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Fidelity Puritan Trust
2026-08-31
Fidelity® Puritan® K6 Fund
Fidelity® Puritan® K6 Fund
FPKFX
This annual shareholder report contains information about Fidelity® Puritan® K6 Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-835-5092
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Puritan® K6 Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>34<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.32<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
34
0.0032
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, favorable corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, higher U.S. Treasury yields and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities, along with an overweight - 68% of assets, on average - contributed to the fund's performance versus the Fidelity Puritan Composite Index for the fiscal year.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within investment-grade bonds - about 29% of assets - an underweight helped versus the Composite for the period. A modest non-Composite allocation to high-yield bonds also contributed to the fund's relative result.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within equities, selection in the information technology sector helped most, followed by picks in communication services and financials, along with positioning in energy. Conversely, investment choices in the industrials and consumer discretionary sectors detracted from the fund's relative result, as did positioning among health care companies.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The fund's non-Composite position in Space Exploration Technologies (+243%) was the top individual relative contributor by a wide margin. A non-Composite stake in Taiwan Semiconductor Manufacturing (+80%) and a timely overweight in biotechnology company Moderna (+466%), which was established this period, also boosted the fund's relative outcome.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, underweight exposure to chipmaker Advanced Micro Devices (+189%) and Apple (+37%) were the primary individual relative detractors.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Noteworthy changes in positioning included increased allocations to the technology hardware & equipment group with information technology, along with the energy and health care sectors. Reductions among communication services and consumer discretionary companies also stood out.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
June 14, 2019 through August 31, 2026.
Initial investment of $10,000.
Fidelity® Puritan® K6 Fund
$10,000
$10,265
$12,518
$15,091
$13,227
$14,821
$17,966
$19,775
Fidelity Puritan Composite Index℠
$10,000
$10,258
$11,919
$14,056
$12,500
$13,630
$16,211
$17,960
S&P 500® Index
$10,000
$10,176
$12,409
$16,276
$14,449
$16,752
$21,298
$24,680
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Puritan® K6 Fund</span>
10000
10265
12518
15091
13227
14821
17966
19775
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Puritan Composite Index℠</span>
10000
10258
11919
14056
12500
13630
16211
17960
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
10176
12409
16276
14449
16752
21298
24680
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
Life of Fund A
Fidelity® Puritan® K6 Fund
14.85%
8.52%
12.03%
Fidelity Puritan Composite Index℠
12.82%
7.59%
10.28%
S&P 500® Index
20.38%
12.79%
16.28%
A From June 14, 2019
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.
0.1485
0.0852
0.1203
0.1282
0.0759
0.1028
0.2038
0.1279
0.1628
2019-06-14
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.401k.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>2,299,425,174</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">221</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>7,187,460</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">70<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
2299425174
221
7187460
0.70
U.S. Government and U.S. Government Agency Obligations
17.6
AAA
1.0
AA
0.0
A
2.2
BBB
4.1
BB
1.3
B
1.7
CCC,CC,C
0.4
Not Rated
2.8
Equities
69.6
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 17.6
AAA - 1.0
AA - 0.0
A - 2.2
BBB - 4.1
BB - 1.3
B - 1.7
CCC,CC,C - 0.4
Not Rated - 2.8
Equities - 69.6
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
26.1
Financials
10.9
Health Care
8.7
Industrials
8.3
Consumer Discretionary
6.3
Communication Services
5.8
Energy
4.5
Materials
3.6
Real Estate
1.6
Consumer Staples
1.4
Utilities
1.2
Common Stocks
68.9
Bonds
30.8
Preferred Stocks
0.7
Alternative Funds
0.2
Preferred Securities
0.1
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 68.9
Bonds - 30.8
Preferred Stocks - 0.7
Alternative Funds - 0.2
Preferred Securities - 0.1
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
0.176
0.010
0.000
0.022
0.041
0.013
0.017
0.004
0.028
0.696
0.261
0.109
0.087
0.083
0.063
0.058
0.045
0.036
0.016
0.014
0.012
0.689
0.308
0.007
0.002
0.001
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
10.0
NVIDIA Corp
6.1
Apple Inc
4.2
Microsoft Corp
4.1
Amazon.com Inc
3.8
Alphabet Inc Class C
3.3
US Treasury Bonds
3.1
Fannie Mae Mortgage pass-thru certificates
1.4
ExxonMobil Holdings Corp
1.3
Eli Lilly & Co
1.3
38.6
0.100
0.061
0.042
0.041
0.038
0.033
0.031
0.014
0.013
0.013
2026-08-31
Fidelity® Puritan® Fund
Fidelity® Puritan® Fund
FPURX
This annual shareholder report contains information about Fidelity® Puritan® Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-544-8544
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Puritan® Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>48<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.44<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
48
0.0044
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, favorable corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, higher U.S. Treasury yields and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities, along with an overweight - 68% of assets, on average - contributed to the fund's performance versus the Fidelity Puritan Composite Index for the fiscal year.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within investment-grade bonds - about 29% of assets - an underweight helped versus the Composite for the period. A modest non-Composite allocation to high-yield bonds also contributed to the fund's relative result.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within equities, selection in the information technology sector helped most, followed by picks in communication services and financials, along with positioning in energy. Conversely, investment choices in the industrials and consumer discretionary sectors detracted from the fund's relative result, as did positioning among health care companies.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The fund's non-Composite position in Space Exploration Technologies (+243%) was the top individual relative contributor by a wide margin. A non-Composite stake in Taiwan Semiconductor Manufacturing (+80%) and a timely overweight in biotechnology company Moderna (+466%), which was established this period, also boosted the fund's relative outcome.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, underweight exposure to chipmaker Advanced Micro Devices (+189%) and Apple (+37%) were the primary individual relative detractors.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Noteworthy changes in positioning included increased allocations to the technology hardware & equipment group with information technology, along with the energy and health care sectors. Reductions among communication services and consumer discretionary companies also stood out.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
August 31, 2016 through August 31, 2026.
Initial investment of $10,000.
Fidelity® Puritan® Fund
$10,000
$11,264
$12,879
$13,030
$15,876
$19,103
$16,752
$18,762
$22,719
$25,095
$29,084
Fidelity Puritan Composite Index℠
$10,000
$10,974
$12,186
$12,944
$15,041
$17,737
$15,774
$17,200
$20,456
$22,664
$25,571
S&P 500® Index
$10,000
$11,623
$13,909
$14,315
$17,455
$22,895
$20,325
$23,566
$29,960
$34,718
$41,793
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Puritan® Fund</span>
10000
11264
12879
13030
15876
19103
16752
18762
22719
25095
29084
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Puritan Composite Index℠</span>
10000
10974
12186
12944
15041
17737
15774
17200
20456
22664
25571
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11623
13909
14315
17455
22895
20325
23566
29960
34718
41793
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Fidelity® Puritan® Fund
15.90%
8.77%
11.27%
Fidelity Puritan Composite Index℠
12.82%
7.59%
9.84%
S&P 500® Index
20.38%
12.79%
15.37%
Visit www.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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1590
0.0877
0.1127
0.1282
0.0759
0.0984
0.2038
0.1279
0.1537
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>33,394,300,095</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">249</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>141,767,001</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">66<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
33394300095
249
141767001
0.66
U.S. Government and U.S. Government Agency Obligations
17.4
AAA
1.1
AA
0.0
A
2.1
BBB
4.1
BB
1.3
B
1.8
CCC,CC,C
0.4
Not Rated
2.6
Equities
69.9
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 17.4
AAA - 1.1
AA - 0.0
A - 2.1
BBB - 4.1
BB - 1.3
B - 1.8
CCC,CC,C - 0.4
Not Rated - 2.6
Equities - 69.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
26.1
Financials
10.7
Health Care
8.9
Industrials
7.8
Communication Services
7.3
Consumer Discretionary
6.1
Energy
4.6
Materials
3.4
Real Estate
1.6
Consumer Staples
1.3
Utilities
0.9
Common Stocks
69.0
Bonds
30.5
Preferred Stocks
0.9
Alternative Funds
0.2
Preferred Securities
0.1
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 69.0
Bonds - 30.5
Preferred Stocks - 0.9
Alternative Funds - 0.2
Preferred Securities - 0.1
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
0.174
0.011
0.000
0.021
0.041
0.013
0.018
0.004
0.026
0.699
0.261
0.107
0.089
0.078
0.073
0.061
0.046
0.034
0.016
0.013
0.009
0.690
0.305
0.009
0.002
0.001
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
10.0
NVIDIA Corp
5.9
Apple Inc
4.1
Microsoft Corp
4.1
Amazon.com Inc
3.7
Alphabet Inc Class C
3.2
US Treasury Bonds
3.0
Space Exploration Technologies Corp
1.7
Fannie Mae Mortgage pass-thru certificates
1.4
ExxonMobil Holdings Corp
1.2
38.3
0.100
0.059
0.041
0.041
0.037
0.032
0.030
0.017
0.014
0.012
2026-08-31
Fidelity® Puritan® Fund
Fidelity® Puritan® Fund Class K
FPUKX
This annual shareholder report contains information about Fidelity® Puritan® Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-835-5092
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class K</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>42<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.39<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
42
0.0039
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, favorable corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, higher U.S. Treasury yields and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities, along with an overweight - 68% of assets, on average - contributed to the fund's performance versus the Fidelity Puritan Composite Index for the fiscal year.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within investment-grade bonds - about 29% of assets - an underweight helped versus the Composite for the period. A modest non-Composite allocation to high-yield bonds also contributed to the fund's relative result.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Within equities, selection in the information technology sector helped most, followed by picks in communication services and financials, along with positioning in energy. Conversely, investment choices in the industrials and consumer discretionary sectors detracted from the fund's relative result, as did positioning among health care companies.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The fund's non-Composite position in Space Exploration Technologies (+243%) was the top individual relative contributor by a wide margin. A non-Composite stake in Taiwan Semiconductor Manufacturing (+80%) and a timely overweight in biotechnology company Moderna (+466%), which was established this period, also boosted the fund's relative outcome.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, underweight exposure to chipmaker Advanced Micro Devices (+189%) and Apple (+37%) were the primary individual relative detractors.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Noteworthy changes in positioning included increased allocations to the technology hardware & equipment group with information technology, along with the energy and health care sectors. Reductions among communication services and consumer discretionary companies also stood out.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
August 31, 2016 through August 31, 2026.
Initial investment of $10,000.
Class K
$10,000
$11,276
$12,904
$13,061
$15,931
$19,186
$16,838
$18,875
$22,875
$25,275
$29,324
Fidelity Puritan Composite Index℠
$10,000
$10,974
$12,186
$12,944
$15,041
$17,737
$15,774
$17,200
$20,456
$22,664
$25,571
S&P 500® Index
$10,000
$11,623
$13,909
$14,315
$17,455
$22,895
$20,325
$23,566
$29,960
$34,718
$41,793
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class K</span>
10000
11276
12904
13061
15931
19186
16838
18875
22875
25275
29324
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Puritan Composite Index℠</span>
10000
10974
12186
12944
15041
17737
15774
17200
20456
22664
25571
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11623
13909
14315
17455
22895
20325
23566
29960
34718
41793
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Class K
16.02%
8.85%
11.36%
Fidelity Puritan Composite Index℠
12.82%
7.59%
9.84%
S&P 500® Index
20.38%
12.79%
15.37%
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.
0.1602
0.0885
0.1136
0.1282
0.0759
0.0984
0.2038
0.1279
0.1537
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.401k.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>33,394,300,095</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">249</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>141,767,001</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">66<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
33394300095
249
141767001
0.66
U.S. Government and U.S. Government Agency Obligations
17.4
AAA
1.1
AA
0.0
A
2.1
BBB
4.1
BB
1.3
B
1.8
CCC,CC,C
0.4
Not Rated
2.6
Equities
69.9
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 17.4
AAA - 1.1
AA - 0.0
A - 2.1
BBB - 4.1
BB - 1.3
B - 1.8
CCC,CC,C - 0.4
Not Rated - 2.6
Equities - 69.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
26.1
Financials
10.7
Health Care
8.9
Industrials
7.8
Communication Services
7.3
Consumer Discretionary
6.1
Energy
4.6
Materials
3.4
Real Estate
1.6
Consumer Staples
1.3
Utilities
0.9
Common Stocks
69.0
Bonds
30.5
Preferred Stocks
0.9
Alternative Funds
0.2
Preferred Securities
0.1
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 69.0
Bonds - 30.5
Preferred Stocks - 0.9
Alternative Funds - 0.2
Preferred Securities - 0.1
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%
0.174
0.011
0.000
0.021
0.041
0.013
0.018
0.004
0.026
0.699
0.261
0.107
0.089
0.078
0.073
0.061
0.046
0.034
0.016
0.013
0.009
0.690
0.305
0.009
0.002
0.001
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
10.0
NVIDIA Corp
5.9
Apple Inc
4.1
Microsoft Corp
4.1
Amazon.com Inc
3.7
Alphabet Inc Class C
3.2
US Treasury Bonds
3.0
Space Exploration Technologies Corp
1.7
Fannie Mae Mortgage pass-thru certificates
1.4
ExxonMobil Holdings Corp
1.2
38.3
0.100
0.059
0.041
0.041
0.037
0.032
0.030
0.017
0.014
0.012
2026-08-31
Fidelity® Balanced K6 Fund
Fidelity® Balanced K6 Fund
FBKFX
This annual shareholder report contains information about Fidelity® Balanced K6 Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-835-5092
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Balanced K6 Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>35<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.32<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
35
0.0032
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the portfolio's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+348%), which we sold this period. In the same industry, an overweight in Micron Technology (+699%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+1%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bonds holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
June 14, 2019 through August 31, 2026.
Initial investment of $10,000.
Fidelity® Balanced K6 Fund
$10,000
$10,235
$12,421
$15,544
$13,598
$15,241
$18,306
$20,390
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,258
$11,919
$14,056
$12,500
$13,630
$16,211
$17,960
S&P 500® Index
$10,000
$10,176
$12,409
$16,276
$14,449
$16,752
$21,298
$24,680
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Balanced K6 Fund</span>
10000
10235
12421
15544
13598
15241
18306
20390
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10258
11919
14056
12500
13630
16211
17960
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
10176
12409
16276
14449
16752
21298
24680
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
Life of Fund A
Fidelity® Balanced K6 Fund
18.55%
9.23%
13.00%
Fidelity Balanced Hybrid Composite Index℠
12.82%
7.59%
10.28%
S&P 500® Index
20.38%
12.79%
16.28%
A From June 14, 2019
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.
0.1855
0.0923
0.1300
0.1282
0.0759
0.1028
0.2038
0.1279
0.1628
2019-06-14
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.401k.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>2,457,112,340</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">369</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>7,292,576</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">39<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
2457112340
369
7292576
0.39
U.S. Government and U.S. Government Agency Obligations
22.2
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
65.0
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.2
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 65.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.6
Financials
11.1
Communication Services
7.3
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.4
Common Stocks
64.4
Bonds
35.5
Preferred Stocks
0.6
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.4
Bonds - 35.5
Preferred Stocks - 0.6
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%
0.222
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.650
0.246
0.111
0.073
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.014
0.644
0.355
0.006
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.7
NVIDIA Corp
5.8
Apple Inc
4.5
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.5
42.1
0.127
0.058
0.045
0.044
0.039
0.032
0.028
0.017
0.016
0.015
2026-08-31
Fidelity® Balanced Fund
Fidelity® Balanced Fund
FBALX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-544-8544
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Balanced Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>48<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.44<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
48
0.0044
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
August 31, 2016 through August 31, 2026.
Initial investment of $10,000.
Fidelity® Balanced Fund
$10,000
$11,212
$12,645
$12,975
$15,756
$19,668
$17,151
$19,141
$22,941
$25,522
$30,087
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,974
$12,186
$12,944
$15,041
$17,737
$15,774
$17,200
$20,456
$22,664
$25,571
S&P 500® Index
$10,000
$11,623
$13,909
$14,315
$17,455
$22,895
$20,325
$23,566
$29,960
$34,718
$41,793
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Balanced Fund</span>
10000
11212
12645
12975
15756
19668
17151
19141
22941
25522
30087
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10974
12186
12944
15041
17737
15774
17200
20456
22664
25571
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11623
13909
14315
17455
22895
20325
23566
29960
34718
41793
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Fidelity® Balanced Fund
17.89%
8.87%
11.64%
Fidelity Balanced Hybrid Composite Index℠
12.82%
7.59%
9.84%
S&P 500® Index
20.38%
12.79%
15.37%
Visit www.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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1789
0.0887
0.1164
0.1282
0.0759
0.0984
0.2038
0.1279
0.1537
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity® Balanced Fund Class K
FBAKX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-800-835-5092
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class K</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>42<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.38<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
42
0.0038
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
August 31, 2016 through August 31, 2026.
Initial investment of $10,000.
Class K
$10,000
$11,222
$12,667
$13,014
$15,810
$19,750
$17,236
$19,256
$23,088
$25,709
$30,317
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,974
$12,186
$12,944
$15,041
$17,737
$15,774
$17,200
$20,456
$22,664
$25,571
S&P 500® Index
$10,000
$11,623
$13,909
$14,315
$17,455
$22,895
$20,325
$23,566
$29,960
$34,718
$41,793
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class K</span>
10000
11222
12667
13014
15810
19750
17236
19256
23088
25709
30317
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10974
12186
12944
15041
17737
15774
17200
20456
22664
25571
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11623
13909
14315
17455
22895
20325
23566
29960
34718
41793
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Class K
17.92%
8.95%
11.73%
Fidelity Balanced Hybrid Composite Index℠
12.82%
7.59%
9.84%
S&P 500® Index
20.38%
12.79%
15.37%
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.
0.1792
0.0895
0.1173
0.1282
0.0759
0.0984
0.2038
0.1279
0.1537
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.401k.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity Advisor® Balanced Fund Class A
FBAOX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class A</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>81<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.74<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
81
0.0074
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 18, 2024 through August 31, 2026.
Initial investment of $10,000 and the current sales charge was paid.
Class A
$9,425
$10,193
$11,978
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,823
$12,211
S&P 500® Index
$10,000
$11,140
$13,411
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class A</span>
9425
10193
11978
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10823
12211
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11140
13411
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Class A (incl. 5.75% sales charge)
10.76%
10.14%
Class A (without 5.75% sales charge)
17.52%
13.69%
Fidelity Balanced Hybrid Composite Index℠
12.82%
11.28%
S&P 500® Index
20.38%
17.01%
A From October 18, 2024
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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1076
0.1014
0.1752
0.1369
0.1282
0.1128
0.2038
0.1701
2024-10-18
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">institutional.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity Advisor® Balanced Fund Class M
FBAQX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class M</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>108<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.99<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
108
0.0099
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 18, 2024 through August 31, 2026.
Initial investment of $10,000 and the current sales charge was paid.
Class M
$9,650
$10,414
$12,207
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,823
$12,211
S&P 500® Index
$10,000
$11,140
$13,411
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class M</span>
9650
10414
12207
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10823
12211
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11140
13411
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Class M (incl. 3.50% sales charge)
13.11%
11.26%
Class M (without 3.50% sales charge)
17.22%
13.41%
Fidelity Balanced Hybrid Composite Index℠
12.82%
11.28%
S&P 500® Index
20.38%
17.01%
A From October 18, 2024
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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1311
0.1126
0.1722
0.1341
0.1282
0.1128
0.2038
0.1701
2024-10-18
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">institutional.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity Advisor® Balanced Fund Class C
FBARX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class C</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>162<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">1.49<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
162
0.0149
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 18, 2024 through August 31, 2026.
Initial investment of $10,000.
Class C
$10,000
$10,742
$12,531
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,823
$12,211
S&P 500® Index
$10,000
$11,140
$13,411
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class C</span>
10000
10742
12531
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10823
12211
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11140
13411
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Class C (incl. contingent deferred sales charge)
15.66%
12.83%
Class C
16.66%
12.83%
Fidelity Balanced Hybrid Composite Index℠
12.82%
11.28%
S&P 500® Index
20.38%
17.01%
A From October 18, 2024
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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1566
0.1283
0.1666
0.1283
0.1282
0.1128
0.2038
0.1701
2024-10-18
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">institutional.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity Advisor® Balanced Fund Class I
FBAUX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class I</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>54<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.49<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
54
0.0049
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 18, 2024 through August 31, 2026.
Initial investment of $10,000.
Class I
$10,000
$10,836
$12,768
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,823
$12,211
S&P 500® Index
$10,000
$11,140
$13,411
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class I</span>
10000
10836
12768
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10823
12211
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11140
13411
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Class I
17.83%
13.97%
Fidelity Balanced Hybrid Composite Index℠
12.82%
11.28%
S&P 500® Index
20.38%
17.01%
A From October 18, 2024
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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1783
0.1397
0.1282
0.1128
0.2038
0.1701
2024-10-18
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">institutional.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014
2026-08-31
Fidelity® Balanced Fund
Fidelity Advisor® Balanced Fund Class Z
FBAVX
This annual shareholder report contains information about Fidelity® Balanced Fund for the period September 1, 2025 to August 31, 2026.
annual shareholder report
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.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class Z</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>42<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.38<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
42
0.0038
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. stocks achieved a strong gain for the 12 months ending August 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals and a resilient economy. Investment-grade bonds advanced modestly, as an early gain gave way to second-half weakness amid rising inflation, a resilient economy and expectations for higher policy interest rates.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection among equities was the biggest contributor to performance versus the Fidelity Balanced Hybrid Composite Index for the fiscal year, by far. The fund's asset allocation - comprised of outsized exposure to stocks and an underweight in bonds - also helped.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>As it relates to equities, picks in the information technology sector notably aided the fund's outcome versus the S&P 500® index, followed by investment choices in communication services and financials.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an out-of-benchmark stake in South Korea-based memory chipmaker SK Hynix (+347%), which we sold this period. In the same industry, an overweight in Micron Technology (+697%) also helped. We reduced this position, but it remained one of the fund's largest holdings at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Conversely, stock selection in health care detracted from the fund's relative return. In stock-specific terms, undersized exposure to chipmaker Advanced Micro Devices (+189%) detracted most. We significantly increased this position during the period. Untimely ownership of computer-software and cloud-services provider Microsoft (+0.5%) also hurt. The stock was one of the portfolio's largest holdings on August 31, despite reducing the position.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Turning to the fund's investment-grade bond holdings, meaningful contribution relative to the benchmark Bloomberg U.S. Aggregate Bond Index for the fiscal year came from overweight allocations to securitized products - specifically, outperforming stakes in asset-backed securities. Conversely, the combination of yield-curve positioning and a modestly longer-than-benchmark duration detracted a bit in a rising-rate environment.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 18, 2024 through August 31, 2026.
Initial investment of $10,000.
Class Z
$10,000
$10,848
$12,793
Fidelity Balanced Hybrid Composite Index℠
$10,000
$10,823
$12,211
S&P 500® Index
$10,000
$11,140
$13,411
2024
2025
2026
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Class Z</span>
10000
10848
12793
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity Balanced Hybrid Composite Index℠</span>
10000
10823
12211
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">S&P 500® Index</span>
10000
11140
13411
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
Life of Fund A
Class Z
17.93%
14.09%
Fidelity Balanced Hybrid Composite Index℠
12.82%
11.28%
S&P 500® Index
20.38%
17.01%
A From October 18, 2024
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 and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.1793
0.1409
0.1282
0.1128
0.2038
0.1701
2024-10-18
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">institutional.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>65,989,934,562</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">367</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>271,770,690</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
65989934562
367
271770690
0.36
U.S. Government and U.S. Government Agency Obligations
22.1
AAA
1.6
AA
0.0
A
2.2
BBB
5.5
BB
0.8
B
0.3
CCC,CC,C
0.0
Not Rated
2.9
Equities
64.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 22.1
AAA - 1.6
AA - 0.0
A - 2.2
BBB - 5.5
BB - 0.8
B - 0.3
CCC,CC,C - 0.0
Not Rated - 2.9
Equities - 64.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
MARKET SECTORS
(% of Fund's net assets)
Information Technology
24.3
Financials
11.0
Communication Services
7.5
Health Care
6.6
Consumer Discretionary
6.1
Industrials
5.8
Energy
3.1
Consumer Staples
2.9
Real Estate
2.0
Utilities
1.6
Materials
1.3
Common Stocks
64.0
Bonds
35.4
Preferred Stocks
0.7
Options
0.0
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 64.0
Bonds - 35.4
Preferred Stocks - 0.7
Options - 0.0
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
0.221
0.016
0.000
0.022
0.055
0.008
0.003
0.000
0.029
0.647
0.243
0.110
0.075
0.066
0.061
0.058
0.031
0.029
0.020
0.016
0.013
0.640
0.354
0.007
0.000
TOP HOLDINGS(% of Fund's net assets)
US Treasury Notes
12.6
NVIDIA Corp
5.7
Apple Inc
4.4
Alphabet Inc Class A
4.4
US Treasury Bonds
3.9
Microsoft Corp
3.2
Amazon.com Inc
2.8
Fannie Mae Mortgage pass-thru certificates
1.7
Freddie Mac Gold Pool
1.6
Broadcom Inc
1.4
41.7
0.126
0.057
0.044
0.044
0.039
0.032
0.028
0.017
0.016
0.014