Materials Central Fund (a)	1,117,184	265,666
Fidelity Telecom Services Central Fund (a)	1,019,110	192,092
Fidelity Utilities Central Fund (a)	1,532,456	291,688
TOTAL EQUITY CENTRAL FUNDS
(Cost $8,207,899)		10,390,162

Money Market Central Funds - 0.0%
Fidelity Cash Central Fund, 2.11% (b)
(Cost $1,240)	1,239,623	1,240
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $8,209,139)		10,391,402
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1,938)
NET ASSETS - 100%		$10,389,464

Legend

(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$20
Fidelity Consumer Discretionary Central Fund	54,541
Fidelity Consumer Staples Central Fund	73,563
Fidelity Energy Central Fund	15,655
Fidelity Financials Central Fund	119,827
Fidelity Health Care Central Fund	50,082
Fidelity Industrials Central Fund	53,923
Fidelity Information Technology Central Fund	304,813
Fidelity Materials Central Fund	17,370
Fidelity Telecom Services Central Fund	22,128
Fidelity Utilities Central Fund	22,551
Total	$734,473

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands)	Value, beginning of period	Pur- chases^(a)	Sales Proceeds^(a)	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$767,674	$692,651	$495,107	$225,985	$(12,734)	$1,178,469	48.8%
Fidelity Consumer Staples Central Fund	609,695	462,506	330,566	73,355	(162,088)	652,902	50.0%
Fidelity Energy Central Fund	493,096	321,293	287,006	17,126	60,293	604,802	48.8%
Fidelity Financials Central Fund	1,433,400	1,060,086	812,748	291,255	(307,205)	1,664,788	45.8%
Fidelity Health Care Central Fund	1,192,325	882,063	723,986	352,924	(66,763)	1,636,563	48.9%
Fidelity Industrials Central Fund	785,897	649,137	454,702	188,587	(124,364)	1,044,555	48.5%
Fidelity Information Technology Central Fund	2,026,910	1,832,464	1,263,778	639,453	(376,412)	2,858,637	49.4%
Fidelity Materials Central Fund	207,016	199,341	114,325	33,060	(59,426)	265,666	47.6%
Fidelity Telecom Services Central Fund	191,300	121,744	111,141	27,995	(37,806)	192,092	47.2%
Fidelity Utilities Central Fund	239,831	172,751	130,329	44,353	(34,918)	291,688	46.6%
Total	$7,947,144	$6,394,036	$4,723,688	$1,894,093	$(1,121,423)	$10,390,162

(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable. See the Notes to Financial Statements for additional details.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

United States of America	89.5%
United Kingdom	1.5%
Bermuda	1.2%
Cayman Islands	1.0%
Japan	1.0%
Others (Individually Less Than 1%)	5.8%
	100.0%

The information in the above table is based on the Fund's pro-rata share of the investments of Fidelity's Equity Central Funds.

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		September 30, 2018
Assets
Investment in securities, at value — See accompanying schedule:
Investments in Fidelity Central Funds (cost $8,209,139)		$10,391,402
Cash		45
Receivable for investments sold		15,568
Receivable for fund shares sold		905
Dividends receivable		7
Distributions receivable from Fidelity Central Funds		2
Prepaid expenses		22
Other receivables		17
Total assets		10,407,968
Liabilities
Payable for fund shares redeemed	$12,027
Accrued management fee	4,805
Transfer agent fee payable	1,235
Distribution and service plan fees payable	150
Other affiliated payables	108
Other payables and accrued expenses	179
Total liabilities		18,504
Net Assets		$10,389,464
Net Assets consist of:
Paid in capital		$8,119,737
Undistributed net investment income		25,502
Accumulated undistributed net realized gain (loss) on investments		61,963
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,182,262
Net Assets		$10,389,464
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($200,678÷ 4,127.4 shares)		$48.62
Maximum offering price per share (100/94.25 of $48.62)		$51.59
Class M:
Net Asset Value and redemption price per share ($125,705 ÷ 2,590.0 shares)		$48.53
Maximum offering price per share (100/96.50 of $48.53)		$50.29
Class C:
Net Asset Value and offering price per share ($66,482 ÷ 1,385.0 shares)^(a)		$48.00
Stock Selector All Cap:
Net Asset Value, offering price and redemption price per share ($9,307,092 ÷ 191,268.0 shares)		$48.66
Class K:
Net Asset Value, offering price and redemption price per share ($367,690 ÷ 7,551.1 shares)		$48.69
Class I:
Net Asset Value, offering price and redemption price per share ($295,358 ÷ 6,067.7 shares)		$48.68
Class Z:
Net Asset Value, offering price and redemption price per share ($26,459 ÷ 544.5 shares)		$48.59

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

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

Statement of Operations

Amounts in thousands		Year ended September 30, 2018
Investment Income
Income from Fidelity Central Funds		$130,987
Expenses
Management fee
Basic fee	$50,981
Performance adjustment	(1,484)
Transfer agent fees	13,166
Distribution and service plan fees	1,798
Accounting fees and expenses	1,263
Custodian fees and expenses	1
Independent trustees' fees and expenses	43
Registration fees	397
Audit	41
Legal	37
Miscellaneous	58
Total expenses before reductions	66,301
Expense reductions	(87)
Total expenses after reductions		66,214
Net investment income (loss)		64,773
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	80
Redemptions in-kind with affiliated entities	1,860,210
Fidelity Central Funds	33,883
Capital gain distributions from Fidelity Central Funds	603,486
Total net realized gain (loss)		2,497,659
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Fidelity Central Funds	(1,121,423)
Total change in net unrealized appreciation (depreciation)		(1,121,423)
Net gain (loss)		1,376,236
Net increase (decrease) in net assets resulting from operations		$1,441,009

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2018	Year ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$64,773	$49,795
Net realized gain (loss)	2,497,659	235,757
Change in net unrealized appreciation (depreciation)	(1,121,423)	1,101,024
Net increase (decrease) in net assets resulting from operations	1,441,009	1,386,576
Distributions to shareholders from net investment income	(56,168)	(52,453)
Distributions to shareholders from net realized gain	(259,414)	(16,054)
Total distributions	(315,582)	(68,507)
Share transactions - net increase (decrease)	1,316,314	(228,412)
Total increase (decrease) in net assets	2,441,741	1,089,657
Net Assets
Beginning of period	7,947,723	6,858,066
End of period	$10,389,464	$7,947,723
Other Information
Undistributed net investment income end of period	$25,502	$33,486

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

Financial Highlights

Fidelity Stock Selector All Cap Fund Class A

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.04	$35.99	$32.94	$38.00	$34.65
Income from Investment Operations
Net investment income (loss)^A	.18	.15	.18	.12	.15
Net realized and unrealized gain (loss)	6.90	7.15	4.47	(1.25)	5.35
Total from investment operations	7.08	7.30	4.65	(1.13)	5.50
Distributions from net investment income	(.16)	(.17)	(.10)	(.09)	(.16)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.50)^B	(.25)^C	(1.60)	(3.93)	(2.15)
Net asset value, end of period	$48.62	$43.04	$35.99	$32.94	$38.00
Total Return^D,^E	16.82%	20.41%	14.55%	(3.39)%	16.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.99%	.94%	.96%	1.06%	1.01%
Expenses net of fee waivers, if any	.99%	.94%	.96%	1.06%	1.01%
Expenses net of all reductions	.99%	.94%	.96%	1.05%	1.00%
Net investment income (loss)	.40%	.39%	.52%	.33%	.41%
Supplemental Data
Net assets, end of period (in millions)	$201	$196	$193	$197	$222
Portfolio turnover rate^H	12%^I	9%	14%	6%	10%^I

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.50 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $1.348 per share.

^C Total distributions of $.25 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.087 per share.

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

^E Total returns do not include the effect of the sales charges.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .01%.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund Class M

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$42.97	$35.94	$32.88	$37.91	$34.58
Income from Investment Operations
Net investment income (loss)^A	.07	.05	.09	.03	.06
Net realized and unrealized gain (loss)	6.88	7.14	4.47	(1.25)	5.34
Total from investment operations	6.95	7.19	4.56	(1.22)	5.40
Distributions from net investment income	(.04)	(.07)	–	–	(.08)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.81)	(1.99)
Total distributions	(1.39)	(.16)	(1.50)	(3.81)	(2.07)
Net asset value, end of period	$48.53	$42.97	$35.94	$32.88	$37.91
Total Return^B,^C	16.50%	20.08%	14.26%	(3.63)%	16.31%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.25%	1.20%	1.23%	1.32%	1.27%
Expenses net of fee waivers, if any	1.25%	1.20%	1.23%	1.32%	1.27%
Expenses net of all reductions	1.25%	1.20%	1.22%	1.31%	1.26%
Net investment income (loss)	.14%	.13%	.25%	.07%	.15%
Supplemental Data
Net assets, end of period (in millions)	$126	$121	$119	$120	$137
Portfolio turnover rate^F	12%^G	9%	14%	6%	10%^G

^A Calculated based on average shares outstanding during the period.

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

^C Total returns do not include the effect of the sales charges.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to 01%.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund Class C

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$42.52	$35.59	$32.70	$37.68	$34.44
Income from Investment Operations
Net investment income (loss)^A	(.17)	(.15)	(.09)	(.16)	(.13)
Net realized and unrealized gain (loss)	6.82	7.08	4.44	(1.23)	5.33
Total from investment operations	6.65	6.93	4.35	(1.39)	5.20
Distributions from net realized gain	(1.17)	–	(1.46)	(3.59)	(1.96)
Total distributions	(1.17)	–	(1.46)	(3.59)	(1.96)
Net asset value, end of period	$48.00	$42.52	$35.59	$32.70	$37.68
Total Return^B,^C	15.91%	19.47%	13.68%	(4.14)%	15.73%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.76%	1.72%	1.74%	1.83%	1.78%
Expenses net of fee waivers, if any	1.76%	1.72%	1.73%	1.83%	1.78%
Expenses net of all reductions	1.76%	1.72%	1.73%	1.82%	1.78%
Net investment income (loss)	(.37)%	(.39)%	(.25)%	(.44)%	(.36)%
Supplemental Data
Net assets, end of period (in millions)	$66	$68	$63	$63	$72
Portfolio turnover rate^F	12%^G	9%	14%	6%	10%^G

^A Calculated based on average shares outstanding during the period.

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

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

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.08	$36.03	$33.00	$38.12	$34.75
Income from Investment Operations
Net investment income (loss)^A	.32	.28	.29	.24	.28
Net realized and unrealized gain (loss)	6.91	7.15	4.47	(1.25)	5.35
Total from investment operations	7.23	7.43	4.76	(1.01)	5.63
Distributions from net investment income	(.30)	(.29)	(.23)	(.27)	(.27)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.65)	(.38)	(1.73)	(4.11)	(2.26)
Net asset value, end of period	$48.66	$43.08	$36.03	$33.00	$38.12
Total Return^B	17.18%	20.80%	14.92%	(3.05)%	16.98%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.68%	.62%	.64%	.72%	.67%
Expenses net of fee waivers, if any	.68%	.62%	.64%	.72%	.67%
Expenses net of all reductions	.68%	.62%	.63%	.71%	.66%
Net investment income (loss)	.71%	.71%	.85%	.67%	.75%
Supplemental Data
Net assets, end of period (in millions)	$9,307	$7,144	$6,078	$4,722	$4,230
Portfolio turnover rate^E	12%^F	9%	14%	6%	10%^F

^A Calculated based on average shares outstanding during the period.

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

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .01%.

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund Class K

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.12	$36.06	$33.02	$38.14	$34.77
Income from Investment Operations
Net investment income (loss)^A	.37	.31	.32	.28	.31
Net realized and unrealized gain (loss)	6.90	7.16	4.47	(1.26)	5.36
Total from investment operations	7.27	7.47	4.79	(.98)	5.67
Distributions from net investment income	(.35)	(.32)	(.25)	(.31)	(.31)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.70)	(.41)	(1.75)	(4.14)^B	(2.30)
Net asset value, end of period	$48.69	$43.12	$36.06	$33.02	$38.14
Total Return^C	17.28%	20.91%	15.02%	(2.96)%	17.09%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.59%	.53%	.54%	.64%	.58%
Expenses net of fee waivers, if any	.59%	.53%	.54%	.64%	.58%
Expenses net of all reductions	.59%	.53%	.54%	.63%	.57%
Net investment income (loss)	.80%	.80%	.94%	.75%	.84%
Supplemental Data
Net assets, end of period (in millions)	$368	$86	$100	$76	$109
Portfolio turnover rate^F	12%^G	9%	14%	6%	10%^G

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.4.14 per share is comprised of distributions from net investment income of $.307 and distributions from net realized gain of $3.836 per share.

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

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund Class I

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.09	$36.04	$32.99	$38.10	$34.72
Income from Investment Operations
Net investment income (loss)^A	.30	.26	.27	.22	.25
Net realized and unrealized gain (loss)	6.91	7.15	4.48	(1.26)	5.36
Total from investment operations	7.21	7.41	4.75	(1.04)	5.61
Distributions from net investment income	(.27)	(.27)	(.20)	(.23)	(.25)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.62)	(.36)	(1.70)	(4.07)	(2.23)^B
Net asset value, end of period	$48.68	$43.09	$36.04	$32.99	$38.10
Total Return^C	17.13%	20.73%	14.87%	(3.14)%	16.93%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.73%	.67%	.69%	.79%	.74%
Expenses net of fee waivers, if any	.73%	.67%	.69%	.79%	.74%
Expenses net of all reductions	.73%	.67%	.69%	.78%	.73%
Net investment income (loss)	.66%	.66%	.79%	.60%	.68%
Supplemental Data
Net assets, end of period (in millions)	$295	$313	$297	$304	$336
Portfolio turnover rate^F	12%^G	9%	14%	6%	10%^G

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.23 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $1.987 per share.

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

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Fidelity Stock Selector All Cap Fund Class Z

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.02	$35.98	$32.95	$38.09	$34.73
Income from Investment Operations
Net investment income (loss)^A	.37	.32	.32	.27	.32
Net realized and unrealized gain (loss)	6.89	7.13	4.46	(1.25)	5.34
Total from investment operations	7.26	7.45	4.78	(.98)	5.66
Distributions from net investment income	(.34)	(.33)	(.25)	(.32)	(.32)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.69)	(.41)^B	(1.75)	(4.16)	(2.30)^C
Net asset value, end of period	$48.59	$43.02	$35.98	$32.95	$38.09
Total Return^D	17.30%	20.91%	15.02%	(2.98)%	17.10%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.59%	.53%	.54%	.64%	.58%
Expenses net of fee waivers, if any	.59%	.53%	.54%	.64%	.58%
Expenses net of all reductions	.59%	.53%	.54%	.63%	.57%
Net investment income (loss)	.80%	.80%	.94%	.75%	.84%
Supplemental Data
Net assets, end of period (000 omitted)	$26,459	$20,052	$7,881	$7,300	$5,812
Portfolio turnover rate^G	12%^H	9%	14%	6%	10%^H

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.41 per share is comprised of distributions from net investment income of $.325 and distributions from net realized gain of $.087 per share.

^C Total distributions of $2.30 per share is comprised of distributions from net investment income of $.315 and distributions from net realized gain of $1.987 per share.

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .01%.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

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

Notes to Financial Statements

For the period ended September 30, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fund. These strategies are consistent with the investment objectives of the 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 Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Equity Central Funds	FMR Co., Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Restricted Securities	Less than .005% to .01%

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

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 following summarizes the significant accounting policies of the Fund:

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

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

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

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.

Foreign Currency. The Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $17 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, partnerships, redemptions in-kind, deferred trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation	$1,999,595
Gross unrealized depreciation	(29,867)
Net unrealized appreciation (depreciation)	$1,969,728
Tax Cost	$8,421,674

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$25,519
Undistributed long-term capital gain	$274,497
Net unrealized appreciation (depreciation) on securities and other investments	$1,969,729

The tax character of distributions paid was as follows:

	September 30, 2018	September 30, 2017
Ordinary Income	$203,847	$ 68,507
Long-term Capital Gains	111,735	–
Total	$315,582	$ 68,507

4. Purchases and Redemptions of Underlying Fund Shares.

Purchases and redemptions of the Underlying Fund shares, other than in-kind transactions, aggregated $1,971,272 and $1,066,949, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Stock Selector All Cap as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .52% 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.

The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$494	$19
Class M	.25%	.25%	620	10
Class C	.75%	.25%	684	25
			$1,798	$54

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

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

	Retained by FDC
Class A	$45
Class M	8
Class C^(a)	1
	$54

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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 and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

	Amount	% of Class-Level Average Net Assets
Class A	$384	.19
Class M	251	.20
Class C	150	.22
Stock Selector All Cap	11,624	.14
Class K	178	.05
Class I	569	.18
Class Z	10	.05
	$ 13,166

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .01%.

Redemptions In-Kind. During the period, 82,077 shares of the Fund held by affiliated entities were redeemed in-kind for investments and cash with a value of $3,657,305. The net realized gain of $1,860,210 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Exchanges In-Kind. During the period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments valued at $4,422,766 in exchange for 98,175 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $24 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $87.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended September 30, 2018	Year ended September 30, 2017
From net investment income
Class A	$681	$851
Class M	118	235
Stock Selector All Cap	49,651	48,263
Class K	3,652	702
Class I	1,897	2,328
Class Z	169	74
Total	$56,168	$52,453
From net realized gain
Class A	$5,887	$446
Class M	3,694	277
Class C	1,826	–
Stock Selector All Cap	223,839	14,379
Class K	14,067	190
Class I	9,437	742
Class Z	664	20
Total	$259,414	$16,054

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended September 30, 2018	Year ended September 30, 2017	Year ended September 30, 2018	Year ended September 30, 2017
Class A
Shares sold	348	359	$15,889	$14,006
Reinvestment of distributions	146	34	6,447	1,266
Shares redeemed	(912)	(1,198)	(41,377)	(46,238)
Net increase (decrease)	(418)	(805)	$(19,041)	$(30,966)
Class M
Shares sold	144	164	$6,620	$6,432
Reinvestment of distributions	86	14	3,771	502
Shares redeemed	(459)	(668)	(20,965)	(25,828)
Net increase (decrease)	(229)	(490)	$(10,574)	$(18,894)
Class C
Shares sold	85	206	$3,835	$7,791
Reinvestment of distributions	40	–	1,751	–
Shares redeemed	(342)	(378)	(15,565)	(14,489)
Net increase (decrease)	(217)	(172)	$(9,979)	$(6,698)
Stock Selector All Cap
Shares sold	128,907^(a)	31,513	$5,810,366^(a)	$1,213,253
Reinvestment of distributions	6,149	1,685	270,559	61,982
Shares redeemed	(109,629)^(b)	(36,033)	(4,913,262)^(b)	(1,386,731)
Net increase (decrease)	25,427	(2,835)	$1,167,663	$(111,496)
Class K
Shares sold	9,716	269	$432,882	$10,451
Reinvestment of distributions	403	24	17,719	892
Shares redeemed	(4,561)	(1,086)	(211,385)	(40,800)
Net increase (decrease)	5,558	(793)	$239,216	$(29,457)
Class I
Shares sold	1,172	1,663	$53,523	$63,309
Reinvestment of distributions	254	83	11,166	3,038
Shares redeemed	(2,614)	(2,729)	(119,290)	(107,434)
Net increase (decrease)	(1,188)	(983)	$(54,601)	$(41,087)
Class Z
Shares sold	187	350	$8,550	$14,274
Reinvestment of distributions	19	3	815	94
Shares redeemed	(127)	(106)	(5,735)	(4,182)
Net increase (decrease)	79	247	$3,630	$10,186

(a) Amount includes in-kind exchanges (see the Exchanges In-Kind note for additional details).

(b) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

10. Other.

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

At the end of the period, a shareholder of record owned approximately 25% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Capital Trust and Shareholders of Fidelity Stock Selector All Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Stock Selector All Cap Fund (the "Fund"), a fund of Fidelity Capital Trust, including the schedule of investments, as of September 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 15, 2018

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael Wiley, each of the Trustees oversees 283 funds. Mr. Wiley oversees 193 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity^® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity^® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity^® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity^® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity^® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity^® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity^® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

The Fund invests in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Fund, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Fund also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Fund's annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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 April 1, 2018	Ending Account Value September 30, 2018	Expenses Paid During Period-^B April 1, 2018 to September 30, 2018
Class A	.99%
Actual		$1,000.00	$1,094.60	$5.20
Hypothetical-^C		$1,000.00	$1,020.10	$5.01
Class M	1.25%
Actual		$1,000.00	$1,093.00	$6.56
Hypothetical-^C		$1,000.00	$1,018.80	$6.33
Class C	1.76%
Actual		$1,000.00	$1,090.20	$9.22
Hypothetical-^C		$1,000.00	$1,016.24	$8.90
Stock Selector All Cap	.69%
Actual		$1,000.00	$1,096.20	$3.63
Hypothetical-^C		$1,000.00	$1,021.61	$3.50
Class K	.59%
Actual		$1,000.00	$1,096.60	$3.10
Hypothetical-^C		$1,000.00	$1,022.11	$2.99
Class I	.73%
Actual		$1,000.00	$1,095.90	$3.84
Hypothetical-^C		$1,000.00	$1,021.41	$3.70
Class Z	.59%
Actual		$1,000.00	$1,096.80	$3.10
Hypothetical-^C		$1,000.00	$1,022.11	$2.99

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .005% to .01%.

^C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2018, $476,628,259, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 34%; Class M designates 38%; Class C designates 52%; Stock Selector All Cap designates 29%; Class K designates 28%; Class I designates 30% and Class Z designates 28%; of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 36%; Class M designates 41%; Class C designates 56%; Stock Selector All Cap designates 31%; Class K designates 30%; Class I designates 32%; and Class Z designates 30%; of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Stock Selector All Cap Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.

Fidelity Investments

AFSS-ANN-1118
1.946020.105

Fidelity® Stock Selector All Cap Fund

Annual Report

September 30, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended September 30, 2018	Past 1 year	Past 5 years	Past 10 years
Fidelity® Stock Selector All Cap Fund	17.18%	13.03%	11.39%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector All Cap Fund, a class of the fund, on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

See above for additional information regarding the performance of Fidelity® Stock Selector All Cap Fund.

	Period Ending Values
	$29,405	Fidelity® Stock Selector All Cap Fund
	$30,962	S&P 500® Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

The information in the following tables is based on the Fund’s pro-rata share of the investments of Fidelity’s Equity Central Funds.

Top Ten Stocks as of September 30, 2018

	% of fund's net assets
Microsoft Corp.	3.9
Amazon.com, Inc.	2.7
Apple, Inc.	1.9
NVIDIA Corp.	1.7
UnitedHealth Group, Inc.	1.5
Activision Blizzard, Inc.	1.2
Becton, Dickinson & Co.	1.1
Salesforce.com, Inc.	1.1
Boston Scientific Corp.	1.1
Parametric Technology Corp.	0.9
	17.1

Top Five Market Sectors as of September 30, 2018

	% of fund's net assets
Information Technology	25.7
Health Care	15.5
Financials	12.8
Consumer Discretionary	12.5
Industrials	10.4

At period end, investments in foreign securities including the Fund's pro-rata share of Fidelity's Equity Central Funds, was 10.5% of net assets.

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Equity Central Funds - 100.0%
	Shares	Value (000s)
Fidelity Consumer Discretionary Central Fund (a)	3,361,388	$1,178,469
Fidelity Consumer Staples Central Fund (a)	3,190,649	652,902
Fidelity Energy Central Fund (a)	4,417,838	604,802
Fidelity Financials Central Fund (a)	15,796,451	1,664,788
Fidelity Health Care Central Fund (a)	3,386,437	1,636,563
Fidelity Industrials Central Fund (a)	3,372,142	1,044,555
Fidelity Information Technology Central Fund (a)	5,719,677	2,858,637
Fidelity Materials Central Fund (a)	1,117,184	265,666
Fidelity Telecom Services Central Fund (a)	1,019,110	192,092
Fidelity Utilities Central Fund (a)	1,532,456	291,688
TOTAL EQUITY CENTRAL FUNDS
(Cost $8,207,899)		10,390,162

Money Market Central Funds - 0.0%
Fidelity Cash Central Fund, 2.11% (b)
(Cost $1,240)	1,239,623	1,240
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $8,209,139)		10,391,402
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1,938)
NET ASSETS - 100%		$10,389,464

Legend

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$20
Fidelity Consumer Discretionary Central Fund	54,541
Fidelity Consumer Staples Central Fund	73,563
Fidelity Energy Central Fund	15,655
Fidelity Financials Central Fund	119,827
Fidelity Health Care Central Fund	50,082
Fidelity Industrials Central Fund	53,923
Fidelity Information Technology Central Fund	304,813
Fidelity Materials Central Fund	17,370
Fidelity Telecom Services Central Fund	22,128
Fidelity Utilities Central Fund	22,551
Total	$734,473

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands)	Value, beginning of period	Pur- chases^(a)	Sales Proceeds^(a)	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$767,674	$692,651	$495,107	$225,985	$(12,734)	$1,178,469	48.8%
Fidelity Consumer Staples Central Fund	609,695	462,506	330,566	73,355	(162,088)	652,902	50.0%
Fidelity Energy Central Fund	493,096	321,293	287,006	17,126	60,293	604,802	48.8%
Fidelity Financials Central Fund	1,433,400	1,060,086	812,748	291,255	(307,205)	1,664,788	45.8%
Fidelity Health Care Central Fund	1,192,325	882,063	723,986	352,924	(66,763)	1,636,563	48.9%
Fidelity Industrials Central Fund	785,897	649,137	454,702	188,587	(124,364)	1,044,555	48.5%
Fidelity Information Technology Central Fund	2,026,910	1,832,464	1,263,778	639,453	(376,412)	2,858,637	49.4%
Fidelity Materials Central Fund	207,016	199,341	114,325	33,060	(59,426)	265,666	47.6%
Fidelity Telecom Services Central Fund	191,300	121,744	111,141	27,995	(37,806)	192,092	47.2%
Fidelity Utilities Central Fund	239,831	172,751	130,329	44,353	(34,918)	291,688	46.6%
Total	$7,947,144	$6,394,036	$4,723,688	$1,894,093	$(1,121,423)	$10,390,162

(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable. See the Notes to Financial Statements for additional details.

Investment Valuation

Other Information

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

United States of America	89.5%
United Kingdom	1.5%
Bermuda	1.2%
Cayman Islands	1.0%
Japan	1.0%
Others (Individually Less Than 1%)	5.8%
	100.0%

The information in the above table is based on the Fund's pro-rata share of the investments of Fidelity's Equity Central Funds.

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		September 30, 2018
Assets
Investment in securities, at value — See accompanying schedule:
Investments in Fidelity Central Funds (cost $8,209,139)		$10,391,402
Cash		45
Receivable for investments sold		15,568
Receivable for fund shares sold		905
Dividends receivable		7
Distributions receivable from Fidelity Central Funds		2
Prepaid expenses		22
Other receivables		17
Total assets		10,407,968
Liabilities
Payable for fund shares redeemed	$12,027
Accrued management fee	4,805
Transfer agent fee payable	1,235
Distribution and service plan fees payable	150
Other affiliated payables	108
Other payables and accrued expenses	179
Total liabilities		18,504
Net Assets		$10,389,464
Net Assets consist of:
Paid in capital		$8,119,737
Undistributed net investment income		25,502
Accumulated undistributed net realized gain (loss) on investments		61,963
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,182,262
Net Assets		$10,389,464
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($200,678÷ 4,127.4 shares)		$48.62
Maximum offering price per share (100/94.25 of $48.62)		$51.59
Class M:
Net Asset Value and redemption price per share ($125,705 ÷ 2,590.0 shares)		$48.53
Maximum offering price per share (100/96.50 of $48.53)		$50.29
Class C:
Net Asset Value and offering price per share ($66,482 ÷ 1,385.0 shares)^(a)		$48.00
Stock Selector All Cap:
Net Asset Value, offering price and redemption price per share ($9,307,092 ÷ 191,268.0 shares)		$48.66
Class K:
Net Asset Value, offering price and redemption price per share ($367,690 ÷ 7,551.1 shares)		$48.69
Class I:
Net Asset Value, offering price and redemption price per share ($295,358 ÷ 6,067.7 shares)		$48.68
Class Z:
Net Asset Value, offering price and redemption price per share ($26,459 ÷ 544.5 shares)		$48.59

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

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

Statement of Operations

Amounts in thousands		Year ended September 30, 2018
Investment Income
Income from Fidelity Central Funds		$130,987
Expenses
Management fee
Basic fee	$50,981
Performance adjustment	(1,484)
Transfer agent fees	13,166
Distribution and service plan fees	1,798
Accounting fees and expenses	1,263
Custodian fees and expenses	1
Independent trustees' fees and expenses	43
Registration fees	397
Audit	41
Legal	37
Miscellaneous	58
Total expenses before reductions	66,301
Expense reductions	(87)
Total expenses after reductions		66,214
Net investment income (loss)		64,773
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	80
Redemptions in-kind with affiliated entities	1,860,210
Fidelity Central Funds	33,883
Capital gain distributions from Fidelity Central Funds	603,486
Total net realized gain (loss)		2,497,659
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Fidelity Central Funds	(1,121,423)
Total change in net unrealized appreciation (depreciation)		(1,121,423)
Net gain (loss)		1,376,236
Net increase (decrease) in net assets resulting from operations		$1,441,009

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended September 30, 2018	Year ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$64,773	$49,795
Net realized gain (loss)	2,497,659	235,757
Change in net unrealized appreciation (depreciation)	(1,121,423)	1,101,024
Net increase (decrease) in net assets resulting from operations	1,441,009	1,386,576
Distributions to shareholders from net investment income	(56,168)	(52,453)
Distributions to shareholders from net realized gain	(259,414)	(16,054)
Total distributions	(315,582)	(68,507)
Share transactions - net increase (decrease)	1,316,314	(228,412)
Total increase (decrease) in net assets	2,441,741	1,089,657
Net Assets
Beginning of period	7,947,723	6,858,066
End of period	$10,389,464	$7,947,723
Other Information
Undistributed net investment income end of period	$25,502	$33,486

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

Financial Highlights

Fidelity Stock Selector All Cap Fund Class A

Years ended September 30,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$43.04	$35.99	$32.94	$38.00	$34.65
Income from Investment Operations
Net investment income (loss)^A	.18	.15	.18	.12	.15
Net realized and unrealized gain (loss)	6.90	7.15	4.47	(1.25)	5.35
Total from investment operations	7.08	7.30	4.65	(1.13)	5.50
Distributions from net investment income	(.16)	(.17)	(.10)	(.09)	(.16)
Distributions from net realized gain	(1.35)	(.09)	(1.50)	(3.84)	(1.99)
Total distributions	(1.50)^B	(.25)^C	(1.60)	(3.93)	(2.15)
Net asset value, end of period	$48.62	$43.04	$35.99	$32.94	$38.00
Total Return^D,^E	16.82%	20.41%	14.55%	(3.39)%	16.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.99%	.94%	.96%	1.06%	1.01%
Expenses net of fee waivers, if any	.99%	.94%	.96%	1.06%	1.01%
Expenses net of all reductions	.99%	.94%	.96%	1.05%	1.00%
Net investment income (loss)	.40%	.39%	.52%	.33%	.41%
Supplemental Data
Net assets, end of period (in millions)	$201	$196	$193	$197	$222
Portfolio turnover rate^H	12%^I	9%	14%	6%	10%^I