# EDGAR Filing Document

**Accession Number:** 0000081205
**File Stem:** 0000081205-26-000027
**Filing Date:** 2026-4
**Character Count:** 454755
**Document Hash:** 15fd656b540b0b8ed600a28b8215134e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081205-26-000027.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000081205-26-000027

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00649
- **FILM NUMBER:** 26881794

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?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>811-00649</u>

<u>Fidelity Puritan Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 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;August 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;February 28, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Puritan® K6 Fund<br> **Fidelity® Puritan® K6 Fund : FPKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Puritan® K6 Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Puritan® K6 Fund  | $16  | 0.32% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2221060000<br>|
| Number of Holdings | 224<br>|
| Portfolio Turnover | 73%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.9 |
| AAA | 1.5 |
| AA | 0.2 |
| A | 2.0 |
| BBB | 4.7 |
| BB | 1.1 |
| B | 1.1 |
| CCC,CC,C | 0.7 |
| D | 0.0 |
| Not Rated | 2.3 |
| Equities | 67.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3455_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.9 |
| &nbsp;&nbsp;AAA - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.7&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;BB - 1.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&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;&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;D - 0.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.3&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;Equities - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.3 |
| Industrials | 10.5 |
| Financials | 8.6 |
| Health Care | 7.7 |
| Communication Services | 7.2 |
| Consumer Discretionary | 6.8 |
| Materials | 5.5 |
| Energy | 5.4 |
| Consumer Staples | 2.2 |
| Utilities | 1.4 |
| Real Estate | 1.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 67.7 |
| Bonds | 32.2 |
| Preferred Stocks | 0.2 |
| Alternative Funds | 0.2 |
| Preferred Securities | 0.1 |
| Options | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3455_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 67.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 32.2&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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 11.8<br>|
| NVIDIA Corp | 5.5<br>|
| Alphabet Inc Class C | 3.7<br>|
| Apple Inc | 3.6<br>|
| US Treasury Bonds | 3.4<br>|
| Microsoft Corp | 2.4<br>|
| Amazon.com Inc | 2.4<br>|
| Meta Platforms Inc Class A | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.3<br>|
| Exxon Mobil Corp | 1.3<br>|
|  | 37.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3455_20260228_1.jpg)<br>| ![](img126224_2.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> 1.9915464.101 3455-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Puritan® Fund<br> **Fidelity® Puritan® Fund : FPURX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Puritan® Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Puritan® Fund  | $23  | 0.45% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $32469223069<br>|
| Number of Holdings | 248<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.8 |
| AAA | 1.6 |
| AA | 0.2 |
| A | 2.0 |
| BBB | 4.7 |
| BB | 1.1 |
| B | 1.1 |
| CCC,CC,C | 0.7 |
| D | 0.0 |
| Not Rated | 2.3 |
| Equities | 67.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img4_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.8 |
| &nbsp;&nbsp;AAA - 1.6&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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.7&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;BB - 1.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&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;&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;D - 0.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.3&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;Equities - 67.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.3)%  |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.8 |
| Industrials | 12.2 |
| Financials | 8.3 |
| Health Care | 7.3 |
| Communication Services | 6.9 |
| Consumer Discretionary | 6.9 |
| Materials | 5.3 |
| Energy | 5.3 |
| Consumer Staples | 2.1 |
| Utilities | 1.4 |
| Real Estate | 1.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 67.4 |
| Bonds | 32.1 |
| Preferred Stocks | 0.4 |
| Alternative Funds | 0.3 |
| Preferred Securities | 0.1 |
| Options | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img4_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 67.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 32.1&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.3)% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 11.7<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 3.5<br>|
| Alphabet Inc Class C | 3.4<br>|
| US Treasury Bonds | 3.4<br>|
| Amazon.com Inc | 2.3<br>|
| Microsoft Corp | 2.3<br>|
| Meta Platforms Inc Class A | 1.7<br>|
| Space Exploration Technologies Corp | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.3<br>|
|  | 36.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img4_20260228_1.jpg)<br>| ![](img126225_2.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> 1.9915384.101 4-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Puritan® Fund<br> **Fidelity® Puritan® Fund Class K : FPUKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Puritan® Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $20  | 0.39% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $32469223069<br>|
| Number of Holdings | 248<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 18.8 |
| AAA | 1.6 |
| AA | 0.2 |
| A | 2.0 |
| BBB | 4.7 |
| BB | 1.1 |
| B | 1.1 |
| CCC,CC,C | 0.7 |
| D | 0.0 |
| Not Rated | 2.3 |
| Equities | 67.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img4_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 18.8 |
| &nbsp;&nbsp;AAA - 1.6&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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.7&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;BB - 1.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&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;&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;D - 0.0&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.3&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;Equities - 67.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.3)%  |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 19.8 |
| Industrials | 12.2 |
| Financials | 8.3 |
| Health Care | 7.3 |
| Communication Services | 6.9 |
| Consumer Discretionary | 6.9 |
| Materials | 5.3 |
| Energy | 5.3 |
| Consumer Staples | 2.1 |
| Utilities | 1.4 |
| Real Estate | 1.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 67.4 |
| Bonds | 32.1 |
| Preferred Stocks | 0.4 |
| Alternative Funds | 0.3 |
| Preferred Securities | 0.1 |
| Options | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img4_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 67.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 32.1&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.3)% |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 11.7<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 3.5<br>|
| Alphabet Inc Class C | 3.4<br>|
| US Treasury Bonds | 3.4<br>|
| Amazon.com Inc | 2.3<br>|
| Microsoft Corp | 2.3<br>|
| Meta Platforms Inc Class A | 1.7<br>|
| Space Exploration Technologies Corp | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.3<br>|
|  | 36.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img4_20260228_1.jpg)<br>| ![](img126226_2.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> 1.9915383.101 2100-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced K6 Fund<br> **Fidelity® Balanced K6 Fund : FBKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced K6 Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Balanced K6 Fund  | $17  | 0.32% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2264621881<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.5 |
| AAA | 1.9 |
| AA | 0.2 |
| A | 2.4 |
| BBB | 5.2 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3460_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.5 |
| &nbsp;&nbsp;AAA - 1.9&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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 5.2&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;BB - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.9&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 21.4 |
| Financials | 11.3 |
| Communication Services | 7.6 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.0 |
| Real Estate | 2.1 |
| Utilities | 1.8 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Bonds | 35.2 |
| Preferred Stocks | 0.3 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3460_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.2&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; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.0<br>|
| NVIDIA Corp | 5.1<br>|
| Alphabet Inc Class A | 4.9<br>|
| Apple Inc | 4.4<br>|
| US Treasury Bonds | 4.0<br>|
| Microsoft Corp | 3.3<br>|
| Amazon.com Inc | 2.6<br>|
| Meta Platforms Inc Class A | 1.5<br>|
| Broadcom Inc | 1.4<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3460_20260228_1.jpg)<br>| ![](img126270_2.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> 1.9915465.101 3460-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity® Balanced Fund : FBALX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Balanced Fund  | $23  | 0.44% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126271_2.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> 1.9915417.101 304-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity® Balanced Fund Class K : FBAKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $20  | 0.39% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126272_2.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> 1.9915416.101 2077-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity Advisor® Balanced Fund Class A : FBAOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $39  | 0.75% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126288_2.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> 1.9918428.101 7771-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity Advisor® Balanced Fund Class M : FBAQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $51  | 1.00% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126289_2.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> 1.9918432.101 7772-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity Advisor® Balanced Fund Class C : FBARX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $77  | 1.50% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126290_2.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> 1.9918430.101 7773-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity Advisor® Balanced Fund Class I : FBAUX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $26  | 0.50% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126291_2.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> 1.9918434.101 7774-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Balanced Fund<br> **Fidelity Advisor® Balanced Fund Class Z : FBAVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to February 28, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $20  | 0.39% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $62189557387<br>|
| Number of Holdings | 331<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 23.0 |
| AAA | 2.0 |
| AA | 0.2 |
| A | 2.3 |
| BBB | 5.4 |
| BB | 0.5 |
| B | 0.3 |
| Not Rated | 2.2 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img304_20260228_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 23.0 |
| &nbsp;&nbsp;AAA - 2.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.3&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;BBB - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Not Rated - 2.2&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;Equities - 63.5&nbsp;&nbsp;&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) - 0.6 |
| 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. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Financials | 11.3 |
| Communication Services | 7.8 |
| Health Care | 6.5 |
| Industrials | 6.4 |
| Consumer Discretionary | 6.3 |
| Consumer Staples | 3.5 |
| Energy | 3.1 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Materials | 1.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.1 |
| Bonds | 35.9 |
| Preferred Stocks | 0.4 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img304_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.9&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; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.3<br>|
| NVIDIA Corp | 5.2<br>|
| Alphabet Inc Class A | 4.8<br>|
| US Treasury Bonds | 4.1<br>|
| Apple Inc | 4.1<br>|
| Microsoft Corp | 3.0<br>|
| Amazon.com Inc | 2.5<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Broadcom Inc | 1.3<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.2<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img304_20260228_1.jpg)<br>| ![](img126292_2.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> 1.9918436.101 7775-TSRS-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

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® Puritan® K6 Fund**

**Semi-Annual Report**

**February 28, 2026**

![](img126671_1.jpg)

![](img126671_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_PUR-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Puritan® K6 Fund](#Sub_Sec_Fund_3455_PUR-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3455_PUR-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_PUR-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_PUR-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_PUR-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_PUR-K6-SANN)** |

---

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

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 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 (Semi-Annual Report)**

**Fidelity® Puritan® K6 Fund**

**Schedule of Investments February 28, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 0.1%** | &nbsp;&nbsp;**Alternative Funds - 0.1%** | &nbsp;&nbsp;**Alternative Funds - 0.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (d)(g)<br>(Cost $2,441,138)<br>| 249296 | **2349635** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 67.6%** | &nbsp;&nbsp;**Common Stocks - 67.6%** | &nbsp;&nbsp;**Common Stocks - 67.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| BHP Group Ltd ADR (a) | 7936 | 647340 |
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 42444 | 12653307 |
| CANADA - 2.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Dollarama Inc  | 13515 | 1989723 |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 16526 | 1463297 |
| TOTAL CONSUMER DISCRETIONARY |  | 3453020 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Imperial Oil Ltd (a) | 54420 | 6365391 |
| Suncor Energy Inc (United States)  | 52566 | 2971030 |
| TOTAL ENERGY |  | 9336421 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (b) | 52575 | 6347380 |
| Materials - 1.7% |  |  |
| Chemicals - 0.3% |  |  |
| Nutrien Ltd (United States)  | 93332 | 7006433 |
| Metals & Mining - 1.4% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (a) | 50825 | 12787570 |
| Franco-Nevada Corp  | 50625 | 14149243 |
| Orla Mining Ltd  | 32043 | 692987 |
| Teck Resources Ltd Class B (United States)  | 23862 | 1405233 |
|  |  | 29035033 |
| TOTAL MATERIALS |  | 36041466 |
| TOTAL CANADA |  | 55178287 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 94621 | 5442382 |
| Lundin Mining Corp  | 267318 | 8517020 |
| TOTAL CHILE |  | 13959402 |
| CHINA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Sany Heavy Equipment International Holdings Co Ltd  | 514928 | 1036649 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 36120 | 1371838 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (b) | 63495 | 1290442 |
| ITALY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Brunello Cucinelli SpA non-voting shares  | 63029 | 6132277 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC  | 9300 | 300530 |
| TOTAL ITALY |  | 6432807 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Japan Steel Works Ltd/The  | 14433 | 944547 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Shin-Etsu Chemical Co Ltd  | 27182 | 1070198 |
| TOTAL JAPAN |  | 2014745 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ArcelorMittal SA depository receipt  | 7808 | 508769 |
| MEXICO - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Southern Copper Corp (a) | 25155 | 5491337 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (b) | 16056 | 12313668 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASML Holding NV depository receipt  | 2136 | 3098396 |
| NXP Semiconductors NV  | 1965 | 446074 |
| TOTAL INFORMATION TECHNOLOGY |  | 3544470 |
| TOTAL NETHERLANDS |  | 15858138 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Frontline PLC  | 26277 | 997212 |
| SWITZERLAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| VAT Group AG (e)(f) | 1560 | 1104184 |
| TAIWAN - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 79387 | 29736782 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Tobacco - 0.5% |  |  |
| British American Tobacco PLC  | 191001 | 11927132 |
| UNITED STATES - 60.5%  |  |  |
| Communication Services - 6.2% |  |  |
| Entertainment - 0.2% |  |  |
| LiveOne Inc (b) | 41664 | 228735 |
| Netflix Inc (b) | 48515 | 4669084 |
| PodcastOne Inc (b) | 19962 | 51901 |
|  |  | 4949720 |
| Interactive Media & Services - 6.0% |  |  |
| Alphabet Inc Class A  | 42032 | 13103896 |
| Alphabet Inc Class C  | 258870 | 80619885 |
| Meta Platforms Inc Class A  | 59773 | 38743663 |
|  |  | 132467444 |
| TOTAL COMMUNICATION SERVICES |  | 137417164 |
| Consumer Discretionary - 5.8% |  |  |
| Automobiles - 0.6% |  |  |
| Tesla Inc (b) | 32200 | 12960822 |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (b) | 247614 | 51998940 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Carnival Corp  | 237216 | 7484165 |
| Cava Group Inc (a)(b) | 10140 | 836245 |
| Hilton Worldwide Holdings Inc  | 12102 | 3773162 |
| Starbucks Corp  | 43184 | 4232896 |
| Viking Holdings Ltd (b) | 38908 | 3035602 |
| Wingstop Inc  | 13337 | 3461085 |
|  |  | 22823155 |
| Household Durables - 0.8% |  |  |
| DR Horton Inc  | 20252 | 3248218 |
| Lennar Corp Class A  | 8359 | 955935 |
| SharkNinja Inc (b) | 26062 | 3202238 |
| Somnigroup International Inc  | 68743 | 6153187 |
| Toll Brothers Inc  | 27889 | 4385266 |
|  |  | 17944844 |
| Specialty Retail - 1.0% |  |  |
| Lowe's Cos Inc  | 26292 | 6956074 |
| Revolve Group Inc Class A (b) | 6339 | 159489 |
| Ross Stores Inc  | 2939 | 604376 |
| TJX Cos Inc/The  | 41366 | 6687228 |
| Victoria's Secret & Co (b) | 11146 | 698854 |
| Warby Parker Inc Class A (b) | 8241 | 206107 |
| Williams-Sonoma Inc  | 38487 | 7914852 |
|  |  | 23226980 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ralph Lauren Corp Class A  | 2042 | 740429 |
| TOTAL CONSUMER DISCRETIONARY |  | 129695170 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Dollar Tree Inc (b) | 92210 | 11662721 |
| Personal Care Products - 0.5% |  |  |
| Estee Lauder Cos Inc/The Class A  | 93722 | 10259747 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 55785 | 10422312 |
| TOTAL CONSUMER STAPLES |  | 32344780 |
| Energy - 3.9% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Baker Hughes Co Class A  | 260284 | 16986134 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| APA Corp  | 317409 | 9639711 |
| Chevron Corp  | 66407 | 12402171 |
| ConocoPhillips  | 47170 | 5351908 |
| Exxon Mobil Corp  | 194709 | 29693123 |
| Marathon Petroleum Corp  | 16405 | 3251635 |
| Ovintiv Inc  | 72340 | 3659681 |
| Permian Resources Holdings Inc/DE Class A  | 65510 | 1198178 |
| Valero Energy Corp  | 17519 | 3585088 |
| Williams Cos Inc/The  | 16738 | 1250663 |
|  |  | 70032158 |
| TOTAL ENERGY |  | 87018292 |
| Financials - 5.6% |  |  |
| Banks - 1.1% |  |  |
| Bank of America Corp  | 81204 | 4046395 |
| First Horizon Corp  | 244736 | 5822269 |
| JPMorgan Chase & Co  | 33219 | 9975666 |
| US Bancorp  | 69851 | 3818056 |
| Wells Fargo & Co  | 19197 | 1563596 |
|  |  | 25225982 |
| Capital Markets - 2.9% |  |  |
| Bank of New York Mellon Corp/The  | 126289 | 15041020 |
| Cboe Global Markets Inc  | 30465 | 9130970 |
| Charles Schwab Corp/The  | 72936 | 6943507 |
| CME Group Inc Class A  | 10029 | 3204266 |
| Goldman Sachs Group Inc/The  | 1990 | 1710544 |
| KKR & Co Inc Class A  | 4460 | 391052 |
| Morgan Stanley  | 85588 | 14251258 |
| Northern Trust Corp  | 25799 | 3691579 |
| State Street Corp  | 66043 | 8494451 |
|  |  | 62858647 |
| Consumer Finance - 0.0% |  |  |
| Capital One Financial Corp  | 5156 | 1008720 |
| Financial Services - 1.2% |  |  |
| Affirm Holdings Inc Class A (b) | 22161 | 1041124 |
| Mastercard Inc Class A  | 34502 | 17844779 |
| Visa Inc Class A  | 23255 | 7444856 |
|  |  | 26330759 |
| Insurance - 0.4% |  |  |
| AFLAC Inc  | 6634 | 749178 |
| Chubb Ltd  | 22661 | 7724228 |
|  |  | 8473406 |
| TOTAL FINANCIALS |  | 123897514 |
| Health Care - 5.9% |  |  |
| Biotechnology - 2.3% |  |  |
| Biogen Inc (b) | 45736 | 8773080 |
| Blueprint Medicines Corp rights (b)(c) | 1291 | 0 |
| Caris Life Sciences Inc (b) | 92972 | 1872456 |
| Centessa Pharmaceuticals PLC ADR (b) | 10706 | 287563 |
| Cogent Biosciences Inc (b) | 52804 | 2051435 |
| Cytokinetics Inc (b) | 23390 | 1455326 |
| Gilead Sciences Inc  | 104347 | 15542486 |
| Insmed Inc (b) | 53141 | 7935546 |
| Madrigal Pharmaceuticals Inc (b) | 618 | 266976 |
| Moderna Inc (b) | 157176 | 8419918 |
| Nuvalent Inc Class A (b) | 15730 | 1603674 |
| Regeneron Pharmaceuticals Inc  | 3299 | 2578729 |
| Scholar Rock Holding Corp (b) | 10866 | 481038 |
|  |  | 51268227 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Edwards Lifesciences Corp (b) | 100543 | 8693953 |
| Medline Inc Class A  | 95163 | 4521194 |
|  |  | 13215147 |
| Health Care Providers & Services - 0.4% |  |  |
| McKesson Corp  | 9462 | 9342495 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 19418 | 4090208 |
| Thermo Fisher Scientific Inc  | 9367 | 4881237 |
|  |  | 8971445 |
| Pharmaceuticals - 2.2% |  |  |
| Eli Lilly & Co  | 22825 | 24011672 |
| Johnson & Johnson  | 21239 | 5276405 |
| Merck & Co Inc  | 60551 | 7497425 |
| Roche Holding AG non-voting shares  | 21930 | 10436519 |
| Structure Therapeutics Inc ADR (b) | 17264 | 1087286 |
|  |  | 48309307 |
| TOTAL HEALTH CARE |  | 131106621 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Anduril Industries Inc Class B (c)(d) | 1199 | 76184 |
| Anduril Industries Inc Class C (c)(d) | 1 | 63 |
| Beta Technologies Inc Class A (b) | 6500 | 122200 |
| Boeing Co (b) | 75204 | 17111167 |
| BWX Technologies Inc  | 5589 | 1151222 |
| Carpenter Technology Corp  | 9325 | 3712003 |
| Curtiss-Wright Corp  | 493 | 345263 |
| General Dynamics Corp  | 24748 | 8836273 |
| Howmet Aerospace Inc  | 37894 | 9948312 |
| Huntington Ingalls Industries Inc  | 13849 | 6156157 |
| Karman Holdings Inc (b) | 4915 | 433061 |
| Space Exploration Technologies Corp (b)(c)(d) | 1865 | 982090 |
| Textron Inc  | 11215 | 1106360 |
| Woodward Inc  | 7986 | 3088665 |
|  |  | 53069020 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 27922 | 5172551 |
| GXO Logistics Inc (b) | 4969 | 312202 |
|  |  | 5484753 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 23035 | 1796730 |
| Builders FirstSource Inc (b) | 3196 | 333311 |
| Trane Technologies PLC  | 18393 | 8503452 |
|  |  | 10633493 |
| Construction & Engineering - 0.7% |  |  |
| Dycom Industries Inc (b) | 18143 | 7620423 |
| EMCOR Group Inc  | 8522 | 6175212 |
| Granite Construction Inc  | 16712 | 2247095 |
|  |  | 16042730 |
| Electrical Equipment - 0.7% |  |  |
| Emerson Electric Co  | 23297 | 3512023 |
| GE Vernova Inc  | 7643 | 6676925 |
| Nextpower Inc Class A (b) | 32502 | 3415960 |
| Regal Rexnord Corp  | 11144 | 2462601 |
|  |  | 16067509 |
| Ground Transportation - 0.7% |  |  |
| JB Hunt Transport Services Inc  | 4873 | 1137407 |
| Lyft Inc Class A (b) | 96481 | 1335297 |
| Norfolk Southern Corp  | 16389 | 5158274 |
| Old Dominion Freight Line Inc  | 36826 | 7477519 |
| XPO Inc (b) | 3193 | 672031 |
|  |  | 15780528 |
| Machinery - 3.6% |  |  |
| AGCO Corp  | 3816 | 520884 |
| Allison Transmission Holdings Inc  | 5994 | 751048 |
| Caterpillar Inc  | 3577 | 2657103 |
| Cummins Inc  | 27342 | 15964174 |
| Deere & Co  | 23706 | 14927905 |
| Dover Corp  | 34648 | 7813124 |
| Ingersoll Rand Inc  | 38715 | 3644630 |
| ITT Inc  | 13260 | 2683957 |
| Oshkosh Corp  | 24667 | 4193883 |
| PACCAR Inc  | 43827 | 5526146 |
| Parker-Hannifin Corp  | 12165 | 12276675 |
| RBC Bearings Inc (b) | 1813 | 1044143 |
| Terex Corp  | 10900 | 749811 |
| Westinghouse Air Brake Technologies Corp  | 21456 | 5663311 |
|  |  | 78416794 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 71346 | 4687433 |
| Southwest Airlines Co  | 44536 | 2193843 |
|  |  | 6881276 |
| Professional Services - 0.0% |  |  |
| Parsons Corp (b) | 3962 | 261491 |
| Trading Companies & Distributors - 0.5% |  |  |
| Applied Industrial Technologies Inc  | 3170 | 895778 |
| Ferguson Enterprises Inc  | 23921 | 6237640 |
| United Rentals Inc  | 3553 | 2984520 |
| WW Grainger Inc  | 1142 | 1307282 |
|  |  | 11425220 |
| TOTAL INDUSTRIALS |  | 214062814 |
| Information Technology - 17.9% |  |  |
| Communications Equipment - 0.2% |  |  |
| Arista Networks Inc (b) | 25737 | 3435890 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Amphenol Corp Class A  | 70191 | 10252097 |
| Coherent Corp (b) | 35796 | 9268658 |
| Corning Inc  | 9718 | 1461393 |
| Flex Ltd (b) | 19876 | 1252586 |
| Jabil Inc  | 16137 | 4276144 |
| Sanmina Corp (b) | 5123 | 795397 |
|  |  | 27306275 |
| IT Services - 0.1% |  |  |
| Snowflake Inc (b) | 10168 | 1712392 |
| Semiconductors & Semiconductor Equipment - 9.8% |  |  |
| Advanced Micro Devices Inc (b) | 3633 | 727362 |
| Analog Devices Inc  | 27715 | 9860720 |
| Applied Materials Inc  | 21787 | 8111300 |
| Broadcom Inc  | 55453 | 17720006 |
| Intel Corp (b) | 174759 | 7970758 |
| KLA Corp  | 9204 | 14031958 |
| Lam Research Corp  | 55076 | 12881726 |
| MACOM Technology Solutions Holdings Inc (b) | 1263 | 313375 |
| Marvell Technology Inc  | 10487 | 856683 |
| Micron Technology Inc  | 30669 | 12646976 |
| Monolithic Power Systems Inc  | 5844 | 6678173 |
| NVIDIA Corp  | 683046 | 121028921 |
| Teradyne Inc  | 11426 | 3656663 |
|  |  | 216484621 |
| Software - 2.5% |  |  |
| Microsoft Corp  | 133418 | 52398585 |
| Palantir Technologies Inc Class A (b) | 2642 | 362456 |
| Palo Alto Networks Inc (b) | 7980 | 1188382 |
| Rubrik Inc Class A (b) | 4807 | 249772 |
| Synopsys Inc (b) | 1992 | 824688 |
|  |  | 55023883 |
| Technology Hardware, Storage & Peripherals - 4.1% |  |  |
| Apple Inc  | 300296 | 79332197 |
| Seagate Technology Holdings PLC  | 8127 | 3314516 |
| Western Digital Corp  | 32670 | 9137799 |
|  |  | 91784512 |
| TOTAL INFORMATION TECHNOLOGY |  | 395747573 |
| Materials - 2.7% |  |  |
| Chemicals - 0.7% |  |  |
| Albemarle Corp  | 12514 | 2235876 |
| Corteva Inc  | 57110 | 4575654 |
| Ecolab Inc  | 7217 | 2225362 |
| Mosaic Co/The  | 109361 | 3044610 |
| Sherwin-Williams Co/The  | 7111 | 2578377 |
| Westlake Corp (a) | 18868 | 1988310 |
|  |  | 16648189 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 4750 | 569905 |
| Martin Marietta Materials Inc  | 11816 | 7994351 |
| Vulcan Materials Co  | 20073 | 6222630 |
|  |  | 14786886 |
| Metals & Mining - 1.3% |  |  |
| Alcoa Corp  | 180269 | 11191100 |
| Century Aluminum Co (b) | 26357 | 1358967 |
| Coeur Mining Inc (b) | 19193 | 521089 |
| Freeport-McMoRan Inc  | 26950 | 1834756 |
| Newmont Corp  | 35950 | 4673500 |
| Steel Dynamics Inc  | 51628 | 9970916 |
|  |  | 29550328 |
| TOTAL MATERIALS |  | 60985403 |
| Real Estate - 0.3% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 53620 | 4619899 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 14126 | 2013944 |
| TOTAL REAL ESTATE |  | 6633843 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Evergy Inc  | 17785 | 1487892 |
| Eversource Energy  | 53360 | 4066566 |
| NextEra Energy Inc  | 147282 | 13810633 |
| NRG Energy Inc  | 14112 | 2525484 |
| TOTAL UTILITIES |  | 21890575 |
| TOTAL UNITED STATES |  | 1340799749 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 11414 | 341738 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $994,874,403) |  | <br> **1501349858** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series D-2 (c)(d) | 2500 | 410790 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (c)(d) | 11300 | 718002 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Anthropic PBC Series G (c)(d) | 10100 | 2617314 |
| TOTAL UNITED STATES |  | 3746106 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,490,043) |  | <br> **3746106** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 32.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 32.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 32.1%** |
|  | Shares | Value ($)<br>|
| Fidelity High Income Central Fund (h) | 650387 | 72140871 |
| Fidelity Investment Grade Bond Central Fund (h) | 6355654 | 641031276 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $708,699,025) |  | **713172147** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.70 | 6302976 | 6304237 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.69 | 20913076 | 20915167 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,219,404) |  |  | **27219404** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $1,736,724,013)<br>| <br>**2247837150** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(26777150)** |
| **NET ASSETS - 100.0%** | **2221060000** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,154,078 or 0.3% of net assets.

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,104,184 or 0.0% of net assets.

(f) 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 $1,104,184 or 0.0% of net assets.

(g) Affiliated fund.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Class B | 6/16/2025 | 49018 |
| Anduril Industries Inc Class C | 6/16/2025 | 40 |
| Anduril Industries Inc Series G | 4/17/2025 | 461976 |
| Anthropic PBC Series G | 1/27/2026 | 2617278 |
| Fidelity Private Credit Company LLC | 6/6/2022 - 2/9/2026 | 2465353 |
| Space Exploration Technologies Corp | 10/25/2022 | 469000 |
| Waymo LLC Series D-2 | 2/2/2026 | 410789 |

---

**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 | 1474754 | 151283926 | 146455528 | 69425 | 1085 | - | 6304237 | 6302976 | 0.0% |
| Fidelity High Income Central Fund | 68656711 | 3008903 | - | 2503982 | - | 475257 | 72140871 | 650387 | 5.0% |
| Fidelity Investment Grade Bond Central Fund | 655172751 | 18881993 | 44868465 | 14024840 | (875503) | 12720500 | 641031276 | 6355654 | 1.5% |
| Fidelity Securities Lending Cash Central Fund | 637500 | 85404284 | 65126468 | 8740 | (149) | - | 20915167 | 20913076 | 0.1% |
| Total | 725941716 | 258579106 | 256450461 | 16606987 | (874567) | 13195757 | 740391551 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Private Credit Company LLC | 2219093 | 163173 | - | 163173 | - | (32631) | 2349635 | 249296 |
|  | 2219093 | 163173 | - | 163173 | - | (32631) | 2349635 |  |

---

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 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 February 28, 2026, 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>** |  |  |  |  |
|  **Alternative Funds** | 2349635 | - | 2349635 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 137417164 | 137417164 | - | - |
| Consumer Discretionary | 141942747 | 141942747 | - | - |
| Consumer Staples | 44271912 | 32344780 | 11927132 | - |
| Energy | 97351925 | 97351925 | - | - |
| Financials | 123897514 | 123897514 | - | - |
| Health Care | 156073596 | 145637077 | 10436519 | - |
| Industrials | 217448724 | 216089857 | 300530 | 1058337 |
| Information Technology | 435376205 | 435376205 | - | - |
| Materials | 119045653 | 117975455 | 1070198 | - |
| Real Estate | 6633843 | 6633843 | - | - |
| Utilities | 21890575 | 21890575 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 410790 | - | - | 410790 |
| Industrials | 718002 | - | - | 718002 |
| Information Technology | 2617314 | - | - | 2617314 |
|  **Fixed-Income Funds** | 713172147 | 713172147 | - | - |
|  **Money Market Funds** | 27219404 | 27219404 | - | - |
| **Total Investments in Securities:** | 2247837150 | 2216948693 | 26084014 | 4804443 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $20,811,563) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $998,364,446) | $1505095964 |  |
| Fidelity Central Funds (cost $735,918,429) | 740391551 |  |
| Other affiliated issuers (cost $2,441,138) | 2349635 |  |
| Total Investment in Securities (cost $1,736,724,013) |  | $2247837150 |
| Foreign currency held at value (cost $1,886) |  | 1907 |
| Receivable for fund shares sold |  | 1239189 |
| Dividends receivable |  | 1061123 |
| Distributions receivable from Fidelity Central Funds |  | 10679 |
| Other receivables |  | 14727 |
| **Total assets** |  | 2250164775 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $3597286 |  |
| Payable for investments purchased  | 2855208 |  |
| Payable for fund shares redeemed | 1142298 |  |
| Accrued management fee | 594667 |  |
| Collateral on securities loaned | 20915316 |  |
| **Total liabilities** |  | 29104775 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2221060000 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1639665677 |
| Total accumulated earnings (loss) |  | 581394323 |
| **Net Assets** |  | $2221060000 |
| **Net Asset Value**, offering price and redemption price per share ($2,221,060,000 ÷ 125,061,559 shares) |  | $17.76 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $5695825 |
| Affiliated issuers |  | 154681 |
| Income from Fidelity Central Funds (including $8,740 from security lending)  |  | 16606987 |
| Security lending |  | 6 |
| **Total income** |  | 22457499 |
| **Expenses** |  |  |
| Management fee | $3539089 |  |
| Independent trustees' fees and expenses | 4298 |  |
| Total expenses before reductions | 3543387 |  |
| Expense reductions | (3871) |  |
| Total expenses after reductions |  | 3539516 |
| **Net Investment income (loss)** |  | 18917983 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 100163374 |  |
| Fidelity Central Funds | (874567) |  |
| Foreign currency transactions | (1718) |  |
| Written options | (101854) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 8492 |  |
| Total net realized gain (loss) |  | 99193727 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 31340798 |  |
| Fidelity Central Funds  | 13195757 |  |
| Other affiliated issuers  | (32631) |  |
| Assets and liabilities in foreign currencies | 511 |  |
| Written options | 43991 |  |
| Total change in net unrealized appreciation (depreciation) |  | 44548426 |
| **Net gain (loss)** |  | 143742153 |
| **Net increase (decrease) in net assets resulting from operations** |  | $162660136 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)** | **Year ended**<br> **August 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $18917983 | $39751766 |
| &nbsp;&nbsp;Net realized gain (loss) | 99193727<br>| 26984312<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 44548426 | 127878176<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 162660136<br>| 194614254<br>|
| Distributions to shareholders | (72437855)<br>| (76025926)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 153343501 | 524283681 |
| Reinvestment of distributions | 72437855<br>| 76025926<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (226049946) | (442903789) |
| **Net increase (decrease) in net assets resulting from share transactions** | (268590)<br>| 157405818<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 89953691<br>| 275994146<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2131106309 | 1855112163<br>|
| &nbsp;&nbsp;End of period | $2221060000 | $2131106309 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8783726 | 32220955 |
| Issued in reinvestment of distributions | 4235929<br>| 4746058<br>|
| &nbsp;&nbsp;Redeemed | (12921552) | (27376316) |
| &nbsp;&nbsp;Net increase (decrease) | 98103 | 9590697 |

---

**Financial Highlights** 

**Fidelity® Puritan® K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.05 | $16.08 | $13.51 | $12.29 | $14.69 | $12.36 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .31  | .28  | .24  | .20  | .16  |
| Net realized and unrealized gain (loss)  | 1.14  | 1.26  | 2.56  | 1.22  | (1.94)  | 2.36  |
| Total from investment operations  | 1.29  | 1.57  | 2.84  | 1.46  | (1.74)  | 2.52  |
| Distributions from net investment income  | (.17)  | (.30)  | (.27)  | (.24)  | (.18)  | (.14)  |
| Distributions from net realized gain  | (.41)  | (.31)  | -  | -  | (.47)  | (.05)  |
| Total distributions  | (.58)  | (.60) C | (.27)  | (.24)  | (.66) C | (.19)  |
| Net asset value, end of period  | $17.76 | $17.05 | $16.08 | $13.51 | $12.29 | $14.69 |
| **Total Return** D,E | 7.70% <br>| 10.07%  | 21.22%  | 12.05%  | (12.35)%  | 20.55%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .32% H | .32%  | .32%  | .32%  | .32%  | .32%  |
| Expenses net of fee waivers, if any  | .32% H<br>| .32%  | .32%  | .32%  | .32%  | .32%  |
| Expenses net of all reductions, if any  | .32% H | .32%  | .32%  | .32%  | .32%  | .31%  |
| Net investment income (loss)  | 1.71% H | 1.94%  | 1.94%  | 1.95%  | 1.46%  | 1.17%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2221060 | $2131106 | $1855112 | $1383864 | $831306 | $650542 |
| Portfolio turnover rate I | 73% H,J<br>| 64% J | 62% J | 58% J | 72% J | 65% J |

---

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

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

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

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

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended February 28, 2026

**1. Organization.**

Fidelity Puritan K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities | Less than .005% |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| 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.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the twelve month period ended December 31, 2025 was 9.71%.

**4. 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.

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.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 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 February 28, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to short-term capital gain dividends, foreign currency transactions, options transactions, passive foreign investment companies (PFIC), partnerships, 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** | $532121913 |
| **Gross unrealized depreciation** | <u>(23434371)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$508687542</u> |
| **Tax cost** | <u>$1739149608</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.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Puritan K6 Fund** | Fidelity Private Credit Company LLC | 220000 | - |

---

**5. 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".

**6. 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 Puritan K6 Fund** | 802696195 | 873847389 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Puritan K6 Fund** | 913447 | 15994461 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Puritan K6 Fund** | 11775207 | 191460025 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .32% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Puritan K6 Fund** | 8122 |

---

**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 Puritan K6 Fund** | 15951008 | 12100286 | 1744224 |

---

**8. 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 borne by the investment adviser.

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 2027 unless extended or renewed.

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**9. 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 in security lending. 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 Puritan K6 Fund** | 970 | - | - |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until December 31, 2026. During the period, this waiver reduced the Fund's management fee by $3,627.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $244.

**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.

**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.

![](img126671_4.jpg)<br>

1.9893908.106 PUR-K6-SANN-0426

**Fidelity® Puritan® Fund**

**Semi-Annual Report**

**February 28, 2026**

![](img126672_1.jpg)

![](img126672_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_PUR-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Puritan® Fund](#Sub_Sec_Fund_4_PUR-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements4_PUR-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_PUR-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_PUR-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_PUR-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_PUR-SANN)** |

---

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

**Fidelity® Puritan® Fund**

**Consolidated Schedule of Investments February 28, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 0.2%** | &nbsp;&nbsp;**Alternative Funds - 0.2%** | &nbsp;&nbsp;**Alternative Funds - 0.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (e)(j)<br>(Cost $64,133,514)<br>| 6549560 | **61730262** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 67.3%** | &nbsp;&nbsp;**Common Stocks - 67.3%** | &nbsp;&nbsp;**Common Stocks - 67.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| BHP Group Ltd ADR (b) | 109278 | 8913806 |
| BELGIUM - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 575426 | 171544664 |
| CANADA - 2.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Dollarama Inc  | 204600 | 30121896 |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (c) | 233089 | 20638898 |
| TOTAL CONSUMER DISCRETIONARY |  | 50760794 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Imperial Oil Ltd (b) | 752700 | 88041704 |
| Suncor Energy Inc (United States)  | 742900 | 41988708 |
| TOTAL ENERGY |  | 130030412 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (c) | 740640 | 89417467 |
| Materials - 1.5% |  |  |
| Chemicals - 0.3% |  |  |
| Nutrien Ltd (United States)  | 1432302 | 107522911 |
| Metals & Mining - 1.2% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 718305 | 180725538 |
| Franco-Nevada Corp  | 712730 | 199201779 |
| Major Drilling Group International Inc (c) | 100000 | 1335728 |
| Orla Mining Ltd  | 449000 | 9710421 |
|  |  | 390973466 |
| TOTAL MATERIALS |  | 498496377 |
| TOTAL CANADA |  | 768705050 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 1304783 | 75048119 |
| Lundin Mining Corp  | 3719219 | 118498045 |
| TOTAL CHILE |  | 193546164 |
| CHINA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Sany Heavy Equipment International Holdings Co Ltd  | 7254000 | 14603689 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (c) | 509614 | 19355140 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (c) | 809905 | 16460120 |
| ITALY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Brunello Cucinelli SpA non-voting shares  | 1175754 | 114392568 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC  | 326700 | 10557338 |
| TOTAL ITALY |  | 124949906 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Japan Steel Works Ltd/The  | 204900 | 13409393 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Shin-Etsu Chemical Co Ltd  | 383500 | 15098994 |
| TOTAL JAPAN |  | 28508387 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ArcelorMittal SA depository receipt (b) | 110000 | 7167600 |
| MEXICO - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Southern Copper Corp (b) | 352477 | 76945729 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (c) | 226189 | 173468868 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASML Holding NV depository receipt  | 30100 | 43661856 |
| NXP Semiconductors NV  | 76747 | 17422336 |
| TOTAL INFORMATION TECHNOLOGY |  | 61084192 |
| TOTAL NETHERLANDS |  | 234553060 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Frontline PLC  | 370000 | 14041500 |
| SWITZERLAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| VAT Group AG (h)(i) | 24720 | 17497072 |
| TAIWAN - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1118352 | 418912292 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Tobacco - 0.5% |  |  |
| British American Tobacco PLC  | 2690681 | 168020631 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (d)(e) | 7254400 | 21312535 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (c)(d)(e) | 10600 | 14872648 |
| TOTAL FINANCIALS |  | 36185183 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rolls-Royce Holdings PLC  | 355000 | 6383638 |
| TOTAL UNITED KINGDOM |  | 210589452 |
| UNITED STATES - 60.2%  |  |  |
| Communication Services - 5.8% |  |  |
| Entertainment - 0.2% |  |  |
| LiveOne Inc (c) | 402172 | 2207924 |
| Netflix Inc (c) | 683470 | 65777153 |
| PodcastOne Inc (c) | 315387 | 820006 |
|  |  | 68805083 |
| Interactive Media & Services - 5.6% |  |  |
| Alphabet Inc Class A  | 595721 | 185721979 |
| Alphabet Inc Class C  | 3515477 | 1094825002 |
| Meta Platforms Inc Class A  | 844764 | 547559130 |
|  |  | 1828106111 |
| TOTAL COMMUNICATION SERVICES |  | 1896911194 |
| Consumer Discretionary - 5.7% |  |  |
| Automobiles - 0.6% |  |  |
| Neutron Holdings Inc (c)(d)(e) | 4168198 | 380973 |
| Tesla Inc (c) | 452867 | 182283496 |
|  |  | 182664469 |
| Broadline Retail - 2.3% |  |  |
| Amazon.com Inc (c) | 3488206 | 732523260 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Carnival Corp  | 3547224 | 111914917 |
| Cava Group Inc (b)(c) | 225548 | 18600944 |
| Hilton Worldwide Holdings Inc  | 170949 | 53298479 |
| Marriott International Inc/MD Class A1  | 12900 | 4408317 |
| Starbucks Corp  | 610022 | 59794356 |
| Viking Holdings Ltd (c) | 549875 | 42901248 |
| Wingstop Inc (b) | 147500 | 38277725 |
|  |  | 329195986 |
| Household Durables - 0.7% |  |  |
| Blu Homes Inc (c)(d)(e) | 14988638 | 4646 |
| DR Horton Inc  | 285300 | 45759267 |
| Lennar Corp Class A  | 134900 | 15427164 |
| SharkNinja Inc (c) | 180310 | 22154690 |
| Somnigroup International Inc  | 976879 | 87440439 |
| Toll Brothers Inc  | 393961 | 61946428 |
|  |  | 232732634 |
| Specialty Retail - 1.0% |  |  |
| Lowe's Cos Inc  | 371395 | 98259975 |
| Revolve Group Inc Class A (c) | 105622 | 2657450 |
| Ross Stores Inc  | 42478 | 8735176 |
| TJX Cos Inc/The  | 568165 | 91849554 |
| Victoria's Secret & Co (c) | 126900 | 7956630 |
| Warby Parker Inc Class A (c) | 373646 | 9344886 |
| Williams-Sonoma Inc  | 543669 | 111805530 |
|  |  | 330609201 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Ralph Lauren Corp Class A  | 29860 | 10827236 |
| Tory Burch LLC Class A (c)(d)(e)(f) | 702741 | 26886871 |
| Tory Burch LLC Class B (c)(d)(e)(f) | 324840 | 12428371 |
|  |  | 50142478 |
| TOTAL CONSUMER DISCRETIONARY |  | 1857868028 |
| Consumer Staples - 1.4% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Dollar Tree Inc (c) | 1298990 | 164296255 |
| Personal Care Products - 0.4% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1323924 | 144929960 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 788019 | 147225590 |
| TOTAL CONSUMER STAPLES |  | 456451805 |
| Energy - 3.8% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Baker Hughes Co Class A  | 3676818 | 239949143 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| APA Corp  | 4559629 | 138475933 |
| Chevron Corp  | 995400 | 185900904 |
| ConocoPhillips  | 664500 | 75394170 |
| Exxon Mobil Corp  | 2742924 | 418295910 |
| Marathon Petroleum Corp  | 231884 | 45961728 |
| Ovintiv Inc  | 1019100 | 51556269 |
| Permian Resources Holdings Inc/DE Class A  | 925400 | 16925565 |
| Valero Energy Corp  | 247600 | 50668864 |
| Williams Cos Inc/The  | 235400 | 17589088 |
|  |  | 1000768431 |
| TOTAL ENERGY |  | 1240717574 |
| Financials - 5.2% |  |  |
| Banks - 0.9% |  |  |
| Bank of America Corp  | 713942 | 35575729 |
| First Horizon Corp  | 3365507 | 80065412 |
| JPMorgan Chase & Co  | 461572 | 138610072 |
| US Bancorp  | 982400 | 53697984 |
|  |  | 307949197 |
| Capital Markets - 2.8% |  |  |
| Bank of New York Mellon Corp/The  | 1783983 | 212472376 |
| Cboe Global Markets Inc  | 428935 | 128560398 |
| Charles Schwab Corp/The  | 1025699 | 97646545 |
| CME Group Inc Class A  | 141045 | 45063878 |
| Goldman Sachs Group Inc/The  | 28041 | 24103202 |
| KKR & Co Inc Class A  | 63000 | 5523840 |
| Morgan Stanley  | 1165604 | 194084722 |
| Northern Trust Corp  | 362841 | 51918919 |
| State Street Corp  | 924202 | 118870861 |
| Tulco LLC (c)(d)(e)(f) | 42857 | 28845332 |
|  |  | 907090073 |
| Financial Services - 1.1% |  |  |
| Affirm Holdings Inc Class A (c) | 251000 | 11791980 |
| Mastercard Inc Class A  | 489168 | 253002582 |
| New Moda LLC (c)(d) | 62880 | 5030 |
| Visa Inc Class A  | 328829 | 105271316 |
|  |  | 370070908 |
| Insurance - 0.4% |  |  |
| AFLAC Inc  | 93700 | 10581540 |
| Chubb Ltd  | 318273 | 108486535 |
|  |  | 119068075 |
| TOTAL FINANCIALS |  | 1704178253 |
| Health Care - 5.7% |  |  |
| Biotechnology - 2.2% |  |  |
| Biogen Inc (c) | 708300 | 135866106 |
| Blueprint Medicines Corp rights (c)(d) | 18034 | 0 |
| Caris Life Sciences Inc (c) | 1242900 | 25032006 |
| Centessa Pharmaceuticals PLC ADR (c) | 151000 | 4055860 |
| Cogent Biosciences Inc (c) | 739600 | 28733460 |
| Cytokinetics Inc (c) | 329900 | 20526378 |
| Gilead Sciences Inc  | 1469973 | 218952479 |
| Insmed Inc (c) | 751033 | 112151758 |
| Madrigal Pharmaceuticals Inc (c) | 8407 | 3631824 |
| Moderna Inc (c) | 2214200 | 118614694 |
| Nuvalent Inc Class A (c) | 205001 | 20899852 |
| Regeneron Pharmaceuticals Inc  | 46400 | 36269488 |
| Scholar Rock Holding Corp (c) | 115152 | 5097779 |
|  |  | 729831684 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Edwards Lifesciences Corp (c) | 1420281 | 122811698 |
| Medline Inc Class A  | 1333800 | 63368838 |
|  |  | 186180536 |
| Health Care Providers & Services - 0.4% |  |  |
| McKesson Corp  | 133305 | 131621358 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 273100 | 57525784 |
| Thermo Fisher Scientific Inc  | 131958 | 68764633 |
|  |  | 126290417 |
| Pharmaceuticals - 2.1% |  |  |
| Eli Lilly & Co  | 311420 | 327610726 |
| Johnson & Johnson  | 299200 | 74330256 |
| Merck & Co Inc  | 961900 | 119102458 |
| Roche Holding AG non-voting shares  | 309000 | 147053550 |
| Structure Therapeutics Inc ADR (c) | 244500 | 15398610 |
|  |  | 683495600 |
| TOTAL HEALTH CARE |  | 1857419595 |
| Industrials - 11.3% |  |  |
| Aerospace & Defense - 4.1% |  |  |
| Anduril Industries Inc Class B (d)(e) | 18391 | 1168564 |
| Anduril Industries Inc Class C (d)(e) | 9 | 572 |
| Beta Technologies Inc (g) | 313998 | 5903162 |
| Beta Technologies Inc Class A (c) | 155600 | 2925280 |
| Boeing Co (c) | 1057680 | 240653930 |
| BWX Technologies Inc  | 78734 | 16217629 |
| Carpenter Technology Corp  | 131796 | 52464034 |
| Curtiss-Wright Corp  | 6900 | 4832277 |
| General Dynamics Corp  | 348634 | 124479770 |
| Howmet Aerospace Inc  | 535295 | 140530996 |
| Huntington Ingalls Industries Inc  | 205300 | 91259956 |
| Karman Holdings Inc (c) | 93443 | 8233263 |
| Space Exploration Technologies Corp (c)(d)(e) | 999029 | 526078682 |
| Space Exploration Technologies Corp Class C (c)(d)(e) | 56070 | 29525901 |
| Textron Inc  | 158000 | 15586700 |
| Woodward Inc  | 112297 | 43431988 |
|  |  | 1303292704 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 393348 | 72867717 |
| GXO Logistics Inc (c) | 70000 | 4398100 |
|  |  | 77265817 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 324500 | 25311000 |
| Builders FirstSource Inc (c) | 45800 | 4776482 |
| Trane Technologies PLC  | 259118 | 119795434 |
|  |  | 149882916 |
| Construction & Engineering - 0.7% |  |  |
| Dycom Industries Inc (c) | 254141 | 106744303 |
| EMCOR Group Inc  | 119099 | 86301517 |
| Granite Construction Inc  | 241476 | 32468863 |
|  |  | 225514683 |
| Electrical Equipment - 0.7% |  |  |
| Emerson Electric Co  | 328200 | 49476150 |
| GE Vernova Inc  | 107966 | 94319098 |
| Nextpower Inc Class A (c) | 459349 | 48277580 |
| Regal Rexnord Corp  | 157000 | 34693860 |
|  |  | 226766688 |
| Ground Transportation - 0.7% |  |  |
| JB Hunt Transport Services Inc  | 68100 | 15895221 |
| Lyft Inc Class A (c) | 1356300 | 18771192 |
| Norfolk Southern Corp  | 231504 | 72863569 |
| Old Dominion Freight Line Inc  | 564900 | 114702945 |
| XPO Inc (c) | 45100 | 9492197 |
|  |  | 231725124 |
| Machinery - 3.6% |  |  |
| AGCO Corp  | 53900 | 7357350 |
| Allison Transmission Holdings Inc  | 84000 | 10525200 |
| Caterpillar Inc  | 50774 | 37716450 |
| Cummins Inc  | 385174 | 224891543 |
| Deere & Co  | 333963 | 210299841 |
| Dover Corp  | 488100 | 110066550 |
| Ingersoll Rand Inc  | 545400 | 51343956 |
| ITT Inc  | 211800 | 42870438 |
| Oshkosh Corp  | 347500 | 59081950 |
| PACCAR Inc  | 708900 | 89385201 |
| Parker-Hannifin Corp  | 172244 | 173825200 |
| RBC Bearings Inc (c) | 25400 | 14628368 |
| Symbotic Inc Class A (c) | 42000 | 2300760 |
| Terex Corp  | 885158 | 60890019 |
| Westinghouse Air Brake Technologies Corp  | 302269 | 79783903 |
|  |  | 1174966729 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 905172 | 59469800 |
| Southwest Airlines Co  | 627400 | 30905724 |
|  |  | 90375524 |
| Professional Services - 0.0% |  |  |
| Parsons Corp (c) | 13000 | 858000 |
| Trading Companies & Distributors - 0.5% |  |  |
| Applied Industrial Technologies Inc  | 46165 | 13045306 |
| Ferguson Enterprises Inc  | 338098 | 88162434 |
| United Rentals Inc  | 42065 | 35334600 |
| WW Grainger Inc  | 16100 | 18430153 |
|  |  | 154972493 |
| TOTAL INDUSTRIALS |  | 3635620678 |
| Information Technology - 17.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| Arista Networks Inc (c) | 362577 | 48404030 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Amphenol Corp Class A  | 991992 | 144890352 |
| Coherent Corp (c) | 503500 | 130371255 |
| Corning Inc  | 136900 | 20587022 |
| Flex Ltd (c) | 275002 | 17330626 |
| Jabil Inc  | 227338 | 60242297 |
| Sanmina Corp (c) | 72400 | 11240823 |
|  |  | 384662375 |
| IT Services - 0.1% |  |  |
| Snowflake Inc (c) | 143243 | 24123554 |
| Semiconductors & Semiconductor Equipment - 9.5% |  |  |
| Advanced Micro Devices Inc (c) | 51184 | 10247549 |
| Analog Devices Inc  | 390439 | 138914292 |
| Applied Materials Inc  | 306926 | 114268550 |
| Broadcom Inc  | 781184 | 249627347 |
| Intel Corp (c) | 2461877 | 112286210 |
| KLA Corp  | 129660 | 197673153 |
| Lam Research Corp  | 775873 | 181468936 |
| MACOM Technology Solutions Holdings Inc (c) | 17800 | 4416536 |
| Marvell Technology Inc  | 147744 | 12069207 |
| Micron Technology Inc  | 433234 | 178652705 |
| Monolithic Power Systems Inc  | 82195 | 93927514 |
| NVIDIA Corp  | 9656257 | 1710992178 |
| Teradyne Inc  | 161400 | 51652842 |
|  |  | 3056197019 |
| Software - 2.4% |  |  |
| Applied Intuition Inc Class A (c)(d)(e) | 38409 | 4128583 |
| Atom Tickets LLC (c)(d)(e)(f) | 2580511 | 26 |
| Canva Inc Class A (c)(d)(e) | 5400 | 7272666 |
| Microsoft Corp  | 1855507 | 728731819 |
| Palantir Technologies Inc Class A (c) | 37314 | 5119108 |
| Palo Alto Networks Inc (c) | 112420 | 16741586 |
| Rubrik Inc Class A (c) | 56300 | 2925348 |
| Synopsys Inc (c) | 28062 | 11617668 |
|  |  | 776536804 |
| Technology Hardware, Storage & Peripherals - 4.0% |  |  |
| Apple Inc  | 4228180 | 1117000592 |
| Seagate Technology Holdings PLC  | 114800 | 46820032 |
| Western Digital Corp  | 457900 | 128074630 |
|  |  | 1291895254 |
| TOTAL INFORMATION TECHNOLOGY |  | 5581819036 |
| Materials - 2.7% |  |  |
| Chemicals - 0.8% |  |  |
| Albemarle Corp  | 176300 | 31499521 |
| Corteva Inc  | 918033 | 73552804 |
| Ecolab Inc  | 101678 | 31352411 |
| Mosaic Co/The  | 1540600 | 42890304 |
| Sherwin-Williams Co/The  | 99373 | 36031656 |
| Westlake Corp (b) | 299713 | 31583756 |
|  |  | 246910452 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 67100 | 8050658 |
| Martin Marietta Materials Inc  | 166187 | 112437139 |
| Vulcan Materials Co  | 283553 | 87901430 |
|  |  | 208389227 |
| Metals & Mining - 1.3% |  |  |
| Alcoa Corp  | 2539500 | 157652160 |
| Century Aluminum Co (c) | 371300 | 19144228 |
| Coeur Mining Inc (c) | 354200 | 9616530 |
| Freeport-McMoRan Inc  | 380700 | 25918056 |
| Newmont Corp  | 506439 | 65837070 |
| Steel Dynamics Inc  | 727300 | 140463449 |
|  |  | 418631493 |
| TOTAL MATERIALS |  | 873931172 |
| Real Estate - 0.3% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 757796 | 65291703 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 199000 | 28371430 |
| TOTAL REAL ESTATE |  | 93663133 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Evergy Inc  | 331254 | 27712710 |
| Eversource Energy  | 846097 | 64481052 |
| NextEra Energy Inc  | 2220213 | 208189373 |
| NRG Energy Inc  | 199442 | 35692140 |
| TOTAL UTILITIES |  | 336075275 |
| TOTAL UNITED STATES |  | 19534655743 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (c) | 160800 | 4814392 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,807,625,807) |  | <br> **21865763766** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (d)(e) | 1370500 | 5872730 |
| Neutron Holdings Inc 4% 6/12/2027 (d)(e) | 354000 | 1516925 |
| TOTAL UNITED STATES |  | 7389655 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,724,500) |  | <br> **7389655** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (c)(d)(e) | 145676 | 35756174 |
| UNITED STATES - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (c)(d)(e) | 38589900 | 3527117 |
| Neutron Holdings Inc Series 1D (c)(d)(e) | 40824742 | 3731381 |
| Waymo LLC Series D-2 (d)(e) | 36100 | 5931804 |
|  |  | 13190302 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Goop Intl Inc Series C (c)(d)(e) | 1881874 | 12815562 |
| Goop Intl Inc Series D (c)(d)(e) | 342241 | 2505204 |
|  |  | 15320766 |
| TOTAL CONSUMER DISCRETIONARY |  | 28511068 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Get Credit Healthy Inc Series B (c)(d)(e) | 8512822 | 10492 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (d)(e) | 172800 | 10979712 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Anthropic PBC Series G (d)(e) | 145000 | 37575300 |
| Applied Intuition Inc Series A2 (c)(d)(e) | 49998 | 5374285 |
| Applied Intuition Inc Series B2 (c)(d)(e) | 24108 | 2591369 |
| TOTAL INFORMATION TECHNOLOGY |  | 45540954 |
| TOTAL UNITED STATES |  | 85042226 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $112,923,457) |  | <br> **120798400** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 32.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 32.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 32.0%** |
|  | Shares | Value ($)<br>|
| Fidelity High Income Central Fund (k) | 9398370 | 1042467196 |
| Fidelity Investment Grade Bond Central Fund (k) | 92567142 | 9336321919 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $10,868,709,464) |  | **10378789115** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.70 | 24753903 | 24758853 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.69 | 190319771 | 190338803 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $215,097,656) |  |  | **215097656** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $24,070,214,398)<br>| <br>**32649568854** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(180345785)** |
| **NET ASSETS - 100.0%** | **32469223069** |

---

**Legend**

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

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

(c) Non-income producing.

(d) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $862,824,687 or 2.7% of net assets.

(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $5,903,162 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) 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 $17,497,072 or 0.1% of net assets.

(i) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $17,497,072 or 0.1% of net assets.

(j) Affiliated fund.

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Class B | 6/16/2025 | 751876 |
| Anduril Industries Inc Class C | 6/16/2025 | 366 |
| Anduril Industries Inc Series G | 4/17/2025 | 7064548 |
| Anthropic PBC Series G | 1/27/2026 | 37574778 |
| Applied Intuition Inc Class A | 7/2/2024 | 2292821 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 2984626 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 1439124 |
| Atom Tickets LLC | 8/15/2017 | 14999994 |
| Blu Homes Inc | 5/21/2020 | 25924 |
| Bytedance Ltd Series E1 | 11/18/2020 | 15962328 |
| Canva Inc Class A | 8/19/2025 | 8889156 |
| Fidelity Private Credit Company LLC | 6/6/2022 - 2/9/2026 | 64769544 |
| Get Credit Healthy Inc Series B | 8/17/2023 | 10492 |
| Goop Intl Inc Series C | 12/15/2017 | 19999993 |
| Goop Intl Inc Series D | 6/21/2019 | 4999987 |
| Neutron Holdings Inc | 2/4/2021 | 41686 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 1370500 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 354000 |
| Neutron Holdings Inc Series 1C | 7/3/2018 - 1/25/2019 | 7055777 |
| Neutron Holdings Inc Series 1D | 7/3/2018 - 1/25/2019 | 9900000 |
| Revolut Group Holdings Ltd | 1/28/2026 | 14947011 |
| Space Exploration Technologies Corp | 8/4/2017 - 10/25/2022 | 29803805 |
| Space Exploration Technologies Corp Class C | 9/11/2017 | 756945 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 13909905 |
| Tory Burch LLC Class A | 5/14/2015 | 50000022 |
| Tory Burch LLC Class B | 12/31/2012 | 17505000 |
| Tulco LLC | 8/24/2017 - 12/14/2017 | 14999950 |
| Waymo LLC Series D-2 | 2/2/2026 | 5931804 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 | 21911177 | 2055779831 | 2052929479 | 817539 | (2376) | (300) | 24758853 | 24753903 | 0.0% |
| Fidelity High Income Central Fund | 1011590430 | 36282944 | 12375947 | 36282943 | 72757 | 6897012 | 1042467196 | 9398370 | 72.0% |
| Fidelity Investment Grade Bond Central Fund | 9718544889 | 203224031 | 758745059 | 203210095 | (64471906) | 237769964 | 9336321919 | 92567142 | 21.1% |
| Fidelity Securities Lending Cash Central Fund | 82946670 | 641400156 | 534008580 | 97296 | 557 | - | 190338803 | 190319771 | 0.5% |
| Total | 10834993166 | 2936686962 | 3358059065 | 240407873 | (64400968) | 244666676 | 10593886771 |  |  |

---

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 Consolidated 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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Private Credit Company LLC | 58300608 | 4286912 | - | 4286912 | - | (857258) | 61730262 | 6549560 |
|  | 58300608 | 4286912 | - | 4286912 | - | (857258) | 61730262 |  |

---

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 Consolidated Statement of Operations, if applicable.

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 February 28, 2026, 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 Consolidated 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>** |  |  |  |  |
|  **Alternative Funds** | 61730262 | - | 61730262 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1896911194 | 1896911194 | - | - |
| Consumer Discretionary | 2058836650 | 2019135789 | - | 39700861 |
| Consumer Staples | 624472436 | 456451805 | 168020631 | - |
| Energy | 1384789486 | 1384789486 | - | - |
| Financials | 1740363436 | 1675327891 | - | 65035545 |
| Health Care | 2202433127 | 2055379577 | 147053550 | - |
| Industrials | 3698071808 | 3124357113 | 16940976 | 556773719 |
| Information Technology | 6151232987 | 6139831712 | - | 11401275 |
| Materials | 1678914234 | 1663815240 | 15098994 | - |
| Real Estate | 93663133 | 93663133 | - | - |
| Utilities | 336075275 | 336075275 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 7389655 | - | - | 7389655 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 35756174 | - | - | 35756174 |
| Consumer Discretionary | 28511068 | - | - | 28511068 |
| Health Care | 10492 | - | - | 10492 |
| Industrials | 10979712 | - | - | 10979712 |
| Information Technology | 45540954 | - | - | 45540954 |
|  **Fixed-Income Funds** | 10378789115 | 10378789115 | - | - |
|  **Money Market Funds** | 215097656 | 215097656 | - | - |
| **Total Investments in Securities:** | 32649568854 | 31439624986 | 408844413 | 801099455 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2026 ($)** |
| **Common Stocks** | 223340449 | - | 418167125 | 48646826 | (17243000) | - | - | - | 672911400 | 418424115 |
| **Convertible Preferred Stocks** | 188123457 | - | (103822304) | 43506582 | (7009335) | - | - | - | 120798400 | (759119) |
| **Convertible Corporate Bonds** | 6455838 | - | 933817 | - | - | - | - | - | 7389655 | 933817 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $185,669,637) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,922,273,764) | $21993951821 |  |
| Fidelity Central Funds (cost $11,083,807,120) | 10593886771 |  |
| Other affiliated issuers (cost $64,133,514) | 61730262 |  |
| Total Investment in Securities (cost $24,070,214,398) |  | $32649568854 |
| Cash |  | 1067885 |
| Foreign currency held at value (cost $1,557,356) |  | 1556255 |
| Receivable for investments sold |  | 94051380 |
| Receivable for fund shares sold |  | 14569461 |
| Dividends receivable |  | 16126517 |
| Interest receivable |  | 395746 |
| Distributions receivable from Fidelity Central Funds |  | 109400 |
| Prepaid expenses |  | 17025 |
| Other receivables |  | 1251724 |
| **Total assets** |  | 32778714247 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $87129033 |  |
| Payable for fund shares redeemed | 18769199 |  |
| Accrued management fee | 11827156 |  |
| Other payables and accrued expenses | 1416840 |  |
| Collateral on securities loaned | 190348950 |  |
| **Total liabilities** |  | 309491178 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $32469223069 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22455250067 |
| Total accumulated earnings (loss) |  | 10013973002 |
| **Net Assets** |  | $32469223069 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Puritan :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($29,634,893,571 ÷ 1,103,261,625 shares) |  | $26.86 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,834,329,498 ÷ 105,630,060 shares) |  | $26.83 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $81706155 |
| Affiliated issuers |  | 4063810 |
| Interest  |  | 122247 |
| Income from Fidelity Central Funds (including $97,296 from security lending)  |  | 240407873 |
| Security lending |  | 1667 |
| **Total income** |  | 326301752 |
| **Expenses** |  |  |
| Management fee | $70614214 |  |
| Custodian fees and expenses | 104591 |  |
| Independent trustees' fees and expenses | 63263 |  |
| Registration fees | 110110 |  |
| Audit fees | 97196 |  |
| Legal | 20928 |  |
| Interest | 69616 |  |
| Miscellaneous | 43263 |  |
| Total expenses before reductions | 71123181 |  |
| Expense reductions | (175686) |  |
| Total expenses after reductions |  | 70947495 |
| **Net Investment income (loss)** |  | 255354257 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $17,577)  | 1929767508 |  |
| Redemptions in-kind | 6644375 |  |
| Fidelity Central Funds | (64400968) |  |
| Foreign currency transactions | 33323 |  |
| Written options | (1372115) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 223102 |  |
| Total net realized gain (loss) |  | 1870895225 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 245829205 |  |
| Fidelity Central Funds  | 244666676 |  |
| Other affiliated issuers  | (857258) |  |
| Assets and liabilities in foreign currencies | (27851) |  |
| Written options | 586224 |  |
| Total change in net unrealized appreciation (depreciation) |  | 490196996 |
| **Net gain (loss)** |  | 2361092221 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2616446478 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)** | **Year ended**<br> **August 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $255354257 | $564853605 |
| &nbsp;&nbsp;Net realized gain (loss) | 1870895225<br>| 1777326724<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 490196996 | 738487412<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2616446478<br>| 3080667741<br>|
| Distributions to shareholders | (1866459033)<br>| (3363518480)<br>|
| Share transactions - net increase (decrease) | (71603688)<br>| 624316322<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 678383757<br>| 341465583<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 31790839312 | 31449373729<br>|
| &nbsp;&nbsp;End of period | $32469223069 | $31790839312 |

---

**Consolidated Financial Highlights** 

**Fidelity® Puritan® Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.29 | $26.55 | $23.18 | $22.76 | $29.62 | $25.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .45  | .43  | .38  | .33  | .25  |
| Net realized and unrealized gain (loss)  | 1.93  | 2.11  | 4.21  | 1.98  | (3.57)  | 4.79  |
| Total from investment operations  | 2.14  | 2.56  | 4.64  | 2.36  | (3.24)  | 5.04  |
| Distributions from net investment income  | (.24)  | (.44)  | (.42)  | (.35)  | (.39) C | (.25)  |
| Distributions from net realized gain  | (1.32)  | (2.37)  | (.85)  | (1.59)  | (3.23) C | (1.04)  |
| Total distributions  | (1.57) D | (2.82) D | (1.27)  | (1.94)  | (3.62)  | (1.29)  |
| Net asset value, end of period  | $26.86 | $26.29 | $26.55 | $23.18 | $22.76 | $29.62 |
| **Total Return** E,F | 8.48% <br>| 10.46%  | 21.09%  | 12.00%  | (12.30)%  | 20.33%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .45% I | .46%  | .49%  | .51%  | .50%  | .51%  |
| Expenses net of fee waivers, if any  | .45% I<br>| .46%  | .48%  | .50%  | .50%  | .51%  |
| Expenses net of all reductions, if any  | .45% I | .46%  | .48%  | .50%  | .50%  | .50%  |
| Net investment income (loss)  | 1.58% I | 1.80%  | 1.77%  | 1.76%  | 1.31%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29634894 | $28826533 | $28064604 | $23958959 | $23519208 | $28846163 |
| Portfolio turnover rate J | 65% I,K<br>| 58% K | 55% K | 52% K | 62% K | 58% K |

---

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

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

C*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 for periods of less than one year are not annualized.*

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

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

**Fidelity® Puritan® Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.26 | $26.53 | $23.16 | $22.74 | $29.60 | $25.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .47  | .45  | .40  | .35  | .27  |
| Net realized and unrealized gain (loss)  | 1.92  | 2.09  | 4.20  | 1.98  | (3.57)  | 4.79  |
| Total from investment operations  | 2.14  | 2.56  | 4.65  | 2.38  | (3.22)  | 5.06  |
| Distributions from net investment income  | (.25)  | (.46)  | (.44)  | (.37)  | (.41) C | (.27)  |
| Distributions from net realized gain  | (1.32)  | (2.37)  | (.85)  | (1.59)  | (3.23) C | (1.04)  |
| Total distributions  | (1.57)  | (2.83)  | (1.28) D | (1.96)  | (3.64)  | (1.31)  |
| Net asset value, end of period  | $26.83 | $26.26 | $26.53 | $23.16 | $22.74 | $29.60 |
| **Total Return** E,F | 8.52% <br>| 10.49%  | 21.19%  | 12.10%  | (12.24)%  | 20.43%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .39% I | .39%  | .40%  | .43%  | .43%  | .43%  |
| Expenses net of fee waivers, if any  | .39% I<br>| .39%  | .40%  | .42%  | .42%  | .43%  |
| Expenses net of all reductions, if any  | .39% I | .39%  | .40%  | .42%  | .42%  | .43%  |
| Net investment income (loss)  | 1.64% I | 1.87%  | 1.86%  | 1.84%  | 1.39%  | 1.00%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2834329 | $2964307 | $3384770 | $3702482 | $4160023 | $5659377 |
| Portfolio turnover rate J | 65% I,K<br>| 58% K | 55% K | 52% K | 62% K | 58% K |

---

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

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

C*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 for periods of less than one year are not annualized.*

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

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

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended February 28, 2026

**1. Organization.**

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

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

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated 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 High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities | Less than .005% |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| 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.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the twelve month period ended December 31, 2025 was 9.71%.

**4. 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 consolidated 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 consolidated 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 consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $672911400 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 13.0 / 8.1 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 18.0 - 89.5 / 86.0 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 15.5 - 27.9 / 20.6 | Increase |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.5% | Increase |
|  |  |  | Volatility | 80.0% | Increase |
|  |  |  | Term | 1.0 | Increase |
| Convertible Corporate Bonds | $7389655 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.9 | Increase |
| Convertible Preferred Stocks | $120798400 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 19.0 / 9.1 | Increase |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.5% | Increase |
|  |  |  | Volatility | 55.0% | Increase |
|  |  |  | Term | 3.0 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

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 February 28, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated 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 consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated 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 short-term capital gain dividends, foreign currency transactions, options transactions, passive foreign investment companies (PFIC), partnerships, redemptions in-kind 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** | $9357076865 |
| **Gross unrealized depreciation** | <u>(814664241)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$8542412624</u> |
| **Tax cost** | <u>$24107156230</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 Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Puritan Fund** | Fidelity Private Credit Company LLC | 5780002 | - |

---

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Puritan Fund** | 68160600 | .21 |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**5. 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Consolidated 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 Consolidated 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 Consolidated Schedule of Investments under the caption "Written Options".

**6. 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 Puritan Fund** | 10487283030 | 12157500744 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Puritan Fund** | 593046 | 346465 | 6297910 | 6644375 | 15994461 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Puritan Fund** | 7204781 | 4006646 | 70623899 | 74630545 | 191460025 |

---

**7. 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 %** |
| **Puritan** | .47 |
| **Class K** | .39 |

---

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 %** |
| **Puritan** | .45 |
| **Class K** | .39 |

---

**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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Puritan Fund** | $1063192 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Puritan Fund** | 165198 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Puritan Fund** | Borrower | 35913750 | 4.36% | 69616 |

---

**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 Puritan Fund** | 476611916 | 1011004977 | 112886057 |

---

**8. 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 Consolidated 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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Puritan Fund** | 17220 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**9. 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 Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated 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 Consolidated 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 Consolidated Statement of Operations in security lending. 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 Puritan Fund** | 11246 | - | - |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until December 31, 2026. During the period, this waiver reduced the Fund's management fee by $175,686.

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **February 28, 2026** | **Year ended**<br> **August 31, 2025** |
| **Fidelity Puritan Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Puritan | $1692259665 | $3021164767 |
| Class K | <u>174199368</u> | <u>342353713</u> |
| Total  | <u>$1866459033</u> | <u>$3363518480</u> |

---

**12. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **February 28, 2026**  | **Year ended**<br> **August 31, 2025** | **Six months ended** <br> **February 28, 2026**  | **Year ended**<br> **August 31, 2025** |
| **Fidelity Puritan Fund** |  |  |  |  |
| **Puritan** |  |  |  |  |
| Shares sold | 42505447 | 99355294 | $1125464843 | $2512212440 |
| Reinvestment of distributions  | 61338275 | 112943922 | 1575212277 | 2817707494 |
| Shares redeemed | <u>(97215577)</u> | <u>(172672011)</u> | <u>(2575936443)</u> | <u>(4325077549)</u> |
| Net increase (decrease) | <u>6628145</u> | <u>39627205</u> | <u>$124740677</u> | <u>$1004842385</u> |
| **Class K** |  |  |  |  |
| Shares sold | 6860680 | 16237143 | $181605710 | $408167345 |
| Reinvestment of distributions  | 6789218 | 13732699 | 174153192 | 342340336 |
| Shares redeemed | <u>(20896115)</u> | <u>(44689024)</u> | <u>(552103267)</u> | <u>(1131033744)</u> |
| Net increase (decrease) | <u>(7246217)</u> | <u>(14719182)</u> | <u>$(196344365)</u> | <u>$(380526063)</u> |

---

**13. 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.

**14. 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.

**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 consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated 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.

![](img126672_4.jpg)<br>

1.700677.128 PUR-SANN-0426

**Fidelity® Balanced K6 Fund**

**Semi-Annual Report**

**February 28, 2026**

![](img126686_1.jpg)

![](img126686_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_BAL-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Balanced K6 Fund](#Sub_Sec_Fund_3460_BAL-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3460_BAL-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BAL-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BAL-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BAL-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BAL-K6-SANN)** |

---

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

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 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 (Semi-Annual Report)**

**Fidelity® Balanced K6 Fund**

**Schedule of Investments February 28, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 63.6%** | &nbsp;&nbsp;**Common Stocks - 63.6%** | &nbsp;&nbsp;**Common Stocks - 63.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 23380 | 6969991 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 5083 | 831833 |
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 16515 | 1184823 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 20098 | 1219686 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Athabasca Oil Corp (b) | 385212 | 2490796 |
| Imperial Oil Ltd (c) | 43422 | 5078978 |
| TOTAL ENERGY |  | 7569774 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 14962 | 528586 |
| TOTAL CANADA |  | 10502869 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 8441 | 320589 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Amundi SA (g)(h) | 15447 | 1479339 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 11095 | 462107 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 2589 | 285385 |
| TOTAL GERMANY |  | 747492 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 38646 | 1308554 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Disco Corp  | 2128 | 1023154 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| SK Hynix Inc  | 9440 | 6955058 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 12263 | 1843606 |
| TOTAL KOREA (SOUTH) |  | 8798664 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 3856 | 2957244 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASM International NV  | 1015 | 856557 |
| NXP Semiconductors NV  | 13978 | 3173146 |
| TOTAL INFORMATION TECHNOLOGY |  | 4029703 |
| TOTAL NETHERLANDS |  | 6986947 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 8303 | 1123894 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 6408 | 297844 |
| TAIWAN - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Chroma ATE Inc  | 103000 | 4531658 |
| Delta Electronics Inc  | 138000 | 6291526 |
|  |  | 10823184 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Jentech Precision Industrial Co Ltd  | 15000 | 1492061 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 163826 | 10171931 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 28303 | 10601738 |
|  |  | 22265730 |
| TOTAL TAIWAN |  | 33088914 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (b)(e) | 2 | 0 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 32292 | 724198 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 38957 | 2440656 |
| TOTAL CONSUMER STAPLES |  | 3164854 |
| Financials - 0.2% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (d)(e) | 182820 | 537103 |
| Insurance - 0.2% |  |  |
| Hiscox Ltd  | 144145 | 3007098 |
| TOTAL FINANCIALS |  | 3544201 |
| TOTAL UNITED KINGDOM |  | 6709055 |
| UNITED STATES - 60.1%  |  |  |
| Communication Services - 7.1% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AST SpaceMobile Inc Class A (b) | 13859 | 1097494 |
| AT&T Inc  | 210349 | 5891876 |
| Verizon Communications Inc  | 25474 | 1277266 |
|  |  | 8266636 |
| Entertainment - 0.0% |  |  |
| ROBLOX Corp Class A (b) | 9947 | 682961 |
| Take-Two Interactive Software Inc (b) | 7980 | 1687610 |
|  |  | 2370571 |
| Interactive Media & Services - 6.4% |  |  |
| Alphabet Inc Class A  | 356159 | 111036130 |
| Epic Games Inc (b)(d)(e) | 182 | 92895 |
| Meta Platforms Inc Class A  | 51044 | 33085700 |
|  |  | 144214725 |
| Media - 0.3% |  |  |
| EchoStar Corp Class A (b) | 38673 | 4467892 |
| Fox Corp Class B  | 15261 | 789452 |
| Magnite Inc (b) | 41421 | 564154 |
| Paramount Skydance Corp Class B  | 11241 | 151865 |
|  |  | 5973363 |
| TOTAL COMMUNICATION SERVICES |  | 160825295 |
| Consumer Discretionary - 6.1% |  |  |
| Automobiles - 1.1% |  |  |
| General Motors Co  | 6053 | 476431 |
| Tesla Inc (b) | 61601 | 24795019 |
|  |  | 25271450 |
| Broadline Retail - 2.6% |  |  |
| Amazon.com Inc (b) | 270047 | 56709870 |
| Etsy Inc (b) | 10180 | 558678 |
|  |  | 57268548 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 27483 | 909962 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 23419 | 1971411 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Airbnb Inc Class A (b) | 17995 | 2431304 |
| Booking Holdings Inc  | 431 | 1827160 |
| Chipotle Mexican Grill Inc (b) | 46610 | 1734824 |
| Churchill Downs Inc  | 12735 | 1170729 |
| Domino's Pizza Inc  | 4402 | 1771849 |
| DoorDash Inc Class A (b) | 3620 | 638821 |
| DraftKings Inc Class A (b) | 41585 | 991386 |
| Dutch Bros Inc Class A (b) | 10459 | 560707 |
| Expedia Group Inc Class A  | 2365 | 510107 |
| Marriott International Inc/MD Class A1  | 11108 | 3795938 |
| Starbucks Corp  | 23450 | 2298569 |
| Wyndham Hotels & Resorts Inc  | 13474 | 1102173 |
| Yum! Brands Inc  | 15486 | 2604126 |
|  |  | 21437693 |
| Household Durables - 0.1% |  |  |
| PulteGroup Inc  | 16861 | 2313330 |
| Somnigroup International Inc  | 10495 | 939407 |
|  |  | 3252737 |
| Specialty Retail - 1.1% |  |  |
| Bob's Discount Furniture Inc  | 23356 | 496081 |
| Dick's Sporting Goods Inc  | 4677 | 952378 |
| Floor & Decor Holdings Inc Class A (b) | 14772 | 1020597 |
| Home Depot Inc/The  | 13743 | 5232235 |
| Lithia Motors Inc Class A  | 3020 | 844332 |
| Lowe's Cos Inc  | 37194 | 9840417 |
| Ross Stores Inc  | 27704 | 5697051 |
| Valvoline Inc (b)(c) | 12871 | 486523 |
|  |  | 24569614 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| NIKE Inc Class B  | 45486 | 2828320 |
| PVH Corp  | 13594 | 932548 |
|  |  | 3760868 |
| TOTAL CONSUMER DISCRETIONARY |  | 138442283 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 148312 | 12096327 |
| Constellation Brands Inc Class A  | 6213 | 980783 |
| Keurig Dr Pepper Inc  | 112802 | 3415645 |
| Monster Beverage Corp (b) | 16320 | 1392096 |
| PepsiCo Inc  | 22520 | 3822545 |
|  |  | 21707396 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 10570 | 1044209 |
| Costco Wholesale Corp  | 10140 | 10249411 |
| Kroger Co/The  | 20028 | 1366711 |
| Target Corp  | 14221 | 1618208 |
| Walmart Inc  | 95386 | 12204639 |
|  |  | 26483178 |
| Food Products - 0.2% |  |  |
| Bunge Global SA  | 4997 | 602888 |
| General Mills Inc  | 1668 | 75443 |
| Lamb Weston Holdings Inc  | 4396 | 211843 |
| McCormick & Co Inc/MD  | 4572 | 324795 |
| Mondelez International Inc  | 43132 | 2656069 |
|  |  | 3871038 |
| Household Products - 0.5% |  |  |
| Colgate-Palmolive Co  | 11637 | 1153692 |
| Procter & Gamble Co/The  | 66757 | 11161771 |
|  |  | 12315463 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 6310 | 690756 |
| Kenvue Inc  | 125504 | 2399636 |
|  |  | 3090392 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 27741 | 5182851 |
| TOTAL CONSUMER STAPLES |  | 72650318 |
| Energy - 1.8% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 32359 | 1661311 |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Chevron Corp  | 24569 | 4588506 |
| ConocoPhillips  | 48777 | 5534238 |
| Excelerate Energy Inc Class A  | 11284 | 454181 |
| Exxon Mobil Corp  | 134402 | 20496305 |
| Murphy Oil Corp  | 33714 | 1117619 |
| Phillips 66  | 13650 | 2106605 |
| Shell PLC ADR  | 33458 | 2794078 |
| Valero Energy Corp  | 14349 | 2936379 |
|  |  | 40027911 |
| TOTAL ENERGY |  | 41689222 |
| Financials - 7.7% |  |  |
| Banks - 2.4% |  |  |
| Bank of America Corp  | 316591 | 15775730 |
| BOK Financial Corp  | 8363 | 1051396 |
| Citigroup Inc  | 54315 | 5984970 |
| JPMorgan Chase & Co  | 19472 | 5847442 |
| KeyCorp  | 80204 | 1663431 |
| M&T Bank Corp  | 11242 | 2439289 |
| Truist Financial Corp  | 66499 | 3279066 |
| UMB Financial Corp  | 10447 | 1210598 |
| US Bancorp  | 66265 | 3622045 |
| Wells Fargo & Co  | 155459 | 12662136 |
| Wintrust Financial Corp  | 8819 | 1270465 |
|  |  | 54806568 |
| Capital Markets - 1.9% |  |  |
| Blackrock Inc  | 5238 | 5569199 |
| Blue Owl Capital Inc Class A  | 116535 | 1229444 |
| Carlyle Group Inc/The  | 21987 | 1143104 |
| Charles Schwab Corp/The  | 78206 | 7445211 |
| Evercore Inc Class A  | 4137 | 1277671 |
| Intercontinental Exchange Inc  | 25276 | 4148550 |
| KKR & Co Inc Class A  | 48524 | 4254584 |
| MarketAxess Holdings Inc  | 11134 | 2137728 |
| Moody's Corp  | 6945 | 3316863 |
| Nasdaq Inc  | 30794 | 2696939 |
| Northern Trust Corp  | 11055 | 1581860 |
| Raymond James Financial Inc  | 16476 | 2522146 |
| State Street Corp  | 22847 | 2938581 |
| Virtu Financial Inc Class A  | 45557 | 1886515 |
|  |  | 42148395 |
| Consumer Finance - 0.2% |  |  |
| Capital One Financial Corp  | 23136 | 4526327 |
| SLM Corp  | 49390 | 925569 |
|  |  | 5451896 |
| Financial Services - 1.9% |  |  |
| Apollo Global Management Inc  | 29072 | 3040931 |
| Berkshire Hathaway Inc Class A (b) | 4 | 3028000 |
| Berkshire Hathaway Inc Class B (b) | 9676 | 4885896 |
| Corpay Inc (b) | 8540 | 2776354 |
| Mastercard Inc Class A  | 51738 | 26759412 |
| Voya Financial Inc  | 23371 | 1563052 |
|  |  | 42053645 |
| Insurance - 1.3% |  |  |
| American Financial Group Inc/OH  | 17699 | 2353613 |
| Arthur J Gallagher & Co  | 18872 | 4306590 |
| Assurant Inc  | 4772 | 1095603 |
| Baldwin Insurance Group Inc/The Class A (b) | 77592 | 1802462 |
| Brown & Brown Inc  | 48450 | 3479679 |
| Chubb Ltd  | 24776 | 8445148 |
| Hartford Insurance Group Inc/The  | 17801 | 2506915 |
| Reinsurance Group of America Inc  | 16635 | 3588669 |
| Unum Group  | 19840 | 1423123 |
|  |  | 29001802 |
| TOTAL FINANCIALS |  | 173462306 |
| Health Care - 5.5% |  |  |
| Biotechnology - 1.2% |  |  |
| AbbVie Inc  | 44010 | 10213841 |
| Alnylam Pharmaceuticals Inc (b) | 303 | 100874 |
| BeOne Medicines Ltd ADR (b) | 1950 | 618131 |
| Caris Life Sciences Inc (b) | 26054 | 524728 |
| Cogent Biosciences Inc (b) | 29113 | 1131040 |
| Gilead Sciences Inc  | 70640 | 10521828 |
| Insmed Inc (b) | 2255 | 336739 |
| Kymera Therapeutics Inc (b) | 5900 | 538965 |
| Moderna Inc (b) | 32188 | 1724311 |
| Nuvalent Inc Class A (b) | 11263 | 1148263 |
| Praxis Precision Medicines Inc (b) | 1155 | 388946 |
| Roivant Sciences Ltd (b) | 9565 | 276811 |
| Travere Therapeutics Inc (b) | 9853 | 293521 |
|  |  | 27817998 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Boston Scientific Corp (b) | 70699 | 5433218 |
| Edwards Lifesciences Corp (b) | 46615 | 4030799 |
| Insulet Corp (b) | 1601 | 394823 |
| Intuitive Surgical Inc (b) | 5753 | 2896693 |
| Medline Inc Class A  | 30347 | 1441786 |
| Shoulder Innovations Inc  | 18076 | 245110 |
| Stryker Corp  | 8154 | 3159349 |
|  |  | 17601778 |
| Health Care Providers & Services - 0.8% |  |  |
| Cencora Inc  | 16967 | 6314099 |
| Cigna Group/The  | 2759 | 799613 |
| CVS Health Corp  | 62903 | 5025950 |
| HCA Healthcare Inc  | 2996 | 1586981 |
| Henry Schein Inc (b) | 19522 | 1608418 |
| Tenet Healthcare Corp (b) | 3228 | 772751 |
| UnitedHealth Group Inc  | 8896 | 2608930 |
|  |  | 18716742 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Danaher Corp  | 34347 | 7234852 |
| Repligen Corp (b) | 2538 | 326717 |
| Thermo Fisher Scientific Inc  | 7647 | 3984928 |
|  |  | 11546497 |
| Pharmaceuticals - 2.2% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 31064 | 471241 |
| Elanco Animal Health Inc (b) | 166836 | 4404470 |
| Eli Lilly & Co  | 23994 | 25241448 |
| Jazz Pharmaceuticals PLC (b) | 2806 | 533196 |
| Johnson & Johnson  | 41672 | 10352575 |
| Merck & Co Inc  | 44441 | 5502685 |
| Roche Holding AG non-voting shares  | 2822 | 1342994 |
|  |  | 47848609 |
| TOTAL HEALTH CARE |  | 123531624 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Beta Technologies Inc (f) | 4665 | 87702 |
| Boeing Co (b) | 30770 | 7001098 |
| GE Aerospace  | 41833 | 14317764 |
| Howmet Aerospace Inc  | 28264 | 7420148 |
| Lockheed Martin Corp  | 8340 | 5488387 |
| Northrop Grumman Corp  | 5202 | 3768225 |
| RTX Corp  | 12384 | 2509246 |
| Space Exploration Technologies Corp (b)(d)(e) | 2063 | 1086355 |
| Space Exploration Technologies Corp Class C (b)(d)(e) | 637 | 335438 |
| TransDigm Group Inc  | 2818 | 3671262 |
|  |  | 45685625 |
| Air Freight & Logistics - 0.1% |  |  |
| CH Robinson Worldwide Inc  | 2392 | 443118 |
| FedEx Corp  | 4660 | 1803420 |
|  |  | 2246538 |
| Building Products - 0.4% |  |  |
| Trane Technologies PLC  | 21889 | 10119722 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 12677 | 2549725 |
| Republic Services Inc  | 10994 | 2517626 |
|  |  | 5067351 |
| Construction & Engineering - 0.2% |  |  |
| MasTec Inc (b) | 952 | 283715 |
| Quanta Services Inc  | 6614 | 3724211 |
|  |  | 4007926 |
| Electrical Equipment - 0.9% |  |  |
| AMETEK Inc  | 25168 | 6020689 |
| Eaton Corp PLC  | 11366 | 4272707 |
| GE Vernova Inc  | 10360 | 9050496 |
| Nextpower Inc Class A (b) | 3785 | 397803 |
|  |  | 19741695 |
| Ground Transportation - 0.4% |  |  |
| CSX Corp  | 54728 | 2336338 |
| Old Dominion Freight Line Inc  | 13575 | 2756404 |
| Uber Technologies Inc (b) | 44307 | 3341634 |
| Union Pacific Corp  | 5900 | 1563382 |
|  |  | 9997758 |
| Machinery - 1.6% |  |  |
| Caterpillar Inc  | 11927 | 8859733 |
| Cummins Inc  | 10007 | 5842787 |
| Dover Corp  | 11729 | 2644890 |
| Ingersoll Rand Inc  | 26141 | 2460914 |
| PACCAR Inc  | 20680 | 2607541 |
| Parker-Hannifin Corp  | 10498 | 10594372 |
| Westinghouse Air Brake Technologies Corp  | 11733 | 3096925 |
|  |  | 36107162 |
| Professional Services - 0.1% |  |  |
| TransUnion  | 26197 | 2057774 |
| Trading Companies & Distributors - 0.1% |  |  |
| Fastenal Co  | 33357 | 1535756 |
| United Rentals Inc  | 1509 | 1267560 |
|  |  | 2803316 |
| TOTAL INDUSTRIALS |  | 137834867 |
| Information Technology - 18.6% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc (b) | 80731 | 10777589 |
| Cisco Systems Inc  | 73084 | 5807255 |
| Lumentum Holdings Inc (b) | 8906 | 6242304 |
| Motorola Solutions Inc  | 2763 | 1332484 |
|  |  | 24159632 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 28668 | 4187248 |
| Coherent Corp (b) | 23810 | 6165124 |
| Corning Inc  | 27956 | 4204023 |
|  |  | 14556395 |
| Semiconductors & Semiconductor Equipment - 8.3% |  |  |
| Advanced Micro Devices Inc (b) | 1271 | 254466 |
| Applied Materials Inc  | 2800 | 1042439 |
| Broadcom Inc  | 101832 | 32540416 |
| First Solar Inc (b) | 6434 | 1268785 |
| KLA Corp  | 2700 | 4116285 |
| Lam Research Corp  | 29113 | 6809240 |
| MACOM Technology Solutions Holdings Inc (b) | 15646 | 3882086 |
| Marvell Technology Inc  | 57453 | 4693336 |
| Micron Technology Inc  | 39018 | 16089853 |
| NVIDIA Corp  | 647969 | 114813627 |
| SiTime Corp (b) | 4600 | 1830248 |
|  |  | 187340781 |
| Software - 3.9% |  |  |
| Cadence Design Systems Inc (b) | 12170 | 3668038 |
| Canva Inc Class A (b)(d)(e) | 200 | 269358 |
| Datadog Inc Class A (b) | 33762 | 3779994 |
| Microsoft Corp  | 190314 | 74743920 |
| Oracle Corp  | 1428 | 207631 |
| Palantir Technologies Inc Class A (b) | 14566 | 1998310 |
| Synopsys Inc (b) | 8932 | 3697848 |
|  |  | 88365099 |
| Technology Hardware, Storage & Peripherals - 4.7% |  |  |
| Apple Inc  | 371292 | 98087921 |
| Sandisk Corp/DE (b) | 305 | 193784 |
| Seagate Technology Holdings PLC  | 18651 | 7606624 |
|  |  | 105888329 |
| TOTAL INFORMATION TECHNOLOGY |  | 420310236 |
| Materials - 1.2% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 4852 | 1337551 |
| Balchem Corp  | 2758 | 500384 |
| Chemours Co/The  | 10582 | 193016 |
| Corteva Inc  | 19535 | 1565144 |
| Dow Inc  | 22217 | 682728 |
| Ecolab Inc  | 8687 | 2678636 |
| Linde PLC  | 11200 | 5690497 |
| LyondellBasell Industries NV Class A1  | 17275 | 993658 |
| Mosaic Co/The  | 31375 | 873480 |
| Sherwin-Williams Co/The  | 3080 | 1116777 |
| Solstice Advanced Materials Inc  | 11285 | 885985 |
| Westlake Corp  | 1140 | 120133 |
|  |  | 16637989 |
| Construction Materials - 0.1% |  |  |
| CRH PLC  | 8590 | 1030628 |
| James Hardie Industries PLC (b) | 18700 | 455345 |
| Martin Marietta Materials Inc  | 2523 | 1706986 |
|  |  | 3192959 |
| Containers & Packaging - 0.1% |  |  |
| Packaging Corp of America  | 1280 | 297139 |
| Smurfit Westrock PLC  | 23560 | 1107556 |
|  |  | 1404695 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 30172 | 2054110 |
| Newmont Corp  | 21385 | 2780050 |
| Nucor Corp  | 8693 | 1537618 |
|  |  | 6371778 |
| TOTAL MATERIALS |  | 27607421 |
| Real Estate - 1.3% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 53526 | 4611800 |
| Welltower Inc  | 856 | 177295 |
|  |  | 4789095 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 20056 | 2859384 |
| Terreno Realty Corp  | 8374 | 553186 |
|  |  | 3412570 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 58624 | 571584 |
| CoStar Group Inc (b) | 13175 | 588000 |
| Jones Lang LaSalle Inc (b) | 4435 | 1399465 |
|  |  | 2559049 |
| Residential REITs - 0.1% |  |  |
| Camden Property Trust  | 22899 | 2480878 |
| Invitation Homes Inc  | 20411 | 537625 |
|  |  | 3018503 |
| Retail REITs - 0.2% |  |  |
| Federal Realty Investment Trust  | 10837 | 1178740 |
| Macerich Co/The  | 41699 | 853579 |
| NNN REIT Inc  | 11540 | 522993 |
| Tanger Inc  | 24930 | 923906 |
|  |  | 3479218 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 19975 | 3832404 |
| Equinix Inc  | 3859 | 3759669 |
| Extra Space Storage Inc  | 13223 | 1997070 |
| Four Corners Property Trust Inc  | 16301 | 416001 |
| Iron Mountain Inc  | 12695 | 1375249 |
|  |  | 11380393 |
| TOTAL REAL ESTATE |  | 28638828 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.1% |  |  |
| Alliant Energy Corp  | 9241 | 668494 |
| American Electric Power Co Inc  | 9879 | 1322008 |
| Constellation Energy Corp  | 9800 | 3232825 |
| Duke Energy Corp  | 17500 | 2289875 |
| Entergy Corp  | 17283 | 1851182 |
| Evergy Inc  | 13520 | 1131083 |
| Exelon Corp  | 36384 | 1799916 |
| NextEra Energy Inc  | 57594 | 5400590 |
| NRG Energy Inc  | 15020 | 2687979 |
| PG&E Corp  | 76784 | 1458896 |
| PPL Corp  | 31130 | 1213447 |
| Southern Co/The  | 8951 | 871648 |
| Xcel Energy Inc  | 20618 | 1718716 |
|  |  | 25646659 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 9990 | 172627 |
| Vistra Corp  | 11635 | 2023210 |
|  |  | 2195837 |
| Multi-Utilities - 0.3% |  |  |
| Ameren Corp  | 12288 | 1391985 |
| CenterPoint Energy Inc  | 31532 | 1371642 |
| NiSource Inc  | 23488 | 1110982 |
| Sempra  | 23180 | 2231539 |
|  |  | 6106148 |
| TOTAL UTILITIES |  | 33948644 |
| TOTAL UNITED STATES |  | 1358941044 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 14443 | 432427 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $840,881,481) |  | <br> **1439562610** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Bytedance Ltd Series E1 (b)(d)(e) | 1863 | 457273 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(d)(e) | 957 | 188921 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(d)(e) | 6632 | 9948 |
| UNITED STATES - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (b)(d)(e) | 1516 | 249109 |
| Waymo LLC Series D-2 (d)(e) | 1700 | 279337 |
| TOTAL CONSUMER DISCRETIONARY |  | 528446 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A8 (b)(d)(e) | 2024 | 526 |
| ABL Space Systems Co Series A9 (b)(d)(e) | 1315 | 342 |
| TOTAL INDUSTRIALS |  | 868 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astranis Space Technologies Corp Series C (b)(d)(e) | 6103 | 138050 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cerebras Systems Inc Series H (d)(e) | 300 | 26706 |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(d)(e) | 3298 | 16193 |
| Software - 0.3% |  |  |
| Algolia Inc Series D (b)(d)(e) | 3612 | 49448 |
| Anthropic PBC Series F (d)(e) | 2200 | 570108 |
| Anthropic PBC Series G (d)(e) | 6200 | 1606669 |
| Databricks Inc Series G (b)(d)(e) | 444 | 79787 |
| Databricks Inc Series H (b)(d)(e) | 2574 | 462548 |
| Databricks Inc Series L (d)(e) | 399 | 71700 |
| OpenAI Group Pbc Series A-2 (d)(e) | 602 | 417728 |
| OpenAI Group Pbc Series A-3 (d)(e) | 77 | 53430 |
| Skyryse Inc Series B (b)(d)(e) | 7300 | 190968 |
| World Labs Technologies Inc Series C (d)(e) | 1100 | 346236 |
| World Labs Technologies Inc Series C PRIME (d)(e) | 1363 | 461008 |
|  |  | 4309630 |
| TOTAL INFORMATION TECHNOLOGY |  | 4490579 |
| TOTAL UNITED STATES |  | 5019893 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,677,953) |  | <br> **5676035** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 34.4%** | &nbsp;&nbsp;**Fixed-Income Funds - 34.4%** | &nbsp;&nbsp;**Fixed-Income Funds - 34.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Investment Grade Bond Central Fund (i)<br>(Cost $785,099,457)<br>| 7718877 | **778525893** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (b)(d)<br>(Cost $217,133)<br>| 12063 | **71171** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 3/19/2026 (k) | 3.56 to 3.57 | 570000 | 569023 |
| US Treasury Bills 0% 5/28/2026 (k) | 3.63 | 1230000 | 1219349 |
| US Treasury Bills 0% 5/7/2026 (k) | 3.62 | 150000 | 149010 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,937,189) |  |  | **1937382** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.70 | 37907771 | 37915353 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.69 | 6066993 | 6067600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $43,982,953) |  |  | **43982953** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,676,796,166)<br>| <br>**2269756044** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(5134163)** |
| **NET ASSETS - 100.0%** | **2264621881** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 78 | 3/2026 | 26867100 | 12372 |
| The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. |

---

**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) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,997,184 or 0.4% of net assets.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $87,702 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,479,339 or 0.1% of net assets.

(h) 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 $1,479,339 or 0.1% of net assets.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(j) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(k) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,937,382.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A8 | 3/24/2021 | 80344 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 79963 |
| Algolia Inc Series D | 7/23/2021 | 105633 |
| Anthropic PBC Series F | 8/18/2025 | 310129 |
| Anthropic PBC Series G | 1/27/2026 | 1606646 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 133783 |
| Bolt Technology OU Series E | 1/3/2022 | 248625 |
| Bytedance Ltd Series E1 | 11/18/2020 | 204137 |
| Canva Inc Class A | 8/19/2025 - 11/12/2025 | 329228 |
| Cazoo Group Ltd | 3/28/2021 | 46072 |
| Cerebras Systems Inc Series H | 1/30/2026 | 26705 |
| Databricks Inc Series G | 2/1/2021 | 26250 |
| Databricks Inc Series H | 8/31/2021 | 189149 |
| Databricks Inc Series L | 12/18/2025 | 75810 |
| Epic Games Inc | 3/29/2021 | 161070 |
| Gupshup Inc | 6/8/2021 | 75409 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 113208 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 23700 |
| Skyryse Inc Series B | 10/21/2021 | 180164 |
| Space Exploration Technologies Corp | 2/16/2021 - 12/12/2025 | 104385 |
| Space Exploration Technologies Corp Class C | 12/9/2024 - 12/12/2025 | 132713 |
| Starling Bank Ltd | 6/18/2021 | 326861 |
| Waymo LLC Series C2 | 10/18/2024 | 118553 |
| Waymo LLC Series D-2 | 2/2/2026 | 279337 |
| World Labs Technologies Inc Series C | 2/17/2026 | 286262 |
| World Labs Technologies Inc Series C PRIME | 2/17/2026 | 461117 |
| Xsight Labs Ltd Series D | 2/16/2021 | 53029 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 | 22763380 | 217727184 | 202574721 | 595843 | (490) | - | 37915353 | 37907771 | 0.1% |
| Fidelity High Income Central Fund | 2 | - | 2 | - | - | - | - | - | 0.0% |
| Fidelity Investment Grade Bond Central Fund | 734554332 | 49923269 | 19527975 | 16121059 | (1971738) | 15548005 | 778525893 | 7718877 | 1.8% |
| Fidelity Securities Lending Cash Central Fund | 4467435 | 31454469 | 29854375 | 6710 | 71 | - | 6067600 | 6066993 | 0.0% |
| Total | 761785149 | 299104922 | 251957073 | 16723612 | (1972157) | 15548005 | 822508846 |  |  |

---

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 February 28, 2026, 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 | 160825295 | 160732400 | - | 92895 |
| Consumer Discretionary | 140707646 | 140707646 | - | - |
| Consumer Staples | 77034858 | 76310660 | 724198 | - |
| Energy | 49258996 | 49258996 | - | - |
| Financials | 179609740 | 179072637 | - | 537103 |
| Health Care | 135052798 | 133709804 | 1342994 | - |
| Industrials | 137834867 | 136413074 | - | 1421793 |
| Information Technology | 467250671 | 455786228 | 11195085 | 269358 |
| Materials | 29400267 | 29400267 | - | - |
| Real Estate | 28638828 | 28638828 | - | - |
| Utilities | 33948644 | 33948644 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 457273 | - | - | 457273 |
| Consumer Discretionary | 528446 | - | - | 528446 |
| Industrials | 868 | - | - | 868 |
| Information Technology | 4689448 | - | - | 4689448 |
|  **Fixed-Income Funds** | 778525893 | 778525893 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 71171 | - | - | 71171 |
|  **U.S. Treasury Obligations** | 1937382 | - | 1937382 | - |
|  **Money Market Funds** | 43982953 | 43982953 | - | - |
| **Total Investments in Securities:** | 2269756044 | 2246488030 | 15199659 | 8068355 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 12372 | 12372 | - | - |
| Total Assets | 12372 | 12372 | - | - |
| **Total Derivative Instruments:** | 12372 | 12372 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2026. 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** |  |  |
| Futures Contracts (a)  | 12372 | - |
| **Total Equity Risk**  | 12372 | - |
| **Total Value of Derivatives** | 12372 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,820,787) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $847,713,756) | $1447247198 |  |
| Fidelity Central Funds (cost $829,082,410) | 822508846 |  |
| Total Investment in Securities (cost $1,676,796,166) |  | $2269756044 |
| Cash |  | 38880 |
| Foreign currency held at value (cost $2,556) |  | 2729 |
| Receivable for investments sold |  | 1654002 |
| Receivable for fund shares sold |  | 2289256 |
| Dividends receivable |  | 1179064 |
| Distributions receivable from Fidelity Central Funds |  | 116474 |
| Other receivables |  | 11778 |
| **Total assets** |  | 2275048227 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1849355 |  |
| Payable for fund shares redeemed | 1785232 |  |
| Accrued management fee | 603259 |  |
| Payable for daily variation margin on futures contracts | 120900 |  |
| Collateral on securities loaned | 6067600 |  |
| **Total liabilities** |  | 10426346 |
| **Net Assets**  |  | $2264621881 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1613877441 |
| Total accumulated earnings (loss) |  | 650744440 |
| **Net Assets** |  | $2264621881 |
| **Net Asset Value**, offering price and redemption price per share ($2,264,621,881 ÷ 127,761,607 shares) |  | $17.73 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6921186 |
| Interest  |  | 32818 |
| Income from Fidelity Central Funds (including $6,710 from security lending)  |  | 16723612 |
| Security lending |  | 55 |
| **Total income** |  | 23677671 |
| **Expenses** |  |  |
| Management fee | $3516848 |  |
| Independent trustees' fees and expenses | 4320 |  |
| Total expenses before reductions | 3521168 |  |
| Expense reductions | (351) |  |
| Total expenses after reductions |  | 3520817 |
| **Net Investment income (loss)** |  | 20156854 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $64,600)  | 88082954 |  |
| Fidelity Central Funds | (1972157) |  |
| Foreign currency transactions | (29943) |  |
| Futures contracts | 533918 |  |
| Total net realized gain (loss) |  | 86614772 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $54,841)  | 58299104 |  |
| Fidelity Central Funds  | 15548005 |  |
| Assets and liabilities in foreign currencies | (1701) |  |
| Futures contracts | (286467) |  |
| Total change in net unrealized appreciation (depreciation) |  | 73558941 |
| **Net gain (loss)** |  | 160173713 |
| **Net increase (decrease) in net assets resulting from operations** |  | $180330567 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)** | **Year ended**<br> **August 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20156854 | $42133347 |
| &nbsp;&nbsp;Net realized gain (loss) | 86614772<br>| 76244919<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 73558941 | 107735560<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 180330567<br>| 226113826<br>|
| Distributions to shareholders | (113404060)<br>| (58867524)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 271233746 | 708735059 |
| Reinvestment of distributions | 113282785<br>| 52168683<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (285897456) | (764954397) |
| **Net increase (decrease) in net assets resulting from share transactions** | 98619075<br>| (4050655)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 165545582<br>| 163195647<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2099076299 | 1935880652<br>|
| &nbsp;&nbsp;End of period | $2264621881 | $2099076299 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15456753 | 43913598 |
| Issued in reinvestment of distributions | 6644475<br>| 3277241<br>|
| &nbsp;&nbsp;Redeemed | (16326571) | (46982607) |
| &nbsp;&nbsp;Net increase (decrease) | 5774657 | 208232 |

---

**Financial Highlights** 

**Fidelity® Balanced K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.21 | $15.90 | $13.50 | $12.53 | $14.97 | $12.24 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .32  | .30  | .24  | .17  | .16  |
| Net realized and unrealized gain (loss)  | 1.28  | 1.45  | 2.38  | 1.20  | (1.98)  | 2.87  |
| Total from investment operations  | 1.44  | 1.77  | 2.68  | 1.44  | (1.81)  | 3.03  |
| Distributions from net investment income  | (.18)  | (.32)  | (.28)  | (.22)  | (.16)  | (.14)  |
| Distributions from net realized gain  | (.75)  | (.14)  | -  | (.24)  | (.47)  | (.16)  |
| Total distributions  | (.92) C | (.46)  | (.28)  | (.47) C | (.63)  | (.30)  |
| Net asset value, end of period  | $17.73 | $17.21 | $15.90 | $13.50 | $12.53 | $14.97 |
| **Total Return** D,E | 8.67% <br>| 11.38%  | 20.11%  | 12.09%  | (12.52)%  | 25.14%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .32% H | .32%  | .32%  | .32%  | .32%  | .32%  |
| Expenses net of fee waivers, if any  | .32% H<br>| .32%  | .32%  | .32%  | .32%  | .32%  |
| Expenses net of all reductions, if any  | .32% H | .32%  | .32%  | .32%  | .32%  | .32%  |
| Net investment income (loss)  | 1.84% H | 2.01%  | 2.04%  | 1.91%  | 1.23%  | 1.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2264622 | $2099076 | $1935881 | $1601596 | $1137911 | $957453 |
| Portfolio turnover rate I,J | 36% H<br>| 53%  | 25%  | 33%  | 38%  | 42%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended February 28, 2026

**1. Organization.**

Fidelity Balanced K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| 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.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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. U.S. government and government agency obligations 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2026 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to the short-term capital gains dividends, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, 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** | $635605811 |
| **Gross unrealized depreciation** | <u>(47805531)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$587800280</u> |
| **Tax cost** | <u>$1681968136</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.

**4. Derivative Instruments.**

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

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

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

---

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

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Balanced K6 Fund** | 386252123 | 424187155 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Balanced K6 Fund** | 1571267 | 27701436 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Balanced K6 Fund** | 2685588 | 43807188 |

---

**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 that is based on an annual rate of .32% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Balanced K6 Fund** | 5946 |

---

**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 Balanced K6 Fund** | 25235348 | 32470249 | 4869001 |

---

**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 borne by the investment adviser.

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 2027 unless extended or renewed.

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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 Balanced K6 Fund** | 748 | - | - |

---

**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 by $351.

**10. Other.**

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

**11. 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.

**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.

![](img126686_4.jpg)<br>

1.9893902.106 BAL-K6-SANN-0426

**Fidelity® Balanced Fund**

**Semi-Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126687_1.jpg)

![](img126687_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_BAL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Balanced Fund](#Sub_Sec_Fund_304_BAL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements304_BAL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BAL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BAL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BAL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BAL-SANN)** |

---

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 (Semi-Annual Report)**

**Fidelity® Balanced Fund**

**Schedule of Investments February 28, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 63.1%** | &nbsp;&nbsp;**Common Stocks - 63.1%** | &nbsp;&nbsp;**Common Stocks - 63.1%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 651721 | 194289552 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 139908 | 22895944 |
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (c) | 455610 | 32686481 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 550029 | 33379569 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Athabasca Oil Corp (b) | 11123570 | 71925433 |
| Imperial Oil Ltd  | 1217528 | 142411637 |
| TOTAL ENERGY |  | 214337070 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 411618 | 14541895 |
| TOTAL CANADA |  | 294945015 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 236191 | 8970534 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Amundi SA (g)(h) | 421900 | 40404806 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 305600 | 12728240 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 72001 | 7936670 |
| TOTAL GERMANY |  | 20664910 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 1077401 | 36480798 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Disco Corp  | 58072 | 27921343 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| SK Hynix Inc  | 239190 | 176226730 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 373910 | 56213207 |
| TOTAL KOREA (SOUTH) |  | 232439937 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 107511 | 82452336 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASM International NV  | 28485 | 24038455 |
| NXP Semiconductors NV  | 359100 | 81519291 |
| TOTAL INFORMATION TECHNOLOGY |  | 105557746 |
| TOTAL NETHERLANDS |  | 188010082 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 229600 | 31078656 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 178019 | 8274323 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Chroma ATE Inc  | 2905000 | 127810368 |
| Delta Electronics Inc  | 3865000 | 176208315 |
|  |  | 304018683 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Jentech Precision Industrial Co Ltd  | 439000 | 43667666 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4237000 | 263074666 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 714497 | 267636286 |
|  |  | 574378618 |
| TOTAL TAIWAN |  | 878397301 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (b)(e) | 219 | 0 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 898302 | 20145799 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 1083604 | 67887791 |
| TOTAL CONSUMER STAPLES |  | 88033590 |
| Financials - 0.2% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (d)(e) | 5751413 | 16896944 |
| Insurance - 0.2% |  |  |
| Hiscox Ltd  | 3938037 | 82153839 |
| TOTAL FINANCIALS |  | 99050783 |
| TOTAL UNITED KINGDOM |  | 187084373 |
| UNITED STATES - 59.7%  |  |  |
| Communication Services - 7.2% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 426000 | 33734940 |
| AT&T Inc  | 6469805 | 181219238 |
| Verizon Communications Inc  | 876700 | 43957738 |
|  |  | 258911916 |
| Entertainment - 0.1% |  |  |
| ROBLOX Corp Class A (b) | 308800 | 21202208 |
| Take-Two Interactive Software Inc (b) | 241372 | 51045351 |
|  |  | 72247559 |
| Interactive Media & Services - 6.4% |  |  |
| Alphabet Inc Class A  | 9329458 | 2908551826 |
| Epic Games Inc (b)(d)(e) | 13987 | 7139104 |
| Meta Platforms Inc Class A  | 1574242 | 1020392180 |
|  |  | 3936083110 |
| Media - 0.3% |  |  |
| EchoStar Corp Class A (b)(c) | 1187400 | 137180322 |
| Fox Corp Class B  | 474100 | 24525193 |
| Magnite Inc (b) | 1360189 | 18525774 |
| Paramount Skydance Corp Class B  | 309700 | 4184047 |
|  |  | 184415336 |
| TOTAL COMMUNICATION SERVICES |  | 4451657921 |
| Consumer Discretionary - 6.1% |  |  |
| Automobiles - 1.1% |  |  |
| General Motors Co  | 164225 | 12926149 |
| Tesla Inc (b) | 1696821 | 682987421 |
|  |  | 695913570 |
| Broadline Retail - 2.5% |  |  |
| Amazon.com Inc (b) | 7472469 | 1569218490 |
| Etsy Inc (b) | 275854 | 15138868 |
|  |  | 1584357358 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 750561 | 24851075 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 646193 | 54396527 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (b) | 495523 | 66950113 |
| Booking Holdings Inc  | 11964 | 50719583 |
| Chipotle Mexican Grill Inc (b) | 1283808 | 47783334 |
| Churchill Downs Inc  | 351430 | 32306960 |
| Domino's Pizza Inc  | 121199 | 48783809 |
| DoorDash Inc Class A (b) | 99700 | 17594059 |
| DraftKings Inc Class A (b) | 1146424 | 27330748 |
| Dutch Bros Inc Class A (b) | 284537 | 15254029 |
| Expedia Group Inc Class A  | 65100 | 14041419 |
| Marriott International Inc/MD Class A1  | 305917 | 104541016 |
| Starbucks Corp  | 645866 | 63307785 |
| Wyndham Hotels & Resorts Inc  | 373184 | 30526451 |
| Yum! Brands Inc  | 426492 | 71718895 |
|  |  | 590858201 |
| Household Durables - 0.1% |  |  |
| PulteGroup Inc  | 464431 | 63719933 |
| Somnigroup International Inc  | 290527 | 26005072 |
|  |  | 89725005 |
| Specialty Retail - 1.1% |  |  |
| Bob's Discount Furniture Inc  | 640300 | 13599972 |
| Dick's Sporting Goods Inc  | 129719 | 26414680 |
| Floor & Decor Holdings Inc Class A (b) | 410160 | 28337954 |
| Home Depot Inc/The  | 378578 | 144132216 |
| Lithia Motors Inc Class A  | 82768 | 23140277 |
| Lowe's Cos Inc  | 1034632 | 273732589 |
| Ross Stores Inc  | 763205 | 156945476 |
| Valvoline Inc (b)(c) | 354600 | 13403880 |
|  |  | 679707044 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| NIKE Inc Class B  | 1252912 | 77906068 |
| PVH Corp  | 374506 | 25691112 |
|  |  | 103597180 |
| TOTAL CONSUMER DISCRETIONARY |  | 3823405960 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 4125411 | 336468522 |
| Constellation Brands Inc Class A  | 172818 | 27281049 |
| Keurig Dr Pepper Inc  | 3137593 | 95006316 |
| Monster Beverage Corp (b) | 453937 | 38720826 |
| PepsiCo Inc  | 626393 | 106323948 |
|  |  | 603800661 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 289779 | 28627267 |
| Costco Wholesale Corp  | 282061 | 285104438 |
| Kroger Co/The  | 557088 | 38015685 |
| Target Corp  | 395570 | 45011910 |
| Walmart Inc  | 2653238 | 339481803 |
|  |  | 736241103 |
| Food Products - 0.2% |  |  |
| Bunge Global SA  | 139047 | 16776021 |
| General Mills Inc  | 46400 | 2098671 |
| Lamb Weston Holdings Inc  | 120729 | 5817931 |
| McCormick & Co Inc/MD  | 127200 | 9036288 |
| Mondelez International Inc  | 1197676 | 73752888 |
|  |  | 107481799 |
| Household Products - 0.6% |  |  |
| Colgate-Palmolive Co  | 323700 | 32091618 |
| Procter & Gamble Co/The  | 1856903 | 310474182 |
|  |  | 342565800 |
| Personal Care Products - 0.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 175508 | 19212860 |
| Kenvue Inc  | 3490942 | 66746811 |
|  |  | 85959671 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 771620 | 144161765 |
| TOTAL CONSUMER STAPLES |  | 2020210799 |
| Energy - 1.9% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SLB Ltd  | 911377 | 46790095 |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Chevron Corp  | 688766 | 128633938 |
| ConocoPhillips  | 1365684 | 154950507 |
| Excelerate Energy Inc Class A  | 317300 | 12771324 |
| Exxon Mobil Corp  | 3768905 | 574758013 |
| Murphy Oil Corp  | 946212 | 31366928 |
| Phillips 66  | 383400 | 59170122 |
| Shell PLC ADR  | 937476 | 78288621 |
| Valero Energy Corp  | 402201 | 82306413 |
|  |  | 1122245866 |
| TOTAL ENERGY |  | 1169035961 |
| Financials - 7.7% |  |  |
| Banks - 2.5% |  |  |
| Bank of America Corp  | 8663785 | 431716407 |
| BOK Financial Corp  | 226900 | 28525868 |
| Citigroup Inc  | 1486408 | 163787298 |
| JPMorgan Chase & Co  | 532818 | 160005245 |
| KeyCorp  | 2195023 | 45524777 |
| M&T Bank Corp  | 310865 | 67451488 |
| Truist Financial Corp  | 1823700 | 89926647 |
| UMB Financial Corp  | 283921 | 32900765 |
| US Bancorp  | 1813981 | 99152201 |
| Wells Fargo & Co  | 4254358 | 346517459 |
| Wintrust Financial Corp  | 240500 | 34646430 |
|  |  | 1500154585 |
| Capital Markets - 1.9% |  |  |
| Blackrock Inc  | 143351 | 152415084 |
| Blue Owl Capital Inc Class A  | 3222400 | 33996320 |
| Carlyle Group Inc/The  | 608100 | 31615119 |
| Charles Schwab Corp/The  | 2140241 | 203750943 |
| Evercore Inc Class A  | 114400 | 35331296 |
| Intercontinental Exchange Inc  | 692304 | 113627856 |
| KKR & Co Inc Class A  | 1330122 | 116625097 |
| MarketAxess Holdings Inc  | 304183 | 58403136 |
| Moody's Corp  | 189600 | 90551064 |
| Nasdaq Inc  | 840900 | 73646022 |
| Northern Trust Corp  | 302108 | 43228634 |
| Raymond James Financial Inc  | 450000 | 68886000 |
| State Street Corp  | 624285 | 80295537 |
| StepStone Group Inc rights 12/31/2038 (b)(d) | 22875 | 1595988 |
| Virtu Financial Inc Class A  | 1247771 | 51670197 |
|  |  | 1155638293 |
| Consumer Finance - 0.2% |  |  |
| Capital One Financial Corp  | 633800 | 123996632 |
| SLM Corp  | 1197895 | 22448552 |
|  |  | 146445184 |
| Financial Services - 1.8% |  |  |
| Apollo Global Management Inc  | 796525 | 83316515 |
| Berkshire Hathaway Inc Class A (b) | 104 | 78728000 |
| Berkshire Hathaway Inc Class B (b) | 264850 | 133736008 |
| Corpay Inc (b) | 233400 | 75878340 |
| Mastercard Inc Class A  | 1415798 | 732264884 |
| Voya Financial Inc  | 639166 | 42747421 |
|  |  | 1146671168 |
| Insurance - 1.3% |  |  |
| American Financial Group Inc/OH  | 483975 | 64358996 |
| Arthur J Gallagher & Co  | 516557 | 117878307 |
| Assurant Inc  | 129800 | 29800782 |
| Baldwin Insurance Group Inc/The Class A (b) | 2143041 | 49782842 |
| Brown & Brown Inc  | 1325900 | 95226138 |
| Chubb Ltd  | 678028 | 231112624 |
| Hartford Insurance Group Inc/The  | 486854 | 68563649 |
| Reinsurance Group of America Inc  | 455746 | 98318085 |
| Unum Group  | 539907 | 38727529 |
|  |  | 793768952 |
| TOTAL FINANCIALS |  | 4742678182 |
| Health Care - 5.5% |  |  |
| Biotechnology - 1.2% |  |  |
| AbbVie Inc  | 1226966 | 284754269 |
| Alnylam Pharmaceuticals Inc (b) | 8441 | 2810178 |
| BeOne Medicines Ltd ADR (b) | 54463 | 17264226 |
| Caris Life Sciences Inc (b) | 726400 | 14629696 |
| Cogent Biosciences Inc (b) | 806693 | 31340023 |
| Gilead Sciences Inc  | 1969157 | 293305936 |
| Insmed Inc (b) | 62822 | 9381209 |
| Kymera Therapeutics Inc (b) | 149044 | 13615169 |
| Moderna Inc (b) | 897200 | 48063004 |
| Nuvalent Inc Class A (b) | 307466 | 31346159 |
| Praxis Precision Medicines Inc (b) | 32200 | 10843350 |
| Roivant Sciences Ltd (b) | 266600 | 7715404 |
| Travere Therapeutics Inc (b) | 279074 | 8313614 |
|  |  | 773382237 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Boston Scientific Corp (b) | 1970931 | 151466047 |
| Edwards Lifesciences Corp (b) | 1299594 | 112375893 |
| Insulet Corp (b) | 44596 | 10997820 |
| Intuitive Surgical Inc (b) | 160441 | 80783648 |
| Medline Inc Class A  | 846000 | 40193460 |
| Shoulder Innovations Inc  | 505572 | 6855556 |
| Stryker Corp  | 227393 | 88105692 |
|  |  | 490778116 |
| Health Care Providers & Services - 0.8% |  |  |
| Cencora Inc  | 473021 | 176030035 |
| Cigna Group/The  | 76900 | 22287158 |
| CVS Health Corp  | 1753587 | 140111601 |
| HCA Healthcare Inc  | 83478 | 44218297 |
| Henry Schein Inc (b) | 544300 | 44844877 |
| Tenet Healthcare Corp (b) | 90005 | 21546296 |
| UnitedHealth Group Inc  | 247991 | 72728321 |
|  |  | 521766585 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Danaher Corp  | 957557 | 201699806 |
| Repligen Corp (b) | 70887 | 9125284 |
| Thermo Fisher Scientific Inc  | 213249 | 111126186 |
|  |  | 321951276 |
| Pharmaceuticals - 2.2% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 879837 | 13347127 |
| Elanco Animal Health Inc (b) | 4650922 | 122784341 |
| Eli Lilly & Co  | 668180 | 702918679 |
| Jazz Pharmaceuticals PLC (b) | 78200 | 14859564 |
| Johnson & Johnson  | 1161767 | 288617776 |
| Merck & Co Inc  | 1238900 | 153400598 |
| Roche Holding AG non-voting shares  | 78680 | 37443927 |
|  |  | 1333372012 |
| TOTAL HEALTH CARE |  | 3441250226 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Beta Technologies Inc (f) | 356681 | 6705603 |
| Boeing Co (b) | 842723 | 191744764 |
| GE Aerospace  | 1145618 | 392099217 |
| Howmet Aerospace Inc  | 774033 | 203206883 |
| Lockheed Martin Corp  | 228322 | 150254142 |
| Northrop Grumman Corp  | 142536 | 103250228 |
| RTX Corp  | 339180 | 68724652 |
| Space Exploration Technologies Corp (b)(d)(e) | 134484 | 70817930 |
| Space Exploration Technologies Corp Class C (b)(d)(e) | 17016 | 8960455 |
| TransDigm Group Inc  | 77265 | 100660069 |
|  |  | 1296423943 |
| Air Freight & Logistics - 0.1% |  |  |
| CH Robinson Worldwide Inc  | 66500 | 12319125 |
| FedEx Corp  | 127600 | 49381200 |
|  |  | 61700325 |
| Building Products - 0.4% |  |  |
| Trane Technologies PLC  | 599600 | 277207072 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 347067 | 69805586 |
| Republic Services Inc  | 301111 | 68954419 |
|  |  | 138760005 |
| Construction & Engineering - 0.2% |  |  |
| MasTec Inc (b) | 26188 | 7804548 |
| Quanta Services Inc  | 181079 | 101961963 |
|  |  | 109766511 |
| Electrical Equipment - 0.9% |  |  |
| AMETEK Inc  | 689427 | 164924727 |
| Eaton Corp PLC  | 311200 | 116986304 |
| GE Vernova Inc  | 283642 | 247789651 |
| Nextpower Inc Class A (b) | 104255 | 10957201 |
|  |  | 540657883 |
| Ground Transportation - 0.4% |  |  |
| CSX Corp  | 1499005 | 63992523 |
| Old Dominion Freight Line Inc  | 371837 | 75501503 |
| Uber Technologies Inc (b) | 1213566 | 91527148 |
| Union Pacific Corp  | 161416 | 42772012 |
|  |  | 273793186 |
| Machinery - 1.6% |  |  |
| Caterpillar Inc  | 326550 | 242571137 |
| Cummins Inc  | 273974 | 159965199 |
| Dover Corp  | 321120 | 72412560 |
| Ingersoll Rand Inc  | 716126 | 67416101 |
| PACCAR Inc  | 566200 | 71392158 |
| Parker-Hannifin Corp  | 287589 | 290229067 |
| Westinghouse Air Brake Technologies Corp  | 321390 | 84830891 |
|  |  | 988817113 |
| Professional Services - 0.1% |  |  |
| TransUnion  | 717300 | 56343914 |
| Trading Companies & Distributors - 0.1% |  |  |
| Fastenal Co  | 913046 | 42036638 |
| United Rentals Inc  | 41261 | 34659240 |
|  |  | 76695878 |
| TOTAL INDUSTRIALS |  | 3820165830 |
| Information Technology - 18.0% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc (b) | 2277399 | 304032767 |
| Cisco Systems Inc  | 2361931 | 187679037 |
| Lumentum Holdings Inc (b) | 246494 | 172770110 |
| Motorola Solutions Inc  | 78137 | 37682349 |
|  |  | 702164263 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 807049 | 117877577 |
| Coherent Corp (b) | 658090 | 170399244 |
| Corning Inc  | 761044 | 114445796 |
|  |  | 402722617 |
| Semiconductors & Semiconductor Equipment - 8.3% |  |  |
| Advanced Micro Devices Inc (b) | 28329 | 5671749 |
| Applied Materials Inc  | 76800 | 28592640 |
| Broadcom Inc  | 2586362 | 826471977 |
| First Solar Inc (b) | 192666 | 37993735 |
| KLA Corp  | 80300 | 122421365 |
| Lam Research Corp  | 806487 | 188629244 |
| MACOM Technology Solutions Holdings Inc (b) | 445800 | 110611896 |
| Marvell Technology Inc  | 1618017 | 132175809 |
| Micron Technology Inc  | 991858 | 409012483 |
| NVIDIA Corp  | 17874130 | 3167117096 |
| SiTime Corp (b) | 115169 | 45823442 |
|  |  | 5074521436 |
| Software - 3.6% |  |  |
| Cadence Design Systems Inc (b) | 347082 | 104610515 |
| Canva Inc Class A (b)(d)(e) | 5600 | 7542024 |
| Datadog Inc Class A (b) | 930938 | 104227818 |
| Microsoft Corp  | 4733341 | 1858972344 |
| Oracle Corp  | 24367 | 3542962 |
| Palantir Technologies Inc Class A (b) | 385605 | 52901150 |
| Synopsys Inc (b) | 245468 | 101623752 |
|  |  | 2233420565 |
| Technology Hardware, Storage & Peripherals - 4.4% |  |  |
| Apple Inc  | 9422991 | 2489365762 |
| Sandisk Corp/DE (b) | 10027 | 6370755 |
| Seagate Technology Holdings PLC  | 518400 | 211424256 |
|  |  | 2707160773 |
| TOTAL INFORMATION TECHNOLOGY |  | 11119989654 |
| Materials - 1.2% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 133438 | 36784853 |
| Balchem Corp  | 76222 | 13828957 |
| Chemours Co/The (c) | 288456 | 5261437 |
| Corteva Inc  | 537623 | 43074355 |
| Dow Inc (c) | 612071 | 18808942 |
| Ecolab Inc  | 238898 | 73664198 |
| Linde PLC  | 308194 | 156587209 |
| LyondellBasell Industries NV Class A1  | 479095 | 27557544 |
| Mosaic Co/The  | 864399 | 24064868 |
| Sherwin-Williams Co/The  | 84902 | 30784616 |
| Solstice Advanced Materials Inc  | 310905 | 24409152 |
| Westlake Corp  | 31500 | 3319470 |
|  |  | 458145601 |
| Construction Materials - 0.1% |  |  |
| CRH PLC  | 236300 | 28351274 |
| James Hardie Industries PLC (b) | 515100 | 12542685 |
| Martin Marietta Materials Inc  | 70181 | 47482359 |
|  |  | 88376318 |
| Containers & Packaging - 0.1% |  |  |
| Packaging Corp of America  | 35300 | 8194542 |
| Smurfit Westrock PLC  | 649000 | 30509490 |
|  |  | 38704032 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 830156 | 56517020 |
| Newmont Corp  | 588232 | 76470161 |
| Nucor Corp  | 239116 | 42294838 |
|  |  | 175282019 |
| TOTAL MATERIALS |  | 760507970 |
| Real Estate - 1.3% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 1391615 | 119901549 |
| Welltower Inc  | 59986 | 12424300 |
|  |  | 132325849 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 554401 | 79040951 |
| Terreno Realty Corp  | 230464 | 15224451 |
|  |  | 94265402 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 1617100 | 15766725 |
| CoStar Group Inc (b) | 364200 | 16254246 |
| Jones Lang LaSalle Inc (b) | 122499 | 38654559 |
|  |  | 70675530 |
| Residential REITs - 0.1% |  |  |
| Camden Property Trust  | 633002 | 68579437 |
| Invitation Homes Inc  | 564783 | 14876384 |
|  |  | 83455821 |
| Retail REITs - 0.2% |  |  |
| Federal Realty Investment Trust  | 299597 | 32587166 |
| Macerich Co/The  | 1153813 | 23618552 |
| NNN REIT Inc  | 319402 | 14475299 |
| Tanger Inc  | 689154 | 25540047 |
|  |  | 96221064 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 552177 | 105940679 |
| Equinix Inc  | 106691 | 103944774 |
| Extra Space Storage Inc  | 365218 | 55158875 |
| Four Corners Property Trust Inc  | 449885 | 11481065 |
| Iron Mountain Inc  | 350310 | 37949082 |
|  |  | 314474475 |
| TOTAL REAL ESTATE |  | 791418141 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.1% |  |  |
| Alliant Energy Corp  | 254099 | 18381521 |
| American Electric Power Co Inc  | 272051 | 36405865 |
| Constellation Energy Corp  | 269815 | 89006572 |
| Duke Energy Corp  | 481710 | 63031754 |
| Entergy Corp  | 478772 | 51281269 |
| Evergy Inc  | 372934 | 31199658 |
| Exelon Corp  | 1001757 | 49556919 |
| NextEra Energy Inc  | 1585484 | 148670835 |
| NRG Energy Inc  | 413602 | 74018214 |
| PG&E Corp  | 2114023 | 40166437 |
| PPL Corp  | 860638 | 33547669 |
| Southern Co/The  | 253495 | 24685343 |
| Xcel Energy Inc  | 567608 | 47315803 |
|  |  | 707267859 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 286450 | 4949856 |
| Vistra Corp  | 320428 | 55719225 |
|  |  | 60669081 |
| Multi-Utilities - 0.3% |  |  |
| Ameren Corp  | 342659 | 38816412 |
| CenterPoint Energy Inc  | 868272 | 37769832 |
| NiSource Inc  | 646717 | 30589714 |
| Sempra  | 638238 | 61443172 |
|  |  | 168619130 |
| TOTAL UTILITIES |  | 936556070 |
| TOTAL UNITED STATES |  | 37076876714 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 395496 | 11841250 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $19,721,358,951) |  | <br> **39260575538** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(d)(e) | 162664 | 39925879 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(d)(e) | 47770 | 9430271 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(d)(e) | 511009 | 766514 |
| UNITED STATES - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (b)(d)(e) | 44489 | 7310432 |
| Waymo LLC Series D-2 (d)(e) | 47300 | 7772143 |
| TOTAL CONSUMER DISCRETIONARY |  | 15082575 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A8 (b)(d)(e) | 155635 | 40465 |
| ABL Space Systems Co Series A9 (b)(d)(e) | 70143 | 18235 |
| TOTAL INDUSTRIALS |  | 58700 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astranis Space Technologies Corp Series C (b)(d)(e) | 468104 | 10588512 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cerebras Systems Inc Series H (d)(e) | 7100 | 632042 |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(d)(e) | 462431 | 2270536 |
| Software - 0.3% |  |  |
| Algolia Inc Series D (b)(d)(e) | 217863 | 2982544 |
| Anthropic PBC Series F (d)(e) | 61700 | 15988938 |
| Anthropic PBC Series G (d)(e) | 172500 | 44701651 |
| Databricks Inc Series G (b)(d)(e) | 34653 | 6227144 |
| Databricks Inc Series H (b)(d)(e) | 144975 | 26052008 |
| Databricks Inc Series L (d)(e) | 11000 | 1976700 |
| OpenAI Group Pbc Series A-2 (d)(e) | 17686 | 12272315 |
| OpenAI Group Pbc Series A-3 (d)(e) | 1974 | 1369759 |
| Skyryse Inc Series B (b)(d)(e) | 383747 | 10038822 |
| World Labs Technologies Inc Series C (d)(e) | 31800 | 10009368 |
| World Labs Technologies Inc Series C PRIME (d)(e) | 37158 | 12567950 |
|  |  | 144187199 |
| TOTAL INFORMATION TECHNOLOGY |  | 157678289 |
| TOTAL UNITED STATES |  | 172819564 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $186,287,663) |  | <br> **222942228** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 35.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 35.1%** | &nbsp;&nbsp;**Fixed-Income Funds - 35.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Investment Grade Bond Central Fund (i)<br>(Cost $23,240,716,241)<br>| 216478020 | **21833973146** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (b)(d)<br>(Cost $12,227,165)<br>| 679287 | **4007793** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 4/2/2026 (k) | 3.51 | 5800000 | 5781895 |
| US Treasury Bills 0% 5/28/2026 (k) | 3.63 | 36000000 | 35688268 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $41,465,888) |  |  | **41470163** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.70 | 826132243 | 826297470 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.69 | 43874092 | 43878479 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $870,172,156) |  |  | **870175949** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $44,072,228,064)<br>| <br>**62233144817** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(43587430)** |
| **NET ASSETS - 100.0%** | **62189557387** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 1493 | 3/2026 | 514263850 | (3609871) |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**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) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $334,298,685 or 0.5% of net assets.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $6,705,603 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $40,404,806 or 0.1% of net assets.

(h) 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 $40,404,806 or 0.1% of net assets.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(j) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(k) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $41,262,812.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A8 | 3/24/2021 | 6176993 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 4264375 |
| Algolia Inc Series D | 7/23/2021 | 6371414 |
| Anthropic PBC Series F | 8/18/2025 | 8697701 |
| Anthropic PBC Series G | 1/27/2026 | 44701030 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 10261275 |
| Bolt Technology OU Series E | 1/3/2022 | 12410479 |
| Bytedance Ltd Series E1 | 11/18/2020 | 17823774 |
| Canva Inc Class A | 8/19/2025 - 11/12/2025 | 9218384 |
| Cazoo Group Ltd | 3/28/2021 | 3563271 |
| Cerebras Systems Inc Series H | 1/30/2026 | 632011 |
| Databricks Inc Series G | 2/1/2021 | 2048777 |
| Databricks Inc Series H | 8/31/2021 | 10653362 |
| Databricks Inc Series L | 12/18/2025 | 2090000 |
| Epic Games Inc | 3/29/2021 | 12378495 |
| Gupshup Inc | 6/8/2021 | 10573577 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 3322452 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 605800 |
| Skyryse Inc Series B | 10/21/2021 | 9470864 |
| Space Exploration Technologies Corp | 2/16/2021 - 12/12/2025 | 6041891 |
| Space Exploration Technologies Corp Class C | 12/9/2024 - 12/12/2025 | 3462076 |
| Starling Bank Ltd | 6/18/2021 | 10282869 |
| Waymo LLC Series C2 | 10/18/2024 | 3479098 |
| Waymo LLC Series D-2 | 2/2/2026 | 7772142 |
| World Labs Technologies Inc Series C | 2/17/2026 | 8275584 |
| World Labs Technologies Inc Series C PRIME | 2/17/2026 | 12570927 |
| Xsight Labs Ltd Series D | 2/16/2021 | 4086028 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**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 | 348421015 | 4860517023 | 4382609146 | 9443308 | (31422) | - | 826297470 | 826132243 | 1.3% |
| Fidelity Investment Grade Bond Central Fund | 20679412047 | 777575508 | 9654279 | 453615568 | 775712 | 385864158 | 21833973146 | 216478020 | 49.4% |
| Fidelity Securities Lending Cash Central Fund | 107385386 | 688784380 | 752293082 | 151396 | 1795 | - | 43878479 | 43874092 | 0.1% |
| Total | 21135218448 | 6326876911 | 5144556507 | 463210272 | 746085 | 385864158 | 22704149095 |  |  |

---

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 February 28, 2026, 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 | 4451657921 | 4444518817 | - | 7139104 |
| Consumer Discretionary | 3886065538 | 3886065538 | - | - |
| Consumer Staples | 2141623958 | 2121478159 | 20145799 | - |
| Energy | 1383373031 | 1383373031 | - | - |
| Financials | 4913212427 | 4894719495 | - | 18492932 |
| Health Care | 3762409582 | 3724965655 | 37443927 | - |
| Industrials | 3820165830 | 3740387445 | - | 79778385 |
| Information Technology | 12364305981 | 12065767948 | 290996009 | 7542024 |
| Materials | 809787059 | 809787059 | - | - |
| Real Estate | 791418141 | 791418141 | - | - |
| Utilities | 936556070 | 936556070 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 39925879 | - | - | 39925879 |
| Consumer Discretionary | 15082575 | - | - | 15082575 |
| Industrials | 58700 | - | - | 58700 |
| Information Technology | 167875074 | - | - | 167875074 |
|  **Fixed-Income Funds** | 21833973146 | 21833973146 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 4007793 | - | - | 4007793 |
|  **U.S. Treasury Obligations** | 41470163 | - | 41470163 | - |
|  **Money Market Funds** | 870175949 | 870175949 | - | - |
| **Total Investments in Securities:** | 62233144817 | 61503186453 | 390055898 | 339902466 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (3609871) | (3609871) | - | - |
| Total Liabilities | (3609871) | (3609871) | - | - |
| **Total Derivative Instruments:** | (3609871) | (3609871) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2026. 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** |  |  |
| Futures Contracts (a)  | - | (3609871) |
| **Total Equity Risk**  | - | (3609871) |
| **Total Value of Derivatives** | - | (3609871) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** | <br> **As of February 28, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $42,493,059) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $19,961,339,667) | $39528995722 |  |
| Fidelity Central Funds (cost $24,110,888,397) | 22704149095 |  |
| Total Investment in Securities (cost $44,072,228,064) |  | $62233144817 |
| Foreign currency held at value (cost $1,316) |  | 1316 |
| Receivable for investments sold |  | 57596672 |
| Receivable for fund shares sold |  | 30661927 |
| Dividends receivable |  | 33612748 |
| Distributions receivable from Fidelity Central Funds |  | 1058924 |
| Prepaid expenses |  | 31185 |
| Receivable from investment adviser for expense reductions |  | 21671 |
| Other receivables |  | 1670413 |
| **Total assets** |  | 62357799673 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $157334 |  |
| Payable for investments purchased  | 51868832 |  |
| Payable for fund shares redeemed | 42748366 |  |
| Accrued management fee | 22558169 |  |
| Distribution and service plan fees payable | 2380511 |  |
| Payable for daily variation margin on futures contracts | 2964437 |  |
| Other payables and accrued expenses | 1686158 |  |
| Collateral on securities loaned | 43878479 |  |
| **Total liabilities** |  | 168242286 |
| **Net Assets**  |  | $62189557387 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $41825713673 |
| Total accumulated earnings (loss) |  | 20363843714 |
| **Net Assets** |  | $62189557387 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,964,026,056 ÷ 90,299,425 shares)(a) |  | $32.82 |
| Maximum offering price per share (100/94.25 of $32.82) |  | $34.82 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,836,174,148 ÷ 55,955,428 shares)(a) |  | $32.81 |
| Maximum offering price per share (100/96.50 of $32.81) |  | $34.00 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,193,192,391 ÷ 36,401,759 shares)(a) |  | $32.78 |
| **Balanced :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($43,730,902,902 ÷ 1,331,306,395 shares) |  | $32.85 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,938,614,805 ÷ 241,580,070 shares) |  | $32.86 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,959,676,481 ÷ 90,124,378 shares) |  | $32.84 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,566,970,604 ÷ 47,708,575 shares) |  | $32.84 |
| *(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** |
| **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** | **Six months ended February 28, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $193234612 |
| Interest  |  | 523195 |
| Income from Fidelity Central Funds (including $151,396 from security lending)  |  | 463210272 |
| Security lending |  | 702 |
| **Total income** |  | 656968781 |
| **Expenses** |  |  |
| Management fee | $133324547 |  |
| Distribution and service plan fees | 14064690 |  |
| Custodian fees and expenses | 374701 |  |
| Independent trustees' fees and expenses | 118104 |  |
| Registration fees | 820092 |  |
| Audit fees | 90974 |  |
| Legal | 47176 |  |
| Miscellaneous | 79066 |  |
| Total expenses before reductions | 148919350 |  |
| Expense reductions | (3100) |  |
| Total expenses after reductions |  | 148916250 |
| **Net Investment income (loss)** |  | 508052531 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,037,920)  | 2748879151 |  |
| Redemptions in-kind | 11978687 |  |
| Fidelity Central Funds | 746085 |  |
| Foreign currency transactions | (821840) |  |
| Futures contracts | 5956458 |  |
| Total net realized gain (loss) |  | 2766738541 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,442,253)  | 1157056870 |  |
| Fidelity Central Funds  | 385864158 |  |
| Assets and liabilities in foreign currencies | (41095) |  |
| Futures contracts | (6527301) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1536352632 |
| **Net gain (loss)** |  | 4303091173 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4811143704 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)** | **Year ended**<br> **August 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $508052531 | $1005324498 |
| &nbsp;&nbsp;Net realized gain (loss) | 2766738541<br>| 3379271196<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1536352632 | 1494580739<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4811143704<br>| 5879176433<br>|
| Distributions to shareholders | (2859660620)<br>| (2880850645)<br>|
| Share transactions - net increase (decrease) | 1472883971<br>| 7856402987<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3424367055<br>| 10854728775<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 58765190332 | 47910461557<br>|
| &nbsp;&nbsp;End of period | $62189557387 | $58765190332 |

---

**Financial Highlights** 

**Fidelity Advisor® Balanced Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $31.82 | $30.08 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .23  | .40  |
| Net realized and unrealized gain (loss)  | 2.27  | 1.99  |
| Total from investment operations  | 2.50  | 2.39  |
| Distributions from net investment income  | (.26)  | (.36)  |
| Distributions from net realized gain  | (1.25)  | (.29)  |
| Total distributions  | (1.50) D | (.65)  |
| Net asset value, end of period  | $32.82 | $31.82 |
| **Total Return** E,F,G | 8.11% <br>| 8.15%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .75% J | .76% J |
| Expenses net of fee waivers, if any  | .75% J<br>| .76% J |
| Expenses net of all reductions, if any  | .75% J | .76% J |
| Net investment income (loss)  | 1.41% J | 1.54% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $2964026 | $2703863 |
| Portfolio turnover rate K,L | 34% J<br>| 41% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through August 31, 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 distributions per share do not sum due to rounding.*

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

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

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

H*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.*

I*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.*

J*Annualized.*

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

L*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.*

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

**Fidelity Advisor® Balanced Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $31.81 | $30.08 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .19  | .33  |
| Net realized and unrealized gain (loss)  | 2.27  | 2.00  |
| Total from investment operations  | 2.46  | 2.33  |
| Distributions from net investment income  | (.21)  | (.31)  |
| Distributions from net realized gain  | (1.25)  | (.29)  |
| Total distributions  | (1.46)  | (.60)  |
| Net asset value, end of period  | $32.81 | $31.81 |
| **Total Return** D,E,F | 7.97% <br>| 7.92%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.00% I | 1.01% I |
| Expenses net of fee waivers, if any  | 1.00% I<br>| 1.01% I |
| Expenses net of all reductions, if any  | 1.00% I | 1.01% I |
| Net investment income (loss)  | 1.16% I | 1.28% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1836174 | $1772970 |
| Portfolio turnover rate J,K | 34% I<br>| 41% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through August 31, 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*Portfolio turnover rate excludes securities received or delivered in-kind.*

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

**Fidelity Advisor® Balanced Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $31.77 | $30.08 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .11  | .20  |
| Net realized and unrealized gain (loss)  | 2.28  | 1.99  |
| Total from investment operations  | 2.39  | 2.19  |
| Distributions from net investment income  | (.13)  | (.21)  |
| Distributions from net realized gain  | (1.25)  | (.29)  |
| Total distributions  | (1.38)  | (.50)  |
| Net asset value, end of period  | $32.78 | $31.77 |
| **Total Return** D,E,F | 7.73% <br>| 7.42%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.50% I | 1.51% I |
| Expenses net of fee waivers, if any  | 1.50% I<br>| 1.51% I |
| Expenses net of all reductions, if any  | 1.50% I | 1.51% I |
| Net investment income (loss)  | .66% I | .79% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1193192 | $1151737 |
| Portfolio turnover rate J,K | 34% I<br>| 41% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through August 31, 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*Portfolio turnover rate excludes securities received or delivered in-kind.*

K*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.*

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

**Fidelity® Balanced Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.84 | $30.28 | $26.16 | $25.49 | $32.24 | $27.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .56  | .52  | .42  | .30  | .29  |
| Net realized and unrealized gain (loss)  | 2.28  | 2.69  | 4.53  | 2.17  | (4.09)  | 6.17  |
| Total from investment operations  | 2.56  | 3.25  | 5.05  | 2.59  | (3.79)  | 6.46  |
| Distributions from net investment income  | (.31)  | (.55)  | (.51)  | (.41)  | (.29)  | (.29)  |
| Distributions from net realized gain  | (1.25)  | (1.14)  | (.42)  | (1.51)  | (2.67)  | (1.31)  |
| Total distributions  | (1.55) C | (1.69)  | (.93)  | (1.92)  | (2.96)  | (1.59) C |
| Net asset value, end of period  | $32.85 | $31.84 | $30.28 | $26.16 | $25.49 | $32.24 |
| **Total Return** D,E | 8.31% <br>| 11.25%  | 19.85%  | 11.60%  | (12.80)%  | 24.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .44% H | .46%  | .48%  | .51%  | .50%  | .51%  |
| Expenses net of fee waivers, if any  | .44% H<br>| .46%  | .48%  | .50%  | .50%  | .50%  |
| Expenses net of all reductions, if any  | .44% H | .46%  | .48%  | .50%  | .50%  | .50%  |
| Net investment income (loss)  | 1.71% H | 1.86%  | 1.87%  | 1.70%  | 1.05%  | .98%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $43730903 | $40145414 | $39012646 | $33113351 | $31647068 | $37819464 |
| Portfolio turnover rate I,J | 34% H<br>| 41% K | 24%  | 29%  | 36%  | 40%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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® Balanced Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.85 | $30.28 | $26.17 | $25.49 | $32.24 | $27.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .58  | .54  | .43  | .32  | .31  |
| Net realized and unrealized gain (loss)  | 2.28  | 2.70  | 4.52  | 2.19  | (4.09)  | 6.17  |
| Total from investment operations  | 2.57  | 3.28  | 5.06  | 2.62  | (3.77)  | 6.48  |
| Distributions from net investment income  | (.31)  | (.57)  | (.53)  | (.42)  | (.31)  | (.31)  |
| Distributions from net realized gain  | (1.25)  | (1.14)  | (.42)  | (1.51)  | (2.67)  | (1.31)  |
| Total distributions  | (1.56)  | (1.71)  | (.95)  | (1.94) C | (2.98)  | (1.61) C |
| Net asset value, end of period  | $32.86 | $31.85 | $30.28 | $26.17 | $25.49 | $32.24 |
| **Total Return** D,E | 8.31% <br>| 11.35%  | 19.90%  | 11.72%  | (12.73)%  | 24.92%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .39% H | .39%  | .41%  | .43%  | .43%  | .43%  |
| Expenses net of fee waivers, if any  | .39% H<br>| .39%  | .40%  | .42%  | .42%  | .43%  |
| Expenses net of all reductions, if any  | .39% H | .39%  | .40%  | .42%  | .42%  | .43%  |
| Net investment income (loss)  | 1.77% H | 1.92%  | 1.95%  | 1.78%  | 1.12%  | 1.06%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7938615 | $8790618 | $8897816 | $7941582 | $7692180 | $10091681 |
| Portfolio turnover rate I,J | 34% H<br>| 41% K | 24%  | 29%  | 36%  | 40%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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 Advisor® Balanced Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $31.83 | $30.08 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .27  | .46  |
| Net realized and unrealized gain (loss)  | 2.28  | 1.99  |
| Total from investment operations  | 2.55  | 2.45  |
| Distributions from net investment income  | (.30)  | (.41)  |
| Distributions from net realized gain  | (1.25)  | (.29)  |
| Total distributions  | (1.54) D | (.70)  |
| Net asset value, end of period  | $32.84 | $31.83 |
| **Total Return** E,F | 8.27% <br>| 8.36%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .50% I | .51% I |
| Expenses net of fee waivers, if any  | .50% I<br>| .51% I |
| Expenses net of all reductions, if any  | .50% I | .51% I |
| Net investment income (loss)  | 1.66% I | 1.79% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $2959676 | $2788603 |
| Portfolio turnover rate J,K | 34% I<br>| 41% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through August 31, 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 distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

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

**Fidelity Advisor® Balanced Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **February 28, 2026**<br> **(Unaudited)**  | **Years ended August 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $31.84 | $30.08 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .29  | .49  |
| Net realized and unrealized gain (loss)  | 2.27  | 2.00  |
| Total from investment operations  | 2.56  | 2.49  |
| Distributions from net investment income  | (.32)  | (.43)  |
| Distributions from net realized gain  | (1.25)  | (.29)  |
| Total distributions  | (1.56) D | (.73) D |
| Net asset value, end of period  | $32.84 | $31.84 |
| **Total Return** E,F | 8.30% <br>| 8.48%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .39% I | .39% I |
| Expenses net of fee waivers, if any  | .39% I<br>| .39% I |
| Expenses net of all reductions, if any  | .39% I | .39% I |
| Net investment income (loss)  | 1.77% I | 1.90% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1566971 | $1411984 |
| Portfolio turnover rate J,K | 34% I<br>| 41% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through August 31, 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 distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended February 28, 2026

**1. Organization.**

Fidelity Balanced Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Balanced, 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 Investment Grade Bond Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| 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.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission 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. U.S. government and government agency obligations 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2026 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, 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. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to short-term capital gain dividends, futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, redemptions in-kind, partnerships 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** | $20346949143 |
| **Gross unrealized depreciation** | <u>(2261404148)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$18085544995</u> |
| **Tax cost** | <u>$44143989951</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.

**4. Derivative Instruments.**

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

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

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

---

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

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Balanced Fund** | 10440828399 | 11764816916 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Balanced Fund** | 851304 | 775712 | 11202975 | 11978687 | 27701436 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Balanced Fund** | 34771525 | 948279 | 796512092 | 797460371 | 1035143409 |

---

**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** | .53 |
| **Class M** | .52 |
| **Class C** | .53 |
| **Balanced** | .47 |
| **Class K** | .39 |
| **Class I** | .53 |
| **Class Z** | .39 |

---

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** | .49 |
| **Class M** | .49 |
| **Class C** | .49 |
| **Balanced** | .44 |
| **Class K** | .38 |
| **Class I** | .49 |
| **Class Z** | .38 |

---

**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% | 3582306 | 166464 |
| **Class M** | .25% | .25% | 4559380 | 51086 |
| **Class C** | .75% | .25% | <u>5923004</u> | <u>883359</u> |
|  |  |  | <u>14064690</u> | <u>1100909</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** | 594544 |
| **Class M** | 34483 |
| **Class C**A | <u>5778</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>634805</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.*

**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 Balanced Fund** | $1284814 |

---

**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 Balanced Fund** | 178612 |

---

**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 Balanced Fund** | 700464636 | 997983843 | 166886526 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Balanced Fund** | 2353 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Balanced Fund** | 32171 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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 Balanced Fund** | 16438 | 5642 | - |

---

**9. Expense Reductions.**

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,100.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **February 28, 2026** | **Year ended**<br> **August 31, 2025A** |
| **Fidelity Balanced Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $130056670 | $53914180 |
| Class M | 81002871 | 34292046 |
| Class C | 49854089 | 19164404 |
| Balanced | 2018723911 | 2182345468 |
| Class K | 373926941 | 499840589 |
| Class I | 135668721 | 61030783 |
| Class Z | <u>70427417</u> | <u>30263175</u> |
| Total  | <u>$2859660620</u> | <u>$2880850645</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z shares are for the period October 18, 2024 (commencement of sale of shares) through August 31, 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** |
|  | **Six months ended** <br> **February 28, 2026**  | **Year ended**<br> **August 31, 2025A** | **Six months ended** <br> **February 28, 2026**  | **Year ended**<br> **August 31, 2025A** |
| **Fidelity Balanced Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 10976608 | 17047538 | $355480957 | $511152211 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 81248284 | - | 2422820886 |
| Reinvestment of distributions  | 3981500 | 1763329 | 125519389 | 51966109 |
| Shares redeemed | <u>(9633310)</u> | <u>(15084524)</u> | <u>(311794136)</u> | <u>(450289215)</u> |
| Net increase (decrease) | <u>5324798</u> | <u>84974627</u> | <u>$169206210</u> | <u>$2535649991</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3150716 | 6200894 | $102053002 | $185057849 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 57814692 | - | 1724034659 |
| Reinvestment of distributions  | 2539641 | 1148173 | 80054348 | 33873689 |
| Shares redeemed | <u>(5474822)</u> | <u>(9423866)</u> | <u>(177450006)</u> | <u>(282524780)</u> |
| Net increase (decrease) | <u>215535</u> | <u>55739893</u> | <u>$4657344</u> | <u>$1660441417</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2889019 | 5313915 | $93431571 | $159070867 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 38628190 | - | 1151506865 |
| Reinvestment of distributions  | 1528998 | 624495 | 48156335 | 18475418 |
| Shares redeemed | <u>(4266414)</u> | <u>(8316444)</u> | <u>(137769676)</u> | <u>(247686909)</u> |
| Net increase (decrease) | <u>151603</u> | <u>36250156</u> | <u>$3818230</u> | <u>$1081366241</u> |
| **Balanced** |  |  |  |  |
| Shares sold | 112888110 | 165081752 | $3671721940 | $4957769397 |
| Reinvestment of distributions  | 59210297 | 67583126 | 1867398566 | 2006746722 |
| Shares redeemed | <u>(101518887)</u> | <u>(260461126)</u> | <u>(3290391592)</u> | <u>(7788860085)</u> |
| Net increase (decrease) | <u>70579520</u> | <u>(27796248)</u> | <u>$2248728914</u> | <u>$(824343966)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 14719815 | 29858438 | $477081870 | $893150210 |
| Reinvestment of distributions  | 11852645 | 16832801 | 373926941 | 499840589 |
| Shares redeemed | <u>(60999880)</u> | <u>(64516328)</u> | <u>(1990466201)</u> | <u>(1926934042)</u> |
| Net increase (decrease) | <u>(34427420)</u> | <u>(17825089)</u> | <u>$(1139457390)</u> | <u>$(533943243)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8559521 | 18318981 | $277149773 | $548869903 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 85056104 | - | 2536374089 |
| Reinvestment of distributions  | 3786160 | 1832449 | 119374056 | 53961199 |
| Shares redeemed | <u>(9819600)</u> | <u>(17609237)</u> | <u>(317846856)</u> | <u>(523683647)</u> |
| Net increase (decrease) | <u>2526081</u> | <u>87598297</u> | <u>$78676973</u> | <u>$2615521544</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5862330 | 12790366 | $190003482 | $383075757 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 41776928 | - | 1245789189 |
| Reinvestment of distributions  | 2003599 | 907341 | 63173868 | 26721329 |
| Shares redeemed | <u>(4503909)</u> | <u>(11128080)</u> | <u>(145923660)</u> | <u>(333875272)</u> |
| Net increase (decrease) | <u>3362020</u> | <u>44346555</u> | <u>$107253690</u> | <u>$1321711003</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z shares are for the period October 18, 2024 (commencement of sale of shares) through August 31, 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. Prior Fiscal Year Reorganization Information.**

On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Balanced 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 October 18, 2024. 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 Balanced Fund** | 8986381555 | 2208843663 |  |  |  |
| Class A |  |  | 2422820886 | 82958929 | .9793796110 |
| Class M |  |  | 1724034659 | 58031483 | .9962642522 |
| Class C |  |  | 1151506865 | 39880527 | .9685977860 |
| Class I |  |  | 2536374089 | 84512526 | 1.0064319249 |
| Class Z |  |  | 1245789189 | 41499430 | 1.0066867874 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Balanced Fund** | 47988424175 | 57068949863 |

---

Pro forma results of operations of the combined entity for the entire period ended August 31, 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) | $1029863568 |
| Total net realized gain (loss) | 3465910532 |
| Total change in net unrealized appreciation (depreciation) | <u>1537002007</u> |
| Net increase (decrease) in net assets resulting from operations | <u>$6032776107</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 Statement of Operations since October 25, 2024.

**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.

![](img126687_4.jpg)<br>

1.471161.128 BAL-SANN-0426

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>Purchases 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 Fidelity Puritan 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 Fidelity Puritan Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 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) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.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](ex99.906cert.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 Puritan 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; April 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; April 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; April 22, 2026 |

---

## 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 Puritan 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:

April 22, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Puritan 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:

April 22, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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## 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 Puritan 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: April 22, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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Dated: April 22, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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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>