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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Equity Dividend Income Fund	2.73%	8.55%	8.26%
Class K	2.78%	8.65%	8.37%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Equity Dividend Income Fund, a class of the fund, on November 30, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 13.84% for the 12 months ending November 30, 2023, according to the S&P 500® index, as a slowing in the pace of inflation and a resilient U.S. economy provided a favorable backdrop for higher-risk assets for much of 2023. After returning -18.11% in 2022, the index's upturn was mostly driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. Since March 2022, the Fed has raised its benchmark interest rate 11 times before pausing and twice deciding to hold rates at a 22-year high while it observes the effect on inflation and the economy. After the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline that was due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. Favorable data on inflation provided a further boost and the index rose 9.13% in November. By sector for the full 12 months, information technology (+41%) and communications services (+37%) led the way, followed by consumer discretionary (+20%). In contrast, the defensive-oriented utilities (-9%) and consumer staples (-5%) sectors lagged most this period.

Comments from Portfolio Manager John Sheehy:

For the fiscal year ending November 30, 2023, the fund's share classes gained about 3%, versus 1.00% for the benchmark, the broad-based Russell 3000 Value Index. Relative to the benchmark, security selection was the primary contributor, led by the energy sector. Picks among utilities, consumer staples and industrials stocks also boosted the fund's relative performance. Not owning Pfizer, a benchmark component that returned approximately -36%, was the top individual relative contributor. A non-benchmark stake in Microsoft (+49%) also proved beneficial. Out-of-benchmark exposure to Sanofi (+7%) notably helped as well. The stock was among the fund's biggest holdings on November 30, though we decreased our investment during the period. In contrast, the biggest detractor from performance versus the benchmark was stock selection in the communication services sector. The biggest individual relative detractor this period was avoiding Meta Platforms, a benchmark component that gained approximately 144%. Outsized exposure Bristol-Myers Squibb (-36%), one of the portfolio's largest holdings this period, was another negative. The decision to avoid shares of Berkshire Hathaway, a benchmark component that gained 13%, hurt as well. Notable changes in positioning include increased exposure to the utilities sector and a lower allocation to communication services stocks.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	3.3
Johnson & Johnson	3.0
Wells Fargo & Co.	2.7
Comcast Corp. Class A	2.5
Merck & Co., Inc.	2.3
Verizon Communications, Inc.	2.1
U.S. Bancorp	2.0
Unilever PLC sponsored ADR	2.0
Cisco Systems, Inc.	1.9
Shell PLC ADR	1.8
	23.6

Market Sectors (% of Fund's net assets)

Financials	21.1
Health Care	15.6
Consumer Staples	10.5
Information Technology	9.2
Utilities	9.0
Industrials	8.0
Energy	7.8
Communication Services	5.5
Consumer Discretionary	3.9
Real Estate	3.8
Materials	3.4

Asset Allocation (% of Fund's net assets)

Written Options - (0.0)%

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 5.5%
Diversified Telecommunication Services - 2.1%
Verizon Communications, Inc.	3,061,900	117,363
Media - 3.4%
Comcast Corp. Class A (a)	3,423,900	143,427
Omnicom Group, Inc.	404,200	32,591
WPP PLC	1,849,900	16,535
		192,553
TOTAL COMMUNICATION SERVICES		309,916
CONSUMER DISCRETIONARY - 3.9%
Automobile Components - 0.5%
Lear Corp.	228,400	30,549
Broadline Retail - 0.6%
eBay, Inc.	828,000	33,956
Household Durables - 0.4%
Whirlpool Corp. (b)	232,800	25,352
Specialty Retail - 1.3%
Lowe's Companies, Inc.	225,900	44,916
Williams-Sonoma, Inc. (b)	154,000	28,881
		73,797
Textiles, Apparel & Luxury Goods - 1.1%
Tapestry, Inc.	1,912,800	60,578
TOTAL CONSUMER DISCRETIONARY		224,232
CONSUMER STAPLES - 10.5%
Beverages - 4.1%
Anheuser-Busch InBev SA NV ADR (b)	362,800	22,831
Carlsberg A/S Series B	160,300	19,888
Coca-Cola European Partners PLC	1,050,900	63,727
Keurig Dr. Pepper, Inc.	2,126,900	67,146
The Coca-Cola Co.	960,700	56,143
		229,735
Consumer Staples Distribution & Retail - 0.8%
Sysco Corp.	647,400	46,723
Food Products - 0.4%
Tyson Foods, Inc. Class A	527,900	24,727
Household Products - 1.7%
Reckitt Benckiser Group PLC	798,200	54,491
Reynolds Consumer Products, Inc.	1,593,100	41,803
		96,294
Personal Care Products - 3.5%
Kenvue, Inc.	4,231,635	86,495
Unilever PLC sponsored ADR	2,376,000	113,335
		199,830
TOTAL CONSUMER STAPLES		597,309
ENERGY - 7.8%
Oil, Gas & Consumable Fuels - 7.8%
Enterprise Products Partners LP	2,925,300	78,340
Exxon Mobil Corp.	1,823,000	187,295
Shell PLC ADR	1,545,500	101,694
TotalEnergies SE	1,085,200	73,966
		441,295
FINANCIALS - 21.1%
Banks - 11.1%
Bank of America Corp.	2,914,800	88,872
Cullen/Frost Bankers, Inc.	271,000	26,637
East West Bancorp, Inc.	524,600	33,008
Huntington Bancshares, Inc.	3,134,200	35,291
M&T Bank Corp.	774,700	99,293
PNC Financial Services Group, Inc.	595,400	79,760
U.S. Bancorp	2,988,400	113,918
Wells Fargo & Co.	3,459,508	154,259
		631,038
Capital Markets - 1.9%
Bank of New York Mellon Corp.	1,170,600	56,563
CME Group, Inc. (a)	128,600	28,081
LPL Financial	106,700	23,719
		108,363
Financial Services - 3.5%
Fidelity National Information Services, Inc.	859,600	50,407
Global Payments, Inc.	785,500	91,464
Visa, Inc. Class A (a)	222,000	56,983
		198,854
Insurance - 4.6%
AXA SA	1,811,200	56,474
Chubb Ltd.	429,879	98,627
First American Financial Corp.	390,200	23,256
The Travelers Companies, Inc.	460,500	83,176
		261,533
TOTAL FINANCIALS		1,199,788
HEALTH CARE - 15.6%
Health Care Equipment & Supplies - 0.6%
Baxter International, Inc.	915,200	33,020
Health Care Providers & Services - 3.9%
Cigna Group	256,500	67,429
Elevance Health, Inc.	203,000	97,336
UnitedHealth Group, Inc.	100,700	55,684
		220,449
Pharmaceuticals - 11.1%
Bristol-Myers Squibb Co.	1,970,400	97,298
GSK PLC sponsored ADR	1,351,100	48,626
Johnson & Johnson	1,118,407	172,973
Merck & Co., Inc.	1,263,900	129,524
Organon & Co.	1,738,770	19,683
Roche Holding AG (participation certificate)	250,260	67,325
Royalty Pharma PLC	1,565,000	42,365
Sanofi SA sponsored ADR	1,213,800	56,745
		634,539
TOTAL HEALTH CARE		888,008
INDUSTRIALS - 8.0%
Aerospace & Defense - 1.7%
General Dynamics Corp.	323,100	79,796
Lockheed Martin Corp.	37,900	16,970
		96,766
Building Products - 0.3%
Owens Corning	137,700	18,669
Electrical Equipment - 1.2%
Regal Rexnord Corp.	589,600	70,634
Industrial Conglomerates - 1.0%
3M Co.	298,100	29,533
Hitachi Ltd.	376,500	26,118
		55,651
Machinery - 1.6%
Allison Transmission Holdings, Inc.	686,700	36,725
Parker Hannifin Corp.	120,100	52,025
		88,750
Professional Services - 2.2%
Genpact Ltd.	1,300,100	44,151
Science Applications International Corp.	122,900	14,430
SS&C Technologies Holdings, Inc.	1,176,300	66,179
		124,760
TOTAL INDUSTRIALS		455,230
INFORMATION TECHNOLOGY - 9.2%
Communications Equipment - 1.9%
Cisco Systems, Inc.	2,240,400	108,391
IT Services - 2.7%
Amdocs Ltd.	846,728	70,930
Capgemini SA	407,600	83,410
		154,340
Semiconductors & Semiconductor Equipment - 2.8%
Microchip Technology, Inc.	1,103,750	92,097
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	709,300	69,022
		161,119
Software - 1.8%
Gen Digital, Inc.	1,786,500	39,446
Microsoft Corp. (a)	161,500	61,194
		100,640
TOTAL INFORMATION TECHNOLOGY		524,490
MATERIALS - 3.4%
Chemicals - 1.2%
Celanese Corp. Class A	210,500	29,188
CF Industries Holdings, Inc.	196,700	14,782
Olin Corp.	389,400	18,356
The Chemours Co. LLC	311,200	8,536
		70,862
Containers & Packaging - 2.2%
Berry Global Group, Inc.	541,800	35,824
Crown Holdings, Inc.	440,300	37,870
Silgan Holdings, Inc.	474,300	19,788
Sonoco Products Co.	568,400	31,353
		124,835
TOTAL MATERIALS		195,697
REAL ESTATE - 3.8%
Equity Real Estate Investment Trusts (REITs) - 3.8%
Alexandria Real Estate Equities, Inc.	166,000	18,160
American Tower Corp.	171,000	35,701
COPT Defense Properties (SBI)	1,513,700	36,632
Crown Castle International Corp.	555,900	65,196
Essex Property Trust, Inc.	89,100	19,019
Gaming & Leisure Properties	296,400	13,851
Public Storage	111,500	28,852
		217,411
UTILITIES - 9.0%
Electric Utilities - 6.4%
American Electric Power Co., Inc.	287,800	22,894
Duke Energy Corp.	1,086,000	100,216
Edison International	1,047,794	70,192
Eversource Energy	504,500	29,972
Exelon Corp.	1,067,100	41,094
FirstEnergy Corp.	1,972,900	72,879
PPL Corp.	1,089,400	28,455
		365,702
Independent Power and Renewable Electricity Producers - 0.4%
Vistra Corp.	634,700	22,475
Multi-Utilities - 2.2%
CMS Energy Corp.	557,000	31,615
Sempra	1,229,900	89,623
		121,238
TOTAL UTILITIES		509,415
TOTAL COMMON STOCKS (Cost $4,975,463)		5,562,791

Money Market Funds - 3.1%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (c)	102,385,322	102,406
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)	72,482,500	72,490
TOTAL MONEY MARKET FUNDS (Cost $174,896)		174,896

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $5,150,359)	5,737,687
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(49,248)
NET ASSETS - 100.0%	5,688,439

Written Options
	Counterparty	Number of Contracts	Notional Amount ($) (000s)	Exercise Price ($)	Expiration Date	Value ($) (000s)
Call Options
CME Group, Inc. Class A	Chicago Board Options Exchange	303	6,616	230.00	12/15/23	(8)
Comcast Corp. Class A	Chicago Board Options Exchange	8,496	35,590	50.00	01/19/24	(34)
Microsoft Corp.	Chicago Board Options Exchange	380	14,399	360.00	12/15/23	(761)
Visa, Inc. Class A	Chicago Board Options Exchange	382	9,805	260.00	12/15/23	(63)

TOTAL WRITTEN OPTIONS						(866)

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $66,410,000.

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

(c)

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

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	189,261	943,660	1,030,515	7,887	-	-	102,406	0.2%
Fidelity Securities Lending Cash Central Fund 5.39%	181,944	1,074,543	1,183,997	1,279	-	-	72,490	0.3%
Total	371,205	2,018,203	2,214,512	9,166	-	-	174,896

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Equities:
Communication Services	309,916	293,381	16,535	-
Consumer Discretionary	224,232	224,232	-	-
Consumer Staples	597,309	522,930	74,379	-
Energy	441,295	367,329	73,966	-
Financials	1,199,788	1,143,314	56,474	-
Health Care	888,008	820,683	67,325	-
Industrials	455,230	455,230	-	-
Information Technology	524,490	524,490	-	-
Materials	195,697	195,697	-	-
Real Estate	217,411	217,411	-	-
Utilities	509,415	509,415	-	-

Money Market Funds	174,896	174,896	-	-
Total Investments in Securities:	5,737,687	5,449,008	288,679	-
Derivative Instruments: Liabilities
Written Options	(866)	(866)	-	-
Total Liabilities	(866)	(866)	-	-
Total Derivative Instruments:	(866)	(866)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(866)
Total Equity Risk	0	(866)
Total Value of Derivatives	0	(866)

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

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value (including securities loaned of $70,979) - See accompanying schedule:
Unaffiliated issuers (cost $4,975,463)	$	5,562,791
Fidelity Central Funds (cost $174,896)		174,896


Total Investment in Securities (cost $5,150,359)			$	5,737,687
Receivable for investments sold				28,936
Receivable for fund shares sold				947
Dividends receivable				19,418
Distributions receivable from Fidelity Central Funds				474
Prepaid expenses				7
Total assets				5,787,469
Liabilities
Payable for investments purchased	$	19,788
Payable for fund shares redeemed		3,229
Accrued management fee		1,960
Written options, at value (premium received $794)		866
Other affiliated payables		619
Other payables and accrued expenses		78
Collateral on securities loaned		72,490
Total Liabilities				99,030
Net Assets			$	5,688,439
Net Assets consist of:
Paid in capital			$	4,909,578
Total accumulated earnings (loss)				778,861
Net Assets			$	5,688,439

Net Asset Value and Maximum Offering Price
Equity Dividend Income :
Net Asset Value, offering price and redemption price per share ($4,914,903 ÷ 184,057 shares)			$	26.70
Class K :
Net Asset Value, offering price and redemption price per share ($773,536 ÷ 28,977 shares)			$	26.69

Statement of Operations
Amounts in thousands				Year ended November 30, 2023
Investment Income
Dividends			$	173,628
Income from Fidelity Central Funds (including $1,279 from security lending)				9,166
Total Income				182,794
Expenses
Management fee	$	24,392
Transfer agent fees		6,708
Accounting fees		989
Custodian fees and expenses		163
Independent trustees' fees and expenses		34
Registration fees		88
Audit		103
Legal		10
Miscellaneous		28
Total expenses before reductions		32,515
Expense reductions		(350)
Total expenses after reductions				32,165
Net Investment income (loss)				150,629
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		156,164
Redemptions in-kind		21,212
Foreign currency transactions		173
Written options		1,489
Total net realized gain (loss)				179,038
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(177,759)
Assets and liabilities in foreign currencies		31
Written options		(72)
Total change in net unrealized appreciation (depreciation)				(177,800)
Net gain (loss)				1,238
Net increase (decrease) in net assets resulting from operations			$	151,867

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	150,629	$	132,281
Net realized gain (loss)		179,038		318,761
Change in net unrealized appreciation (depreciation)		(177,800)		91,598
Net increase (decrease) in net assets resulting from operations		151,867		542,640
Distributions to shareholders		(425,124)		(636,444)

Share transactions - net increase (decrease)		(36,448)		429,005
Total increase (decrease) in net assets		(309,705)		335,201

Net Assets
Beginning of period		5,998,144		5,662,943
End of period	$	5,688,439	$	5,998,144

Financial Highlights

Fidelity® Equity Dividend Income Fund

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	28.03	$	28.54	$	24.68	$	26.64	$	27.18
Income from Investment Operations
Net investment income (loss) A,B		.69		.62		.63		.62		.65
Net realized and unrealized gain (loss)		(.03)		2.06		3.88		(.46)		1.92
Total from investment operations		.66		2.68		4.51		.16		2.57
Distributions from net investment income		(.63)		(.59)		(.64)		(.63)		(.62)
Distributions from net realized gain		(1.36)		(2.60)		(.01)		(1.50)		(2.49)
Total distributions		(1.99)		(3.19)		(.65)		(2.12) C		(3.11)
Net asset value, end of period	$	26.70	$	28.03	$	28.54	$	24.68	$	26.64
Total Return D		2.73%		9.72%		18.40%		.76%		12.07%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.58%		.58%		.58%		.60%		.60%
Expenses net of fee waivers, if any		.57%		.57%		.58%		.60%		.60%
Expenses net of all reductions		.57%		.57%		.58%		.59%		.60%
Net investment income (loss)		2.61%		2.28%		2.21%		2.72%		2.65%
Supplemental Data
Net assets, end of period (in millions)	$	4,915	$	5,186	$	4,903	$	4,409	$	4,949
Portfolio turnover rate G		45% H		48%		47%		71%		52%

ACalculated based on average shares outstanding during the period.

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

CTotal distributions per share do not sum due to rounding.

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

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

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

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Fidelity® Equity Dividend Income Fund Class K

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	28.03	$	28.53	$	24.67	$	26.64	$	27.18
Income from Investment Operations
Net investment income (loss) A,B		.71		.65		.65		.63		.68
Net realized and unrealized gain (loss)		(.04)		2.06		3.89		(.45)		1.91
Total from investment operations		.67		2.71		4.54		.18		2.59
Distributions from net investment income		(.65)		(.62)		(.66)		(.65)		(.64)
Distributions from net realized gain		(1.36)		(2.60)		(.01)		(1.50)		(2.49)
Total distributions		(2.01)		(3.21) C		(.68) C		(2.15)		(3.13)
Net asset value, end of period	$	26.69	$	28.03	$	28.53	$	24.67	$	26.64
Total Return D		2.78%		9.86%		18.51%		.84%		12.18%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.49%		.49%		.49%		.51%		.51%
Expenses net of fee waivers, if any		.49%		.49%		.49%		.51%		.51%
Expenses net of all reductions		.49%		.49%		.49%		.50%		.51%
Net investment income (loss)		2.70%		2.37%		2.30%		2.81%		2.74%
Supplemental Data
Net assets, end of period (in millions)	$	774	$	812	$	760	$	696	$	300
Portfolio turnover rate G		45% H		48%		47%		71%		52%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended November 30, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2023 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

Gross unrealized appreciation	$856,188
Gross unrealized depreciation	(243,026)
Net unrealized appreciation (depreciation)	$613,162
Tax Cost	$5,124,525

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

Undistributed ordinary income	$89,963
Undistributed long-term capital gain	$99,493
Net unrealized appreciation (depreciation) on securities and other investments	$589,406

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$136,512	$ 249,503
Long-term Capital Gains	288,612	386,941
Total	$425,124	$ 636,444

4. Derivative Instruments.

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

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

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


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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Equity Dividend Income Fund	2,526,365	2,687,519

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

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Equity Dividend Income Fund	2,268	21,212	61,773	Equity Dividend Income

6. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Equity Dividend Income	$6,380	.13
Class K	328	.04
	$6,708

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Equity Dividend Income	0.1270%

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Equity Dividend Income Fund	.02

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Equity Dividend Income Fund	0.0169%

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

	Amount
Fidelity Equity Dividend Income Fund	$62

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Equity Dividend Income Fund	267,143	177,027	30,846

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Equity Dividend Income Fund	$10

8. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Equity Dividend Income Fund	$131	$13	$-

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $348.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Equity Dividend Income Fund
Distributions to shareholders
Equity Dividend Income	$367,518	$551,350
Class K	57,606	85,094
Total	$425,124	$636,444

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Equity Dividend Income Fund
Equity Dividend Income
Shares sold	10,718	13,861	$284,744	$380,818
Reinvestment of distributions	13,279	18,689	341,350	515,591
Shares redeemed	(24,931)	(19,380)	(656,710)	(528,369)
Net increase (decrease)	(934)	13,170	$(30,616)	$368,040
Class K
Shares sold	6,998	10,839	$182,721	$295,244
Reinvestment of distributions	2,241	3,085	57,606	85,094
Shares redeemed	(9,235)	(11,583)	(246,159)	(319,373)
Net increase (decrease)	4	2,341	$(5,832)	$60,965

12. Other.

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

13. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Equity Dividend Income Fund (one of the funds constituting Fidelity Financial Trust, referred to hereafter as the "Fund") as of November 30, 2023, the related statement of operations for the year ended November 30, 2023, the statement of changes in net assets for each of the two years in the period ended November 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the five years in the period ended November 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 12, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves as Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity® Equity Dividend Income Fund
Fidelity® Equity Dividend Income Fund	.57%
Actual		$ 1,000	$ 1,076.40	$ 2.97
Hypothetical-B		$ 1,000	$ 1,022.21	$ 2.89
Class K	.48%
Actual		$ 1,000	$ 1,076.90	$ 2.50
Hypothetical-B		$ 1,000	$ 1,022.66	$ 2.43

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2023, $99,724,908, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.15% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $416,741 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Fidelity Equity Dividend Income Fund designates 63%, 100%, 100% and 100%; and Class K designates 62%, 100%, 100%, and 100%; of the dividends distributed in December, April, July and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Equity Dividend Income Fund and Class K designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Equity Dividend Income Fund

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

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

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

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

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

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

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

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

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

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

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

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

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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

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

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

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

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

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

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

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.

1.539196.126

EII-ANN-0124

Fidelity® Convertible Securities Fund

Annual Report

November 30, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended November 30, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-3.05%	9.97%	6.77%
Class M (incl. 3.50% sales charge)	-1.00%	10.19%	6.72%
Class C (incl. contingent deferred sales charge)	1.10%	10.44%	6.75%
Fidelity® Convertible Securities Fund	3.21%	11.62%	7.72%
Class I	3.17%	11.59%	7.69%
Class Z	3.29%	11.72%	7.76%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Convertible Securities Fund, a class of the fund, on November 30, 2013.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® All US Convertibles Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

For the 12 months ending November 30, 2023, the ICE BofA® All US Convertibles Index gained 3.08%, as a slowing in the pace of inflation, stabilizing interest rates and a resilient U.S. economy provided a favorable backdrop for higher-risk assets during much of 2023. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and lowering inflation. Convertibles made limited headway, partly because many of the most equity-sensitive securities in the index left as they matured or converted into stock. Plus, few converts had exposure to artificial intelligence, a key driver of the stock market's advance this period. Many of the least equity-sensitive - or more bond-like - converts that had moved up in value also left the index this period. Meanwhile, not enough new convertible issues came to market to replace the departing securities. By late October, the equity sensitivity of the convertibles index had fallen to one of its lowest levels in 25 years, and the index had notably shrunk in size. In early November, the Federal Reserve hinted that it might be done raising interest rates, lifting the stock market and, to a lesser extent, the convertibles market. By sector within the convertibles index, real estate (+11%), information technology (+10%) and financials (+9%) led, whereas materials (-8%), utilities (-7%) and industrials (-6%) notably declined. Converts topped taxable bonds (+1%) but lagged large-cap stocks (+14%) and high-yield debt (+9%).

Comments from Portfolio Manager Adam Kramer:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 2% to 3%, roughly in line with the benchmark ICE BofA® All US Convertibles Index. By asset class, the fund's non-benchmark stake in equities (+13%) contributed most versus the benchmark, followed by security selection in convertible bonds and an overweight in corporate bonds. Conversely, picks and an overweight in the convertible preferred stock segment detracted from the fund's relative result. By sector, investment choices in information technology - notably semiconductors & semiconductor equipment - aided relative performance. Security selection in the consumer discretionary, materials and industrials sectors also helped. The top individual contributors were non-benchmark equity positions in semiconductor company Nvidia (+101%), which we established this period, and electric-vehicle maker Tesla (+38%). Tesla was not held as of November 30. By contrast, security selection and an overweight in energy, plus investment choices in health care, detracted from relative performance. The biggest individual relative detractors were non-benchmark shares of oil tanker company Euronav (-17%) and convertible bonds issued by medical equipment company Dexcom (-11%). Euronav was not held at period end.

Note to shareholders:

On January 1, 2024, Rick Gandhi assumed co-management responsibilities for the fund, joining Co-Manager Adam Kramer.

Investment Summary November 30, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)
(excluding cash equivalents)
Palo Alto Networks, Inc. 0.375% 6/1/25	2.4
DHT Holdings, Inc.	2.2
MicroStrategy, Inc. 0% 2/15/27	1.7
Unity Software, Inc. 0% 11/15/26	1.5
Snap, Inc. 0.125% 3/1/28	1.3
Southern Co. 3.875% 12/15/25	1.3
Duke Energy Corp. 4.125% 4/15/26	1.3
PG&E Corp. 4.25% 12/1/27	1.3
DraftKings, Inc. 0% 3/15/28	1.3
Northern Oil & Gas, Inc. 3.625% 4/15/29	1.2
	15.5

Market Sectors (% of Fund's net assets)

Information Technology	26.9
Consumer Discretionary	10.3
Utilities	9.6
Communication Services	7.4
Health Care	7.4
Industrials	6.1
Energy	6.0
Financials	3.4
Real Estate	2.6
Materials	1.8
Consumer Staples	1.3

Quality Diversification (% of Fund's net assets)

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.

Asset Allocation (% of Fund's net assets)

Written options - (0.0)%

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Schedule of Investments November 30, 2023

Showing Percentage of Net Assets

Corporate Bonds - 72.4%
	Principal Amount (a) (000s)	Value ($) (000s)
Convertible Bonds - 71.0%
COMMUNICATION SERVICES - 6.4%
Entertainment - 1.6%
Liberty Media Corp. 2.375% 9/30/53 (b)	6,757	6,818
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27	8,245	8,349
Live Nation Entertainment, Inc. 3.125% 1/15/29 (b)	6,454	6,861
Zynga, Inc. 0% 12/15/26	5,479	4,383
		26,411
Interactive Media & Services - 2.8%
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b)	2,433	1,971
Snap, Inc.:
0% 5/1/27	17,175	13,204
0.125% 3/1/28	30,576	22,259
0.25% 5/1/25	2,787	2,755
0.75% 8/1/26	4,240	4,102
TripAdvisor, Inc. 0.25% 4/1/26	2,952	2,552
		46,843
Media - 2.0%
DISH Network Corp.:
0% 12/15/25	13,668	7,065
3.375% 8/15/26	26,227	11,868
Liberty Broadband Corp. 3.125% 3/31/53 (b)	9,550	9,544
Liberty Media Corp. 3.75% 3/15/28 (b)	5,200	5,975
		34,452
TOTAL COMMUNICATION SERVICES		107,706

CONSUMER DISCRETIONARY - 9.5%
Automobiles - 2.0%
Ford Motor Co. 0% 3/15/26	8,778	8,185
Rivian Automotive, Inc.:
3.625% 10/15/30(b)	13,420	12,875
4.625% 3/15/29(b)	11,612	12,767
		33,827
Broadline Retail - 0.7%
Etsy, Inc.:
0.125% 10/1/26	3,588	3,949
0.125% 9/1/27	4,407	3,616
0.25% 6/15/28	4,610	3,536
		11,101
Hotels, Restaurants & Leisure - 4.5%
Booking Holdings, Inc. 0.75% 5/1/25	6,343	10,672
Carnival Corp. 5.75% 12/1/27 (b)	8,435	11,881
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26	3,044	2,549
DraftKings, Inc. 0% 3/15/28	26,448	21,225
Penn Entertainment, Inc. 2.75% 5/15/26	11,294	14,304
Royal Caribbean Cruises Ltd. 6% 8/15/25	6,377	14,278
		74,909
Leisure Products - 1.1%
Peloton Interactive, Inc. 0% 2/15/26	16,347	12,367
Topgolf Callaway Brands Corp. 2.75% 5/1/26	6,490	6,448
		18,815
Specialty Retail - 1.2%
The RealReal, Inc.:
1% 3/1/28	5,044	2,066
3% 6/15/25	220	160
Wayfair LLC 0.625% 10/1/25	20,823	18,507
		20,733
TOTAL CONSUMER DISCRETIONARY		159,385

CONSUMER STAPLES - 0.9%
Food Products - 0.3%
Freshpet, Inc. 3% 4/1/28 (b)	1,700	2,120
Post Holdings, Inc. 2.5% 8/15/27	3,090	3,064
		5,184
Tobacco - 0.6%
Turning Point Brands, Inc. 2.5% 7/15/24	9,442	9,194

TOTAL CONSUMER STAPLES		14,378

ENERGY - 2.7%
Oil, Gas & Consumable Fuels - 2.7%
EQT Corp. 1.75% 5/1/26	3,231	8,854
Northern Oil & Gas, Inc. 3.625% 4/15/29	16,893	19,647
Peabody Energy Corp. 3.25% 3/1/28	2,047	2,883
Pioneer Natural Resources Co. 0.25% 5/15/25	4,525	11,165
World Kinect Corp. 3.25% 7/1/28 (b)	2,580	2,456
		45,005
FINANCIALS - 1.9%
Capital Markets - 0.6%
Coinbase Global, Inc. 0.5% 6/1/26	13,127	10,969

Consumer Finance - 0.9%
Bread Financial Holdings, Inc. 4.25% 6/15/28 (b)	2,540	2,369
LendingTree, Inc. 0.5% 7/15/25	11,873	9,350
SoFi Technologies, Inc. 0% 10/15/26 (b)	4,411	3,361
		15,080
Financial Services - 0.4%
Affirm Holdings, Inc. 0% 11/15/26	5,457	4,240
Shift4 Payments, Inc. 0.5% 8/1/27	2,014	1,776
		6,016
TOTAL FINANCIALS		32,065

HEALTH CARE - 7.4%
Biotechnology - 2.3%
Alnylam Pharmaceuticals, Inc. 1% 9/15/27	4,620	4,259
BridgeBio Pharma, Inc. 2.25% 2/1/29	14,240	10,805
Dynavax Technologies Corp. 2.5% 5/15/26	200	286
Exact Sciences Corp. 2% 3/1/30 (b)	7,298	7,791
Insmed, Inc. 0.75% 6/1/28	3,200	3,138
Mirum Pharmaceuticals, Inc. 4% 5/1/29 (b)	2,160	2,770
Natera, Inc. 2.25% 5/1/27	1,392	2,160
Sarepta Therapeutics, Inc.:
1.25% 9/15/27	7,627	7,093
1.5% 11/15/24	760	941
		39,243
Health Care Equipment & Supplies - 3.2%
CONMED Corp. 2.25% 6/15/27	2,740	2,684
DexCom, Inc. 0.375% 5/15/28 (b)	5,597	5,496
Enovis Corp. 3.875% 10/15/28 (b)	2,840	3,138
Envista Holdings Corp. 2.375% 6/1/25	3,649	4,351
Glaukos Corp. 2.75% 6/15/27	2,154	2,792
Insulet Corp. 0.375% 9/1/26	3,592	3,840
Integer Holdings Corp. 2.125% 2/15/28 (b)	6,389	7,424
Lantheus Holdings, Inc. 2.625% 12/15/27 (b)	2,990	3,562
LivaNova U.S.A., Inc. 3% 12/15/25	4,024	4,097
NuVasive, Inc. 0.375% 3/15/25	3,750	3,441
Omnicell, Inc. 0.25% 9/15/25	2,491	2,231
Shockwave Medical, Inc. 1% 8/15/28 (b)	6,070	5,600
TransMedics Group, Inc. 1.5% 6/1/28 (b)	4,056	4,363
		53,019
Health Care Providers & Services - 1.0%
Accolade, Inc. 0.5% 4/1/26	15,909	13,464
Guardant Health, Inc. 0% 11/15/27	4,885	3,300
		16,764
Health Care Technology - 0.4%
Health Catalyst, Inc. 2.5% 4/15/25	1,647	1,520
Teladoc Health, Inc. 1.25% 6/1/27	5,479	4,404
Veradigm, Inc. 0.875% 1/1/27	161	166
		6,090
Life Sciences Tools & Services - 0.1%
Repligen Corp. 0.375% 7/15/24	1,330	1,850

Pharmaceuticals - 0.4%
Amphastar Pharmaceuticals, Inc. 2% 3/15/29 (b)	2,130	2,414
Jazz Investments I Ltd. 2% 6/15/26	4,936	4,862
		7,276
TOTAL HEALTH CARE		124,242

INDUSTRIALS - 5.0%
Aerospace & Defense - 0.8%
Axon Enterprise, Inc. 0.5% 12/15/27 (b)	7,390	8,606
Spirit Aerosystems, Inc. 3.25% 11/1/28 (b)	4,720	5,524
		14,130
Commercial Services & Supplies - 0.3%
Tetra Tech, Inc. 2.25% 8/15/28 (b)	4,340	4,402

Construction & Engineering - 0.6%
Fluor Corp. 1.125% 8/15/29 (b)	5,528	5,854
Granite Construction, Inc. 3.75% 5/15/28 (b)	4,100	4,826
		10,680
Electrical Equipment - 0.3%
Array Technologies, Inc. 1% 12/1/28	2,989	2,759
Bloom Energy Corp. NULL 3% 6/1/28 (b)	2,530	2,641
		5,400
Ground Transportation - 1.6%
Lyft, Inc. 1.5% 5/15/25	2,024	1,860
Uber Technologies, Inc.:
0% 12/15/25	5,200	5,066
0.875% 12/1/28(b)	18,575	19,206
		26,132
Machinery - 0.2%
John Bean Technologies Corp. 0.25% 5/15/26	4,147	3,747

Passenger Airlines - 0.5%
American Airlines Group, Inc. 6.5% 7/1/25	7,782	8,226
Southwest Airlines Co. 1.25% 5/1/25	170	167
		8,393
Professional Services - 0.7%
CSG Systems International, Inc. 3.875% 9/15/28 (b)	2,860	2,749
Parsons Corp. 0.25% 8/15/25	6,218	8,814
		11,563
TOTAL INDUSTRIALS		84,447

INFORMATION TECHNOLOGY - 26.2%
Communications Equipment - 0.7%
Lumentum Holdings, Inc.:
0.5% 12/15/26	5,074	4,262
0.5% 6/15/28	5,800	4,242
1.5% 12/15/29(b)	3,345	2,945
		11,449
Electronic Equipment, Instruments & Components - 0.7%
Advanced Energy Industries, Inc. 2.5% 9/15/28 (b)	2,625	2,584
Insight Enterprises, Inc. 0.75% 2/15/25	2,745	6,072
Par Technology Corp. 1.5% 10/15/27	261	216
Vishay Intertechnology, Inc. 2.25% 9/15/30 (b)	3,500	3,264
		12,136
IT Services - 5.8%
Akamai Technologies, Inc.:
0.125% 5/1/25	8,678	10,842
0.375% 9/1/27	9,041	9,900
1.125% 2/15/29(b)	9,537	10,076
BigCommerce Holdings, Inc. 0.25% 10/1/26	5,219	4,097
Cloudflare, Inc. 0% 8/15/26	15,035	13,193
Digitalocean Holdings, Inc. 0% 12/1/26	11,329	8,915
Fastly, Inc. 0% 3/15/26	6,880	5,913
MongoDB, Inc. 0.25% 1/15/26	8,574	17,255
Okta, Inc.:
0.125% 9/1/25	4,621	4,147
0.375% 6/15/26	3,932	3,382
Perficient, Inc. 0.125% 11/15/26	4,337	3,529
Wix.com Ltd. 0% 8/15/25	6,688	5,929
		97,178
Semiconductors & Semiconductor Equipment - 1.8%
ON Semiconductor Corp.:
0% 5/1/27	6,173	8,914
0.5% 3/1/29(b)	10,970	10,515
Veeco Instruments, Inc. 2.875% 6/1/29 (b)	820	975
Wolfspeed, Inc.:
0.25% 2/15/28	7,555	4,673
1.75% 5/1/26	4,351	4,529
		29,606
Software - 15.6%
Altair Engineering, Inc.:
0.25% 6/1/24	3,124	4,895
1.75% 6/15/27	4,600	5,322
Avalara, Inc. 0.25% 8/1/26	3,525	3,499
Bentley Systems, Inc.:
0.125% 1/15/26	3,500	3,452
0.375% 7/1/27	4,676	4,129
Bill Holdings, Inc.:
0% 12/1/25	5,355	4,779
0% 4/1/27	15,239	12,039
BlackLine, Inc. 0% 3/15/26	14,471	12,499
Box, Inc. 0% 1/15/26	4,133	4,662
Confluent, Inc. 0% 1/15/27	5,296	4,297
CyberArk Software Ltd. 0% 11/15/24	2,489	3,253
Datadog, Inc. 0.125% 6/15/25	5,010	6,804
Dropbox, Inc.:
0% 3/1/26	1,969	1,883
0% 3/1/28	2,025	1,949
Everbridge, Inc.:
0% 3/15/26	3,157	2,652
0.125% 12/15/24	4,904	4,512
Guidewire Software, Inc. 1.25% 3/15/25	2,797	2,972
HubSpot, Inc. 0.375% 6/1/25	3,253	5,810
InterDigital, Inc. 3.5% 6/1/27	3,270	4,478
LivePerson, Inc. 0% 12/15/26	7,827	5,156
MicroStrategy, Inc.:
0% 2/15/27	37,482	29,120
0.75% 12/15/25	3,219	4,458
Pagerduty, Inc.:
1.25% 7/1/25	1,647	1,546
1.5% 10/15/28(b)	3,330	3,453
Palo Alto Networks, Inc. 0.375% 6/1/25	13,782	40,893
Pegasystems, Inc. 0.75% 3/1/25	1,489	1,377
Progress Software Corp. 1% 4/15/26	3,982	4,163
Q2 Holdings, Inc. 0.75% 6/1/26	2,453	2,163
Rapid7, Inc.:
0.25% 3/15/27	213	187
1.25% 3/15/29(b)	4,420	4,663
RingCentral, Inc. 0% 3/15/26	4,484	3,744
Splunk, Inc.:
1.125% 9/15/25	6,242	6,860
1.125% 6/15/27	9,600	9,254
Tyler Technologies, Inc. 0.25% 3/15/26	5,401	5,425
Unity Software, Inc. 0% 11/15/26	31,727	25,588
Varonis Systems, Inc. 1.25% 8/15/25	2,684	3,831
Workiva, Inc. 1.25% 8/15/28 (b)	5,625	5,476
Zscaler, Inc. 0.125% 7/1/25	6,580	9,156
		260,399
Technology Hardware, Storage & Peripherals - 1.6%
Seagate HDD Cayman 3.5% 6/1/28 (b)	11,380	12,894
Western Digital Corp. 3% 11/15/28 (b)	12,600	14,414
		27,308
TOTAL INFORMATION TECHNOLOGY		438,076

MATERIALS - 0.6%
Chemicals - 0.1%
Livent Corp. 4.125% 7/15/25	1,084	1,774

Metals & Mining - 0.5%
Equinox Gold Corp. 4.75% 10/15/28 (b)	1,910	2,082
MP Materials Corp. 0.25% 4/1/26 (b)	3,129	2,581
United States Steel Corp. 5% 11/1/26	1,447	3,907
		8,570
TOTAL MATERIALS		10,344

REAL ESTATE - 2.6%
Equity Real Estate Investment Trusts (REITs) - 1.7%
Ventas Realty LP 3.75% 6/1/26 (b)	13,928	14,179
Welltower OP LLC 2.75% 5/15/28 (b)	12,150	13,220
		27,399
Real Estate Management & Development - 0.9%
Redfin Corp.:
0% 10/15/25	2,410	1,994
0.5% 4/1/27	16,564	9,441
Zillow Group, Inc. 1.375% 9/1/26	3,614	4,064
		15,499
TOTAL REAL ESTATE		42,898

UTILITIES - 7.8%
Electric Utilities - 5.8%
Alliant Energy Corp. 3.875% 3/15/26 (b)	2,600	2,564
Duke Energy Corp. 4.125% 4/15/26 (b)	22,045	21,736
FirstEnergy Corp. 4% 5/1/26 (b)	13,330	13,123
NRG Energy, Inc. 2.75% 6/1/48	6,911	8,421
PG&E Corp. 4.25% 12/1/27 (b)	21,152	21,416
PPL Capital Funding, Inc. 2.875% 3/15/28 (b)	7,740	7,322
Southern Co. 3.875% 12/15/25 (b)	21,975	21,942
		96,524
Independent Power and Renewable Electricity Producers - 0.7%
NextEra Energy Partners LP 0% 11/15/25 (b)	11,350	9,727
Ormat Technologies, Inc. 2.5% 7/15/27	1,700	1,605
		11,332
Multi-Utilities - 0.8%
CenterPoint Energy, Inc. 4.25% 8/15/26 (b)	6,974	6,917
CMS Energy Corp. 3.375% 5/1/28 (b)	6,460	6,282
		13,199
Water Utilities - 0.5%
American Water Capital Corp. 3.625% 6/15/26 (b)	8,918	8,882

TOTAL UTILITIES		129,937

TOTAL CONVERTIBLE BONDS		1,188,483
Nonconvertible Bonds - 1.4%
COMMUNICATION SERVICES - 0.6%
Media - 0.6%
Gannett Holdings LLC 6% 11/1/26 (b)	10,650	9,352

CONSUMER STAPLES - 0.4%
Tobacco - 0.4%
Turning Point Brands, Inc. 5.625% 2/15/26 (b)	6,673	6,223

ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
SFL Corp. Ltd. 7.25% 5/12/26 (b)	1,700	1,642

INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b)	7,490	5,836

TOTAL NONCONVERTIBLE BONDS		23,053
TOTAL CORPORATE BONDS (Cost $1,144,882)		1,211,536

Common Stocks - 6.5%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 0.4%
Entertainment - 0.4%
The Walt Disney Co.	79,700	7,387
CONSUMER DISCRETIONARY - 0.8%
Automobiles - 0.2%
Stellantis NV (c)	163,600	3,544
Broadline Retail - 0.2%
Amazon.com, Inc. (c)(d)	21,800	3,185
Hotels, Restaurants & Leisure - 0.4%
A&W Revenue Royalties Income Fund	164,000	3,737
Super Group SGHC Ltd. (d)	905,921	2,754
		6,491
TOTAL CONSUMER DISCRETIONARY		13,220
ENERGY - 3.2%
Oil, Gas & Consumable Fuels - 3.2%
DHT Holdings, Inc.	3,630,042	36,155
Scorpio Tankers, Inc.	310,000	17,016
		53,171
INDUSTRIALS - 0.5%
Electrical Equipment - 0.1%
Babcock & Wilcox Enterprises, Inc. (d)	1,382,611	1,963
Ground Transportation - 0.4%
Uber Technologies, Inc. (d)	96,800	5,458
TOTAL INDUSTRIALS		7,421
INFORMATION TECHNOLOGY - 0.4%
Semiconductors & Semiconductor Equipment - 0.4%
NVIDIA Corp. (c)	14,400	6,735
MATERIALS - 1.2%
Metals & Mining - 1.2%
Agnico Eagle Mines Ltd. (United States)	143,900	7,727
Newmont Corp.	175,100	7,037
Wheaton Precious Metals Corp.	104,100	5,090
		19,854
TOTAL COMMON STOCKS (Cost $93,884)		107,788

Convertible Preferred Stocks - 3.7%
	Shares	Value ($) (000s)
FINANCIALS - 1.5%
Banks - 1.0%
Bank of America Corp. 7.25%	7,695	8,641
Wells Fargo & Co. 7.50%	7,617	8,517
		17,158
Financial Services - 0.5%
Apollo Global Management, Inc. Series A, 6.75%	143,900	7,994
TOTAL FINANCIALS		25,152
INDUSTRIALS - 0.6%
Machinery - 0.6%
Chart Industries, Inc.	157,800	8,591
RBC Bearings, Inc.	15,800	1,892
		10,483
UTILITIES - 1.6%
Electric Utilities - 1.0%
NextEra Energy, Inc. 6.296%	457,600	16,853
Independent Power and Renewable Electricity Producers - 0.6%
The AES Corp. 6.875%	139,600	9,448
TOTAL UTILITIES		26,301
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $63,434)		61,936

Preferred Securities - 0.2%
	Principal Amount (a) (000s)	Value ($) (000s)
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
Vistra Corp. 7% (b)(e)(f) (Cost $3,126)	3,345	3,286

Money Market Funds - 18.3%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (g) (Cost $306,596)	306,534,813	306,596

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $1,611,922)	1,691,142
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(18,013)
NET ASSETS - 100.0%	1,673,129

Written Options
	Counterparty	Number of Contracts	Notional Amount ($) (000s)	Exercise Price ($)	Expiration Date	Value ($) (000s)
Call Options
Amazon.com, Inc.	Chicago Board Options Exchange	200	2,922	145.00	12/15/23	(73)
NVIDIA Corp.	Chicago Board Options Exchange	100	4,677	510.00	12/15/23	(18)
Stellantis NV	Chicago Board Options Exchange	1,600	3,466	21.00	12/15/23	(144)

TOTAL WRITTEN OPTIONS						(235)

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

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

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $424,935,000 or 25.4% of net assets.

(c)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $11,065,000.

(d)	Non-income producing

(e)	Security is perpetual in nature with no stated maturity date.

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

(g)

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	42,677	978,873	714,954	7,571	-	-	306,596	0.6%
Fidelity Securities Lending Cash Central Fund 5.39%	23,170	87,724	110,894	70	-	-	-	0.0%
Total	65,847	1,066,597	825,848	7,641	-	-	306,596

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

Investment Valuation

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

Equities:
Communication Services	7,387	7,387	-	-
Consumer Discretionary	13,220	13,220	-	-
Energy	53,171	53,171	-	-
Financials	25,152	7,994	17,158	-
Industrials	17,904	7,421	10,483	-
Information Technology	6,735	6,735	-	-
Materials	19,854	19,854	-	-
Utilities	26,301	-	26,301	-

Corporate Bonds	1,211,536	-	1,211,536	-

Preferred Securities	3,286	-	3,286	-

Money Market Funds	306,596	306,596	-	-
Total Investments in Securities:	1,691,142	422,378	1,268,764	-
Derivative Instruments: Liabilities
Written Options	(235)	(235)	-	-
Total Liabilities	(235)	(235)	-	-
Total Derivative Instruments:	(235)	(235)	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(235)
Total Equity Risk	0	(235)
Total Value of Derivatives	0	(235)

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

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				November 30, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $1,305,326)	$	1,384,546
Fidelity Central Funds (cost $306,596)		306,596


Total Investment in Securities (cost $1,611,922)			$	1,691,142
Foreign currency held at value (cost $17)				17
Receivable for investments sold				1,377
Receivable for fund shares sold				693
Dividends receivable				1,392
Interest receivable				4,742
Distributions receivable from Fidelity Central Funds				1,438
Prepaid expenses				2
Total assets				1,700,803
Liabilities
Payable for investments purchased	$	25,100
Payable for fund shares redeemed		1,216
Accrued management fee		821
Distribution and service plan fees payable		18
Written options, at value (premium receivable $223)		235
Other affiliated payables		224
Other payables and accrued expenses		60
Total Liabilities				27,674
Net Assets			$	1,673,129
Net Assets consist of:
Paid in capital			$	1,566,647
Total accumulated earnings (loss)				106,482
Net Assets			$	1,673,129

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($43,752 ÷ 1,406 shares)(a)			$	31.12
Maximum offering price per share (100/94.25 of $31.12)			$	33.02
Class M :
Net Asset Value and redemption price per share ($7,776 ÷ 249 shares)(a)(b)			$	31.17
Maximum offering price per share (100/96.50 of $31.17)			$	32.30
Class C :
Net Asset Value and offering price per share ($6,990 ÷ 226 shares)(a)(b)			$	30.88
Convertible Securities :
Net Asset Value, offering price and redemption price per share ($1,463,300 ÷ 46,713 shares)			$	31.33
Class I :
Net Asset Value, offering price and redemption price per share ($81,632 ÷ 2,611 shares)			$	31.26
Class Z :
Net Asset Value, offering price and redemption price per share ($69,679 ÷ 2,231 shares)(b)			$	31.24
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended November 30, 2023
Investment Income
Dividends			$	13,368
Interest				47,538
Income from Fidelity Central Funds (including $70 from security lending)				7,641
Total Income				68,547
Expenses
Management fee
Basic fee	$	7,191
Performance adjustment		2,516
Transfer agent fees		2,266
Distribution and service plan fees		225
Accounting fees		464
Custodian fees and expenses		22
Independent trustees' fees and expenses		10
Registration fees		117
Audit		63
Legal		3
Miscellaneous		8
Total expenses before reductions		12,885
Expense reductions		(106)
Total expenses after reductions				12,779
Net Investment income (loss)				55,768
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(5,718)
Foreign currency transactions		7
Written options		(965)
Total net realized gain (loss)				(6,676)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,499
Written options		(12)
Total change in net unrealized appreciation (depreciation)				1,487
Net gain (loss)				(5,189)
Net increase (decrease) in net assets resulting from operations			$	50,579

Statement of Changes in Net Assets

Amount in thousands		Year ended November 30, 2023		Year ended November 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	55,768	$	35,641
Net realized gain (loss)		(6,676)		52,681
Change in net unrealized appreciation (depreciation)		1,487		(338,145)
Net increase (decrease) in net assets resulting from operations		50,579		(249,823)
Distributions to shareholders		(64,636)		(376,367)

Share transactions - net increase (decrease)		(48,343)		184,864
Total increase (decrease) in net assets		(62,400)		(441,326)

Net Assets
Beginning of period		1,735,529		2,176,855
End of period	$	1,673,129	$	1,735,529

Financial Highlights

Fidelity Advisor® Convertible Securities Fund Class A

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.39	$	43.06	$	40.70	$	30.97	$	28.07
Income from Investment Operations
Net investment income (loss) A,B		.93		.53		.42		.70		.43
Net realized and unrealized gain (loss)		(.09)		(4.80)		5.89		10.23		4.38
Total from investment operations		.84		(4.27)		6.31		10.93		4.81
Distributions from net investment income		(.69) C		(.48)		(.81)		(.63)		(.40)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(1.11)		(7.40)		(3.95)		(1.20)		(1.91)
Net asset value, end of period	$	31.12	$	31.39	$	43.06	$	40.70	$	30.97
Total Return D,E		2.86%		(12.04)%		16.43%		36.42%		18.75%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.04%		1.02%		.97%		.93%		.81%
Expenses net of fee waivers, if any		1.04%		1.02%		.97%		.92%		.80%
Expenses net of all reductions		1.04%		1.02%		.97%		.92%		.80%
Net investment income (loss)		3.01%		1.63%		.98%		2.11%		1.52%
Supplemental Data
Net assets, end of period (in millions)	$	44	$	46	$	57	$	40	$	25
Portfolio turnover rate H		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

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

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

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

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

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Convertible Securities Fund Class M

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.44	$	43.09	$	40.73	$	30.98	$	28.09
Income from Investment Operations
Net investment income (loss) A,B		.85		.45		.31		.61		.35
Net realized and unrealized gain (loss)		(.09)		(4.79)		5.89		10.26		4.36
Total from investment operations		.76		(4.34)		6.20		10.87		4.71
Distributions from net investment income		(.61) C		(.38)		(.70)		(.55)		(.32)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(1.03)		(7.31) D		(3.84)		(1.12)		(1.82) D
Net asset value, end of period	$	31.17	$	31.44	$	43.09	$	40.73	$	30.98
Total Return E,F		2.59%		(12.24)%		16.10%		36.10%		18.34%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.30%		1.28%		1.23%		1.19%		1.09%
Expenses net of fee waivers, if any		1.29%		1.28%		1.22%		1.19%		1.09%
Expenses net of all reductions		1.29%		1.28%		1.22%		1.19%		1.08%
Net investment income (loss)		2.75%		1.38%		.73%		1.84%		1.24%
Supplemental Data
Net assets, end of period (in millions)	$	8	$	8	$	11	$	9	$	6
Portfolio turnover rate I		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

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

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Convertible Securities Fund Class C

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.15	$	42.73	$	40.42	$	30.76	$	27.89
Income from Investment Operations
Net investment income (loss) A,B		.68		.29		.09		.44		.22
Net realized and unrealized gain (loss)		(.07)		(4.76)		5.85		10.19		4.34
Total from investment operations		.61		(4.47)		5.94		10.63		4.56
Distributions from net investment income		(.45) C		(.18)		(.49)		(.40)		(.18)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(.88) D		(7.11) D		(3.63)		(.97)		(1.69)
Net asset value, end of period	$	30.88	$	31.15	$	42.73	$	40.42	$	30.76
Total Return E,F		2.09%		(12.70)%		15.53%		35.42%		17.82%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.81%		1.79%		1.74%		1.69%		1.55%
Expenses net of fee waivers, if any		1.81%		1.79%		1.74%		1.69%		1.55%
Expenses net of all reductions		1.81%		1.79%		1.74%		1.68%		1.55%
Net investment income (loss)		2.24%		.86%		.21%		1.35%		.77%
Supplemental Data
Net assets, end of period (in millions)	$	7	$	8	$	19	$	24	$	17
Portfolio turnover rate I		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Convertible Securities Fund

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.58	$	43.29	$	40.89	$	31.09	$	28.18
Income from Investment Operations
Net investment income (loss) A,B		1.02		.64		.55		.80		.52
Net realized and unrealized gain (loss)		(.07)		(4.84)		5.92		10.29		4.38
Total from investment operations		.95		(4.20)		6.47		11.09		4.90
Distributions from net investment income		(.78) C		(.59)		(.93)		(.72)		(.48)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(1.20)		(7.51)		(4.07)		(1.29)		(1.99)
Net asset value, end of period	$	31.33	$	31.58	$	43.29	$	40.89	$	31.09
Total Return D		3.21%		(11.79)%		16.78%		36.88%		19.04%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.75%		.72%		.67%		.63%		.51%
Expenses net of fee waivers, if any		.74%		.72%		.67%		.63%		.51%
Expenses net of all reductions		.74%		.72%		.67%		.62%		.51%
Net investment income (loss)		3.31%		1.93%		1.28%		2.41%		1.81%
Supplemental Data
Net assets, end of period (in millions)	$	1,463	$	1,539	$	1,922	$	1,791	$	1,429
Portfolio turnover rate G		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

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

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Convertible Securities Fund Class I

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.51	$	43.20	$	40.82	$	31.04	$	28.13
Income from Investment Operations
Net investment income (loss) A,B		1.02		.62		.53		.79		.52
Net realized and unrealized gain (loss)		(.08)		(4.81)		5.91		10.27		4.38
Total from investment operations		.94		(4.19)		6.44		11.06		4.90
Distributions from net investment income		(.76) C		(.58)		(.92)		(.71)		(.48)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(1.19) D		(7.50)		(4.06)		(1.28)		(1.99)
Net asset value, end of period	$	31.26	$	31.51	$	43.20	$	40.82	$	31.04
Total Return E		3.17%		(11.80)%		16.72%		36.84%		19.07%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.77%		.75%		.70%		.65%		.52%
Expenses net of fee waivers, if any		.77%		.75%		.70%		.65%		.52%
Expenses net of all reductions		.77%		.75%		.70%		.64%		.52%
Net investment income (loss)		3.28%		1.90%		1.25%		2.39%		1.80%
Supplemental Data
Net assets, end of period (in millions)	$	82	$	93	$	110	$	65	$	61
Portfolio turnover rate H		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Convertible Securities Fund Class Z

Years ended November 30,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.50	$	43.19	$	40.81	$	31.03	$	28.14
Income from Investment Operations
Net investment income (loss) A,B		1.05		.66		.58		.83		.56
Net realized and unrealized gain (loss)		(.08)		(4.81)		5.91		10.27		4.35
Total from investment operations		.97		(4.15)		6.49		11.10		4.91
Distributions from net investment income		(.81) C		(.62)		(.97)		(.75)		(.51)
Distributions from net realized gain		(.42) C		(6.92)		(3.14)		(.57)		(1.51)
Total distributions		(1.23)		(7.54)		(4.11)		(1.32)		(2.02)
Net asset value, end of period	$	31.24	$	31.50	$	43.19	$	40.81	$	31.03
Total Return D		3.29%		(11.69)%		16.86%		37.01%		19.15%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.66%		.63%		.59%		.53%		.41%
Expenses net of fee waivers, if any		.65%		.63%		.59%		.53%		.41%
Expenses net of all reductions		.65%		.63%		.59%		.53%		.41%
Net investment income (loss)		3.40%		2.02%		1.36%		2.50%		1.91%
Supplemental Data
Net assets, end of period (in millions)	$	70	$	42	$	57	$	35	$	32
Portfolio turnover rate G		89%		85%		87%		147%		151%

ACalculated based on average shares outstanding during the period.

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

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

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

For the period ended November 30, 2023

(Amounts in thousands except percentages)

1. Organization.

Fidelity Convertible Securities Fund (the Fund) is a fund of Fidelity Financial Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Convertible Securities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, contingent interest, equity-debt classifications, certain conversion ratio adjustments, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation	$148,505
Gross unrealized depreciation	(51,310)
Net unrealized appreciation (depreciation)	$97,195
Tax Cost	$1,593,712

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

Undistributed ordinary income	$13,970
Capital loss carryforward	$(4,678)
Net unrealized appreciation (depreciation) on securities and other investments	$97,195

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Short-term	$(3,871)
Long-term	(807)
Total capital loss carryforward	$(4,678)

The tax character of distributions paid was as follows:

	November 30, 2023	November 30, 2022
Ordinary Income	$41,905	$ 128,957
Long-term Capital Gains	22,731	247,410
Total	$64,636	$ 376,367

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

4. Derivative Instruments.

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


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

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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Convertible Securities Fund	1,371,800	1,707,923

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .15% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Convertible Securities as compared to its benchmark index, the ICE® BofAML® All US Convertibles Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .57% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$111	$2
Class M	.25%	.25%	39	-
Class C	.75%	.25%	75	13
			$225	$15

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$13
Class M	1
Class CA	-B
	$14

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

B Amount represents less than five hundred dollars.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$80	.18
Class M	14	.18
Class C	15	.20
Convertible Securities	2,002	.13
Class I	130	.16
Class Z	25	.04
	$2,266

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1795%
Class M	0.1816%
Class C	0.1969%
Convertible Securities	0.1327%
Class I	0.1631%

	% of Average Net Assets
Fidelity Convertible Securities Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Convertible Securities Fund	0.0272%

	Amount
Fidelity Convertible Securities Fund	$ 7

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Convertible Securities Fund	11,836	17,982	(866)

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

	Amount ($)
Fidelity Convertible Securities Fund	43

7. Committed Line of Credit.

	Amount
Fidelity Convertible Securities Fund	$3

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Convertible Securities Fund	$7	$2	$-

9. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $103.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Convertible Securities Fund
Distributions to shareholders
Class A	$1,597	$9,999
Class M	262	1,853
Class C	225	3,063
Convertible Securities	57,992	334,483
Class I	2,636	16,854
Class Z	1,924	10,115
Total	$64,636	$376,367

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2023	Year ended November 30, 2022	Year ended November 30, 2023	Year ended November 30, 2022
Fidelity Convertible Securities Fund
Class A
Shares sold	187	345	$5,785	$11,765
Reinvestment of distributions	52	267	1,544	9,618
Shares redeemed	(297)	(476)	(9,113)	(15,584)
Net increase (decrease)	(58)	136	$(1,784)	$5,799
Class M
Shares sold	11	22	$388	$739
Reinvestment of distributions	9	51	259	1,834
Shares redeemed	(28)	(73)	(873)	(2,434)
Net increase (decrease)	(8)	-	$(226)	$139
Class C
Shares sold	72	62	$2,215	$2,080
Reinvestment of distributions	8	84	225	3,040
Shares redeemed	(115)	(330)	(3,484)	(11,038)
Net increase (decrease)	(35)	(184)	$(1,044)	$(5,918)
Convertible Securities
Shares sold	3,484	3,810	$108,700	$127,430
Reinvestment of distributions	1,718	8,254	51,559	298,970
Shares redeemed	(7,203)	(7,761)	(222,403)	(256,520)
Net increase (decrease)	(2,001)	4,303	$(62,144)	$169,880
Class I
Shares sold	2,364	3,547	$72,452	$116,065
Reinvestment of distributions	86	436	2,581	15,728
Shares redeemed	(2,779)	(3,593)	(85,764)	(118,871)
Net increase (decrease)	(329)	390	$(10,731)	$12,922
Class Z
Shares sold	1,473	880	$45,556	$29,080
Reinvestment of distributions	58	253	1,750	9,135
Shares redeemed	(639)	(1,115)	(19,720)	(36,173)
Net increase (decrease)	892	18	$27,586	$2,042

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Financial Trust and Shareholders of Fidelity Convertible Securities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Convertible Securities Fund (one of the funds constituting Fidelity Financial Trust, referred to hereafter as the "Fund") as of November 30, 2023, the related statement of operations for the year ended November 30, 2023, the statement of changes in net assets for each of the two years in the period ended November 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2023 and the financial highlights for each of the five years in the period ended November 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 16, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2023	Ending Account Value November 30, 2023	Expenses Paid During Period- C June 1, 2023 to November 30, 2023
Fidelity® Convertible Securities Fund
Class A	1.04%
Actual		$ 1,000	$ 1,036.00	$ 5.31
Hypothetical-B		$ 1,000	$ 1,019.85	$ 5.27
Class M	1.29%
Actual		$ 1,000	$ 1,034.90	$ 6.58
Hypothetical-B		$ 1,000	$ 1,018.60	$ 6.53
Class C	1.81%
Actual		$ 1,000	$ 1,032.00	$ 9.22
Hypothetical-B		$ 1,000	$ 1,015.99	$ 9.15
Fidelity® Convertible Securities Fund	.74%
Actual		$ 1,000	$ 1,037.90	$ 3.78
Hypothetical-B		$ 1,000	$ 1,021.36	$ 3.75
Class I	.79%
Actual		$ 1,000	$ 1,037.40	$ 4.03
Hypothetical-B		$ 1,000	$ 1,021.11	$ 4.00
Class Z	.65%
Actual		$ 1,000	$ 1,038.50	$ 3.32
Hypothetical-B		$ 1,000	$ 1,021.81	$ 3.29

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

A total of 0.70% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $10,002,939 of distributions paid in the calendar year 2022 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $11,993,612 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

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

	Class A	Class M	Class C	Convertible Securities	Class I	Class Z
Fidelity® Convertible Securities Fund
December 2022	2%	2%	2%	2%	2%	2%
April 2023	41%	52%	99%	34%	33%	32%
July 2023	44%	58%	100%	34%	34%	32%
October 2023	39%	46%	67%	34%	35%	32%

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

	Class A	Class M	Class C	Convertible Securities	Class I	Class Z
Fidelity® Convertible Securities Fund
December 2022	13.72%	14.47%	16.49%	12.88%	13.33%	12.66%
April 2023	71.41%	89.72%	100%	58.32%	56.44%	54.68%
July 2023	74.84%	99.36%	100%	58.21%	58.21%	54.37%
October 2023	67.87%	79.37%	100%	58.17%	60.43%	55.42%

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Convertible Securities Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

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

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

1.539184.126

CVS-ANN-0124

Item 2.

Code of Ethics

As of the end of the period, November 30, 2023, Fidelity Financial Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by PwC

November 30, 2023 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Convertible Securities Fund	$50,700	$4,800	$14,100	$1,600
Fidelity Equity Dividend Income Fund	$50,100	$4,700	$33,100	$1,600

November 30, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Convertible Securities Fund	$48,300	$4,600	$13,600	$1,600
Fidelity Equity Dividend Income Fund	$47,500	$4,400	$12,500	$1,500

^AAmounts may reflect rounding.

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

Services Billed by PwC


	November 30, 2023^A	November 30, 2022^A
Audit-Related Fees	$8,284,200	$7,14,600
Tax Fees	$1,000	$1,000
All Other Fees	$-	$-

^A Amounts may reflect rounding

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	November 30, 2023^A	November 30, 2022^A
PwC	$13,647,700	$12,921,200

^A Amounts may reflect rounding.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Financial Trust


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	January 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	January 22, 2024


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	January 22, 2024