# EDGAR Filing Document

**Accession Number:** 0000708191
**File Stem:** 0000708191-26-000014
**Filing Date:** 2026-1
**Character Count:** 377975
**Document Hash:** f21d1e45b2e8e36a29a8a540210afac4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000708191-26-000014.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000708191-26-000014

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY FINANCIAL TRUST
- **CENTRAL INDEX KEY:** 0000708191

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03587
- **FILM NUMBER:** 26550301

**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 FREEDOM FUND
- **DATE OF NAME CHANGE:** 19870129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY TAX QUALIFIED EQUITY FUND
- **DATE OF NAME CHANGE:** 19830104

## Series and Classes Contracts Data

### Fidelity Convertible Securities Fund (Series ID: S000006969)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000019022 | Fidelity Convertible Securities Fund                  | FCVSX           |
| C000074867 | Fidelity Advisor Convertible Securities Fund: Class A | FACVX           |
| C000074869 | Fidelity Advisor Convertible Securities Fund: Class C | FCCVX           |
| C000074870 | Fidelity Advisor Convertible Securities Fund: Class M | FTCVX           |
| C000074871 | Fidelity Advisor Convertible Securities Fund: Class I | FICVX           |
| C000205024 | Fidelity Advisor Convertible Securities Fund: Class Z | FIQVX           |

### Fidelity Equity Dividend Income Fund (Series ID: S000006970)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000019023 | Fidelity Equity Dividend Income Fund                  | FEQTX           |
| C000064237 | Class K                                               | FETKX           |
| C000256781 | Fidelity Advisor Equity Dividend Income Fund: Class Z | FIAWX           |
| C000256782 | Fidelity Advisor Equity Dividend Income Fund: Class I | FIAVX           |
| C000256783 | Fidelity Advisor Equity Dividend Income Fund: Class A | FIAOX           |
| C000256784 | Fidelity Advisor Equity Dividend Income Fund: Class C | FIAQX           |
| C000256785 | Fidelity Advsior Equity Dividend Income Fund: Class M | FIAPX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-03587</u>

<u>Fidelity Financial Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;November 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class A : FIAOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period May 29, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $43  | 0.81% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 29, 2025 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | |
|:---|:---|
| Class A<br>| $9425 |
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 |
| Russell 3000® Value Index<br>| $10000 |
| Russell 3000® Index<br>| $10000 |
|  | 2025 |

---

![](img120977_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 29, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120977_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918753.100 8992-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class M : FIAPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period May 29, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $57  | 1.06% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 29, 2025 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | |
|:---|:---|
| Class M<br>| $9650 |
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 |
| Russell 3000® Value Index<br>| $10000 |
| Russell 3000® Index<br>| $10000 |
|  | 2025 |

---

![](img120978_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 29, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120978_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918755.100 8993-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class C : FIAQX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period May 29, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $83  | 1.56% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 29, 2025 through November 30, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

---

| | |
|:---|:---|
| Class C<br>| $10000 |
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 |
| Russell 3000® Value Index<br>| $10000 |
| Russell 3000® Index<br>| $10000 |
|  | 2025 |

---

![](img120979_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 29, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120979_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918757.100 8994-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class I : FIAVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period May 29, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $30  | 0.56% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 29, 2025 through November 30, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Class I<br>| $10000 |
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 |
| Russell 3000® Value Index<br>| $10000 |
| Russell 3000® Index<br>| $10000 |
|  | 2025 |

---

![](img120980_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 29, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120980_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918759.100 8995-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class Z : FIAWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period May 29, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $24  | 0.45% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 29, 2025 through November 30, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Class Z<br>| $10000 |
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 |
| Russell 3000® Value Index<br>| $10000 |
| Russell 3000® Index<br>| $10000 |
|  | 2025 |

---

![](img120981_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 29, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120981_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918761.100 8996-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund : FEQTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Equity Dividend Income Fund  | $54  | 0.53% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Equity Dividend Income Fund<br>| $10000 | $11160<br>| $12791<br>| $12956<br>| $14519<br>| $14630<br>| $17322<br>| $19006<br>| $19525<br>| $24654<br>| $25897<br>|
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 | $11301<br>| $13424<br>| $14129<br>| $15578<br>| $15527<br>| $18777<br>| $20034<br>| $19453<br>| $25426<br>| $27061<br>|
| Russell 3000® Value Index<br>| $10000 | $11259<br>| $12915<br>| $13254<br>| $14687<br>| $14922<br>| $18342<br>| $18700<br>| $18887<br>| $24498<br>| $26215<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120934_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Equity Dividend Income Fund | 5.04% | 12.10% | 9.98% |
| MSCI U.S. IM High Dividend Yield Index | 6.43%<br>| 11.75%<br>| 10.47% |
| Russell 3000® Value Index | 7.01%<br>| 11.93%<br>| 10.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120934_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914082.101 319-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity Dividend Income Fund<br> **Fidelity® Equity Dividend Income Fund Class K : FETKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity Dividend Income Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $47  | 0.46% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within communication services, where our picks in media & entertainment hurt most. Also hurting our result were stock picks in industrials and materials.

• The biggest individual relative detractor was an overweight in Comcast (-36%). This period we decreased our stake in Comcast. The company was one of our largest holdings this period. The second-largest relative detractor was our stake in UnitedHealth Group (-45%). Another notable relative detractor this period was avoiding JPMorgan Chase, a benchmark component that gained 28%.

• In contrast, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry. Security selection in energy also boosted the fund's relative performance. Also helping our relative result were security selection and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Western Digital (+231%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Seagate Technology Holdings (+185%). This was an investment we established this period. Another notable relative contributor was our non-benchmark stake in GSK (+46%).

• Notable changes in positioning include higher allocations to the industrials and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $11172<br>| $12817<br>| $12995<br>| $14578<br>| $14700<br>| $17421<br>| $19139<br>| $19672<br>| $24860<br>| $26129<br>|
| MSCI U.S. IM High Dividend Yield Index<br>| $10000 | $11301<br>| $13424<br>| $14129<br>| $15578<br>| $15527<br>| $18777<br>| $20034<br>| $19453<br>| $25426<br>| $27061<br>|
| Russell 3000® Value Index<br>| $10000 | $11259<br>| $12915<br>| $13254<br>| $14687<br>| $14922<br>| $18342<br>| $18700<br>| $18887<br>| $24498<br>| $26215<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120935_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 5.10% | 12.19% | 10.08% |
| MSCI U.S. IM High Dividend Yield Index | 6.43%<br>| 11.75%<br>| 10.47% |
| Russell 3000® Value Index | 7.01%<br>| 11.93%<br>| 10.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7643157501<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $34508044<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.2 |
| Health Care | 13.9 |
| Industrials | 11.7 |
| Consumer Staples | 11.6 |
| Information Technology | 11.1 |
| Utilities | 6.9 |
| Communication Services | 6.1 |
| Energy | 5.9 |
| Materials | 4.7 |
| Real Estate | 2.7 |
| Consumer Discretionary | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img319_20251130_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.4 |
| United Kingdom | 1.9 |
| Taiwan | 1.3 |
| France | 0.9 |
| Canada | 0.6 |
| Korea (South) | 0.5 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img319_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Merck & Co Inc | 2.9<br>|
| Shell PLC ADR | 2.8<br>|
| Alphabet Inc Class A | 2.5<br>|
| US Bancorp | 2.5<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Procter & Gamble Co/The | 2.2<br>|
| Cigna Group/The | 2.2<br>|
| Exelon Corp | 2.2<br>|
| M&T Bank Corp | 2.1<br>|
| Chubb Ltd | 2.1<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Income Fund merged into Fidelity® Equity Dividend Income Fund on June 6, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img319_20251130_2.jpg)<br>| ![](img120935_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914081.101 2086-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity® Convertible Securities Fund : FCVSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Convertible Securities Fund  | $69  | 0.64% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Convertible Securities Fund<br>| $10000 | $10113<br>| $11213<br>| $11654<br>| $13873<br>| $18990<br>| $22176<br>| $19561<br>| $20190<br>| $25265<br>| $28623<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $10661<br>| $12328<br>| $12928<br>| $14807<br>| $20728<br>| $23581<br>| $19804<br>| $20413<br>| $25059<br>| $28507<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10309<br>| $10715<br>| $10569<br>| $11715<br>| $12577<br>| $12490<br>| $10897<br>| $11109<br>| $11946<br>| $12666<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120936_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Convertible Securities Fund | 13.29% | 8.55% | 11.09% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.04% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120936_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914079.101 308-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity Advisor® Convertible Securities Fund Class Z : FIQVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $59  | 0.55% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9726<br>| $11588<br>| $15877<br>| $18554<br>| $16386<br>| $16926<br>| $21204<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $9586<br>| $10980<br>| $15370<br>| $17486<br>| $14685<br>| $15137<br>| $18582<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $9958<br>| $11037<br>| $11850<br>| $11768<br>| $10267<br>| $10466<br>| $11255<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120937_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 13.38% | 8.65% | 13.02% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.01% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.50% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120937_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914080.101 3280-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity Advisor® Convertible Securities Fund Class M : FTCVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $127  | 1.19% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9702<br>| $10697<br>| $11051<br>| $13077<br>| $17798<br>| $20664<br>| $18135<br>| $18606<br>| $23163<br>| $26101<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $10661<br>| $12328<br>| $12928<br>| $14807<br>| $20728<br>| $23581<br>| $19804<br>| $20413<br>| $25059<br>| $28507<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10309<br>| $10715<br>| $10569<br>| $11715<br>| $12577<br>| $12490<br>| $10897<br>| $11109<br>| $11946<br>| $12666<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120938_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 8.74% | 7.19%<br>| 10.07% |
| Class M (without 3.50% sales charge) | 12.68% | 7.96% | 10.46% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.04% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120938_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914077.101 2151-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity Advisor® Convertible Securities Fund Class I : FICVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $72  | 0.68% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10111<br>| $11209<br>| $11644<br>| $13863<br>| $18970<br>| $22143<br>| $19531<br>| $20150<br>| $25210<br>| $28554<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $10661<br>| $12328<br>| $12928<br>| $14807<br>| $20728<br>| $23581<br>| $19804<br>| $20413<br>| $25059<br>| $28507<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10309<br>| $10715<br>| $10569<br>| $11715<br>| $12577<br>| $12490<br>| $10897<br>| $11109<br>| $11946<br>| $12666<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120939_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 13.26% | 8.52% | 11.06% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.04% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120939_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914078.101 2152-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity Advisor® Convertible Securities Fund Class C : FCCVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $182  | 1.71% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10009<br>| $10984<br>| $11294<br>| $13307<br>| $18020<br>| $20819<br>| $18175<br>| $18555<br>| $23160<br>| $26158<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $10661<br>| $12328<br>| $12928<br>| $14807<br>| $20728<br>| $23581<br>| $19804<br>| $20413<br>| $25059<br>| $28507<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10309<br>| $10715<br>| $10569<br>| $11715<br>| $12577<br>| $12490<br>| $10897<br>| $11109<br>| $11946<br>| $12666<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120940_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 11.08% | 7.41%<br>| 10.09% |
| Class C | 12.08% | 7.41% | 10.09% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.04% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120940_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914076.101 2150-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Convertible Securities Fund<br> **Fidelity Advisor® Convertible Securities Fund Class A : FACVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Convertible Securities Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $101  | 0.94% |

---

**What affected the Fund's performance this period?**

• Equities and convertible bonds each achieved a strong gain for the 12 months ending November 30, 2025, extending historically fast rebounds that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, the fund's core allocation to convertible securities rose 16.56% and meaningfully contributed to performance versus the benchmark, the ICE BofA All US Convertibles Index, for the fiscal year.

• By sector, relative performance benefited most from security selection in communication services, information technology and energy.

• The fund's top individual relative contributor was an out-of-benchmark stake in EchoStar (+117%). We reduced exposure to the company the past 12 months. Other notable contributors included a sizable non-benchmark equity allocation to DHT Holdings (+47%) and an overweight in Western Digital (+184%). Both were among the fund's top holdings. Timely ownership of Wolfspeed (-3%) also helped. We notably reduced Wolfspeed this period.

• In contrast, the fund's out-of-benchmark allocation to equities gained 2.53% and detracted from the fund's result versus the benchmark.

• Notable individual detractors this period included an underweight in Wayfair (+87%), positioning in Bloom Energy (+266%) and an underweight in Super Micro Computer (-2%), the latter of which we established this period. An out-of-benchmark equity allocation to Bitmine Immersion Technologies (-46%) also detracted. Bitmine was not held at period end.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9503<br>| $10507<br>| $10885<br>| $12926<br>| $17633<br>| $20530<br>| $18058<br>| $18575<br>| $23185<br>| $26186<br>|
| ICE® BofA® All US Convertibles Index<br>| $10000 | $10661<br>| $12328<br>| $12928<br>| $14807<br>| $20728<br>| $23581<br>| $19804<br>| $20413<br>| $25059<br>| $28507<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10309<br>| $10715<br>| $10569<br>| $11715<br>| $12577<br>| $12490<br>| $10897<br>| $11109<br>| $11946<br>| $12666<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120941_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 6.45% | 6.96%<br>| 10.11% |
| Class A (without 5.75% sales charge) | 12.95% | 8.23% | 10.76% |
| ICE® BofA® All US Convertibles Index | 13.76%<br>| 6.58%<br>| 11.04% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2137191779<br>|
| Number of Holdings | 344<br>|
| Total Advisory Fee | $12067037<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| A | 1.7 |
| BBB | 8.8 |
| BB | 1.2 |
| B | 0.3 |
| CCC,CC,C | 0.7 |
| Not Rated | 65.6 |
| Equities | 19.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 65.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 19.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.3 |
| Preferred Stocks | 11.7 |
| Common Stocks | 7.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img308_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 97.9 |
| Canada | 0.6 |
| Monaco | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| France | 0.2 |
| Israel | 0.2 |
| Taiwan | 0.2 |
| Zambia | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img308_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 2.7<br>|
| Boeing Co Series A, 6% | 2.2<br>|
| Western Digital Corp | 2.1<br>|
| Strategy Inc | 2.1<br>|
| Super Micro Computer Inc | 1.8<br>|
| Coinbase Global Inc | 1.7<br>|
| Welltower OP LLC | 1.5<br>|
| Wells Fargo & Co Series L, 7.5% | 1.5<br>|
| Cloudflare Inc | 1.3<br>|
| Live Nation Entertainment Inc | 1.3<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img308_20251130_2.jpg)<br>| ![](img120941_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914075.101 2148-TSRA-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2025, Fidelity Financial Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Convertible Securities Fund and Fidelity Equity Dividend Income Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Convertible Securities Fund | &nbsp;&nbsp;$51200  | &nbsp;&nbsp;$2400  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Equity Dividend Income Fund | &nbsp;&nbsp;$71400  | &nbsp;&nbsp;$2500  | &nbsp;&nbsp;$4700  | &nbsp;&nbsp;$800  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Convertible Securities Fund | &nbsp;&nbsp;$50500  | &nbsp;&nbsp;$4500  | &nbsp;&nbsp;$13300  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Equity Dividend Income Fund | &nbsp;&nbsp;$52400  | &nbsp;&nbsp;$4500  | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$1600  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13766400  | &nbsp;&nbsp;$15331400  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Equity Dividend Income Fund**

**Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img120722_1.jpg)

![](img120722_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity Dividend Income Fund](#Sub_Sec_Fund_319_EII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements319_EII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EII-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EII-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EII-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EII-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EII-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Equity Dividend Income Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Restaurant Brands International Inc (United States) (a) | 597400 | 43245786 |
| FRANCE - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Capgemini SE  | 459300 | 71964305 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Samsung Electronics Co Ltd  | 561550 | 38650069 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 157700 | 30742037 |
| TAIWAN - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 343000 | 99987930 |
| UNITED KINGDOM - 1.9%  |  |  |
| Consumer Staples - 1.7% |  |  |
| Beverages - 0.5% |  |  |
| Diageo PLC  | 1887600 | 43386695 |
| Personal Care Products - 1.2% |  |  |
| Unilever PLC ADR  | 1485800 | 90024622 |
| TOTAL CONSUMER STAPLES |  | 133411317 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| DCC PLC (a) | 231972 | 15334643 |
| TOTAL UNITED KINGDOM |  | 148745960 |
| UNITED STATES - 92.7%  |  |  |
| Communication Services - 6.1% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| Verizon Communications Inc  | 3032890 | 124682108 |
| Entertainment - 1.1% |  |  |
| Walt Disney Co/The (b) | 778100 | 81288107 |
| Interactive Media & Services - 2.5% |  |  |
| Alphabet Inc Class A  | 598000 | 191467640 |
| Media - 0.9% |  |  |
| Comcast Corp Class A  | 1987400 | 53043706 |
| Omnicom Group Inc (a) | 256400 | 18363368 |
|  |  | 71407074 |
| TOTAL COMMUNICATION SERVICES |  | 468844929 |
| Consumer Discretionary - 1.9% |  |  |
| Automobile Components - 0.3% |  |  |
| Lear Corp  | 187500 | 20130000 |
| Diversified Consumer Services - 0.5% |  |  |
| H&R Block Inc  | 905300 | 38131236 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Vail Resorts Inc (a) | 139300 | 19531253 |
| Household Durables - 0.4% |  |  |
| Whirlpool Corp (a) | 348100 | 26925535 |
| Specialty Retail - 0.0% |  |  |
| Bath & Body Works Inc  | 482800 | 8405547 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Tapestry Inc  | 300800 | 32871424 |
| TOTAL CONSUMER DISCRETIONARY |  | 145994995 |
| Consumer Staples - 9.9% |  |  |
| Beverages - 4.1% |  |  |
| Brown-Forman Corp Class B (a) | 1380300 | 40001094 |
| Coca-Cola Co/The  | 1412100 | 103252752 |
| Constellation Brands Inc Class A  | 199000 | 27139620 |
| Keurig Dr Pepper Inc  | 5001500 | 139541850 |
|  |  | 309935316 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Albertsons Cos Inc Class A (a) | 3066700 | 56212611 |
| Sysco Corp  | 376800 | 28712160 |
|  |  | 84924771 |
| Food Products - 1.4% |  |  |
| Campbell's Company/The (a) | 969400 | 29547312 |
| JM Smucker Co  | 457400 | 47651932 |
| McCormick & Co Inc/MD  | 403900 | 27255172 |
|  |  | 104454416 |
| Household Products - 3.0% |  |  |
| Procter & Gamble Co/The  | 1146000 | 169791360 |
| Reynolds Consumer Products Inc (a) | 2432600 | 60766348 |
|  |  | 230557708 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 1593240 | 27642714 |
| TOTAL CONSUMER STAPLES |  | 757514925 |
| Energy - 5.9% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| SLB Ltd  | 1051300 | 38099112 |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Enterprise Products Partners LP  | 1090100 | 35689874 |
| Exxon Mobil Corp  | 896200 | 103887504 |
| Kinder Morgan Inc  | 2160000 | 59011200 |
| Shell PLC ADR  | 2882900 | 212671533 |
|  |  | 411260111 |
| TOTAL ENERGY |  | 449359223 |
| Financials - 21.2% |  |  |
| Banks - 9.9% |  |  |
| Bank of America Corp (b) | 2782500 | 149281125 |
| East West Bancorp Inc  | 196600 | 20977220 |
| Huntington Bancshares Inc/OH  | 4203500 | 68517050 |
| M&T Bank Corp (a) | 857900 | 163189738 |
| PNC Financial Services Group Inc/The  | 371900 | 70928768 |
| US Bancorp  | 3800000 | 186390001 |
| Wells Fargo & Co  | 1062958 | 91254944 |
|  |  | 750538846 |
| Capital Markets - 3.9% |  |  |
| Bank of New York Mellon Corp/The (b) | 341200 | 38248520 |
| Blue Owl Capital Inc Class A  | 1209100 | 18136500 |
| Charles Schwab Corp/The  | 470800 | 43657284 |
| Lazard Inc  | 693900 | 35041950 |
| Northern Trust Corp  | 829800 | 108985932 |
| State Street Corp  | 460900 | 54856318 |
|  |  | 298926504 |
| Financial Services - 0.6% |  |  |
| Fidelity National Information Services Inc  | 717100 | 47163667 |
| Insurance - 6.8% |  |  |
| American Financial Group Inc/OH  | 89200 | 12284624 |
| Arthur J Gallagher & Co  | 120300 | 29788686 |
| Assurant Inc  | 190000 | 43350400 |
| Chubb Ltd  | 533663 | 158060307 |
| Fidelity National Financial Inc  | 544100 | 32335863 |
| First American Financial Corp  | 852100 | 56034096 |
| Travelers Companies Inc/The  | 637000 | 186551820 |
|  |  | 518405796 |
| TOTAL FINANCIALS |  | 1615034813 |
| Health Care - 13.9% |  |  |
| Biotechnology - 1.6% |  |  |
| Gilead Sciences Inc (b) | 986500 | 124141160 |
| Health Care Providers & Services - 4.4% |  |  |
| Cigna Group/The  | 603100 | 167227568 |
| CVS Health Corp  | 697100 | 56018956 |
| Elevance Health Inc  | 150100 | 50772826 |
| UnitedHealth Group Inc  | 178200 | 58765014 |
|  |  | 332784364 |
| Pharmaceuticals - 7.9% |  |  |
| Bristol-Myers Squibb Co  | 926300 | 45573960 |
| GSK PLC ADR (a) | 2766300 | 132395118 |
| Johnson & Johnson  | 701178 | 145087752 |
| Merck & Co Inc  | 2021800 | 211945294 |
| Royalty Pharma PLC Class A  | 1527900 | 61146558 |
|  |  | 596148682 |
| TOTAL HEALTH CARE |  | 1053074206 |
| Industrials - 11.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| General Dynamics Corp  | 111500 | 38091745 |
| Air Freight & Logistics - 2.7% |  |  |
| CH Robinson Worldwide Inc  | 280800 | 44610696 |
| FedEx Corp  | 167400 | 46148832 |
| United Parcel Service Inc Class B  | 1175900 | 112639461 |
|  |  | 203398989 |
| Building Products - 0.3% |  |  |
| Owens Corning  | 207300 | 23474652 |
| Construction & Engineering - 0.1% |  |  |
| AECOM  | 143500 | 14799155 |
| Electrical Equipment - 0.8% |  |  |
| Regal Rexnord Corp (a) | 413100 | 60308469 |
| Ground Transportation - 0.7% |  |  |
| Knight-Swift Transportation Holdings Inc  | 1140900 | 52253220 |
| Industrial Conglomerates - 0.8% |  |  |
| 3M Co (b) | 362300 | 62333715 |
| Machinery - 2.1% |  |  |
| Allison Transmission Holdings Inc  | 579200 | 51351872 |
| Flowserve Corp  | 421000 | 30038350 |
| Oshkosh Corp  | 291800 | 37402924 |
| PACCAR Inc  | 413200 | 43559544 |
|  |  | 162352690 |
| Professional Services - 2.9% |  |  |
| Genpact Ltd  | 1040900 | 45862054 |
| Paycom Software Inc  | 235900 | 38020003 |
| Science Applications International Corp  | 177300 | 15285033 |
| SS&C Technologies Holdings Inc  | 1392100 | 119637074 |
|  |  | 218804164 |
| Trading Companies & Distributors - 0.6% |  |  |
| Watsco Inc  | 124600 | 43161440 |
| TOTAL INDUSTRIALS |  | 878978239 |
| Information Technology - 8.0% |  |  |
| Communications Equipment - 1.5% |  |  |
| Cisco Systems Inc (b) | 1530453 | 117753054 |
| IT Services - 2.3% |  |  |
| Accenture PLC Class A  | 310500 | 77625000 |
| Amdocs Ltd  | 1297350 | 99221328 |
|  |  | 176846328 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| QUALCOMM Inc  | 331600 | 55738644 |
| Software - 2.6% |  |  |
| Gen Digital Inc  | 2289100 | 60363567 |
| Microsoft Corp (b) | 95700 | 47085357 |
| Salesforce Inc  | 369800 | 85253692 |
|  |  | 192702616 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Seagate Technology Holdings PLC  | 105400 | 29163126 |
| Western Digital Corp  | 259600 | 42400468 |
|  |  | 71563594 |
| TOTAL INFORMATION TECHNOLOGY |  | 614604236 |
| Materials - 4.7% |  |  |
| Chemicals - 0.5% |  |  |
| Corteva Inc  | 602300 | 40637181 |
| Containers & Packaging - 4.2% |  |  |
| Amcor PLC (a) | 5926425 | 50493141 |
| Ball Corp (a) | 1975800 | 97861374 |
| Crown Holdings Inc (a) | 726400 | 70337312 |
| Silgan Holdings Inc  | 958700 | 38002868 |
| Smurfit WestRock PLC  | 786600 | 28073754 |
| Sonoco Products Co (a) | 760700 | 32078719 |
|  |  | 316847168 |
| TOTAL MATERIALS |  | 357484349 |
| Real Estate - 2.7% |  |  |
| Office REITs - 0.4% |  |  |
| COPT Defense Properties  | 1146800 | 35241164 |
| Specialized REITs - 2.3% |  |  |
| American Tower Corp  | 330600 | 59927862 |
| Gaming and Leisure Properties Inc  | 557800 | 24281034 |
| Public Storage Operating Co  | 205900 | 56527786 |
| Weyerhaeuser Co  | 1441300 | 32011273 |
|  |  | 172747955 |
| TOTAL REAL ESTATE |  | 207989119 |
| Utilities - 6.9% |  |  |
| Electric Utilities - 5.5% |  |  |
| Edison International  | 363558 | 21409931 |
| Evergy Inc  | 686700 | 53322255 |
| Exelon Corp  | 3446100 | 162380232 |
| FirstEnergy Corp  | 1978700 | 94423564 |
| PG&E Corp  | 2499200 | 40287104 |
| Portland General Electric Co  | 890700 | 45265374 |
|  |  | 417088460 |
| Multi-Utilities - 1.4% |  |  |
| Sempra  | 1190100 | 112726272 |
| TOTAL UTILITIES |  | 529814732 |
| TOTAL UNITED STATES |  | 7078693766 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,899,961,633) |  | <br> **7512029853** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.02 | 114032978 | 114055785 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.02 | 258689693 | 258715562 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $372,771,314) |  |  | **372771347** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.2%**<br> (Cost $6,272,732,947)<br>| <br>**7884801200** |
| **NET OTHER ASSETS (LIABILITIES) - (3.2)%**  | **(241643699)** |
| **NET ASSETS - 100.0%** | **7643157501** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| 3M Co | Chicago Board Options Exchange | 1000 | 17205000 | 180.00 | 1/16/2026 | (303500) |
| Bank of America Corp | Chicago Board Options Exchange | 5500 | 29507500 | 55.00 | 1/16/2026 | (720500) |
| Bank of New York Mellon Corp/The | Chicago Board Options Exchange | 1700 | 19057000 | 120.00 | 1/16/2026 | (191250) |
| Cisco Systems Inc | Chicago Board Options Exchange | 4500 | 34623000 | 85.00 | 1/16/2026 | (119250) |
| Gilead Sciences Inc | Chicago Board Options Exchange | 3900 | 49077600 | 135.00 | 1/16/2026 | (569400) |
| Microsoft Corp | Chicago Board Options Exchange | 100 | 4920100 | 545.00 | 2/20/2026 | (77750) |
| Walt Disney Co/The | Chicago Board Options Exchange | 3100 | 32385700 | 115.00 | 1/16/2026 | (155000) |
|  |  |  |  |  |  | (2136650) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(2136650)** |

---

**Legend**

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

(b) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $186,775,900.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 113328476 | 1013219945 | 1071580625 | 5298836 | (940) | - | 114055785 | 114032978 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 58158325 | 2465171623 | 2264613732 | 313792 | (654) | - | 258715562 | 258689693 | 0.9% |
| Total | 171486801 | 3478391568 | 3336194357 | 5612628 | (1594) | - | 372771347 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 468844929 | 468844929 | - | - |
| Consumer Discretionary | 189240781 | 189240781 | - | - |
| Consumer Staples | 890926242 | 847539547 | 43386695 | - |
| Energy | 449359223 | 449359223 | - | - |
| Financials | 1615034813 | 1615034813 | - | - |
| Health Care | 1053074206 | 1053074206 | - | - |
| Industrials | 894312882 | 894312882 | - | - |
| Information Technology | 855948577 | 745334203 | 110614374 | - |
| Materials | 357484349 | 357484349 | - | - |
| Real Estate | 207989119 | 207989119 | - | - |
| Utilities | 529814732 | 529814732 | - | - |
|  **Money Market Funds** | 372771347 | 372771347 | - | - |
| **Total Investments in Securities:** | 7884801200 | 7730800131 | 154001069 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (2136650) | (2136650) | - | - |
| Total Liabilities | (2136650) | (2136650) | - | - |
| **Total Derivative Instruments:** | (2136650) | (2136650) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (2136650) |
| **Total Equity Risk**  | - | (2136650) |
| **Total Value of Derivatives** | - | (2136650) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $314,780,069) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,899,961,633) | $7512029853 |  |
| Fidelity Central Funds (cost $372,771,314) | 372771347 |  |
| Total Investment in Securities (cost $6,272,732,947) |  | $7884801200 |
| Foreign currency held at value (cost $189) |  | 189 |
| Receivable for fund shares sold |  | 801077 |
| Dividends receivable |  | 18154431 |
| Reclaims receivable |  | 5867884 |
| Distributions receivable from Fidelity Central Funds |  | 324200 |
| Prepaid expenses |  | 7021 |
| Other receivables |  | 95036 |
| **Total assets** |  | 7910051038 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2239810 |  |
| Accrued management fee | 3255900 |  |
| Distribution and service plan fees payable | 438984 |  |
| Written options, at value (premium received $2,987,424) | 2136650 |  |
| Other payables and accrued expenses | 105976 |  |
| Collateral on securities loaned | 258716217 |  |
| **Total liabilities** |  | 266893537 |
| **Net Assets**  |  | $7643157501 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5642513670 |
| Total accumulated earnings (loss) |  | 2000643831 |
| **Net Assets** |  | $7643157501 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($839,482,661 ÷ 27,097,794 shares)(a) |  | $30.98 |
| Maximum offering price per share (100/94.25 of $30.98) |  | $32.87 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($554,855,132 ÷ 17,919,947 shares)(a) |  | $30.96 |
| Maximum offering price per share (100/96.50 of $30.96) |  | $32.08 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($48,747,863 ÷ 1,576,200 shares)(a) |  | $30.93 |
| **Equity Dividend Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,549,858,730 ÷ 178,998,810 shares) |  | $31.01 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($194,267,788 ÷ 6,262,431 shares) |  | $31.02 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($364,199,457 ÷ 11,744,403 shares) |  | $31.01 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($91,745,870 ÷ 2,957,590 shares) |  | $31.02 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $190463186 |
| Income from Fidelity Central Funds (including $313,792 from security lending)  |  | 5612628 |
| **Total income** |  | 196075814 |
| **Expenses** |  |  |
| Management fee | $34519094 |  |
| Distribution and service plan fees | 2529551 |  |
| Custodian fees and expenses | 86211 |  |
| Independent trustees' fees and expenses | 26284 |  |
| Registration fees | 179423 |  |
| Audit fees | 178530 |  |
| Legal | 7577 |  |
| Miscellaneous | 24378 |  |
| Total expenses before reductions | 37551048 |  |
| Expense reductions | (113775) |  |
| Total expenses after reductions |  | 37437273 |
| **Net Investment income (loss)** |  | 158638541 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 384264186 |  |
| Fidelity Central Funds | (1594) |  |
| Foreign currency transactions | 8388 |  |
| Written options | 8157173 |  |
| Total net realized gain (loss) |  | 392428153 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (150639307) |  |
| Assets and liabilities in foreign currencies | 358997 |  |
| Written options | 2191678 |  |
| Total change in net unrealized appreciation (depreciation) |  | (148088632) |
| **Net gain (loss)** |  | 244339521 |
| **Net increase (decrease) in net assets resulting from operations** |  | $402978062 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $158638541 | $151380957 |
| &nbsp;&nbsp;Net realized gain (loss) | 392428153<br>| 368562884<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (148088632) | 878439168<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 402978062<br>| 1398383009<br>|
| Distributions to shareholders | (482810824)<br>| (308726604)<br>|
| Share transactions - net increase (decrease) | 1348278925<br>| (403384285)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1268446163<br>| 686272120<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6374711338 | 5688439218<br>|
| &nbsp;&nbsp;End of period | $7643157501 | $6374711338 |

---

**Financial Highlights** 

**Fidelity® Equity Dividend Income Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended November 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $28.55 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .31  |
| Net realized and unrealized gain (loss)  | 2.42  |
| Total from investment operations  | 2.73  |
| Distributions from net investment income  | (.30)  |
| Total distributions  | (.30)  |
| Net asset value, end of period  | $30.98 |
| **Total Return** D,E,F | 9.60% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .81% I |
| Expenses net of fee waivers, if any  | .81% I<br>|
| Expenses net of all reductions, if any  | .81% I |
| Net investment income (loss)  | 2.05% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $839483 |
| Portfolio turnover rate J | 53% K<br>|

---

A*For the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Equity Dividend Income Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended November 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $28.55 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .27  |
| Net realized and unrealized gain (loss)  | 2.42  |
| Total from investment operations  | 2.69  |
| Distributions from net investment income  | (.28)  |
| Total distributions  | (.28)  |
| Net asset value, end of period  | $30.96 |
| **Total Return** D,E,F | 9.46% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.06% I |
| Expenses net of fee waivers, if any  | 1.06% I<br>|
| Expenses net of all reductions, if any  | 1.06% I |
| Net investment income (loss)  | 1.79% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $554855 |
| Portfolio turnover rate J | 53% K<br>|

---

A*For the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Equity Dividend Income Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended November 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $28.55 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .20  |
| Net realized and unrealized gain (loss)  | 2.42  |
| Total from investment operations  | 2.62  |
| Distributions from net investment income  | (.24)  |
| Total distributions  | (.24)  |
| Net asset value, end of period  | $30.93 |
| **Total Return** D,E,F | 9.21% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.56% I |
| Expenses net of fee waivers, if any  | 1.56% I<br>|
| Expenses net of all reductions, if any  | 1.56% I |
| Net investment income (loss)  | 1.32% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $48748 |
| Portfolio turnover rate J | 53% K<br>|

---

A*For the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Equity Dividend Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.00 | $26.70 | $28.03 | $28.54 | $24.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .72  | .72  | .69  | .62  | .63  |
| Net realized and unrealized gain (loss)  | .65  | 6.05  | (.03)  | 2.06  | 3.88  |
| Total from investment operations  | 1.37  | 6.77  | .66  | 2.68  | 4.51  |
| Distributions from net investment income  | (.70)  | (.75)  | (.63)  | (.59)  | (.64)  |
| Distributions from net realized gain  | (1.65)  | (.72)  | (1.36)  | (2.60)  | (.01)  |
| Total distributions  | (2.36) C | (1.47)  | (1.99)  | (3.19)  | (.65)  |
| Net asset value, end of period  | $31.01 | $32.00 | $26.70 | $28.03 | $28.54 |
| **Total Return** D | 5.04% <br>| 26.27%  | 2.73%  | 9.72%  | 18.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .53%  | .55%  | .58%  | .58%  | .58%  |
| Expenses net of fee waivers, if any  | .53% <br>| .55%  | .57%  | .57%  | .58%  |
| Expenses net of all reductions, if any  | .53%  | .55%  | .57%  | .57%  | .58%  |
| Net investment income (loss)  | 2.47%  | 2.49%  | 2.61%  | 2.28%  | 2.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5549859 | $5792233 | $4914903 | $5186109 | $4903150 |
| Portfolio turnover rate G | 53% H<br>| 45%  | 45% I | 48%  | 47%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

**Fidelity® Equity Dividend Income Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.99 | $26.69 | $28.03 | $28.53 | $24.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .74  | .75  | .71  | .65  | .65  |
| Net realized and unrealized gain (loss)  | .65  | 6.04  | (.04)  | 2.06  | 3.89  |
| Total from investment operations  | 1.39  | 6.79  | .67  | 2.71  | 4.54  |
| Distributions from net investment income  | (.70)  | (.77)  | (.65)  | (.62)  | (.66)  |
| Distributions from net realized gain  | (1.65)  | (.72)  | (1.36)  | (2.60)  | (.01)  |
| Total distributions  | (2.36) C | (1.49)  | (2.01)  | (3.21) C | (.68) C |
| Net asset value, end of period  | $31.02 | $31.99 | $26.69 | $28.03 | $28.53 |
| **Total Return** D | 5.10% <br>| 26.37%  | 2.78%  | 9.86%  | 18.51%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .46%  | .45%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .46% <br>| .44%  | .49%  | .49%  | .49%  |
| Expenses net of all reductions, if any  | .46%  | .44%  | .49%  | .49%  | .49%  |
| Net investment income (loss)  | 2.51%  | 2.59%  | 2.70%  | 2.37%  | 2.30%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $194268 | $582478 | $773536 | $812035 | $759793 |
| Portfolio turnover rate G | 53% H<br>| 45%  | 45% I | 48%  | 47%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

**Fidelity® Equity Dividend Income Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended November 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $28.55 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .35  |
| Net realized and unrealized gain (loss)  | 2.43  |
| Total from investment operations  | 2.78  |
| Distributions from net investment income  | (.32)  |
| Total distributions  | (.32)  |
| Net asset value, end of period  | $31.01 |
| **Total Return** D,E | 9.76% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .56% H |
| Expenses net of fee waivers, if any  | .56% H<br>|
| Expenses net of all reductions, if any  | .56% H |
| Net investment income (loss)  | 2.30% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $364199 |
| Portfolio turnover rate I | 53% J<br>|

---

A*For the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Equity Dividend Income Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended November 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $28.55 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .36  |
| Net realized and unrealized gain (loss)  | 2.44  |
| Total from investment operations  | 2.80  |
| Distributions from net investment income  | (.33)  |
| Total distributions  | (.33)  |
| Net asset value, end of period  | $31.02 |
| **Total Return** D,E | 9.83% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .45% H |
| Expenses net of fee waivers, if any  | .45% H<br>|
| Expenses net of all reductions, if any  | .45% H |
| Net investment income (loss)  | 2.41% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $91746 |
| Portfolio turnover rate I | 53% J<br>|

---

A*For the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Equity Dividend Income Fund (the Fund) is a fund of Fidelity Financial 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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on May 29, 2025. The Fund offers Class A, Class M, Class C, Equity Dividend Income, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

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

---

| | |
|:---|:---|
| **Fidelity Equity Dividend Income Fund** | $20846 |

---

**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 November 30, 2025, 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 foreign currency transactions, partnerships, passive foreign investment companies (PFIC) 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**  | $1784098694 |
| **Gross unrealized depreciation**  | <u>(172978075)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1611120619</u> |
| **Tax Cost**  | <u>$6271543931</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$83784308</u> |
| **Undistributed long-term capital gain**  | <u>$346863313</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1569996212</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $160022179 | $209057294 |
| **Long-term Capital Gains**  | <u>322788645</u> | <u>99669310</u> |
| **Total**  | <u>$482810824</u> | <u>$308726604</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Equity Dividend Income Fund** | 3378827879 | 4093343286 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .59 |
| **Class M** | .58 |
| **Class C** | .62 |
| **Equity Dividend Income** | .54 |
| **Class K** | .45 |
| **Class I** | .60 |
| **Class Z** | .45 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .56 |
| **Class M** | .56 |
| **Class C** | .56 |
| **Equity Dividend Income** | .52 |
| **Class K** | .45 |
| **Class I** | .56 |
| **Class Z** | .44 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 982218 | 4096 |
| **Class M** | .25% | .25% | 1308894 | - |
| **Class C** | .75% | .25% | <u>238439</u> | <u>33218</u> |
|  |  |  | <u>2529551</u> | <u>37314</u> |

---

**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** | 35635 |
| **Class M** | 3346 |
| **Class C**A | <u>340</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>39321</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity Dividend Income Fund** | 137155 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Equity Dividend Income Fund** | 427855735 | 321458603 | 42945619 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity Dividend Income Fund** | 9136 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Equity Dividend Income Fund** | 34604 | 3211 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity Dividend Income Fund** | 63993383 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $15,513.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,050.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount($)** |
| Class A | 9531 |
| Class M | 6387 |
| Class C | 590 |
| Equity Dividend Income | 63327 |
| Class K | 2173 |
| Class I | 4151 |
| Class Z | <u>1053</u> |
| Total | <u>87212</u> |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025A** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Equity Dividend Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $8238691 | $- |
| Class M | 5151282 | - |
| Class C | 406530 | - |
| Equity Dividend Income | 426398666 | 267711552 |
| Class K | 37916512 | 41015052 |
| Class I | 3797375 | - |
| Class Z | <u>901768</u> | <u>-</u> |
| Total  | <u>$482810824</u> | <u>$308726604</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **November 30, 2025A**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025A**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Equity Dividend Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 755064 | - | $22470020 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 27950465 | - | 804694759 | - |
| Reinvestment of distributions | 264468 | - | 7914204 | - |
| Shares redeemed | <u>(1872203)</u> | <u>-</u> | <u>(55867459)</u> | <u>-</u> |
| Net increase (decrease) | <u>27097794</u> | <u>-</u> | <u>$779211524</u> | <u>$-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 582579 | - | $17499859 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 18632018 | - | 536415288 | - |
| Reinvestment of distributions | 168083 | - | 5025330 | - |
| Shares redeemed | <u>(1462733)</u> | <u>-</u> | <u>(43922918)</u> | <u>-</u> |
| Net increase (decrease) | <u>17919947</u> | <u>-</u> | <u>$515017559</u> | <u>$-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 91888 | - | $2710562 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1748904 | - | 50350981 | - |
| Reinvestment of distributions | 13371 | - | 398591 | - |
| Shares redeemed | <u>(277963)</u> | <u>-</u> | <u>(8266118)</u> | <u>-</u> |
| Net increase (decrease) | <u>1576200</u> | <u>-</u> | <u>$45194016</u> | <u>$-</u> |
| **Equity Dividend Income** |  |  |  |  |
| Shares sold | 7857280 | 8553131 | $228194690 | $248443607 |
| Reinvestment of distributions | 13804799 | 8924875 | 392853240 | 247404293 |
| Shares redeemed | <u>(23682149)</u> | <u>(20516186)</u> | <u>(691258569)</u> | <u>(592276428)</u> |
| Net increase (decrease) | <u>(2020070)</u> | <u>(3038180)</u> | <u>$(70210639)</u> | <u>$(96428528)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2435810 | 4826662 | $70981997 | $137970417 |
| Reinvestment of distributions | 1335887 | 1486658 | 37916512 | 41015052 |
| Shares redeemed | <u>(15717636)</u> | <u>(17082166)</u> | <u>(452390181)</u> | <u>(485941226)</u> |
| Net increase (decrease) | <u>(11945939)</u> | <u>(10768846)</u> | <u>$(343491672)</u> | <u>$(306955757)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 559436 | - | $16622613 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 12862087 | - | 370427662 | - |
| Reinvestment of distributions | 119007 | - | 3565611 | - |
| Shares redeemed | <u>(1796127)</u> | <u>-</u> | <u>(53520820)</u> | <u>-</u> |
| Net increase (decrease) | <u>11744403</u> | <u>-</u> | <u>$337095066</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 925851 | - | $27524549 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 2542924 | - | 73236119 | - |
| Reinvestment of distributions | 25945 | - | 778335 | - |
| Shares redeemed | <u>(537130)</u> | <u>-</u> | <u>(16075932)</u> | <u>-</u> |
| Net increase (decrease) | <u>2957590</u> | <u>-</u> | <u>$85463071</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period May 29, 2025 (commencement of sale of shares) through November 30, 2025.*

**12. Other.**

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

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**14. Reorganization Information.**

On June 6, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Equity Income Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (The Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on May 29, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Equity Income**  | 1818066783 | 295616523 | - | - | - |
| **Class A** | - | - | 804694759 | 25286709 | 1.1053421327 |
| **Class M** | - | - | 536415288 | 16158757 | 1.1530600903 |
| **Class C** | - | - | 50350981 | 1549889 | 1.1284056964 |
| **Class I** | - | - | 370427662 | 10742339 | 1.1973263889 |
| **Class Z** | - | - | 73236119 | 2129405 | 1.1941944444 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Equity Dividend Income Fund** | 5528220981 | 7363345790 |

---

Pro forma results of operations of the combined entity for the entire period ended November 30, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $180980705  |
| **Total net realized gain (loss)** | 446880758 |
| **Total change in net unrealized appreciation (depreciation)** | <u>(307504278)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$320357185</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund's accompanying Statement of Operations since June 6, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Financial Trust and Shareholders of Fidelity Equity Dividend Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Equity Dividend Income Fund (one of the funds constituting Fidelity Financial Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, 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 ended November 30, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $354,792,461, or, if subsequently determined to be different, the net capital gain of such year.

The Fidelity Advisor Equity Income Fund hereby designates as a capital gain dividend with respect to the taxable year ended June 6, 2025, $68,398,806, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.61% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

A total of 0.58% of the dividends distributed during the fiscal year of Fidelity Advisor Equity Income Fund was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the short-term capital gain dividends distributed in December 2024, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The Fidelity Advisor Equity Income Fund designates 100% of the short-term capital gain dividends distributed in December 2024, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $413,530 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The Fidelity Advisor Equity Income Fund designates $621,372 of distributions paid during the fiscal year ended June 6, 2025, as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Equity Dividend Income Fund** | **Class K** | **Class I** | **Class Z** |
| **Fidelity Equity Dividend Income Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 49% | 48% | - | - |
| April, 2025 | - | - | - | 100% | 100% | - | - |
| July, 2025 | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| October, 2025 | 100% | 100% | 100% | 100% | 100% | 100% | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| **Fidelity Advisor Equity Income Fund** |  |  |  |  |  |
| December, 2024 | 81% | 89% | 100% | 76% | 73% |
| April, 2025 | 92% | 100% | 100% | 83% | 77% |
| June, 2025 | 91% | 100% | 100% | 85% | 80% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Equity Dividend Income Fund** | **Class K** | **Class I** | **Class Z** |
| **Fidelity Equity Dividend Income Fund** |  |  |  |  |  |  |  |
| December, 2024 | - | - | - | 99.07% | 96.45% | - | - |
| April, 2025 | - | - | - | 100% | 100% | - | - |
| July, 2025 | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| October, 2025 | 100% | 100% | 100% | 100% | 100% | 100% | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| **Fidelity Advisor Equity Income Fund** |  |  |  |  |  |
| December, 2024 | 81% | 89% | 100% | 76% | 73% |
| April, 2025 | 100% | 100% | 100% | 100% | 100% |
| June, 2025 | 100% | 100% | 100% | 100% | 100% |

---

The Fidelity Equity Dividend Income Fund designates 0.94%; and Class K designates 3.54% of the dividend distributed in December 2024, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120722_4.jpg)<br>

1.539196.128 EII-ANN-0126

**Fidelity® Convertible Securities Fund**

**Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img120723_1.jpg)

![](img120723_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CVS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Convertible Securities Fund](#Sub_Sec_Fund_308_CVS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements308_CVS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CVS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CVS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CVS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CVS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CVS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CVS-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Convertible Securities Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Capital Power Corp  | 116200 | 5120466 |
| TransAlta Corp  | 465300 | 6792458 |
| TOTAL CANADA |  | 11912924 |
| FRANCE - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA  | 231200 | 4213226 |
| MONACO - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Scorpio Tankers Inc  | 102900 | 5899257 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 104100 | 4579359 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 14200 | 4139442 |
| UNITED STATES - 5.7%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Alphabet Inc Class A  | 21300 | 6819834 |
| Meta Platforms Inc Class A  | 6800 | 4406060 |
|  |  | 11225894 |
| Consumer Discretionary - 1.5% |  |  |
| Automobiles - 0.1% |  |  |
| Tesla Inc (b) | 5300 | 2279901 |
| Broadline Retail - 0.3% |  |  |
| Amazon.com Inc (b) | 25300 | 5900466 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Boyd Gaming Corp  | 47400 | 3948420 |
| Churchill Downs Inc  | 59100 | 6447219 |
| Sabre Corp (b) | 451400 | 726754 |
| Sharplink Gaming Inc (b) | 552600 | 5868612 |
|  |  | 16991005 |
| Household Durables - 0.1% |  |  |
| TopBuild Corp (b) | 5125 | 2319063 |
| Specialty Retail - 0.2% |  |  |
| Dick's Sporting Goods Inc  | 23000 | 4751110 |
| GameStop Corp warrants 10/30/2026 (b) | 88350 | 295089 |
|  |  | 5046199 |
| TOTAL CONSUMER DISCRETIONARY |  | 32536634 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| DHT Holdings Inc  | 2029695 | 26446926 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Shift4 Payments Inc Class A (b)(c) | 77000 | 5681060 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Boston Scientific Corp (b) | 43100 | 4378098 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Boeing Co (b) | 17800 | 3364200 |
| Byrna Technologies Inc (b)(c) | 308811 | 5635801 |
|  |  | 9000001 |
| Building Products - 0.1% |  |  |
| Builders FirstSource Inc (b) | 22300 | 2502729 |
| Machinery - 0.2% |  |  |
| Kennametal Inc  | 176800 | 4893824 |
| TOTAL INDUSTRIALS |  | 16396554 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NVIDIA Corp  | 29000 | 5133000 |
| Software - 0.6% |  |  |
| Commvault Systems Inc (b) | 16500 | 2037750 |
| Microsoft Corp  | 9300 | 4575693 |
| PAR Technology Corp (b) | 38200 | 1318282 |
| Zoom Communications Inc Class A (b) | 50100 | 4256496 |
|  |  | 12188221 |
| TOTAL INFORMATION TECHNOLOGY |  | 17321221 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| James Hardie Industries PLC (b) | 8806 | 174182 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| PG&E Corp  | 508700 | 8200244 |
| TOTAL UNITED STATES |  | 122360813 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (b) | 144600 | 3271854 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $122,887,801) |  | <br> **156376875** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 78.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 78.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 78.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| IREN Ltd 0% 7/1/2031 (d)(e) | 2171000 | 1920571 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Alibaba Group Holding Ltd 0.5% 6/1/2031  | 2348000 | 3867133 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc 3.5% 12/15/2029 (d) | 1390000 | 1450326 |
| TOTAL CHINA |  | 5317459 |
| ISRAEL - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Wix.com Ltd 0% 9/15/2030 (d)(e) | 4860000 | 4154996 |
| UNITED STATES - 77.6%  |  |  |
| Communication Services - 4.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AST SpaceMobile Inc 2% 1/15/2036 (d) | 6344000 | 5302950 |
| AST SpaceMobile Inc 2.375% 10/15/2032 (d) | 3433000 | 3769433 |
|  |  | 9072383 |
| Entertainment - 2.7% |  |  |
| Liberty Media Corp 2.375% 9/30/2053 (d) | 9117000 | 12361146 |
| Liberty Media Corp-Liberty Formula One 2.25% 8/15/2027  | 6641000 | 8270079 |
| Live Nation Entertainment Inc 2.875% 1/15/2030 (d) | 9703000 | 9800030 |
| Live Nation Entertainment Inc 2.875% 10/15/2031 (d) | 8497000 | 8093393 |
| Live Nation Entertainment Inc 3.125% 1/15/2029  | 6774000 | 9300702 |
| Sphere Entertainment Co 3.5% 12/1/2028  | 1073000 | 2655675 |
| Zynga Inc 0% 12/15/2026 (e) | 5479000 | 5879422 |
|  |  | 56360447 |
| Interactive Media & Services - 0.5% |  |  |
| Snap Inc 0.125% 3/1/2028  | 2650000 | 2394996 |
| Snap Inc 0.5% 5/1/2030  | 5030000 | 4382104 |
| Trump Media & Technology Group Corp 0% 5/29/2028 (d)(f) | 4935000 | 4487766 |
|  |  | 11264866 |
| Media - 1.1% |  |  |
| Cable One Inc 1.125% 3/15/2028  | 2164000 | 1744833 |
| Cardlytics Inc 4.25% 4/1/2029  | 2967000 | 1339511 |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (g) | 5472342 | 12909672 |
| Liberty Broadband Corp 3.125% 3/31/2053 (d) | 6087000 | 6001783 |
| Magnite Inc 0.25% 3/15/2026  | 1390000 | 1364285 |
|  |  | 23360084 |
| TOTAL COMMUNICATION SERVICES |  | 100057780 |
| Consumer Discretionary - 7.8% |  |  |
| Automobile Components - 0.5% |  |  |
| LCI Industries 3% 3/1/2030 (d) | 5755000 | 6431393 |
| Patrick Industries Inc 1.75% 12/1/2028  | 1893000 | 3207039 |
|  |  | 9638432 |
| Automobiles - 1.9% |  |  |
| Ford Motor Co 0% 3/15/2026 (f) | 12813000 | 13497214 |
| Lucid Group Inc 5% 4/1/2030 (d) | 7235000 | 4659340 |
| Rivian Automotive Inc 3.625% 10/15/2030  | 10998000 | 10896553 |
| Rivian Automotive Inc 4.625% 3/15/2029  | 9537000 | 10605776 |
|  |  | 39658883 |
| Broadline Retail - 0.4% |  |  |
| Etsy Inc 0.125% 10/1/2026  | 4257000 | 4285948 |
| Etsy Inc 1% 6/15/2030 (d) | 4444000 | 4429656 |
|  |  | 8715604 |
| Diversified Consumer Services - 0.1% |  |  |
| Stride Inc 1.125% 9/1/2027  | 2826000 | 3793904 |
| Hotels, Restaurants & Leisure - 3.0% |  |  |
| Carnival Corp 5.75% 12/1/2027  | 7139000 | 14411617 |
| Cheesecake Factory Inc/The 2% 3/15/2030 (d) | 3713000 | 3537023 |
| Cracker Barrel Old Country Store Inc 1.75% 9/15/2030 (d) | 1650000 | 1261990 |
| DoorDash Inc 0% 5/15/2030 (d)(e) | 23242000 | 22907632 |
| DraftKings Holdings Inc 0% 3/15/2028 (e) | 4200000 | 3780000 |
| Expedia Group Inc 0% 2/15/2026 (e) | 8008000 | 8377650 |
| NCL Corp Ltd 0.875% 4/15/2030 (d) | 8138000 | 8178690 |
| NCL Corp Ltd 1.125% 2/15/2027  | 1316000 | 1279152 |
|  |  | 63733754 |
| Household Durables - 0.2% |  |  |
| Meritage Homes Corp 1.75% 5/15/2028  | 3864000 | 3869206 |
| Leisure Products - 0.2% |  |  |
| Peloton Interactive Inc 5.5% 12/1/2029  | 2368000 | 4237825 |
| Specialty Retail - 1.5% |  |  |
| Burlington Stores Inc 1.25% 12/15/2027  | 2562000 | 3434361 |
| GameStop Corp 0% 6/15/2032 (d)(f) | 24877000 | 25436733 |
| RealReal Inc/The 4% 2/15/2031 (h) | 975000 | 1543546 |
| Wayfair Inc 3.25% 9/15/2027  | 845000 | 1536709 |
| Wayfair Inc 3.5% 11/15/2028  | 241000 | 603193 |
|  |  | 32554542 |
| TOTAL CONSUMER DISCRETIONARY |  | 166202150 |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.6% |  |  |
| Freshpet Inc 3% 4/1/2028  | 6474000 | 7390449 |
| Post Holdings Inc 2.5% 8/15/2027  | 3855000 | 4239263 |
|  |  | 11629712 |
| Personal Care Products - 0.2% |  |  |
| Herbalife Ltd 4.25% 6/15/2028  | 1763000 | 1862962 |
| Oddity Finance LLC 0% 6/15/2030 (d)(f) | 3900000 | 3342089 |
|  |  | 5205051 |
| TOTAL CONSUMER STAPLES |  | 16834763 |
| Energy - 2.0% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Nabors Industries Inc 1.75% 6/15/2029  | 1633000 | 1303297 |
| Solaris Energy Infrastructure Inc 0.25% 10/1/2031  | 4055000 | 4448188 |
| Solaris Energy Infrastructure Inc 4.75% 5/1/2030  | 974000 | 2001570 |
| Transocean International Ltd 4.625% 9/30/2029  | 1370000 | 1977595 |
|  |  | 9730650 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Centrus Energy Corp 0% 8/15/2032 (d)(e) | 5108000 | 6817022 |
| Centrus Energy Corp 2.25% 11/1/2030  | 2666000 | 7444090 |
| CNX Resources Corp 2.25% 5/1/2026  | 2369000 | 7157890 |
| Northern Oil & Gas Inc 3.625% 4/15/2029  | 5257000 | 5084375 |
| Peabody Energy Corp 3.25% 3/1/2028  | 2047000 | 3182329 |
| World Kinect Corp 3.25% 7/1/2028  | 2580000 | 2690940 |
|  |  | 32376646 |
| TOTAL ENERGY |  | 42107296 |
| Financials - 5.3% |  |  |
| Capital Markets - 2.5% |  |  |
| Coinbase Global Inc 0% 10/1/2029 (d)(e) | 8752000 | 8619845 |
| Coinbase Global Inc 0.25% 4/1/2030  | 16207000 | 17981667 |
| Coinbase Global Inc 0.5% 6/1/2026  | 8408000 | 8717414 |
| Galaxy Digital Holdings LP 0.5% 5/1/2031 (d) | 7162000 | 5968201 |
| Galaxy Digital Holdings LP 2.5% 12/1/2029 (d) | 2750000 | 3872422 |
| Galaxy Digital Holdings LP 3% 12/15/2026 (d) | 2750000 | 3230734 |
| Hercules Capital Inc 4.75% 9/1/2028 (d) | 1840000 | 1819024 |
| WisdomTree Inc 3.25% 8/15/2029  | 1569000 | 1778345 |
| WisdomTree Inc 4.625% 8/15/2030 (d) | 1100000 | 1099598 |
|  |  | 53087250 |
| Consumer Finance - 1.5% |  |  |
| SoFi Technologies Inc 0% 10/15/2026 (d)(e) | 2146000 | 3035517 |
| SoFi Technologies Inc 1.25% 3/15/2029 (d) | 5690000 | 18136875 |
| Upstart Holdings Inc 1% 11/15/2030  | 9459000 | 8090735 |
| Upstart Holdings Inc 2% 10/1/2029  | 2787000 | 3501768 |
|  |  | 32764895 |
| Financial Services - 1.2% |  |  |
| Affirm Holdings Inc 0.75% 12/15/2029 (d) | 6190000 | 6626443 |
| Euronet Worldwide Inc 0.625% 10/1/2030 (d) | 3000000 | 2677500 |
| Global Payments Inc 1.5% 3/1/2031  | 7286000 | 6520557 |
| HAT Holdings I LLC / HAT Holdings II LLC 3.75% 8/15/2028 (d) | 2425000 | 3264778 |
| Repay Holdings Corp 2.875% 7/15/2029 (d) | 2006000 | 1651139 |
| Shift4 Payments Inc 0.5% 8/1/2027  | 4250000 | 4180407 |
|  |  | 24920824 |
| Insurance - 0.1% |  |  |
| Oscar Health Inc 2.25% 9/1/2030 (d) | 2400000 | 2581200 |
| TOTAL FINANCIALS |  | 113354169 |
| Health Care - 10.3% |  |  |
| Biotechnology - 4.8% |  |  |
| Alnylam Pharmaceuticals Inc 0% 9/15/2028 (d)(e) | 1950000 | 1936593 |
| Alnylam Pharmaceuticals Inc 1% 9/15/2027  | 5074000 | 8277393 |
| Bridgebio Pharma Inc 1.75% 3/1/2031 (d) | 3871000 | 6428279 |
| Bridgebio Pharma Inc 2.25% 2/1/2029  | 5057000 | 5529830 |
| Bridgebio Pharma Inc 2.5% 3/15/2027  | 4545000 | 8139725 |
| Celcuity Inc 2.75% 8/1/2031  | 1314000 | 2872667 |
| Cogent Biosciences Inc 1.625% 11/15/2031  | 860000 | 1043777 |
| Cytokinetics Inc 1.75% 10/1/2031 (d) | 8199000 | 10427406 |
| Cytokinetics Inc 3.5% 7/1/2027  | 2756000 | 4059196 |
| Dynavax Technologies Corp 2.5% 5/15/2026  | 200000 | 228750 |
| Exact Sciences Corp 0.375% 3/1/2028  | 1539000 | 1576072 |
| Exact Sciences Corp 1.75% 4/15/2031 (d) | 4050000 | 4949814 |
| Exact Sciences Corp 2% 3/1/2030 (d) | 3663000 | 5051806 |
| Halozyme Therapeutics Inc 0% 2/15/2031 (d)(e) | 4256000 | 4378573 |
| Halozyme Therapeutics Inc 0.25% 3/1/2027  | 1411000 | 1558273 |
| Halozyme Therapeutics Inc 0.875% 11/15/2032 (d) | 4255000 | 4456373 |
| Halozyme Therapeutics Inc 1% 8/15/2028  | 2969000 | 4084058 |
| Ionis Pharmaceuticals Inc 0% 12/1/2030 (d)(f) | 2903000 | 3159618 |
| Ionis Pharmaceuticals Inc 0% 4/1/2026 (e) | 2752000 | 3940455 |
| Ionis Pharmaceuticals Inc 1.75% 6/15/2028  | 4010000 | 6585151 |
| Mirum Pharmaceuticals Inc 4% 5/1/2029  | 1969000 | 4735098 |
| Novavax Inc 5% 12/15/2027  | 982000 | 1029873 |
| Sarepta Therapeutics Inc 1.25% 9/15/2027  | 2745000 | 2430149 |
| Sarepta Therapeutics Inc 4.875% 9/1/2030  | 3690000 | 3071612 |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 2206000 | 2983362 |
|  |  | 102933903 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Alphatec Holdings Inc 0.75% 3/15/2030 (d) | 2409000 | 3873431 |
| Dexcom Inc 0.375% 5/15/2028  | 8013000 | 7307766 |
| Enovis Corp 3.875% 10/15/2028  | 2840000 | 2811535 |
| Haemonetics Corp 2.5% 6/1/2029  | 4313000 | 4454466 |
| Integer Holdings Corp 1.875% 3/15/2030 (d) | 6093000 | 5379600 |
| Integer Holdings Corp 2.125% 2/15/2028  | 785000 | 842482 |
| iRhythm Technologies Inc 1.5% 9/1/2029  | 4413000 | 6379494 |
| Lantheus Holdings Inc 2.625% 12/15/2027  | 3691000 | 4065637 |
| LeMaitre Vascular Inc 2.5% 2/1/2030 (d) | 1077000 | 1083999 |
| LivaNova PLC 2.5% 3/15/2029  | 2604000 | 3063866 |
| Merit Medical Systems Inc 3% 2/1/2029 (d) | 4768000 | 5695651 |
| Omnicell Inc 1% 12/1/2029 (d) | 1318000 | 1297885 |
| Tandem Diabetes Care Inc 1.5% 3/15/2029  | 2184000 | 2194920 |
| TransMedics Group Inc 1.5% 6/1/2028  | 3103000 | 5290311 |
|  |  | 53741043 |
| Health Care Providers & Services - 1.1% |  |  |
| Alignment Healthcare Inc 4.25% 11/15/2029  | 2173000 | 3232338 |
| Guardant Health Inc 0% 5/15/2033 (d)(f) | 3130000 | 3528808 |
| Guardant Health Inc 1.25% 2/15/2031  | 4600000 | 8769698 |
| Hims & Hers Health Inc 0% 5/15/2030 (d)(f) | 8494000 | 7895256 |
| OPKO Health Inc 3.75% 1/15/2029  | 789000 | 1079943 |
|  |  | 24506043 |
| Health Care Technology - 0.1% |  |  |
| Evolent Health Inc 3.5% 12/1/2029  | 3154000 | 2261418 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Repligen Corp 1% 12/15/2028  | 3842000 | 4272060 |
| Tempus AI Inc 0.75% 7/15/2030 (d) | 4752000 | 5856807 |
|  |  | 10128867 |
| Pharmaceuticals - 1.3% |  |  |
| Amphastar Pharmaceuticals Inc 2% 3/15/2029  | 2130000 | 1952573 |
| ANI Pharmaceuticals Inc 2.25% 9/1/2029  | 1476000 | 1955700 |
| Collegium Pharmaceutical Inc 2.875% 2/15/2029  | 1649000 | 2333850 |
| Jazz Investments I Ltd 2% 6/15/2026  | 4936000 | 5839617 |
| Jazz Investments I Ltd 3.125% 9/15/2030  | 7060000 | 9598087 |
| Ligand Pharmaceuticals Inc 0.75% 10/1/2030 (d) | 2507000 | 3025197 |
| Pacira BioSciences Inc 2.125% 5/15/2029  | 2080000 | 2024344 |
|  |  | 26729368 |
| TOTAL HEALTH CARE |  | 220300642 |
| Industrials - 6.8% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| AeroVironment Inc 0% 7/15/2030 (f) | 4898000 | 5732010 |
| Astronics Corp 0% 1/15/2031 (d)(e) | 1318000 | 1527826 |
| Axon Enterprise Inc 0.5% 12/15/2027  | 2784000 | 6625071 |
| BWX Technologies Inc 0% 11/1/2030 (d)(e) | 7708000 | 7431898 |
| Rocket Lab USA Inc 4.25% 2/1/2029 (d) | 1195000 | 9802481 |
| Spirit AeroSystems Inc 3.25% 11/1/2028  | 1590000 | 2258794 |
| Virgin Galactic Holdings Inc 2.5% 2/1/2027 (d) | 1428000 | 974621 |
|  |  | 34352701 |
| Commercial Services & Supplies - 0.2% |  |  |
| Pitney Bowes Inc 1.5% 8/15/2030 (d) | 1450000 | 1397590 |
| Tetra Tech Inc 2.25% 8/15/2028  | 3215000 | 3528141 |
|  |  | 4925731 |
| Construction & Engineering - 0.8% |  |  |
| Fluor Corp 1.125% 8/15/2029  | 5144000 | 6101813 |
| Granite Construction Inc 3.25% 6/15/2030  | 3830000 | 5763246 |
| Granite Construction Inc 3.75% 5/15/2028  | 2635000 | 6291914 |
|  |  | 18156973 |
| Electrical Equipment - 1.6% |  |  |
| Array Technologies Inc 1% 12/1/2028  | 611000 | 528698 |
| Array Technologies Inc 2.875% 7/1/2031 (d) | 1810000 | 2209290 |
| Bloom Energy Corp 0% 11/15/2030 (d)(e) | 8283000 | 7777737 |
| Bloom Energy Corp 3% 6/1/2028  | 633000 | 3702551 |
| Bloom Energy Corp 3% 6/1/2029  | 474000 | 2516229 |
| Enovix Corp 4.75% 9/15/2030 (d) | 2555000 | 2509521 |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (d) | 1603000 | 1788855 |
| Eos Energy Enterprises Inc 6.75% 6/15/2030 (d) | 1565000 | 4974912 |
| Fluence Energy Inc 2.25% 6/15/2030 (d) | 3094000 | 3652903 |
| Stem Inc 4.25% 4/1/2030 (d) | 498000 | 191729 |
| Sunrun Inc 4% 3/1/2030  | 2748000 | 4196174 |
|  |  | 34048599 |
| Ground Transportation - 1.2% |  |  |
| Hertz Corp/The 5.5% 10/1/2030 (d) | 2759000 | 2175360 |
| Lyft Inc 0% 9/15/2030 (d)(f) | 2150000 | 2544833 |
| Lyft Inc 0.625% 3/1/2029  | 5079000 | 6374145 |
| Uber Technologies Inc 0.875% 12/1/2028  | 10988000 | 14898222 |
|  |  | 25992560 |
| Machinery - 0.1% |  |  |
| Greenbrier Cos Inc/The 2.875% 4/15/2028  | 1349000 | 1425219 |
| Passenger Airlines - 0.1% |  |  |
| JetBlue Airways Corp 2.5% 9/1/2029  | 3001000 | 2908869 |
| Professional Services - 1.0% |  |  |
| BlackSky Technology Inc 8.25% 8/1/2033 (d) | 1848000 | 1905201 |
| CSG Systems International Inc 3.875% 9/15/2028  | 2860000 | 3411704 |
| Parsons Corp 2.625% 3/1/2029  | 11123000 | 12664417 |
| Planet Labs PBC 0.5% 10/15/2030 (d) | 2812000 | 3544878 |
|  |  | 21526200 |
| Trading Companies & Distributors - 0.1% |  |  |
| Xometry Inc 0.75% 6/15/2030 (d) | 1370000 | 2034039 |
| TOTAL INDUSTRIALS |  | 145370891 |
| Information Technology - 29.0% |  |  |
| Communications Equipment - 2.8% |  |  |
| Lumentum Holdings Inc 0.375% 3/15/2032 (d) | 8344000 | 15865389 |
| Lumentum Holdings Inc 0.5% 12/15/2026  | 3022000 | 9925990 |
| Lumentum Holdings Inc 0.5% 6/15/2028  | 5511000 | 13758212 |
| Lumentum Holdings Inc 1.5% 12/15/2029  | 3829000 | 17936951 |
| Viavi Solutions Inc 0.625% 3/1/2031 (d) | 1562000 | 2213143 |
|  |  | 59699685 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Advanced Energy Industries Inc 2.5% 9/15/2028  | 3880000 | 6391238 |
| Itron Inc 1.375% 7/15/2030  | 4560000 | 4707905 |
| Mirion Technologies Inc 0% 10/1/2031 (d)(e) | 2240000 | 2567600 |
| Mirion Technologies Inc 0.25% 6/1/2030 (d) | 1990000 | 2633757 |
| OSI Systems Inc 0.5% 2/1/2031 (d) | 3140000 | 3158459 |
| OSI Systems Inc 2.25% 8/1/2029  | 2477000 | 3783932 |
| Vishay Intertechnology Inc 2.25% 9/15/2030  | 3500000 | 3089918 |
|  |  | 26332809 |
| IT Services - 4.2% |  |  |
| Akamai Technologies Inc 0.25% 5/15/2033 (d) | 15438000 | 17355328 |
| Applied Digital Corp 2.75% 6/1/2030 (d) | 2989000 | 8747454 |
| Cloudflare Inc 0% 6/15/2030 (d)(f) | 16071000 | 17652262 |
| Cloudflare Inc 0% 8/15/2026 (e) | 8500000 | 10067400 |
| DigitalOcean Holdings Inc 0% 8/15/2030 (d)(e) | 9262000 | 12268445 |
| Snowflake Inc 0% 10/1/2027 (f) | 7359000 | 12225900 |
| Snowflake Inc 0% 10/1/2029 (f) | 7250000 | 12460317 |
|  |  | 90777106 |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| Cohu Inc 1.5% 1/15/2031 (d) | 1698000 | 1931792 |
| Impinj Inc 1.125% 5/15/2027  | 1233000 | 1975186 |
| MACOM Technology Solutions Holdings Inc 0% 12/15/2029 (d)(f) | 6371000 | 7749678 |
| MACOM Technology Solutions Holdings Inc 0.25% 3/15/2026  | 1127000 | 2395615 |
| Microchip Technology Inc 0.75% 6/1/2030  | 6171000 | 5939588 |
| MKS Inc 1.25% 6/1/2030  | 18481000 | 23261869 |
| ON Semiconductor Corp 0% 5/1/2027 (e) | 12079000 | 13888770 |
| ON Semiconductor Corp 0.5% 3/1/2029  | 8758000 | 8129882 |
| Penguin Solutions Inc 2% 8/15/2030  | 1767000 | 1824498 |
| Semtech Corp 0% 10/15/2030 (d)(e) | 4204000 | 4420372 |
| Semtech Corp 1.625% 11/1/2027  | 722000 | 1475218 |
| Synaptics Inc 0.75% 12/1/2031 (d) | 2918000 | 2917274 |
| Veeco Instruments Inc 2.875% 6/1/2029  | 1562000 | 1959663 |
| Wolfspeed Inc 2.5% 6/15/2031 (d) | 2363000 | 4003808 |
|  |  | 81873213 |
| Software - 12.0% |  |  |
| Alkami Technology Inc 1.5% 3/15/2030 (d) | 1712000 | 1712184 |
| Bentley Systems Inc 0.375% 7/1/2027  | 3857000 | 3624907 |
| BILL Holdings Inc 0% 4/1/2030 (d)(e) | 4914000 | 4446477 |
| BlackLine Inc 1% 6/1/2029  | 4295000 | 4614119 |
| Box Inc 0% 1/15/2026 (e) | 991000 | 1131695 |
| Box Inc 1.5% 9/15/2029  | 3177000 | 3092854 |
| Cerence Inc 1.5% 7/1/2028  | 1190000 | 1047686 |
| Cipher Mining Inc 0% 10/1/2031 (d)(e) | 8026000 | 11891009 |
| Cipher Mining Inc 1.75% 5/15/2030  | 1057000 | 4939467 |
| Cleanspark Inc 0% 2/15/2032 (d)(f) | 5111000 | 5041749 |
| Cleanspark Inc 0% 6/15/2030 (d)(e) | 4212000 | 5434672 |
| Core Scientific Inc 0% 6/15/2031 (d)(e) | 4208000 | 4691117 |
| Core Scientific Inc 3% 9/1/2029 (d) | 2937000 | 5094507 |
| CyberArk Software Ltd 0% 6/15/2030 (d)(e) | 7668000 | 8304444 |
| Datadog Inc 0% 12/1/2029 (d)(f) | 8339000 | 8823815 |
| Dropbox Inc 0% 3/1/2028 (f) | 4640000 | 4790582 |
| Five9 Inc 1% 3/15/2029  | 665000 | 593635 |
| Guidewire Software Inc 1.25% 11/1/2029  | 4568000 | 5228745 |
| InterDigital Inc 3.5% 6/1/2027  | 2957000 | 13688552 |
| Life360 Inc 0% 6/1/2030 (d)(e) | 2465000 | 2970189 |
| LivePerson Inc 0% 12/15/2026 (e) | 3583000 | 1325710 |
| MARA Holdings Inc 0% 6/1/2031 (d)(f) | 5914000 | 5144385 |
| MARA Holdings Inc 0% 8/1/2032 (d)(e) | 2990000 | 2412033 |
| MARA Holdings Inc 2.125% 9/1/2031  | 9413000 | 8859167 |
| Nutanix Inc 0.25% 10/1/2027  | 4302000 | 4630641 |
| Nutanix Inc 0.5% 12/15/2029 (d) | 310000 | 289819 |
| Pagaya Technologies Ltd 6.125% 10/1/2029  | 1069000 | 2222023 |
| PagerDuty Inc 1.5% 10/15/2028  | 2335000 | 2172718 |
| PAR Technology Corp 1% 1/15/2030 (d) | 1066000 | 903173 |
| PAR Technology Corp 1.5% 10/15/2027  | 261000 | 251169 |
| Porch Group Inc 6.75% 10/1/2028 (d) | 1971000 | 1968044 |
| Progress Software Corp 3.5% 3/1/2030  | 2736000 | 2736491 |
| Riot Platforms Inc 0.75% 1/15/2030 (d) | 6163000 | 8181404 |
| Rubrik Inc 0% 6/15/2030 (d)(e) | 5669000 | 5340502 |
| Strategy Inc 0% 3/1/2030 (d)(f) | 19710000 | 17630596 |
| Strategy Inc 0.625% 3/15/2030  | 5160000 | 7117481 |
| Strategy Inc 0.625% 9/15/2028  | 11455000 | 14412681 |
| Strategy Inc 0.875% 3/15/2031  | 4207000 | 4518318 |
| Terawulf Inc 0% 5/1/2032 (d)(e) | 4468000 | 4538748 |
| Terawulf Inc 1% 9/1/2031 (d) | 7803000 | 11363120 |
| Terawulf Inc 2.75% 2/1/2030 (d) | 3125000 | 6587000 |
| Tyler Technologies Inc 0.25% 3/15/2026  | 3963000 | 4056698 |
| Uber Technologies Inc 0% 5/15/2028 (d)(e) | 7615000 | 7571082 |
| Unity Software Inc 0% 3/15/2030 (d)(f) | 6626000 | 9280541 |
| Varonis Systems Inc 1% 9/15/2029  | 4745000 | 4395653 |
| Vertex Inc 0.75% 5/1/2029  | 2291000 | 2139221 |
| Workiva Inc 1.25% 8/15/2028  | 2428000 | 2451902 |
| Zscaler Inc 0% 7/15/2028 (d)(e) | 10450000 | 9979964 |
|  |  | 253642689 |
| Technology Hardware, Storage & Peripherals - 5.0% |  |  |
| Seagate HDD Cayman 3.5% 6/1/2028  | 6812000 | 22907772 |
| Super Micro Computer Inc 2.25% 7/15/2028 (d) | 27939000 | 27862306 |
| Super Micro Computer Inc 3.5% 3/1/2029  | 10767000 | 10082219 |
| Western Digital Corp 3% 11/15/2028  | 10287000 | 44709360 |
|  |  | 105561657 |
| TOTAL INFORMATION TECHNOLOGY |  | 617887159 |
| Materials - 0.9% |  |  |
| Chemicals - 0.0% |  |  |
| PureCycle Technologies Inc 7.25% 8/15/2030  | 926000 | 931639 |
| Metals & Mining - 0.9% |  |  |
| MP Materials Corp 3% 3/1/2030 (d) | 5657000 | 16925744 |
| Ramaco Resources Inc 0% 11/1/2031 (e) | 1635000 | 1280859 |
|  |  | 18206603 |
| TOTAL MATERIALS |  | 19138242 |
| Real Estate - 3.3% |  |  |
| Health Care REITs - 2.0% |  |  |
| Ventas Realty LP 3.75% 6/1/2026  | 7543000 | 11064948 |
| Welltower OP LLC 2.75% 5/15/2028 (d) | 14517000 | 31837571 |
|  |  | 42902519 |
| Industrial REITs - 0.4% |  |  |
| Rexford Industrial Realty LP 4.125% 3/15/2029 (d) | 4047000 | 4083423 |
| Rexford Industrial Realty LP 4.375% 3/15/2027 (d) | 4029000 | 4026467 |
|  |  | 8109890 |
| Office REITs - 0.4% |  |  |
| Boston Properties LP 2% 10/1/2030 (d) | 6461000 | 6387571 |
| COPT Defense Properties LP 5.25% 9/15/2028 (d) | 2426000 | 2830848 |
|  |  | 9218419 |
| Real Estate Management & Development - 0.1% |  |  |
| Opendoor Technologies Inc 7% 5/15/2030 (d) | 387000 | 1975751 |
| Retail REITs - 0.0% |  |  |
| Federal Realty OP LP 3.25% 1/15/2029 (d) | 1611000 | 1620018 |
| Specialized REITs - 0.4% |  |  |
| Digital Realty Trust LP 1.875% 11/15/2029 (d) | 7377000 | 7568802 |
| TOTAL REAL ESTATE |  | 71395399 |
| Utilities - 6.7% |  |  |
| Electric Utilities - 4.2% |  |  |
| Alliant Energy Corp 3.25% 5/30/2028 (d) | 3402000 | 3558901 |
| Alliant Energy Corp 3.875% 3/15/2026  | 2600000 | 2848954 |
| Duke Energy Corp 4.125% 4/15/2026  | 11022000 | 11812043 |
| Evergy Inc 4.5% 12/15/2027  | 6909000 | 8895529 |
| FirstEnergy Corp 3.625% 1/15/2029 (d) | 8249000 | 9032703 |
| FirstEnergy Corp 3.875% 1/15/2031 (d) | 7231000 | 8042422 |
| NextEra Energy Capital Holdings Inc 3% 3/1/2027  | 6018000 | 7887296 |
| PG&E Corp 4.25% 12/1/2027  | 6724000 | 6895462 |
| PPL Capital Funding Inc 2.875% 3/15/2028  | 6401000 | 7230752 |
| PPL Capital Funding Inc 3% 12/1/2030 (d) | 5735000 | 5843652 |
| Southern Co/The 3.25% 6/15/2028 (d) | 10380000 | 10478759 |
| Southern Co/The 4.5% 6/15/2027  | 7368000 | 8040081 |
|  |  | 90566554 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp 5% 6/1/2028  | 3843000 | 5596019 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Ormat Technologies Inc 2.5% 7/15/2027  | 2627000 | 3570093 |
| Sunnova Energy International Inc 0.25% (i)(j) | 9870000 | 17273 |
|  |  | 3587366 |
| Multi-Utilities - 1.8% |  |  |
| CenterPoint Energy Inc 3% 8/1/2028 (d) | 2965000 | 3037643 |
| CenterPoint Energy Inc 4.25% 8/15/2026  | 5085000 | 5740772 |
| CMS Energy Corp 3.125% 5/1/2031 (d) | 5762000 | 5836906 |
| CMS Energy Corp 3.375% 5/1/2028  | 4952000 | 5508848 |
| WEC Energy Group Inc 3.375% 6/1/2028 (d) | 5672000 | 5843846 |
| WEC Energy Group Inc 4.375% 6/1/2027  | 5559000 | 6574080 |
| WEC Energy Group Inc 4.375% 6/1/2029  | 5477000 | 6658529 |
|  |  | 39200624 |
| Water Utilities - 0.2% |  |  |
| American Water Capital Corp 3.625% 6/15/2026  | 4457000 | 4434715 |
| TOTAL UTILITIES |  | 143385278 |
| TOTAL UNITED STATES |  | 1656033769 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,357,272,584) |  | <br> **1667426795** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 11.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 11.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 11.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 11.5%  |  |  |
| Financials - 4.7% |  |  |
| Banks - 2.6% |  |  |
| Bank of America Corp Series L, 7.25%  | 19545 | 24470340 |
| Wells Fargo & Co Series L, 7.5%  | 25120 | 30744008 |
|  |  | 55214348 |
| Capital Markets - 1.4% |  |  |
| Ares Management Corp 6.75% Series B  | 230000 | 11421800 |
| KKR & Co Inc Series D 6.25%  | 372400 | 18530625 |
|  |  | 29952425 |
| Financial Services - 0.7% |  |  |
| Apollo Global Management Inc Series A, 6.75%  | 235600 | 16304068 |
| TOTAL FINANCIALS |  | 101470841 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| BrightSpring Health Services Inc 6.75%  | 55500 | 6767100 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Bruker Corp 6.375% Series A  | 20000 | 7520000 |
| TOTAL HEALTH CARE |  | 14287100 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Boeing Co Series A, 6%  | 755200 | 47235446 |
| Trading Companies & Distributors - 0.2% |  |  |
| QXO Inc Series B 5.5%  | 84200 | 4530802 |
| TOTAL INDUSTRIALS |  | 51766248 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Novanta Inc 6.5%  | 36900 | 1938357 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Microchip Technology Inc Series A 7.5%  | 190000 | 9792600 |
| Software - 0.3% |  |  |
| Strategy Inc 8%  | 73200 | 6377184 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Hewlett Packard Enterprise Co 7.625%  | 199200 | 12131280 |
| TOTAL INFORMATION TECHNOLOGY |  | 30239421 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Albemarle Corp 7.25%  | 305800 | 16739179 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.4% |  |  |
| NextEra Energy Inc 7.234%  | 172800 | 8790336 |
| NextEra Energy Inc 7.299%  | 253000 | 13699950 |
| PG&E Corp Series A, 6%  | 19600 | 798700 |
| Southern Co/The 7.125%  | 125200 | 6308828 |
|  |  | 29597814 |
| Multi-Utilities - 0.1% |  |  |
| CenterPoint Energy Inc 3.369% (h) | 75000 | 2671210 |
| TOTAL UTILITIES |  | 32269024 |
| TOTAL UNITED STATES |  | 246771813 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $215,818,265) |  | <br> **246771813** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Match Group Holdings II LLC 3.625% 10/1/2031 (d) | 3910000 | 3578242 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (d)(g) | 885193 | 969286 |
| TOTAL UNITED STATES |  | 4547528 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $4,393,578) |  | <br> **4547528** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Strategy Inc 10.75% (h) | 20500 | 1983785 |
| Strategy Inc Series A, 10%  | 16000 | 1739519 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,717,135) |  | <br> **3723304** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 4.02 | 51614625 | 51624949 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.02 | 9190311 | 9191230 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $60,816,179) |  |  | **60816179** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $1,764,905,542)<br>| <br>**2139662494** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(2470715)** |
| **NET ASSETS - 100.0%** | **2137191779** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $756,222,204 or 35.4% of net assets.

(e) Zero coupon bond which is issued at a discount.

(f) Principal Only Strips represent the right to receive the monthly principal payments.

(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(h) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(i) Level 3 security.

(j) Non-income producing - Security is in default.

(k) 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.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5907987 | 881702141 | 835985936 | 1314862 | 757 | - | 51624949 | 51614625 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 16938025 | 181909771 | 189656496 | 42416 | (70) | - | 9191230 | 9190311 | 0.0% |
| Total | 22846012 | 1063611912 | 1025642432 | 1357278 | 687 | - | 60816179 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 11225894 | 11225894 | - | - |
| Consumer Discretionary | 37115993 | 37115993 | - | - |
| Energy | 36559409 | 36559409 | - | - |
| Financials | 5681060 | 5681060 | - | - |
| Health Care | 4378098 | 4378098 | - | - |
| Industrials | 16396554 | 16396554 | - | - |
| Information Technology | 21460663 | 21460663 | - | - |
| Materials | 3446036 | 3446036 | - | - |
| Utilities | 20113168 | 20113168 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 100057780 | - | 100057780 | - |
| Consumer Discretionary | 170069283 | - | 170069283 | - |
| Consumer Staples | 16834763 | - | 16834763 | - |
| Energy | 42107296 | - | 42107296 | - |
| Financials | 113354169 | - | 113354169 | - |
| Health Care | 220300642 | - | 220300642 | - |
| Industrials | 145370891 | - | 145370891 | - |
| Information Technology | 625413052 | - | 625413052 | - |
| Materials | 19138242 | - | 19138242 | - |
| Real Estate | 71395399 | - | 71395399 | - |
| Utilities | 143385278 | - | 143368005 | 17273 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 101470841 | - | 101470841 | - |
| Health Care | 14287100 | - | 14287100 | - |
| Industrials | 51766248 | 4530802 | 47235446 | - |
| Information Technology | 30239421 | - | 30239421 | - |
| Materials | 16739179 | - | 16739179 | - |
| Utilities | 32269024 | - | 32269024 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 3578242 | - | 3578242 | - |
| Information Technology | 969286 | - | 969286 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 3723304 | 3723304 | - | - |
|  **Money Market Funds** | 60816179 | 60816179 | - | - |
| **Total Investments in Securities:** | 2139662494 | 225447160 | 1914198061 | 17273 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,347,407) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,704,089,363) | $2078846315 |  |
| Fidelity Central Funds (cost $60,816,179) | 60816179 |  |
| Total Investment in Securities (cost $1,764,905,542) |  | $2139662494 |
| Foreign currency held at value (cost $6,226) |  | 6246 |
| Receivable for investments sold |  | 4111172 |
| Receivable for fund shares sold |  | 2579915 |
| Dividends receivable |  | 2306864 |
| Interest receivable |  | 6484088 |
| Distributions receivable from Fidelity Central Funds |  | 161103 |
| Prepaid expenses |  | 1805 |
| Other receivables |  | 4075 |
| **Total assets** |  | 2155317762 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7427024 |  |
| Payable for fund shares redeemed | 391112 |  |
| Accrued management fee | 1024665 |  |
| Distribution and service plan fees payable | 21190 |  |
| Other payables and accrued expenses | 70692 |  |
| Collateral on securities loaned | 9191300 |  |
| **Total liabilities** |  | 18125983 |
| **Net Assets**  |  | $2137191779 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1597323197 |
| Total accumulated earnings (loss) |  | 539868582 |
| **Net Assets** |  | $2137191779 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($57,106,202 ÷ 1,438,092 shares)(a) |  | $39.71 |
| Maximum offering price per share (100/94.25 of $39.71) |  | $42.13 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($9,068,577 ÷ 227,934 shares)(a) |  | $39.79 |
| Maximum offering price per share (100/96.50 of $39.79) |  | $41.23 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($7,010,995 ÷ 178,038 shares)(a) |  | $39.38 |
| **Convertible Securities :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,832,703,001 ÷ 45,814,681 shares) |  | $40.00 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($113,123,931 ÷ 2,834,302 shares) |  | $39.91 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($118,179,073 ÷ 2,963,923 shares) |  | $39.87 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $16644621 |
| Interest  |  | 35849017 |
| Income from Fidelity Central Funds (including $42,416 from security lending)  |  | 1357278 |
| **Total income** |  | 53850916 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $10504863 |  |
| Performance adjustment | 1562174 |  |
| Distribution and service plan fees | 235331 |  |
| Custodian fees and expenses | 29796 |  |
| Independent trustees' fees and expenses | 7435 |  |
| Registration fees | 133150 |  |
| Audit fees | 61277 |  |
| Legal | 5975 |  |
| Miscellaneous | 12065 |  |
| **Total expenses** |  | 12552066 |
| **Net Investment income (loss)** |  | 41298850 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 164502624 |  |
| Fidelity Central Funds | 687 |  |
| Foreign currency transactions | (332) |  |
| Written options | 31610 |  |
| Total net realized gain (loss) |  | 164534589 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 33138390 |  |
| Assets and liabilities in foreign currencies | 1688 |  |
| Total change in net unrealized appreciation (depreciation) |  | 33140078 |
| **Net gain (loss)** |  | 197674667 |
| **Net increase (decrease) in net assets resulting from operations** |  | $238973517 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $41298850 | $55966772 |
| &nbsp;&nbsp;Net realized gain (loss) | 164534589<br>| 82777037<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 33140078 | 262410526<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 238973517<br>| 401154335<br>|
| Distributions to shareholders | (138248605)<br>| (53115555)<br>|
| Share transactions - net increase (decrease) | 83848037<br>| (68548838)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 184572949<br>| 279489942<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1952618830 | 1673128888<br>|
| &nbsp;&nbsp;End of period | $2137191779 | $1952618830 |

---

**Financial Highlights** 

**Fidelity Advisor® Convertible Securities Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.78 | $31.12 | $31.39 | $43.06 | $40.70 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .67  | .96  | .93  | .53  | .42  |
| Net realized and unrealized gain (loss)  | 3.83  | 6.62  | (.09)  | (4.80)  | 5.89  |
| Total from investment operations  | 4.50  | 7.58  | .84  | (4.27)  | 6.31  |
| Distributions from net investment income  | (1.14)  | (.92)  | (.69) C | (.48)  | (.81)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.57)  | (.92)  | (1.11)  | (7.40)  | (3.95)  |
| Net asset value, end of period  | $39.71 | $37.78 | $31.12 | $31.39 | $43.06 |
| **Total Return** D,E | 12.95% <br>| 24.82%  | 2.86%  | (12.04)%  | 16.43%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .94%  | 1.00%  | 1.04%  | 1.02%  | .97%  |
| Expenses net of fee waivers, if any  | .94% <br>| 1.00%  | 1.04%  | 1.02%  | .97%  |
| Expenses net of all reductions, if any  | .94%  | 1.00%  | 1.04%  | 1.02%  | .97%  |
| Net investment income (loss)  | 1.87%  | 2.90%  | 3.01%  | 1.63%  | .98%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57106 | $50210 | $43752 | $45948 | $57172 |
| Portfolio turnover rate H | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Convertible Securities Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.84 | $31.17 | $31.44 | $43.09 | $40.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .58  | .88  | .85  | .45  | .31  |
| Net realized and unrealized gain (loss)  | 3.85  | 6.62  | (.09)  | (4.79)  | 5.89  |
| Total from investment operations  | 4.43  | 7.50  | .76  | (4.34)  | 6.20  |
| Distributions from net investment income  | (1.04)  | (.83)  | (.61) C | (.38)  | (.70)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.48) D | (.83)  | (1.03)  | (7.31) D | (3.84)  |
| Net asset value, end of period  | $39.79 | $37.84 | $31.17 | $31.44 | $43.09 |
| **Total Return** E,F | 12.68% <br>| 24.49%  | 2.59%  | (12.24)%  | 16.10%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.25%  | 1.30%  | 1.28%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.24%  | 1.29%  | 1.28%  | 1.22%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.24%  | 1.29%  | 1.28%  | 1.22%  |
| Net investment income (loss)  | 1.62%  | 2.65%  | 2.75%  | 1.38%  | .73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9069 | $8338 | $7776 | $8070 | $11054 |
| Portfolio turnover rate I | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

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

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Convertible Securities Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.48 | $30.88 | $31.15 | $42.73 | $40.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .70  | .68  | .29  | .09  |
| Net realized and unrealized gain (loss)  | 3.80  | 6.57  | (.07)  | (4.76)  | 5.85  |
| Total from investment operations  | 4.19  | 7.27  | .61  | (4.47)  | 5.94  |
| Distributions from net investment income  | (.86)  | (.67)  | (.45) C | (.18)  | (.49)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.29)  | (.67)  | (.88) D | (7.11) D | (3.63)  |
| Net asset value, end of period  | $39.38 | $37.48 | $30.88 | $31.15 | $42.73 |
| **Total Return** E,F | 12.08% <br>| 23.86%  | 2.09%  | (12.70)%  | 15.53%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.77%  | 1.81%  | 1.79%  | 1.74%  |
| Expenses net of fee waivers, if any  | 1.71% <br>| 1.76%  | 1.81%  | 1.79%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.71%  | 1.76%  | 1.81%  | 1.79%  | 1.74%  |
| Net investment income (loss)  | 1.10%  | 2.13%  | 2.24%  | .86%  | .21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7011 | $7157 | $6990 | $8138 | $19036 |
| Portfolio turnover rate I | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

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

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Convertible Securities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.03 | $31.33 | $31.58 | $43.29 | $40.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .79  | 1.07  | 1.02  | .64  | .55  |
| Net realized and unrealized gain (loss)  | 3.85  | 6.64  | (.07)  | (4.84)  | 5.92  |
| Total from investment operations  | 4.64  | 7.71  | .95  | (4.20)  | 6.47  |
| Distributions from net investment income  | (1.24)  | (1.01)  | (.78) C | (.59)  | (.93)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.67)  | (1.01)  | (1.20)  | (7.51)  | (4.07)  |
| Net asset value, end of period  | $40.00 | $38.03 | $31.33 | $31.58 | $43.29 |
| **Total Return** D | 13.29% <br>| 25.14%  | 3.21%  | (11.79)%  | 16.78%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .64%  | .70%  | .75%  | .72%  | .67%  |
| Expenses net of fee waivers, if any  | .64% <br>| .70%  | .74%  | .72%  | .67%  |
| Expenses net of all reductions, if any  | .64%  | .70%  | .74%  | .72%  | .67%  |
| Net investment income (loss)  | 2.17%  | 3.20%  | 3.31%  | 1.93%  | 1.28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1832703 | $1671554 | $1463300 | $1538550 | $1922398 |
| Portfolio turnover rate G | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Convertible Securities Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.95 | $31.26 | $31.51 | $43.20 | $40.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .77  | 1.06  | 1.02  | .62  | .53  |
| Net realized and unrealized gain (loss)  | 3.85  | 6.63  | (.08)  | (4.81)  | 5.91  |
| Total from investment operations  | 4.62  | 7.69  | .94  | (4.19)  | 6.44  |
| Distributions from net investment income  | (1.23)  | (1.00)  | (.76) C | (.58)  | (.92)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.66)  | (1.00)  | (1.19) D | (7.50)  | (4.06)  |
| Net asset value, end of period  | $39.91 | $37.95 | $31.26 | $31.51 | $43.20 |
| **Total Return** E | 13.26% <br>| 25.11%  | 3.17%  | (11.80)%  | 16.72%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .73%  | .77%  | .75%  | .70%  |
| Expenses net of fee waivers, if any  | .68% <br>| .73%  | .77%  | .75%  | .70%  |
| Expenses net of all reductions, if any  | .68%  | .73%  | .77%  | .75%  | .70%  |
| Net investment income (loss)  | 2.13%  | 3.17%  | 3.28%  | 1.90%  | 1.25%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $113124 | $104280 | $81632 | $92651 | $110151 |
| Portfolio turnover rate H | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Convertible Securities Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.92 | $31.24 | $31.50 | $43.19 | $40.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .81  | 1.09  | 1.05  | .66  | .58  |
| Net realized and unrealized gain (loss)  | 3.84  | 6.64  | (.08)  | (4.81)  | 5.91  |
| Total from investment operations  | 4.65  | 7.73  | .97  | (4.15)  | 6.49  |
| Distributions from net investment income  | (1.27)  | (1.05)  | (.81) C | (.62)  | (.97)  |
| Distributions from net realized gain  | (1.43)  | -  | (.42) C | (6.92)  | (3.14)  |
| Total distributions  | (2.70)  | (1.05)  | (1.23)  | (7.54)  | (4.11)  |
| Net asset value, end of period  | $39.87 | $37.92 | $31.24 | $31.50 | $43.19 |
| **Total Return** D | 13.38% <br>| 25.28%  | 3.29%  | (11.69)%  | 16.86%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .55%  | .63%  | .66%  | .63%  | .59%  |
| Expenses net of fee waivers, if any  | .55% <br>| .62%  | .65%  | .63%  | .59%  |
| Expenses net of all reductions, if any  | .55%  | .62%  | .65%  | .63%  | .59%  |
| Net investment income (loss)  | 2.25%  | 3.27%  | 3.40%  | 2.02%  | 1.36%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $118179 | $111080 | $69679 | $42172 | $57044 |
| Portfolio turnover rate G | 89% <br>| 70%  | 89%  | 85%  | 87%  |

---

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

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Convertible Securities Fund (the Fund) is a fund of Fidelity Financial 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, Convertible Securities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I, and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, 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 options, foreign currency transactions, market discount, contingent interest, equity-debt classifications, certain conversion ratio adjustments 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**  | $407014547 |
| **Gross unrealized depreciation**  | <u>(44433597)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$362580950</u> |
| **Tax Cost**  | <u>$1777081544</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$19082566</u> |
| **Undistributed long-term capital gain**  | <u>$158281039</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$362567808</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $77510210 | $53115555 |
| **Long-term Capital Gains**  | <u>60738395</u> | <u>-</u> |
| **Total**  | <u>$138248605</u> | <u>$53115555</u> |

---

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

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Convertible Securities Fund** | 1671109895 | 1732266240 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .60 |
| **Class M** | .60 |
| **Class C** | .62 |
| **Convertible Securities** | .55 |
| **Class I** | .58 |
| **Class Z** | .46 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .60 |
| **Class M** | .60 |
| **Class C** | .62 |
| **Convertible Securities** | .55 |
| **Class I** | .58 |
| **Class Z** | .46 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Convertible Securities Fund** | ICE® BofAML® All US Convertibles Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Convertible Securities. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.15% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .08%.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 125405 | 3295 |
| **Class M** | .25% | .25% | 41254 | 126 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>68672</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11057</u> |
|  |  |  | <u>235331</u> | <u>14478</u> |

---

**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** | 21416 |
| **Class M** | 1292 |
| **Class C**A | <u>54</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>22762</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Convertible Securities Fund** | 8350 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Convertible Securities Fund** | 34675070 | 16698060 | 1826516 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Convertible Securities Fund** | 1943 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Convertible Securities Fund** | 2537 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Convertible Securities Fund** | 4767 | 2768 | 5673682 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Convertible Securities Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3473757 | $1264663 |
| Class M | 545958 | 194723 |
| Class C | 436753 | 135681 |
| Convertible Securities | 118264431 | 45868312 |
| Class I | 7442062 | 2588251 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8085644</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3063925</u> |
| Total  | <u>$138248605</u> | <u>$53115555</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Convertible Securities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 328791 | 152220 | $12001961 | $5054434 |
| Reinvestment of distributions | 96386 | 37174 | 3379455 | 1224634 |
| Shares redeemed | <u>(316223)</u> | <u>(265964)</u> | <u>(11362142)</u> | <u>(8819863)</u> |
| Net increase (decrease) | <u>108954</u> | <u>(76570)</u> | <u>$4019274</u> | <u>$(2540795)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 13814 | 11650 | $493911 | $388387 |
| Reinvestment of distributions | 15286 | 5822 | 536607 | 192058 |
| Shares redeemed | <u>(21514)</u> | <u>(46564)</u> | <u>(782361)</u> | <u>(1538863)</u> |
| Net increase (decrease) | <u>7586</u> | <u>(29092)</u> | <u>$248157</u> | <u>$(958418)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 30848 | 35537 | $1089700 | $1171332 |
| Reinvestment of distributions | 12560 | 4134 | 436150 | 135122 |
| Shares redeemed | <u>(56343)</u> | <u>(75015)</u> | <u>(1998526)</u> | <u>(2459114)</u> |
| Net increase (decrease) | <u>(12935)</u> | <u>(35344)</u> | <u>$(472676)</u> | <u>$(1152660)</u> |
| **Convertible Securities** |  |  |  |  |
| Shares sold | 5243062 | 2230277 | $193972589 | $75256613 |
| Reinvestment of distributions | 2942992 | 1210845 | 103819849 | 40150077 |
| Shares redeemed | <u>(6322718)</u> | <u>(6202795)</u> | <u>(227361055)</u> | <u>(206430128)</u> |
| Net increase (decrease) | <u>1863336</u> | <u>(2761673)</u> | <u>$70431383</u> | <u>$(91023438)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1800172 | 1291943 | $65335221 | $43735972 |
| Reinvestment of distributions | 207057 | 75259 | 7289417 | 2490059 |
| Shares redeemed | <u>(1920526)</u> | <u>(1231022)</u> | <u>(66814415)</u> | <u>(40877365)</u> |
| Net increase (decrease) | <u>86703</u> | <u>136180</u> | <u>$5810223</u> | <u>$5348666</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1012608 | 1917867 | $35966159 | $63448288 |
| Reinvestment of distributions | 190739 | 79715 | 6684449 | 2642782 |
| Shares redeemed | <u>(1169102)</u> | <u>(1298587)</u> | <u>(38838932)</u> | <u>(44313263)</u> |
| Net increase (decrease) | <u>34245</u> | <u>698995</u> | <u>$3811676</u> | <u>$21777807</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Financial Trust and Shareholders of Fidelity Convertible Securities Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Convertible Securities Fund (one of the funds constituting Fidelity Financial Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, 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 ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $158,326,547, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.53% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $45,901,732 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 100% of the short-term capital gain dividends distributed in November, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $46,421,713of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 02%, 24%, 25%, and 24%; Class M designates 02%, 27%, 28%, and 26%; Class C designates 03%, 33%, 38%, and 31%; Fidelity Convertible Securities Fund designates 02%, 22%, 22%, and 22%; Class I designates 02%, 23%, 23%, and 22%; and Class Z designates 02%, 21%, 22%, and 22% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 2.90%, 30.34%, 30.65%, and 29.94%; Class M designates 3.03%, 33.18%, 34.25%, and 32.78%; Class C designates 3.30%, 40.80%, 47.16%, and 39.05%; Fidelity Convertible Securities Fund designates 2.78%, 27.52%, 27.49%, and 27.55%; Class I designates 2.77%, 28.29%, 27.99%, and 27.47%; and Class Z designates 2.75%, 26.59%, 26.77%, and 26.89% of the dividends distributed in December, April, July, and October, respectively 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 Code.

Class A designates 0.06%, 0.06%, and 0.06%, Class M designates 0.07%, 0.07%, and 0.06%; Class C designates 0.08%, 0.09%, and 0.08%; Fidelity Convertible Securities Fund designates 0.05%, 0.05%, and 0.05%; Class I designates 0.06%, 0.06%, and 0.05%; and Class Z designates 0.05%, 0.05%, and 0.05%; of the dividends distributed in April, July, and October, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120723_4.jpg)<br>

1.539184.128 CVS-ANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Financial Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Financial Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Financial Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Financial Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>