(PUB) Investing 2016

4

Data through August 31, 2016 FINRA members: For internal or institutional use only. Fidelity® Puritan®

Mstar Category Allocation--50% to 70% Equity

Ticker FPURX

Yield 1.6%

Total Assets $25,776 mil

Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD Morningstar Analyst Rating 08-29-16 „

Investment Style Equity

Historical Profile Return Risk Rating High Above Avg QQQQQ Highest

7 7 7 7 7 7 7 7

12.5 15.0 17.5 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

& * ( * & * & & & & ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 08-16 19.97 19.03 13.06 16.06 17.91 17.69 19.41 21.23 21.49 20.33 21.08 14.78 6.17 -29.16 26.69 14.04 0.67 13.79 20.34 10.75 1.77 4.58 1.82 -2.46 -6.97 4.91 1.71 0.08 1.74 6.03 5.86 3.56 -3.16 1.82 -2.46 -6.97 4.91 1.71 0.08 1.74 6.03 5.86 3.56 -3.16 3.24 2.97 2.53 3.23 2.36 1.95 2.02 1.75 1.70 2.19 0.86 11.54 3.20 -31.69 23.46 11.68 -1.27 11.77 18.58 9.04 -0.42 3.72 0.59 0.58 0.48 0.42 0.38 0.35 0.35 0.33 0.35 0.46 0.18 0.85 1.62 0.02 0.01 0.00 0.00 0.35 1.68 1.57 1.06 0.00 0.63 0.60 0.61 0.67 0.61 0.60 0.59 0.58 0.56 0.56 0.56 3.97 2.91 2.72 3.30 2.48 1.96 2.03 1.79 1.68 2.13 1.77 8 49 58 33 13 38 17 16 4 4 81

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 08-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

10.34 -2.09 5.16 0.15 13.79 5.77 0.58 5.69 7.03 20.34 2.31 4.01 1.00 3.04 10.75 2.65 -0.28 -5.50 5.20 1.77

.

78

70

115

116

104

154

141

229

160

106

25,810 25,414 14,893 16,792 16,688 14,841 15,209 17,308 18,754 19,230 19,765

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 07-31-16 Total Stocks: 256 Share change since 06-30-16

-0.79 1.88

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets — 3.24 2.38 2.23 5.52 1.85 20.50 1.82 14.20 1.60 13.80 1.58 4.86 1.51 6.61 1.47 -24.95 1.23

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Alphabet Inc C

Technology Technology Technology Technology Hlth Care Cnsmr Cyc Finan Svcs Hlth Care Hlth Care

1 Yr 3 Yr 5 Yr

7.41 9.19

3 Mo 6 Mo

3.41 -0.46 -0.46 10.11 -0.64 -0.64 7.41 -0.82 -0.83 9.19 3.05 3.05 10.24 2.95 2.95 6.63 0.82 0.81 6.65 -0.01 -0.01

32 10,341 39 11,011 32 10,741 4 13,019 8 16,278 12 18,999 13 26,282

T Apple Inc

+Avg QQQQQ +Avg QQQQQ

High High

T Microsoft Corp

10.24

1 Yr

Facebook Inc A Medtronic PLC Amazon.com Inc Visa Inc Class A

Avg QQQQ

10 Yr Incept

6.63

+Avg

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

10.95

Other Measures

Standard Index

Best Fit Index

Amgen Inc Allergan PLC

Alpha

2.4

0.5

Beta

1.08

0.67

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

86

96

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

6.73 8.45 5.07

12 13 17

2.26 1.62 1.46

84 79 86

Date of Maturity

Value $000

% Assets

Total Fixed Income: 832 US Treasury Bond 3% Fannie Mae 3.5% 30 Year

Amount 000

Standard Deviation

8.01 9.19 1.13

11-15-45

225,720 265,635 1.14

Mean

— 181,820 193,210 0.83

Sharpe Ratio

Potential Capital Gain Exposure: 17% of assets

Equity Style Style:

Fixed-Income Style Duration: Moderate Quality: Low Avg Eff Duration 1 Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs

Morningstar's Take by Susan Wasserman 08-29-16 Lead manager Ramin Arani continues to demonstrate his skill managing Fidelity Puritan, adding value in both the overallassetallocationandequitysecurityselection.Plus, the fund's two fixed-income managers run their sleeves prudently. This combination has translated into peer- beating results. The fund's Morningstar Analyst Rating has been upgraded to Silver from Bronze. Arani takes a comparatively aggressive tack. Like many of its peers in the allocation--50% to 70% equity Morningstar Category, this fund targets a 60%/40% mix of equities and fixed income. However, Arani adjusts the mix based on where he sees the best opportunity, and in recent years that's been in equities. The portfolio's equity exposure has hovered around 70% of assets the past three years and reached 73% in May 2016. This position reflects Arani’s optimistic view on finding growth opportunities within a growth-constrained environment. As for stock picks, Arani favors firms with strong free cash flow, increasing returns on invested capital, and catalysts that he expects to play out over an 18- to 36- month period. As such, he gravitates to large-growth

Growth

Size:

Large-Cap

stocks, as evidenced by the portfolio's above-average growth and valuation measures. The fund's bond exposure, which consists of investment-grade and high-yield sleeves, acts as ballast to the equity portfolio, but it also seeks to augment results. Bond managers Michael Plage and Harley Lank avoid interest-rate bets, but they don't shy away from credit risk. The fund tends to hold more in securities rated BBB and below than the Barclays U.S. Aggregate Bond Index. Thecombinationhasworked for investors.The fund's overweighting in equities has been a tailwind in recent years, and strong security selection has helped as well. Since Arani joined the fund in February 2007, its 6.0% annualized return has outpaced the typical peer by 180 basis points. The fund's equity-heavy allocation and growth tilt could cause it to suffer more than most when stocks tumble, but Arani has delivered over a full market cycle.

4.9 Yrs

Value Measures

Rel Category

Price/Earnings 22.27

1.25 1.34 1.68 1.44 0.66 1.06 2.64 -1.99 2.23 -0.68

— BB

Price/Book Price/Sales

2.95 2.62

3.55% 1 figure provided by fund as of 07-31-16

Price/Cash Flow 12.24 Dividend Yield % 1.74

% of Stocks

Rel Bmark 1

Growth Measures

% Rel Category

Long-Term Erngs 9.70

30.23 0.77 2.58 0.49 13.59 1.19 12.10 0.75 1.96 0.31 41.58 1.13 4.60 1.08 5.09 0.76 9.50 0.84 22.39 1.55 28.19 1.17 9.83 1.07 17.56 1.62 0.80 0.20

Book Value

5.56 2.68 3.02

Sales

Cash Flow

Historical Erngs 3.76

Market Cap % Giant

50.2 Small

2.0 0.5

Large 35.4 Micro

o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Mid

12.0 Avg $mil:

64,257

Composition - Net

Cash 2.5 Stocks 72.6 Bonds 24.7 Other 0.2 Foreign 6.2 (% of Stock)

Address:

Fidelity Puritan Trust Boston, MA 02109

Minimum Purchase: Min Auto Inv Plan:

$2500 Add: — IRA: $2500

— Add: —

800-544-8544

Sales Fees:

No-load

Web Address:

www.fidelity.com

Management Fee:

0.15%

Inception:

04-16-47

Actual Fees:

Mgt:0.40% Dist:—

Advisor:

Fidelity Management & Research Company FMR Investment Management (U.K.) Limited

Expense Projections: 3Yr:$179 5Yr:$313 10Yr:$701

Subadvisor:

Income Distribution:

Quarterly

A

ß ® Mutual Funds

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