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 811-00649

Fidelity Puritan Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2026

Item 1.

Reports to Stockholders


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery K6 Fund Fidelity® Value Discovery K6 Fund : FDVKX

This annual shareholder report contains information about Fidelity® Value Discovery K6 Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Value Discovery K6 Fund	$ 52	0.45%

What affected the Fund's performance this period?

•U.S. stocks achieved a strong gain for the 12 months ending July 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within the financials sector. Stock selection in health care and communication services also boosted relative performance.

•The top individual relative contributor was an overweight in Alphabet (+82%), the fund's largest holding this period. A stake in Cisco Systems (+76%) also helped. Although we decreased our position in the stock, the company was one of our biggest holdings this period. Another notable relative contributor was an overweight in Ross Stores (+85%). This period we reduced exposure to the firm.

•In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in information technology, followed by security selection and an overweight in consumer staples. An overweight in financials, primarily within the insurance industry, also hurt.

•The biggest individual relative detractor this period was avoiding Sandisk, a strong-performing benchmark component. Positions in Advanced Micro Devices (-12%) and Applied Materials (+11%) also hurt.

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 25, 2017 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Value Discovery K6 Fund	31.55%	10.21%	10.70%
Russell 3000® Value Index	31.61%	11.66%	11.32%
Russell 3000® Index	19.60%	11.82%	14.39%

A From May 25, 2017

Visit www.401k.com for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$116,638,183
Number of Holdings	121
Total Advisory Fee	$660,063
Portfolio Turnover	77%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.6
Industrials	10.2
Consumer Staples	8.7
Energy	7.8
Communication Services	4.2
Materials	3.7
Utilities	1.7
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.3
Apple Inc	4.4
ExxonMobil Holdings Corp	3.3
Bank of America Corp	2.8
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Shell PLC ADR	1.9
Keurig Dr Pepper Inc	1.9
	33.4

How has the Fund changed?

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9913547.102 2943-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Value Discovery Fund : FVDFX

This annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Value Discovery Fund	$ 52	0.45%

What affected the Fund's performance this period?

•Against this backdrop, sector positioning was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially an underweight in information technology, where a smaller-than-benchmark allocation to the semiconductors & semiconductor equipment industry hurt most. Stock picks and an overweight in consumer staples also hampered the fund's result, as did an overweight in financials, primarily within the insurance industry. Lastly, the fund's position in cash detracted.

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials. Picks in health care and communication services also boosted the fund's relative performance.

•The top individual relative contributor was an overweight in Alphabet (+79%), the fund's largest holding this period. A stake in Cisco Systems (+74%) helped as well. This period we decreased our position in the stock, though it was among the fund's largest holdings this period. A position in Boston Scientific (+6%) also contributed. This was a stake we established this period.

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Value Discovery Fund	31.12%	9.86%	10.97%
Russell 3000® Value Index	31.61%	11.66%	11.54%
Russell 3000® Index	19.60%	11.82%	14.56%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management fee Operating expenses Performance adjustment fee	Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.
The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9913452.102 832-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Value Discovery Fund Class K : FVDKX

This annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$ 44	0.38%

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	31.22%	9.96%	11.07%
Russell 3000® Value Index	31.61%	11.66%	11.54%
Russell 3000® Index	19.60%	11.82%	14.56%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses Performance adjustment fee	Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.
The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9913451.102 2103-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026
	Fidelity® Series Intrinsic Opportunities Fund Fidelity® Series Intrinsic Opportunities Fund : FDMLX

This annual shareholder report contains information about Fidelity® Series Intrinsic Opportunities Fund for the period August 1, 2025 to July 31, 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.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Series Intrinsic Opportunities Fund	$ 0 A	0.00%B

AAmount represents less than $.50

BAmount represents less than 0.005%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® and Russell 2000® Linked Index for the fiscal year, led by industrials. Stock selection and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also hurting our result was stock picking in energy.

•The biggest individual relative detractor this period was avoiding Bloom Energy, a benchmark component that gained 574%. A non-benchmark stake in Vontier returned approximately -22% and was the second-largest relative detractor. A non-benchmark stake in Amdocs returned -33% and also notably hurt.

•In contrast, the biggest contributor to performance versus the benchmark was stock selection in consumer discretionary. Security selection in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. Also helping our relative result were picks and an underweight in utilities.

•The fund's stake in Micron Technology gained 603% and was the top individual relative contributor. This period we decreased our investment in Micron Technology. The second-largest relative contributor was our stake in Dell Technologies (+201%). This period we decreased our investment in Dell Technologies. A stake in MKS gained roughly 211% and notably helped. This period we decreased our investment in MKS. All these contributors were non-benchmark positions.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to energy.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Series Intrinsic Opportunities Fund	23.97%	11.80%	12.90%
Russell 3000® and Russell 2000® Linked Index	34.18%	9.61%	13.42%
Russell 2000® Index	34.18%	7.11%	10.64%
Russell 3000® Index	19.60%	11.82%	14.56%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$2,752,610,250
Number of Holdings	249
Total Advisory Fee	$0
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	25.4
Industrials	18.7
Consumer Discretionary	11.6
Health Care	10.7
Information Technology	8.5
Consumer Staples	7.2
Energy	5.8
Materials	5.3
Real Estate	2.5
Utilities	1.3
Communication Services	0.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.3
	Short-Term Investments and Net Other Assets (Liabilities) - 2.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.8
	Japan - 2.2
	United Kingdom - 1.8
	France - 1.1
	Spain - 0.7
	Canada - 0.7
	Switzerland - 0.6
	Greece - 0.5
	Austria - 0.4
	Others - 2.2

TOP HOLDINGS (% of Fund's net assets)
Performance Food Group Co	1.5
Wells Fargo & Co	1.4
State Street Corp	1.4
TD SYNNEX Corp	1.3
Stifel Financial Corp	1.2
PG&E Corp	1.1
Elanco Animal Health Inc	1.1
Labcorp Holdings Inc	1.1
Silgan Holdings Inc	1.1
Ovintiv Inc	1.0
	12.2

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.
		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 1.9913517.102 2455-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026
	Fidelity® Low-Priced Stock K6 Fund Fidelity® Low-Priced Stock K6 Fund : FLKSX

This annual shareholder report contains information about Fidelity® Low-Priced Stock K6 Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Low-Priced Stock K6 Fund	$ 56	0.50%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock selection and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and security selection and an overweight in consumer staples.

•The largest individual relative detractor this period was avoiding Bloom Energy, a benchmark component that gained 574%. The second-largest relative detractor was our non-benchmark stake in Amdocs (-36%). The stock was not held at period end. Not owning Credo Technology Group, a benchmark component that gained roughly 113%, was another notable relative detractor.

•In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry. An overweight in energy also boosted relative performance. Also lifting the fund's relative result were stock selection and an underweight in utilities.

•The fund's stake in Samsung Electronics gained roughly 266% and was the top individual relative contributor. This period we decreased our investment in Samsung Electronics. A stake in Micron Technology gained approximately 607% and was the second-largest relative contributor. This period we decreased our investment in Micron Technology. Another notable relative contributor was our stake in Seagate Technology Holdings (+439%). This period we decreased our investment in Seagate Technology Holdings. All these contributors were non-benchmark positions.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 26, 2017 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Low-Priced Stock K6 Fund	23.27%	10.12%	11.40%
Russell 2000® Index	34.18%	7.11%	9.99%
Russell 3000® Index	19.60%	11.82%	14.39%

A From May 26, 2017

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,583,258,433
Number of Holdings	548
Total Advisory Fee	$21,249,573
Portfolio Turnover	29%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	17.9
Consumer Discretionary	12.8
Health Care	11.1
Information Technology	10.1
Consumer Staples	8.1
Energy	6.8
Materials	4.8
Real Estate	1.7
Utilities	1.4
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.4
	Short-Term Investments and Net Other Assets (Liabilities) - 3.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 66.9
	Japan - 7.6
	United Kingdom - 6.6
	France - 2.8
	Canada - 2.4
	Korea (South) - 1.6
	Netherlands - 1.5
	Taiwan - 1.5
	China - 1.3
	Others - 7.8

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.2
State Street Corp	1.0
Ovintiv Inc	1.0
Performance Food Group Co	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
ICON PLC	0.8
Primo Brands Corp Class A	0.8
	10.2

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.
		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 1.9913549.102 2955-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity® Low-Priced Stock Fund : FLPSX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Low-Priced Stock Fund	$ 66	0.59%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•The biggest individual relative detractor this period was avoiding Bloom Energy, a benchmark component that gained 574%. A non-benchmark stake in Amdocs returned -36% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor this period was avoiding Credo Technology Group, a benchmark component that gained about 113%.

•In contrast, the biggest contributor to performance versus the benchmark was security selection in information technology, primarily within the semiconductors & semiconductor equipment industry. An overweight in energy also boosted the fund's relative performance. Also contributing to our result were picks and an underweight in utilities.

•The fund's stake in Samsung Electronics gained 266% and was the top individual relative contributor. This period we decreased our position in Samsung Electronics. A second notable relative contributor was our stake in Micron Technology (+630%). This period we decreased our position in Micron Technology. Another notable relative contributor was our stake in Seagate Technology Holdings (+438%). This period we decreased our position in Seagate Technology Holdings. All these contributors were non-benchmark positions.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Low-Priced Stock Fund	23.15%	9.76%	11.42%
Russell 2000® Index	34.18%	7.11%	10.64%
Russell 3000® Index	19.60%	11.82%	14.56%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9913423.102 316-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity® Low-Priced Stock Fund Class K : FLPKX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$ 59	0.53%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2016 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	23.22%	9.84%	11.51%
Russell 2000® Index	34.18%	7.11%	10.64%
Russell 3000® Index	19.60%	11.82%	14.56%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9913422.102 2095-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity Advisor® Low-Priced Stock Fund Class A : FLPCX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 94	0.84%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class A (incl. 5.75% sales charge)	15.72%	10.73%
Class A (without 5.75% sales charge)	22.78%	14.41%
Russell 2000® Index	34.18%	18.82%
Russell 3000® Index	19.60%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9918478.101 7809-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity Advisor® Low-Priced Stock Fund Class M : FLPDX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 126	1.13%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class M (incl. 3.50% sales charge)	18.21%	11.90%
Class M (without 3.50% sales charge)	22.50%	14.12%
Russell 2000® Index	34.18%	18.82%
Russell 3000® Index	19.60%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9918482.101 7810-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity Advisor® Low-Priced Stock Fund Class C : FLPEX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 178	1.60%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class C (incl. contingent deferred sales charge)	20.86%	13.55%
Class C	21.86%	13.55%
Russell 2000® Index	34.18%	18.82%
Russell 3000® Index	19.60%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9918480.101 7811-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity Advisor® Low-Priced Stock Fund Class I : FLPFX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 68	0.61%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class I	23.10%	14.69%
Russell 2000® Index	34.18%	18.82%
Russell 3000® Index	19.60%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9918484.101 7812-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Low-Priced Stock Fund Fidelity Advisor® Low-Priced Stock Fund Class Z : FLPGX

This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 57	0.51%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000® Index for the fiscal year, led by industrials. Also hurting our result were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and stock picking and an overweight in consumer staples.

•Notable changes in positioning include increased exposure to the health care sector and a lower allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class Z	23.24%	14.83%
Russell 2000® Index	34.18%	18.82%
Russell 3000® Index	19.60%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$24,832,361,686
Number of Holdings	549
Total Advisory Fee	$136,288,491
Portfolio Turnover	26%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	21.3
Industrials	18.7
Consumer Discretionary	12.4
Health Care	11.1
Information Technology	10.0
Consumer Staples	8.2
Energy	6.7
Materials	4.9
Real Estate	1.8
Utilities	1.3
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Short-Term Investments and Net Other Assets (Liabilities) - 3.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 65.9
	Japan - 8.2
	United Kingdom - 6.5
	France - 2.7
	Canada - 2.4
	Korea (South) - 1.9
	Netherlands - 1.7
	Taiwan - 1.4
	China - 1.4
	Others - 7.9

TOP HOLDINGS (% of Fund's net assets)
Wells Fargo & Co	1.4
TotalEnergies SE (United States)	1.3
PG&E Corp	1.1
State Street Corp	1.0
Aalberts NV	1.0
Performance Food Group Co	0.9
Ovintiv Inc	0.9
Labcorp Holdings Inc	0.9
TD SYNNEX Corp	0.9
Primo Brands Corp Class A	0.8
	10.2

How has the Fund changed?

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

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

Performance adjustment fee

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9918486.101 7813-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Advisor Value Discovery Fund Class A : FVDJX

This annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 2025 to July 31, 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 year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class AA	$ 75	0.75%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

September 11, 2025 through July 31, 2026.

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

Visit institutional.fidelity.com for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

This is a summary of certain changes to the Fund since September 11, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9918540.100 9011-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Advisor Value Discovery Fund Class M : FVDLX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class MA	$ 100	1.00%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

September 11, 2025 through July 31, 2026.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9918542.100 9012-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Advisor Value Discovery Fund Class C : FVDMX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class CA	$ 149	1.50%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

September 11, 2025 through July 31, 2026.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9918544.100 9013-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Advisor Value Discovery Fund Class I : FVDNX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class IA	$ 50	0.50%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

September 11, 2025 through July 31, 2026.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9918546.100 9016-TSRA-0926


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Value Discovery Fund Fidelity® Advisor Value Discovery Fund Class Z : FVDOX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class ZA	$ 39	0.39%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

•Not owning Sandisk, a strong-performing benchmark component was the biggest individual relative detractor, followed by stakes in Advanced Micro Devices (-12%) and Applied Materials (+10%).

•Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

September 11, 2025 through July 31, 2026.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2026)

KEY FACTS
Fund Size	$4,165,737,222
Number of Holdings	122
Total Advisory Fee	$15,838,323
Portfolio Turnover	92%

What did the Fund invest in?
(as of July 31, 2026)

MARKET SECTORS (% of Fund's net assets)
Financials	19.6
Health Care	15.1
Information Technology	14.7
Consumer Discretionary	12.5
Industrials	10.2
Consumer Staples	8.7
Energy	7.9
Communication Services	4.2
Materials	3.8
Utilities	1.6
Real Estate	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.3
	United Kingdom - 4.0
	Canada - 1.8
	Taiwan - 0.5
	Switzerland - 0.5
	Ireland - 0.5
	Germany - 0.4

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	7.5
Microsoft Corp	5.4
Apple Inc	4.4
ExxonMobil Holdings Corp	3.4
Bank of America Corp	2.7
Merck & Co Inc	2.3
Travelers Companies Inc/The	2.1
Chubb Ltd	1.9
Keurig Dr Pepper Inc	1.9
Shell PLC ADR	1.9
	33.5

How has the Fund changed?

Fidelity Advisor® Equity Value Fund merged into Fidelity® Value Discovery Fund on September 19, 2025.

The fund modified its principal investment strategies during the reporting period.

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.
		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 1.9918548.100 9017-TSRA-0926

Item 2.

Code of Ethics

As of the end of the period, July 31, 2026, Fidelity Puritan Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series Intrinsic Opportunities Fund, Fidelity Value Discovery Fund and Fidelity Value Discovery K6 Fund (the “Funds”):

Services Billed by Deloitte Entities

July 31, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Series Intrinsic Opportunities Fund	$56,100	$-	$11,000	$1,200
Fidelity Value Discovery Fund	$42,700	$-	$9,000	$900
Fidelity Value Discovery K6 Fund	$34,800	$-	$6,800	$700

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Series Intrinsic Opportunities Fund	$56,800	$-	$10,600	$1,100
Fidelity Value Discovery Fund	$48,700	$-	$8,500	$800
Fidelity Value Discovery K6 Fund	$35,300	$-	$6,000	$700

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Low-Priced Stock Fund and Fidelity Low-Priced Stock K6 Fund (the “Funds”):

Services Billed by PwC

July 31, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Low-Priced Stock Fund	$78,600	$7,200	$15,300	$2,200
Fidelity Low-Priced Stock K6 Fund	$61,600	$5,100	$4,700	$1,600

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Low-Priced Stock Fund	$127,900	$6,900	$51,700	$2,300
Fidelity Low-Priced Stock K6 Fund	$101,200	$5,100	$19,900	$1,700

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	July 31, 2026^A	July 31, 2025^A
Audit-Related Fees	$154,800	$125,000
Tax Fees	$-	$-
All Other Fees	$-	$2,970,400

^A Amounts may reflect rounding.

Services Billed by PwC


	July 31, 2026^A	July 31, 2025^A
Audit-Related Fees	$9,348,700	$9,680,100
Tax Fees	$1,000	$1,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	July 31, 2026^A	July 31, 2025^A
Deloitte Entities	$2,616,800	$3,459,900
PwC	$14,597,200	$14,725,200

^A Amounts may reflect rounding.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Value Discovery K6 Fund

Annual Report

July 31, 2026

Contents

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

Fidelity® Value Discovery K6 Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Fidelity® Value Discovery K6 Fund

Schedule of Investments July 31, 2026

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
CANADA - 1.8%
Consumer Staples - 0.5%
Consumer Staples Distribution & Retail - 0.5%
Alimentation Couche-Tard Inc	8,385	544,366
Energy - 0.8%
Oil, Gas & Consumable Fuels - 0.8%
Imperial Oil Ltd (United States)	7,283	943,658
Materials - 0.5%
Chemicals - 0.5%
Nutrien Ltd (United States)	8,581	592,690
TOTAL CANADA		2,080,714
GERMANY - 0.4%
Health Care - 0.4%
Pharmaceuticals - 0.4%
Bayer AG	8,441	468,439
IRELAND - 0.5%
Industrials - 0.5%
Trading Companies & Distributors - 0.5%
AerCap Holdings NV	3,526	532,073
SWITZERLAND - 0.5%
Information Technology - 0.5%
Electronic Equipment, Instruments & Components - 0.5%
TE Connectivity PLC	2,886	593,621
TAIWAN - 0.5%
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR	1,514	612,035
UNITED KINGDOM - 4.0%
Consumer Staples - 1.5%
Personal Care Products - 0.5%
Unilever PLC ADR	8,615	546,277
Tobacco - 1.0%
British American Tobacco PLC ADR	19,525	1,184,191
TOTAL CONSUMER STAPLES		1,730,468
Health Care - 2.5%
Pharmaceuticals - 2.5%
Astrazeneca PLC (United States)	8,358	1,417,851
GSK PLC ADR	29,760	1,538,295
TOTAL HEALTH CARE		2,956,146
TOTAL UNITED KINGDOM		4,686,614
UNITED STATES - 91.4%
Communication Services - 4.2%
Entertainment - 1.4%
Warner Bros Discovery Inc (a)	63,056	1,658,373
Interactive Media & Services - 2.2%
Alphabet Inc Class A	2,980	1,061,267
Meta Platforms Inc Class A	2,591	1,442,436
		2,503,703
Media - 0.6%
Omnicom Group Inc	8,844	696,023
TOTAL COMMUNICATION SERVICES		4,858,099
Consumer Discretionary - 12.6%
Broadline Retail - 7.5%
Amazon.com Inc (a)	32,363	8,789,144
Diversified Consumer Services - 0.8%
H&R Block Inc	19,991	880,204
Hotels, Restaurants & Leisure - 0.5%
Domino's Pizza Inc	1,570	545,480
Household Durables - 0.6%
Mohawk Industries Inc (a)	3,407	419,402
Toll Brothers Inc	2,042	297,907
		717,309
Specialty Retail - 2.6%
Abercrombie & Fitch Co Class A (a)	2,700	268,758
AutoNation Inc (a)	1,315	279,306
Group 1 Automotive Inc	448	128,473
Lithia Motors Inc	834	321,440
Lowe's Cos Inc	5,814	1,208,207
Murphy USA Inc	388	235,811
Ross Stores Inc	2,494	626,169
		3,068,164
Textiles, Apparel & Luxury Goods - 0.6%
Deckers Outdoor Corp (a)	3,413	330,651
PVH Corp	3,825	331,475
		662,126
TOTAL CONSUMER DISCRETIONARY		14,662,427
Consumer Staples - 6.7%
Beverages - 1.9%
Keurig Dr Pepper Inc	69,464	2,161,720
Consumer Staples Distribution & Retail - 1.8%
Kroger Co/The	14,072	812,517
Sprouts Farmers Market Inc (a)	6,406	558,347
Target Corp	5,220	754,238
		2,125,102
Food Products - 0.3%
Mondelez International Inc	6,284	391,555
Household Products - 2.7%
Colgate-Palmolive Co	8,043	734,326
Kimberly-Clark Corp (c)	9,567	1,045,769
Procter & Gamble Co/The	9,457	1,366,442
		3,146,537
TOTAL CONSUMER STAPLES		7,824,914
Energy - 7.0%
Oil, Gas & Consumable Fuels - 7.0%
ConocoPhillips	17,405	2,096,954
ExxonMobil Holdings Corp	25,044	3,892,840
Shell PLC ADR	23,744	2,183,973
TOTAL ENERGY		8,173,767
Financials - 19.6%
Banks - 6.6%
Bank of America Corp	51,345	3,180,823
M&T Bank Corp	6,501	1,601,131
PNC Financial Services Group Inc/The	1,609	402,040
US Bancorp	14,959	942,567
Wells Fargo & Co	17,319	1,497,228
		7,623,789
Capital Markets - 3.4%
Ameriprise Financial Inc	1,345	734,155
Charles Schwab Corp/The	13,470	1,417,584
Moody's Corp	480	229,622
Northern Trust Corp	7,455	1,358,226
S&P Global Inc	555	228,621
		3,968,208
Consumer Finance - 1.0%
Capital One Financial Corp	5,354	1,119,040
Financial Services - 1.8%
Fiserv Inc (a)	5,058	272,829
Global Payments Inc	5,987	503,387
Sycamore Partners LLC rights (a)(b)	271,260	146,480
Visa Inc Class A	3,371	1,234,224
		2,156,920
Insurance - 6.3%
Chubb Ltd	6,267	2,197,712
Fidelity National Financial Inc	6,762	348,851
Hartford Insurance Group Inc/The	5,041	715,368
Marsh & McLennan Cos Inc	5,220	990,182
Travelers Companies Inc/The	6,536	2,446,817
Willis Towers Watson PLC	2,063	693,003
		7,391,933
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
Annaly Capital Management Inc	25,252	573,725
TOTAL FINANCIALS		22,833,615
Health Care - 12.2%
Biotechnology - 2.3%
Biogen Inc (a)	4,084	828,848
Gilead Sciences Inc	13,821	1,799,632
		2,628,480
Health Care Equipment & Supplies - 1.4%
Boston Scientific Corp (a)	23,501	1,098,202
Cooper Cos Inc/The (a)	7,442	538,205
		1,636,407
Health Care Providers & Services - 4.7%
Cigna Group/The	3,834	1,069,878
CVS Health Corp	7,403	773,095
Elevance Health Inc	2,155	809,935
Henry Schein Inc (a)	5,133	440,155
Labcorp Holdings Inc	2,262	699,410
UnitedHealth Group Inc	4,155	1,721,833
		5,514,306
Life Sciences Tools & Services - 1.1%
Thermo Fisher Scientific Inc	2,251	1,292,749
Pharmaceuticals - 2.7%
Merck & Co Inc	20,370	2,652,174
Pfizer Inc rights (a)(b)	2,800	15,092
Viatris Inc	25,353	445,199
		3,112,465
TOTAL HEALTH CARE		14,184,407
Industrials - 9.7%
Aerospace & Defense - 0.8%
Textron Inc	10,384	885,340
Air Freight & Logistics - 1.2%
Expeditors International of Washington Inc	2,121	356,095
FedEx Corp	1,691	519,813
United Parcel Service Inc Class B	4,741	494,107
		1,370,015
Building Products - 0.0%
A O Smith Corp	969	58,266
Commercial Services & Supplies - 0.5%
Tetra Tech Inc	20,333	674,242
Electrical Equipment - 0.7%
Acuity Inc	2,323	762,850
Regal Rexnord Corp	473	97,074
		859,924
Ground Transportation - 0.0%
Knight-Swift Transportation Holdings Inc	426	29,620
Machinery - 3.9%
Allison Transmission Holdings Inc	7,451	853,438
Deere & Co	1,969	1,166,967
Dover Corp	2,966	606,903
Mueller Industries Inc	3,600	239,076
PACCAR Inc	3,284	435,721
Pentair PLC	5,107	334,202
Westinghouse Air Brake Technologies Corp	2,948	857,455
		4,493,762
Professional Services - 1.9%
ExlService Holdings Inc (a)	15,971	541,896
KBR Inc	4,632	169,578
Leidos Holdings Inc	2,624	303,334
Maximus Inc	5,660	341,015
Paycom Software Inc	712	116,740
SS&C Technologies Holdings Inc	9,288	715,640
		2,188,203
Trading Companies & Distributors - 0.7%
Ferguson Enterprises Inc	1,690	396,018
Rush Enterprises Inc Class A	4,975	396,955
		792,973
TOTAL INDUSTRIALS		11,352,345
Information Technology - 13.7%
Communications Equipment - 0.4%
Cisco Systems Inc	3,598	417,332
Electronic Equipment, Instruments & Components - 0.5%
TD SYNNEX Corp	2,502	639,761
IT Services - 0.5%
GoDaddy Inc Class A (a)	7,751	641,318
Semiconductors & Semiconductor Equipment - 0.6%
Skyworks Solutions Inc (c)	10,896	678,603
Software - 7.3%
Gen Digital Inc	40,387	1,108,622
Microsoft Corp	13,355	6,206,336
Salesforce Inc	6,084	1,119,578
		8,434,536
Technology Hardware, Storage & Peripherals - 4.4%
Apple Inc	16,716	5,163,740
TOTAL INFORMATION TECHNOLOGY		15,975,290
Materials - 3.2%
Chemicals - 1.1%
Cabot Corp (c)	3,486	306,837
Corteva Inc	11,950	940,585
		1,247,422
Containers & Packaging - 0.7%
Crown Holdings Inc	6,333	746,344
Graphic Packaging Holding CO	11,414	122,472
		868,816
Metals & Mining - 1.4%
Coeur Mining Inc (c)	34,078	508,103
Newmont Corp	12,284	1,151,134
		1,659,237
TOTAL MATERIALS		3,775,475
Real Estate - 0.8%
Real Estate Management & Development - 0.6%
Jones Lang LaSalle Inc (a)	2,044	725,681
Specialized REITs - 0.2%
Lamar Advertising Co Class A	1,977	316,241
TOTAL REAL ESTATE		1,041,922
Utilities - 1.7%
Electric Utilities - 1.5%
Eversource Energy	10,576	757,136
PG&E Corp	53,272	925,867
		1,683,003
Gas Utilities - 0.2%
UGI Corp	7,340	265,121
TOTAL UTILITIES		1,948,124
TOTAL UNITED STATES		106,630,385
TOTAL COMMON STOCKS (Cost $89,132,943)		115,603,881

Money Market Funds - 2.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	3.69	1,890,867	1,891,245
Fidelity Securities Lending Cash Central Fund (d)(e)	3.72	917,158	917,250
TOTAL MONEY MARKET FUNDS (Cost $2,808,334)			2,808,495

TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $91,941,277)	118,412,376
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(1,774,193)
NET ASSETS - 100.0%	116,638,183

Legend

(a)	Non-income producing.

(b)	Level 3 security.

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

(d)

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

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

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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	2,432,201	35,917,375	36,458,472	56,295	(20)	161	1,891,245	1,890,867
Fidelity Securities Lending Cash Central Fund	1,246,500	17,984,617	18,313,929	1,885	62	-	917,250	917,158
	3,678,701	53,901,992	54,772,401	58,180	42	161	2,808,495

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.

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.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 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:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	4,858,099	4,858,099	-	-
Consumer Discretionary	14,662,427	14,662,427	-	-
Consumer Staples	10,099,748	10,099,748	-	-
Energy	9,117,425	9,117,425	-	-
Financials	22,833,615	22,687,135	-	146,480
Health Care	17,608,992	17,125,461	468,439	15,092
Industrials	11,884,418	11,884,418	-	-
Information Technology	17,180,946	17,180,946	-	-
Materials	4,368,165	4,368,165	-	-
Real Estate	1,041,922	1,041,922	-	-
Utilities	1,948,124	1,948,124	-	-

Money Market Funds	2,808,495	2,808,495	-	-
Total Investments in Securities:	118,412,376	117,782,365	468,439	161,572

Financial Statements

Statement of Assets and Liabilities

As of July 31, 2026
Assets
Investments in securities, at value - unaffiliated issuers	$	115,603,881
Investments in securities, at value - affiliated issuers		2,808,495
Foreign currency held at value		97
Receivable for investments sold		1,193,442
Receivable for fund shares sold		3,941
Dividends receivable		57,232
Reclaims receivable		60,874
Distributions receivable from affiliated funds		2,942
Total assets		119,730,904
Liabilities
Payable for investments purchased		1,925,841
Payable for fund shares redeemed		206,578
Accrued management fee		43,052
Collateral on securities loaned		917,250
Total liabilities		3,092,721
Net Assets	$	116,638,183
Net assets consist of:
Paid in capital		54,279,623
Total accumulated earnings (loss)		62,358,560
Net Assets	$	116,638,183

Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($116,638,183/8,147,220 shares)	$	14.32


Other Information
Unaffiliated issuers, cost		89,132,943
Affiliated issuers, cost		2,808,334
Foreign currency holdings, cost		96
Securities loaned, market value		1,382,810

Statement of Operations

Year ended July 31, 2026

Investment Income
Dividends - unaffiliated issuers	$	2,910,292
Dividends - affiliated issuers		58,180
Security lending income - unaffiliated issuers		135
Interest		7
Total investment income		2,968,614
Expenses
Management fee		660,063
Independent trustees' fees and expenses		538
Total expenses		660,601
Expense reimbursements and reductions		(651)
Total expenses after reductions		659,950
Net investment income (loss)		2,308,664
Net realized gain (loss)
Investments - unaffiliated issuers		40,049,531
Investments - affiliated issuers		42
Foreign currency transactions		(2,816)
Net realized gain (loss)		40,046,757
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(5,966,917)
Investments - affiliated issuers		161
Assets and liabilities in foreign currencies		410
Total change in net unrealized appreciation (depreciation)		(5,966,346)
Net gain (loss)		34,080,411
Net increase (decrease) in net assets resulting from operations	$	36,389,075
Other Information
Income from securities lending - Affiliated Issuers		1,885

Statement of Changes in Net Assets
		Year ended July 31, 2026		Year ended July 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,308,664	$	3,017,134
Net realized gain (loss)		40,046,757		15,344,315
Change in net unrealized appreciation (depreciation)		(5,966,346)		(10,321,202)
Net increase (decrease) in net assets resulting from operations		36,389,075		8,040,247
Distributions to shareholders
Distributions to shareholders		(20,421,805)		(15,724,201)
Total distributions		(20,421,805)		(15,724,201)
Net increase (decrease) in net assets resulting from share transactions		(56,256,269)		(5,238,425)
Total increase (decrease) in net assets		(40,288,999)		(12,922,379)
Net Assets
Beginning of period		156,927,182		169,849,561
End of period	$	116,638,183	$	156,927,182

Financial Highlights

Fidelity® Value Discovery K6 Fund

Years ended July 31,		2026		2025		2024		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	12.43	$	13.03	$	12.40	$	12.99	$	14.22
Income from Investment Operations
Net investment income (loss) A, B		.20		.23		.24		.21		.21
Net realized and unrealized gain (loss)		3.33		.37		.96		.51		(.12)
Total from investment operations		3.53		.60		1.20		.72		.09
Distributions
Distributions from net investment income		(.23)		(.31)		(.22)		(.17)		(.20)
Distributions from net realized gain		(1.40)		(.90)		(.35)		(1.14)		(1.12)
Total distributions		(1.64) C		(1.20) C		(.57)		(1.31)		(1.32)
Net asset value, end of period	$	14.32	$	12.43	$	13.03	$	12.40	$	12.99
Total Return D		31.55%		4.99%		10.25%		6.14%		.60%
Ratios and Supplemental Data B, E, F
Ratio of expenses to average net assets before reductions		.45%		.45%		.46%		.45%		.45%
Ratio of expenses to average net assets net of fee waivers, if any		.45%		.45%		.45%		.45%		.45%
Ratio of expenses to average net assets net of all reductions, if any		.45%		.45%		.45%		.45%		.45%
Ratio of net investment income (loss) to average net assets		1.58%		1.84%		2.02%		1.76%		1.52%
Net assets, end of period	$	116,638,183	$	156,927,182	$	169,849,561	$	194,288,556	$	137,449,580
Portfolio turnover rate G		77%		61% H		29%		43% H		37% H

ACalculated based on average shares outstanding during the period.

BNet 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.

CTotal distributions per share do not sum due to rounding.

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

EExpense 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.

FFees 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.

GAmount 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.

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended July 31, 2026

1. Organization.

Fidelity® Value Discovery K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. 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. 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 portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's 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 any 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 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 period end 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 investment holdings and net asset value (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 for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a 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 any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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

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

As of July 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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. These differences may result in distribution reclassifications.

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

Book-tax differences are primarily due to: foreign currency transactions, losses deferred due to excise tax regulations, passive foreign investment companies (PFIC), and losses deferred due to wash sales.

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

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Fidelity® Value Discovery K6 Fund	92,577,618	27,819,845	(1,985,087)	25,834,758

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

	Undistributed ordinary income ($)	Undistributed long-term capital gain ($)	Net unrealized appreciation (depreciation) on securities and other investments ($)
Fidelity® Value Discovery K6 Fund	8,833,582	27,685,036	25,839,942

The tax character of distributions paid was as follows:

July 31, 2026
	Ordinary Income ($)	Long-term Capital Gains ($)	Total ($)
Fidelity® Value Discovery K6 Fund	3,518,556	16,903,249	20,421,805

July 31, 2025
	Ordinary Income ($)	Long-term Capital Gains ($)	Total ($)
Fidelity® Value Discovery K6 Fund	4,203,509	11,520,692	15,724,201

3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity® Value Discovery K6 Fund	109,674,332	183,362,521

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

	Shares	Total Proceeds ($)
Fidelity® Value Discovery K6 Fund	59,971	735,247

4. 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 these services, the fund pays a monthly management fee to the investment adviser.

The management fee is based on an annual management fee rate of the fund's average net assets as presented in the table below.

	Management Fee Rate %
Fidelity® Value Discovery K6 Fund	0.45

Under the management contract, the investment adviser pays all other operating expenses, except fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

	Amount ($)
Fidelity® Value Discovery K6 Fund	1,549

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® Value Discovery K6 Fund	15,447,017	14,486,963	5,440,894

5. 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, (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.

6. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in income from securities lending - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)

Fidelity® Value Discovery K6 Fund	212	-	-

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

	Amount ($)
Fidelity® Value Discovery K6 Fund	513,954

7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Fidelity® Value Discovery K6 Fund	651

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended ($)	Year ended ($)
	July 31, 2026	July 31, 2025

Fidelity® Value Discovery K6 Fund
Fidelity® Value Discovery K6 Fund	20,421,805	15,724,201
Total	20,421,805	15,724,201

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended	Year ended	Year ended ($)	Year ended ($)
	July 31, 2026	July 31, 2025	July 31, 2026	July 31, 2025

Fidelity® Value Discovery K6 Fund
Shares sold	1,942,189	3,793,635	24,596,560	46,597,213
Reinvestment of distributions	1,727,718	1,288,707	20,421,805	15,724,201
Shares redeemed	(8,148,921)	(5,494,041)	(101,274,634)	(67,559,839)
Net increase (decrease)	(4,479,014)	(411,699)	(56,256,269)	(5,238,425)

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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Value Discovery K6 Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Value Discovery K6 Fund (the "Fund"), a fund of Fidelity Puritan Trust, including the schedule of investments, as of July 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2026

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

Distributions

(Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2026, $31,233,738, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $73,085 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 87% and 63% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 99.89% and 77.82% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.03% and 3.92% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Value Discovery K6 Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board of Trustees voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisesr' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund relative to funds and classes in the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.9884003.109

FVDK6-ANN-0926

Fidelity® Value Discovery Fund

Annual Report

July 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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

Fidelity® Value Discovery Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Fidelity® Value Discovery Fund

Schedule of Investments July 31, 2026

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
CANADA - 1.8%
Consumer Staples - 0.5%
Consumer Staples Distribution & Retail - 0.5%
Alimentation Couche-Tard Inc	299,533	19,446,088
Energy - 0.8%
Oil, Gas & Consumable Fuels - 0.8%
Imperial Oil Ltd (United States)	258,742	33,525,201
Materials - 0.5%
Chemicals - 0.5%
Nutrien Ltd (United States)	306,291	21,155,519
TOTAL CANADA		74,126,808
GERMANY - 0.4%
Health Care - 0.4%
Pharmaceuticals - 0.4%
Bayer AG	295,620	16,405,663
IRELAND - 0.5%
Industrials - 0.5%
Trading Companies & Distributors - 0.5%
AerCap Holdings NV	124,453	18,779,958
SWITZERLAND - 0.5%
Information Technology - 0.5%
Electronic Equipment, Instruments & Components - 0.5%
TE Connectivity PLC	102,747	21,134,030
TAIWAN - 0.5%
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR	54,110	21,873,968
UNITED KINGDOM - 4.0%
Consumer Staples - 1.5%
Personal Care Products - 0.5%
Unilever PLC ADR	316,500	20,069,265
Tobacco - 1.0%
British American Tobacco PLC ADR	692,471	41,998,366
TOTAL CONSUMER STAPLES		62,067,631
Health Care - 2.5%
Pharmaceuticals - 2.5%
Astrazeneca PLC (United States)	301,810	51,199,048
GSK PLC ADR	1,041,660	53,843,406
TOTAL HEALTH CARE		105,042,454
TOTAL UNITED KINGDOM		167,110,085
UNITED STATES - 91.4%
Communication Services - 4.2%
Entertainment - 1.4%
Warner Bros Discovery Inc (a)	2,251,097	59,203,851
Interactive Media & Services - 2.2%
Alphabet Inc Class A	108,241	38,547,867
Meta Platforms Inc Class A	92,515	51,504,026
		90,051,893
Media - 0.6%
Omnicom Group Inc (b)	316,673	24,922,165
TOTAL COMMUNICATION SERVICES		174,177,909
Consumer Discretionary - 12.5%
Broadline Retail - 7.5%
Amazon.com Inc (a)	1,156,308	314,030,127
Diversified Consumer Services - 0.8%
H&R Block Inc	760,271	33,474,732
Hotels, Restaurants & Leisure - 0.5%
Domino's Pizza Inc	54,100	18,796,504
Household Durables - 0.5%
Mohawk Industries Inc (a)	105,031	12,929,316
Toll Brothers Inc	68,171	9,945,467
		22,874,783
Specialty Retail - 2.6%
Abercrombie & Fitch Co Class A (a)	86,300	8,590,302
AutoNation Inc (a)	41,870	8,893,188
Group 1 Automotive Inc	14,200	4,072,134
Lithia Motors Inc	28,600	11,023,012
Lowe's Cos Inc	207,535	43,127,849
Murphy USA Inc	13,944	8,474,605
Ross Stores Inc	89,046	22,356,779
		106,537,869
Textiles, Apparel & Luxury Goods - 0.6%
Deckers Outdoor Corp (a)	121,378	11,759,101
PVH Corp	135,100	11,707,766
		23,466,867
TOTAL CONSUMER DISCRETIONARY		519,180,882
Consumer Staples - 6.7%
Beverages - 1.9%
Keurig Dr Pepper Inc	2,485,351	77,344,123
Consumer Staples Distribution & Retail - 1.8%
Kroger Co/The	502,276	29,001,416
Sprouts Farmers Market Inc (a)	214,748	18,717,436
Target Corp	189,594	27,394,437
		75,113,289
Food Products - 0.3%
Mondelez International Inc	254,553	15,861,197
Household Products - 2.7%
Colgate-Palmolive Co	287,800	26,276,140
Kimberly-Clark Corp (b)	336,556	36,788,936
Procter & Gamble Co/The	339,373	49,036,006
		112,101,082
TOTAL CONSUMER STAPLES		280,419,691
Energy - 7.1%
Oil, Gas & Consumable Fuels - 7.1%
ConocoPhillips	622,090	74,949,403
ExxonMobil Holdings Corp	913,699	142,025,373
Shell PLC ADR	839,044	77,175,267
TOTAL ENERGY		294,150,043
Financials - 19.6%
Banks - 6.6%
Bank of America Corp	1,792,231	111,028,711
M&T Bank Corp	237,891	58,590,175
PNC Financial Services Group Inc/The	58,238	14,551,929
US Bancorp	581,337	36,630,044
Wells Fargo & Co	621,383	53,718,560
		274,519,419
Capital Markets - 3.4%
Ameriprise Financial Inc	47,900	26,145,736
Charles Schwab Corp/The	478,500	50,357,340
Moody's Corp	17,163	8,210,436
Northern Trust Corp	269,584	49,115,509
S&P Global Inc	19,855	8,178,870
		142,007,891
Consumer Finance - 1.0%
Capital One Financial Corp	192,540	40,242,785
Financial Services - 1.8%
Fiserv Inc (a)	177,053	9,550,239
Global Payments Inc (b)	207,351	17,434,072
Sycamore Partners LLC rights (a)(c)	5,855,570	3,162,008
Visa Inc Class A	117,801	43,130,480
		73,276,799
Insurance - 6.4%
Chubb Ltd	224,314	78,662,434
Fidelity National Financial Inc	219,333	11,315,389
Hartford Insurance Group Inc/The	186,517	26,468,627
Marsh & McLennan Cos Inc	188,600	35,775,534
Travelers Companies Inc/The	235,384	88,118,355
Willis Towers Watson PLC	72,248	24,269,548
		264,609,887
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
Annaly Capital Management Inc	916,186	20,815,746
TOTAL FINANCIALS		815,472,527
Health Care - 12.2%
Biotechnology - 2.3%
Biogen Inc (a)	146,461	29,724,260
Gilead Sciences Inc	494,078	64,333,896
		94,058,156
Health Care Equipment & Supplies - 1.4%
Boston Scientific Corp (a)	836,057	39,068,944
Cooper Cos Inc/The (a)	261,509	18,912,330
		57,981,274
Health Care Providers & Services - 4.8%
Cigna Group/The	136,899	38,201,666
CVS Health Corp	279,905	29,230,479
Elevance Health Inc	77,348	29,070,472
Henry Schein Inc (a)	181,500	15,563,625
Labcorp Holdings Inc	79,842	24,687,146
UnitedHealth Group Inc	148,539	61,554,563
		198,307,951
Life Sciences Tools & Services - 1.0%
Thermo Fisher Scientific Inc	83,373	47,881,114
Pharmaceuticals - 2.7%
Merck & Co Inc	734,431	95,622,917
Pfizer Inc rights (a)(c)	53,600	288,904
Viatris Inc	888,940	15,609,786
		111,521,607
TOTAL HEALTH CARE		509,750,102
Industrials - 9.7%
Aerospace & Defense - 0.8%
Textron Inc	373,838	31,873,428
Air Freight & Logistics - 1.3%
CH Robinson Worldwide Inc	12,496	1,846,034
Expeditors International of Washington Inc	78,400	13,162,576
FedEx Corp	63,297	19,457,498
United Parcel Service Inc Class B	170,914	17,812,657
		52,278,765
Building Products - 0.0%
A O Smith Corp	33,891	2,037,866
Commercial Services & Supplies - 0.6%
Tetra Tech Inc	723,800	24,001,208
Electrical Equipment - 0.8%
Acuity Inc	86,600	28,438,574
Regal Rexnord Corp	17,719	3,636,470
		32,075,044
Ground Transportation - 0.0%
Knight-Swift Transportation Holdings Inc	15,951	1,109,073
Machinery - 3.8%
Allison Transmission Holdings Inc	252,144	28,880,574
Deere & Co	70,905	42,023,267
Dover Corp	100,589	20,582,521
Mueller Industries Inc	125,600	8,341,096
PACCAR Inc	103,600	13,745,648
Pentair PLC	192,737	12,612,709
Westinghouse Air Brake Technologies Corp	102,856	29,916,696
		156,102,511
Professional Services - 1.8%
ExlService Holdings Inc (a)	545,300	18,502,029
KBR Inc	162,963	5,966,075
Leidos Holdings Inc	93,105	10,762,938
Maximus Inc	189,878	11,440,150
Paycom Software Inc	25,318	4,151,139
SS&C Technologies Holdings Inc	335,000	25,811,750
		76,634,081
Trading Companies & Distributors - 0.6%
Ferguson Enterprises Inc	61,422	14,393,018
Rush Enterprises Inc Class A	152,079	12,134,383
		26,527,401
TOTAL INDUSTRIALS		402,639,377
Information Technology - 13.7%
Communications Equipment - 0.4%
Cisco Systems Inc	137,781	15,981,218
Electronic Equipment, Instruments & Components - 0.5%
TD SYNNEX Corp	89,084	22,778,779
IT Services - 0.5%
GoDaddy Inc Class A (a)	276,540	22,880,920
Semiconductors & Semiconductor Equipment - 0.6%
Skyworks Solutions Inc (b)	386,918	24,097,253
Software - 7.3%
Gen Digital Inc	1,439,855	39,524,019
Microsoft Corp	474,311	220,421,808
Salesforce Inc	218,678	40,241,126
		300,186,953
Technology Hardware, Storage & Peripherals - 4.4%
Apple Inc	595,158	183,850,258
TOTAL INFORMATION TECHNOLOGY		569,775,381
Materials - 3.3%
Chemicals - 1.1%
Cabot Corp	119,584	10,525,784
Corteva Inc	427,788	33,671,193
		44,196,977
Containers & Packaging - 0.8%
Crown Holdings Inc	236,574	27,880,246
Graphic Packaging Holding CO	399,054	4,281,849
		32,162,095
Metals & Mining - 1.4%
Coeur Mining Inc	1,203,800	17,948,658
Newmont Corp	440,219	41,252,923
		59,201,581
TOTAL MATERIALS		135,560,653
Real Estate - 0.8%
Real Estate Management & Development - 0.6%
Jones Lang LaSalle Inc (a)	72,299	25,668,313
Specialized REITs - 0.2%
Lamar Advertising Co Class A	66,012	10,559,279
TOTAL REAL ESTATE		36,227,592
Utilities - 1.6%
Electric Utilities - 1.5%
Eversource Energy	386,648	27,680,130
PG&E Corp	1,890,645	32,859,410
		60,539,540
Gas Utilities - 0.1%
UGI Corp	258,712	9,344,677
TOTAL UTILITIES		69,884,217
TOTAL UNITED STATES		3,807,238,374
TOTAL COMMON STOCKS (Cost $3,268,158,260)		4,126,668,886

Money Market Funds - 1.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	3.69	69,490,899	69,504,798
Fidelity Securities Lending Cash Central Fund (d)(e)	3.72	4,218,328	4,218,750
TOTAL MONEY MARKET FUNDS (Cost $73,717,504)			73,723,548

TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $3,341,875,764)	4,200,392,434
NET OTHER ASSETS (LIABILITIES) - (0.8)%	(34,655,212)
NET ASSETS - 100.0%	4,165,737,222

Legend

(a)	Non-income producing.

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

(c)	Level 3 security.

(d)

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

Affiliated Underlying Funds

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	65,177,818	921,681,793	919,609,353	1,736,440	(207)	6,044	69,504,798	69,490,899
Fidelity Securities Lending Cash Central Fund	27,575,100	343,308,424	366,662,675	73,573	(2,099)	-	4,218,750	4,218,328
	92,752,918	1,264,990,217	1,286,272,028	1,810,013	(2,306)	6,044	73,723,548

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

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	174,177,909	174,177,909	-	-
Consumer Discretionary	519,180,882	519,180,882	-	-
Consumer Staples	361,933,410	361,933,410	-	-
Energy	327,675,244	327,675,244	-	-
Financials	815,472,527	812,310,519	-	3,162,008
Health Care	631,198,219	614,503,652	16,405,663	288,904
Industrials	421,419,335	421,419,335	-	-
Information Technology	612,783,379	612,783,379	-	-
Materials	156,716,172	156,716,172	-	-
Real Estate	36,227,592	36,227,592	-	-
Utilities	69,884,217	69,884,217	-	-

Money Market Funds	73,723,548	73,723,548	-	-
Total Investments in Securities:	4,200,392,434	4,180,535,859	16,405,663	3,450,912

Financial Statements

Statement of Assets and Liabilities

As of July 31, 2026
Assets
Investments in securities, at value - unaffiliated issuers	$	4,126,668,886
Investments in securities, at value - affiliated issuers		73,723,548
Foreign currency held at value		334,303
Receivable for investments sold		41,428,446
Receivable for fund shares sold		2,805,885
Dividends receivable		3,679,232
Distributions receivable from affiliated funds		146,883
Prepaid expenses		520
Receivable from investment adviser for expense reductions		70,000
Total assets		4,248,857,703
Liabilities
Payable for investments purchased		71,892,304
Payable for fund shares redeemed		5,403,869
Accrued management fee		1,490,029
Distribution and service plan fees payable		51,837
Other payables and accrued expenses		63,692
Collateral on securities loaned		4,218,750
Total liabilities		83,120,481
Net Assets	$	4,165,737,222
Net assets consist of:
Paid in capital		2,679,694,917
Total accumulated earnings (loss)		1,486,042,305
Net Assets	$	4,165,737,222

Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($142,464,385/3,135,531 shares) a	$	45.44
Maximum offering price per share (100/94.25 of $45.44)	$	48.21
Class M
Net Asset Value and redemption price per share ($35,303,392/778,358 shares) a	$	45.36
Maximum offering price per share (100/96.50 of $45.36)	$	47.00
Class C
Net Asset Value and offering price per share ($10,287,816/227,468 shares) a	$	45.23
Fidelity® Value Discovery Fund
Net Asset Value, offering price and redemption price per share ($3,581,389,051/78,599,627 shares)	$	45.56
Class K
Net Asset Value, offering price and redemption price per share ($37,159,020/815,018 shares)	$	45.59
Class I
Net Asset Value, offering price and redemption price per share ($137,069,776/3,012,212 shares)	$	45.50
Class Z
Net Asset Value, offering price and redemption price per share ($222,063,782/4,875,980 shares)	$	45.54

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

Other Information
Unaffiliated issuers, cost		3,268,158,260
Affiliated issuers, cost		73,717,504
Foreign currency holdings, cost		333,736
Securities loaned, market value		54,046,410

Statement of Operations

Year ended July 31, 2026

Investment Income
Dividends - unaffiliated issuers	$	69,568,597
Dividends - affiliated issuers		1,810,013
Security lending income - unaffiliated issuers		10,714
Interest		3,129
Total investment income		71,392,453
Expenses
Basic management fee		21,979,085
Performance adjustment		(6,140,762)
Distribution and service plan fees		506,698
Custodian fees and expenses		41,201
Independent trustees' fees and expenses		12,176
Registration fees		276,248
Audit		72,388
Legal		9,436
Interest		13,907
Commitment fee		4,986
Miscellaneous		44,167
Total expenses		16,819,530
Expense reimbursements and reductions		(107,004)
Total expenses after reductions		16,712,526
Net investment income (loss)		54,679,927
Net realized gain (loss)
Investments - unaffiliated issuers		724,731,707
Investments - affiliated issuers		(2,306)
Foreign currency transactions		(4,542)
Net realized gain (loss)		724,724,859
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		212,887,874
Investments - affiliated issuers		6,044
Assets and liabilities in foreign currencies		(13,715)
Total change in net unrealized appreciation (depreciation)		212,880,203
Net gain (loss)		937,605,062
Net increase (decrease) in net assets resulting from operations	$	992,284,989
Other Information
Income from securities lending - Affiliated Issuers		73,573

Statement of Changes in Net Assets
		Year ended July 31, 2026		Year ended July 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	54,679,927	$	57,137,471
Net realized gain (loss)		724,724,859		186,339,109
Change in net unrealized appreciation (depreciation)		212,880,203		(103,222,515)
Net increase (decrease) in net assets resulting from operations		992,284,989		140,254,065
Distributions to shareholders
Distributions to shareholders		(291,824,961)		(162,973,359)
Total distributions		(291,824,961)		(162,973,359)
Net increase (decrease) in net assets resulting from share transactions		316,434,229		40,710,463
Total increase (decrease) in net assets		1,016,894,257		17,991,169
Net Assets
Beginning of period		3,148,842,965		3,130,851,796
End of period	$	4,165,737,222	$	3,148,842,965

Financial Highlights

Fidelity® Advisor Value Discovery Fund Class A

Years ended July 31,		2026 A
Selected Per Share Data
Net asset value, beginning of period	$	39.81
Income from Investment Operations
Net investment income (loss) B, C		.41
Net realized and unrealized gain (loss)		8.64
Total from investment operations		9.05
Distributions
Distributions from net investment income		(.69)
Distributions from net realized gain		(2.73)
Total distributions		(3.42)
Net asset value, end of period	$	45.44
Total Return D, E, F		24.71%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.75% I
Ratio of expenses to average net assets net of fee waivers, if any		.75% I
Ratio of expenses to average net assets net of all reductions, if any		.75% I
Ratio of net investment income (loss) to average net assets		1.16% I
Net assets, end of period	$	142,464,385
Portfolio turnover rate K		92% J

AFor the period September 11, 2025 (commencement of sale of shares) through July 31, 2026.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

ETotal returns for periods of less than one year are not annualized.

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

GExpense 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.

HFees 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

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

Fidelity® Advisor Value Discovery Fund Class M

Years ended July 31,		2026 A
Selected Per Share Data
Net asset value, beginning of period	$	39.81
Income from Investment Operations
Net investment income (loss) B, C		.32
Net realized and unrealized gain (loss)		8.63
Total from investment operations		8.95
Distributions
Distributions from net investment income		(.67)
Distributions from net realized gain		(2.73)
Total distributions		(3.40)
Net asset value, end of period	$	45.36
Total Return D, E, F		24.41%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.00% I
Ratio of expenses to average net assets net of fee waivers, if any		1.00% I
Ratio of expenses to average net assets net of all reductions, if any		1.00% I
Ratio of net investment income (loss) to average net assets		.90% I
Net assets, end of period	$	35,303,392
Portfolio turnover rate K		92% J

AFor the period September 11, 2025 (commencement of sale of shares) through July 31, 2026.

BCalculated based on average shares outstanding during the period.

CNet 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.

DTotal returns do not include the effect of the sales charges.

ETotal returns for periods of less than one year are not annualized.

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

GFees 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.

HExpense 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

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

Fidelity® Advisor Value Discovery Fund Class C

Years ended July 31,		2026 A
Selected Per Share Data
Net asset value, beginning of period	$	39.81
Income from Investment Operations
Net investment income (loss) B, C		.15
Net realized and unrealized gain (loss)		8.61
Total from investment operations		8.76
Distributions
Distributions from net investment income		(.61)
Distributions from net realized gain		(2.73)
Total distributions		(3.34)
Net asset value, end of period	$	45.23
Total Return D, E, F		23.87%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.50% I
Ratio of expenses to average net assets net of fee waivers, if any		1.50% I
Ratio of expenses to average net assets net of all reductions, if any		1.50% I
Ratio of net investment income (loss) to average net assets		.41% I
Net assets, end of period	$	10,287,816
Portfolio turnover rate K		92% J

AFor the period September 11, 2025 (commencement of sale of shares) through July 31, 2026.

BCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the contingent deferred sales charge.

ETotal returns for periods of less than one year are not annualized.

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

HFees 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

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

Fidelity® Value Discovery Fund

Years ended July 31,		2026		2025		2024		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	37.96	$	38.03	$	36.46	$	36.10	$	37.95
Income from Investment Operations
Net investment income (loss) A, B		.62		.68		.66		.48		.45
Net realized and unrealized gain (loss)		10.40		1.18		2.74		1.53		(.48)
Total from investment operations		11.02		1.86		3.40		2.01		(.03)
Distributions
Distributions from net investment income		(.69)		(.68)		(.58)		(.44)		(.43)
Distributions from net realized gain		(2.73)		(1.25)		(1.26)		(1.21)		(1.40)
Total distributions		(3.42)		(1.93)		(1.83) C		(1.65)		(1.82) C
Net asset value, end of period	$	45.56	$	37.96	$	38.03	$	36.46	$	36.10
Total Return D		31.12%		5.09%		9.99%		5.83%		(.21)%
Ratios and Supplemental Data B, E, F
Ratio of expenses to average net assets before reductions		.45%		.49%		.64%		.84%		.80%
Ratio of expenses to average net assets net of fee waivers, if any		.45%		.49%		.64%		.83%		.80%
Ratio of expenses to average net assets net of all reductions, if any		.45%		.49%		.64%		.83%		.80%
Ratio of net investment income (loss) to average net assets		1.54%		1.82%		1.85%		1.37%		1.20%
Net assets, end of period	$	3,581,389,051	$	3,086,941,851	$	3,065,869,570	$	2,911,436,316	$	2,895,399,605
Portfolio turnover rate H		92% G		59% I		33%		24% I		34% I

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

FFees 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.

GThe portfolio turnover rate does not include the assets acquired in the reorganization.

HAmount 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.

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Value Discovery Fund Class K

Years ended July 31,		2026		2025		2024		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	37.98	$	38.07	$	36.49	$	36.13	$	37.98
Income from Investment Operations
Net investment income (loss) A, B		.67		.71		.70		.51		.49
Net realized and unrealized gain (loss)		10.39		1.18		2.74		1.54		(.48)
Total from investment operations		11.06		1.89		3.44		2.05		.01
Distributions
Distributions from net investment income		(.72)		(.73)		(.60)		(.47)		(.46)
Distributions from net realized gain		(2.73)		(1.25)		(1.26)		(1.21)		(1.40)
Total distributions		(3.45)		(1.98)		(1.86)		(1.69) C		(1.86)
Net asset value, end of period	$	45.59	$	37.98	$	38.07	$	36.49	$	36.13
Total Return D		31.22%		5.17%		10.10%		5.92%		(.12)%
Ratios and Supplemental Data B, E, F
Ratio of expenses to average net assets before reductions		.38%		.41%		.52%		.75%		.70%
Ratio of expenses to average net assets net of fee waivers, if any		.38%		.41%		.52%		.74%		.70%
Ratio of expenses to average net assets net of all reductions, if any		.38%		.41%		.52%		.74%		.70%
Ratio of net investment income (loss) to average net assets		1.68%		1.89%		1.97%		1.47%		1.30%
Net assets, end of period	$	37,159,020	$	61,901,114	$	64,982,226	$	17,672,119	$	59,650,441
Portfolio turnover rate H		92% G		59% I		33%		24% I		34% I

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

FFees 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.

GThe portfolio turnover rate does not include the assets acquired in the reorganization.

HAmount 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.

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Advisor Value Discovery Fund Class I

Years ended July 31,		2026 A
Selected Per Share Data
Net asset value, beginning of period	$	39.81
Income from Investment Operations
Net investment income (loss) B, C		.48
Net realized and unrealized gain (loss)		8.66
Total from investment operations		9.14
Distributions
Distributions from net investment income		(.72)
Distributions from net realized gain		(2.73)
Total distributions		(3.45)
Net asset value, end of period	$	45.50
Total Return D, E		24.96%
Ratios and Supplemental Data B, F, G
Ratio of expenses to average net assets before reductions		.50% H
Ratio of expenses to average net assets net of fee waivers, if any		.50% H
Ratio of expenses to average net assets net of all reductions, if any		.50% H
Ratio of net investment income (loss) to average net assets		1.30% H
Net assets, end of period	$	137,069,776
Portfolio turnover rate J		92% I

AFor the period September 11, 2025 (commencement of sale of shares) through July 31, 2026.

CCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FFees 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.

HAnnualized.

IThe portfolio turnover rate does not include the assets acquired in the reorganization.

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

Fidelity® Advisor Value Discovery Fund Class Z

Years ended July 31,		2026 A
Selected Per Share Data
Net asset value, beginning of period	$	39.81
Income from Investment Operations
Net investment income (loss) B, C		.51
Net realized and unrealized gain (loss)		8.68
Total from investment operations		9.19
Distributions
Distributions from net investment income		(.73)
Distributions from net realized gain		(2.73)
Total distributions		(3.46)
Net asset value, end of period	$	45.54
Total Return D, E		25.09%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.39% H
Ratio of expenses to average net assets net of fee waivers, if any		.39% H
Ratio of expenses to average net assets net of all reductions, if any		.38% H
Ratio of net investment income (loss) to average net assets		1.39% H
Net assets, end of period	$	222,063,782
Portfolio turnover rate J		92% I

AFor the period September 11, 2025 (commencement of sale of shares) through July 31, 2026.

BCalculated based on average shares outstanding during the period.

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

ETotal returns for periods of less than one year are not annualized.

FExpense 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.

GFees 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.

HAnnualized.

IThe portfolio turnover rate does not include the assets acquired in the reorganization.

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

Notes to Financial Statements

For the period ended July 31, 2026

1. Organization.

Fidelity® Value Discovery Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers the classes of shares listed below.

Fidelity® Value Discovery Fund

Class A, Class M, Class C, Fidelity® Value Discovery Fund, Class K, Class I, and Class Z

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

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.

During the reporting period the class(es) listed below commenced sale of shares.

Class Name	Commencement Date
Class A	9/11/2025
Class M	9/11/2025
Class C	9/11/2025
Class I	9/11/2025
Class Z	9/11/2025

2. Significant Accounting Policies.