# EDGAR Filing Document

**Accession Number:** 0000081205
**File Stem:** 0000081205-25-000097
**Filing Date:** 2025-7
**Character Count:** 65994
**Document Hash:** ad6aa097ec76d6fcd24830b99fabef16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081205-25-000097.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0000081205-25-000097

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY PURITAN TRUST
- **CENTRAL INDEX KEY:** 0000081205

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-11884
- **FILM NUMBER:** 251104231

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY PURITAN FUND
- **DATE OF NAME CHANGE:** 19870414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PURITAN FUND INC
- **DATE OF NAME CHANGE:** 19810106

## Series and Classes Contracts Data

### Fidelity Balanced Fund (Series ID: S000007151)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| Fidelity Balanced Fund                  | FBALX         | C000019555 |
| Class K                                 | FBAKX         | C000064274 |
| Fidelity Advisor Balanced Fund: Class I | FBAUX         | C000254529 |
| Fidelity Advisor Balanced Fund: Class C | FBARX         | C000254530 |
| Fidelity Advisor Balanced Fund: Class Z | FBAVX         | C000254531 |
| Fidelity Advisor Balanced Fund: Class A | FBAOX         | C000254532 |
| Fidelity Advisor Balanced Fund: Class M | FBAQX         | C000254533 |

---

### Fidelity Puritan Fund (Series ID: S000007153)

---

|  |  |  |
|:---|:---|:---|
| Class Name            | Ticker Symbol | Class ID   |
| Fidelity Puritan Fund | FPURX         | C000019557 |
| Class K               | FPUKX         | C000064276 |

---

### Fidelity Balanced K6 Fund (Series ID: S000065701)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| Fidelity Balanced K6 Fund | FBKFX         | C000212506 |

---

### Fidelity Puritan K6 Fund (Series ID: S000065702)

---

|  |  |  |
|:---|:---|:---|
| Class Name               | Ticker Symbol | Class ID   |
| Fidelity Puritan K6 Fund | FPKFX         | C000212507 |

---

## Series and Classes Contracts Data

### Fidelity Balanced Fund (Series ID: S000007151)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000019555 | Fidelity Balanced Fund                  | FBALX           |
| C000064274 | Class K                                 | FBAKX           |
| C000254529 | Fidelity Advisor Balanced Fund: Class I | FBAUX           |
| C000254530 | Fidelity Advisor Balanced Fund: Class C | FBARX           |
| C000254531 | Fidelity Advisor Balanced Fund: Class Z | FBAVX           |
| C000254532 | Fidelity Advisor Balanced Fund: Class A | FBAOX           |
| C000254533 | Fidelity Advisor Balanced Fund: Class M | FBAQX           |

### Fidelity Puritan Fund (Series ID: S000007153)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000019557 | Fidelity Puritan Fund | FPURX           |
| C000064276 | Class K               | FPUKX           |

### Fidelity Balanced K6 Fund (Series ID: S000065701)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000212506 | Fidelity Balanced K6 Fund | FBKFX           |

### Fidelity Puritan K6 Fund (Series ID: S000065702)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000212507 | Fidelity Puritan K6 Fund | FPKFX           |

**Supplement to the Fidelity® Balanced Fund Class A, Class M, Class C, Class I, and Class Z November 11, 2024 Prospectus**

*Ali Khan no longer serves as Co-Portfolio Manager of the fund.*

*Douglas Simmons no longer serves as Co-Portfolio Manager of the fund.*

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Pranay Kirpalani (Co-Portfolio Manager) has managed the fund since 2024.

Christopher Lin (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Pranay Kirpalani is Co-Portfolio Manager of Fidelity® Balanced Fund, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Kirpalani has worked as a research analyst and portfolio manager.

Christopher Lin is Co-Portfolio Manager of Fidelity® Balanced Fund, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2002, Mr. Lin has worked as a research analyst and portfolio manager.

The following information replaces similar information found in the "Appendix" section under the "Sales Charge Waiver Policies Applied by Certain Intermediaries" heading.

<u>Ameriprise Financial</u>

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

* Transaction size breakpoints, as described in this prospectus or the SAI.

* Rights of accumulation (ROA), as described in this prospectus or the SAI.

* Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

* shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

* shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

* shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

* shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

* shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

* shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

* redemptions due to death or disability of the shareholder

* shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

* redemptions made in connection with a return of excess contributions from an IRA account

* shares purchased through a Right of Reinstatement (as defined above)

* redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

ABAL-PSTK-0725-101 1.9919327.101 July 3, 2025

**Supplement to the**

**Fidelity® Balanced Fund**

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

**November 11, 2024**

**STATEMENT OF ADDITIONAL INFORMATION**

*Ali Khan no longer serves as Co-Portfolio Manager of the fund.*

*Douglas Simmons no longer serves as Co-Portfolio Manager of the fund.*

*Pranay Kirpalani serves as Co-Portfolio Manager of the fund.*

*Christopher Lin serves as Co-Portfolio Manager of the fund.*

*The following information supplements information found in the "Management Contract" section.*

Pranay Kirpalani is a research analyst and Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for services as a research analyst and as a portfolio manager under a single compensation plan. As of December 31, 2024, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to the portfolio manager's performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as qualitative feedback assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, (ii) the investment performance of other equity funds and accounts, and (iii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Utilities Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay and bonus opportunity tend to increase with the portfolio manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that the portfolio manager's responsibilities as the portfolio manager of the fund may not be entirely consistent with the portfolio manager's responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

Christopher Lin is Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for those services. As of December 31, 2024, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Consumer Discretionary Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Pranay Kirpalani as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 16 | 11 | 2 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $7756 | $1964 | $944 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $1871 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Kirpalani ($875 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Kirpalani was none.

The following table provides information relating to other accounts managed by Christopher Lin as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 9 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $66202 | $5221 | $418 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $33932 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Lin ($11,960 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Lin was none.

ABAL-SSTK-0725-100-1.9921029.100 July 3, 2025

**Supplement to the**

**Fidelity® Balanced K6 Fund and Fidelity® Puritan® K6 Fund**

**October 30, 2024**

**STATEMENT OF ADDITIONAL INFORMATION**

*Ali Khan no longer serves as Co-Portfolio Manager of Fidelity® Balanced K6 Fund.*

*Douglas Simmons no longer serves as Co-Portfolio Manager of Fidelity® Balanced K6 Fund.*

*Pranay Kirpalani serves as Co-Portfolio Manager of Fidelity® Balanced K6 Fund.*

*Christopher Lin serves as Co-Portfolio Manager of Fidelity® Balanced K6 Fund.*

*The following information supplements information for Fidelity® Balanced K6 Fund found in the "Management Contracts" section.*

Pranay Kirpalani is a research analyst and Co-Portfolio Manager of Fidelity® Balanced K6 Fund and receives compensation for services as a research analyst and as a portfolio manager under a single compensation plan. As of December 31, 2024, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to the portfolio manager's performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as qualitative feedback assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, (ii) the investment performance of other equity funds and accounts, and (iii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced K6 Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the lead account's assets managed by the portfolio manager measured against the S&P 500® Utilities Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay and bonus opportunity tend to increase with the portfolio manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that the portfolio manager's responsibilities as a portfolio manager of the fund may not be entirely consistent with the portfolio manager's responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

Christopher Lin is Co-Portfolio Manager of Fidelity® Balanced K6 Fund and receives compensation for those services. As of December 31, 2024, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced K6 Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the lead account's assets managed by the portfolio manager measured against the S&P 500® Consumer Discretionary Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Pranay Kirpalani as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 16 | 11 | 2 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $7756 | $1964 | $944 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $1871 |  |  |

---

\* Includes assets of Fidelity® Balanced K6 Fund managed by Mr. Kirpalani ($31 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced K6 Fund beneficially owned by Mr. Kirpalani was none.

The following table provides information relating to other accounts managed by Christopher Lin as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 9 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $66202 | $5221 | $418 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | 33932 |  |  |

---

\* Includes assets of Fidelity® Balanced K6 Fund managed by Mr. Lin ($425 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced K6 Fund beneficially owned by Mr. Lin was none.

BAL-K6-PUR-K6-SSTK-0725-106-1.9898336.106 July 3, 2025

**Supplement to the**

**Fidelity® Balanced Fund and Fidelity® Puritan® Fund**

**Class K**

**October 30, 2024**

**STATEMENT OF ADDITIONAL INFORMATION**

*Ali Khan no longer serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Douglas Simmons no longer serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Pranay Kirpalani serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Christopher Lin serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*The following information supplements information for Fidelity® Balanced Fund found in the "Management Contracts" section.*

Pranay Kirpalani is a research analyst and Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for services as a research analyst and as a portfolio manager under a single compensation plan. As of December 31, 2024, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to the portfolio manager's performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as qualitative feedback assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, (ii) the investment performance of other equity funds and accounts, and (iii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Utilities Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay and bonus opportunity tend to increase with the portfolio manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that the portfolio manager's responsibilities as the portfolio manager of the fund may not be entirely consistent with the portfolio manager's responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

Christopher Lin is Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for those services. As of December 31, 2024, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Consumer Discretionary Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Pranay Kirpalani as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 16 | 11 | 2 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $7756 | $1964 | $944 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $1871 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Kirpalani ($875 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Kirpalani was none.

The following table provides information relating to other accounts managed by Christopher Lin as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 9 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $66202 | $5221 | $418 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $33932 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Lin ($11,960 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Lin was none.

K-COM8-SSTK-0725-128-1.870397.128 July 3, 2025

**Supplement to the**

**Fidelity® Balanced Fund and Fidelity® Puritan® Fund**

**October 30, 2024**

**STATEMENT OF ADDITIONAL INFORMATION**

*Ali Khan no longer serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Douglas Simmons no longer serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Pranay Kirpalani serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*Christopher Lin serves as Co-Portfolio Manager of Fidelity® Balanced Fund.*

*The following information supplements information for Fidelity® Balanced Fund found in the "Management Contracts" section.*

Pranay Kirpalani is a research analyst and Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for services as a research analyst and as a portfolio manager under a single compensation plan. As of December 31, 2024, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to the portfolio manager's performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as qualitative feedback assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, (ii) the investment performance of other equity funds and accounts, and (iii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Utilities Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay and bonus opportunity tend to increase with the portfolio manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that the portfolio manager's responsibilities as the portfolio manager of the fund may not be entirely consistent with the portfolio manager's responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

Christopher Lin is Co-Portfolio Manager of Fidelity® Balanced Fund and receives compensation for those services. As of December 31, 2024, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity® Balanced Fund is based on the pre-tax investment performance of the equity investments of the fund measured against the S&P 500® Index, the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Lipper℠ Balanced Funds, and the pre-tax investment performance of the portion of the fund's assets managed by the portfolio manager measured against the S&P 500® Consumer Discretionary Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Pranay Kirpalani as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 16 | 11 | 2 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $7756 | $1964 | $944 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $1871 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Kirpalani ($875 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Kirpalani was none.

The following table provides information relating to other accounts managed by Christopher Lin as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 9 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $66202 | $5221 | $418 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $33932 |  |  |

---

\* Includes assets of Fidelity® Balanced Fund managed by Mr. Lin ($11,960 (in millions) assets managed).

As of December 31, 2024, the dollar range of shares of Fidelity® Balanced Fund beneficially owned by Mr. Lin was none.

RCOM8-2-SSTK-0725-133-1.837695.133 July 3, 2025