0001379491-18-003725.txt : 20180724 0001379491-18-003725.hdr.sgml : 20180724 20180724120027 ACCESSION NUMBER: 0001379491-18-003725 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20180531 FILED AS OF DATE: 20180724 DATE AS OF CHANGE: 20180724 EFFECTIVENESS DATE: 20180724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY FINANCIAL TRUST CENTRAL INDEX KEY: 0000708191 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03587 FILM NUMBER: 18966002 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FREEDOM FUND DATE OF NAME CHANGE: 19870129 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX QUALIFIED EQUITY FUND DATE OF NAME CHANGE: 19830104 0000708191 S000006969 Fidelity Convertible Securities Fund C000019022 Fidelity Convertible Securities Fund FCVSX C000074867 Fidelity Advisor Convertible Securities Fund: Class A FACVX C000074869 Fidelity Advisor Convertible Securities Fund: Class C FCCVX C000074870 Fidelity Advisor Convertible Securities Fund: Class M FTCVX C000074871 Fidelity Advisor Convertible Securities Fund: Class I FICVX 0000708191 S000006970 Fidelity Equity Dividend Income Fund C000019023 Fidelity Equity Dividend Income Fund FEQTX C000064237 Class K FETKX 0000708191 S000006971 Fidelity Independence Fund C000019024 Fidelity Independence Fund FDFFX C000064238 Class K FDFKX N-CSRS 1 filing830.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3587


Fidelity Financial Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30



Date of reporting period:

May 31, 2018


Item 1.

Reports to Stockholders




Fidelity® Independence Fund



Semi-Annual Report

May 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 5.1 
Microsoft Corp. 5.0 
Amazon.com, Inc. 3.4 
Apple, Inc. 2.5 
UnitedHealth Group, Inc. 2.3 
JPMorgan Chase & Co. 2.1 
Northrop Grumman Corp. 1.9 
Facebook, Inc. Class A 1.9 
Home Depot, Inc. 1.8 
Bank of America Corp. 1.7 
 27.7 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 29.7 
Financials 15.3 
Health Care 12.6 
Industrials 12.4 
Consumer Discretionary 12.2 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 98.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


 * Foreign investments - 8.4%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 12.2%   
Diversified Consumer Services - 0.9%   
New Oriental Education & Technology Group, Inc. sponsored ADR 194,000 $19,297 
Service Corp. International 349,300 12,816 
Weight Watchers International, Inc. (a) 57,100 4,301 
  36,414 
Hotels, Restaurants & Leisure - 1.8%   
Carnival Corp. 157,300 9,797 
McDonald's Corp. 232,600 37,218 
Royal Caribbean Cruises Ltd. 165,300 17,353 
U.S. Foods Holding Corp. (a) 219,900 7,846 
  72,214 
Household Durables - 0.6%   
D.R. Horton, Inc. 531,200 22,422 
Internet & Direct Marketing Retail - 4.8%   
Amazon.com, Inc. (a) 81,400 132,651 
Netflix, Inc. (a) 158,900 55,869 
  188,520 
Media - 0.3%   
Sirius XM Holdings, Inc. (b) 1,837,900 13,049 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 240,600 19,871 
Specialty Retail - 2.2%   
Home Depot, Inc. 370,200 69,061 
TJX Companies, Inc. 194,500 17,567 
  86,628 
Textiles, Apparel & Luxury Goods - 1.1%   
PVH Corp. 273,300 43,728 
TOTAL CONSUMER DISCRETIONARY  482,846 
CONSUMER STAPLES - 5.4%   
Beverages - 2.6%   
Constellation Brands, Inc. Class A (sub. vtg.) 210,600 46,981 
Fever-Tree Drinks PLC 127,939 5,109 
Monster Beverage Corp. (a) 967,600 49,502 
  101,592 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 137,900 27,337 
Walmart, Inc. 291,500 24,060 
  51,397 
Food Products - 0.6%   
Post Holdings, Inc. (a) 303,300 23,315 
Personal Products - 0.9%   
elf Beauty, Inc. (a)(b) 865,100 16,307 
Unilever NV (Certificaten Van Aandelen) (Bearer) 336,100 18,744 
  35,051 
TOTAL CONSUMER STAPLES  211,355 
ENERGY - 5.9%   
Energy Equipment & Services - 0.4%   
Baker Hughes, a GE Co. Class A 415,800 14,383 
Oil, Gas & Consumable Fuels - 5.5%   
Anadarko Petroleum Corp. 652,400 45,538 
ConocoPhillips Co. 382,700 25,790 
Continental Resources, Inc. (a) 265,600 17,886 
Devon Energy Corp. 634,800 26,389 
Enterprise Products Partners LP 379,800 10,976 
EOG Resources, Inc. 435,200 51,271 
Pioneer Natural Resources Co. 94,900 18,325 
Suncor Energy, Inc. 537,900 21,423 
  217,598 
TOTAL ENERGY  231,981 
FINANCIALS - 15.3%   
Banks - 7.5%   
Bank of America Corp. 2,332,000 67,721 
Citigroup, Inc. 918,500 61,255 
JPMorgan Chase & Co. 776,700 83,115 
Regions Financial Corp. 890,900 16,250 
SunTrust Banks, Inc. 227,300 15,345 
Wells Fargo & Co. 942,200 50,869 
  294,555 
Capital Markets - 6.4%   
BlackRock, Inc. Class A 95,600 51,072 
Cboe Global Markets, Inc. 110,300 10,761 
Charles Schwab Corp. 886,900 49,329 
Goldman Sachs Group, Inc. 229,100 51,749 
MSCI, Inc. 143,000 23,248 
Northern Trust Corp. 135,300 13,871 
PJT Partners, Inc. 52,400 2,896 
S&P Global, Inc. 106,900 21,113 
The Blackstone Group LP 909,600 29,044 
  253,083 
Insurance - 1.4%   
Chubb Ltd. 246,100 32,163 
The Travelers Companies, Inc. 184,800 23,750 
  55,913 
TOTAL FINANCIALS  603,551 
HEALTH CARE - 12.6%   
Biotechnology - 3.8%   
Acorda Therapeutics, Inc. (a) 345,700 9,075 
Alexion Pharmaceuticals, Inc. (a) 222,200 25,804 
Alnylam Pharmaceuticals, Inc. (a) 76,261 7,586 
Amgen, Inc. 244,200 43,863 
Amicus Therapeutics, Inc. (a)(b) 1,171,735 19,802 
Biogen, Inc. (a) 52,600 15,462 
Intercept Pharmaceuticals, Inc. (a)(b) 150,000 10,532 
Regeneron Pharmaceuticals, Inc. (a) 38,600 11,592 
TESARO, Inc. (a) 122,600 5,611 
  149,327 
Health Care Equipment & Supplies - 2.9%   
Becton, Dickinson & Co. 133,500 29,582 
Boston Scientific Corp. (a) 1,614,200 49,056 
Danaher Corp. 354,300 35,175 
  113,813 
Health Care Providers & Services - 3.6%   
Humana, Inc. 165,900 48,274 
Ryman Healthcare Group Ltd. 628,252 5,012 
UnitedHealth Group, Inc. 374,100 90,349 
  143,635 
Life Sciences Tools & Services - 1.1%   
Agilent Technologies, Inc. 118,200 7,319 
Thermo Fisher Scientific, Inc. 173,600 36,156 
  43,475 
Pharmaceuticals - 1.2%   
AstraZeneca PLC sponsored ADR 269,200 9,968 
Jazz Pharmaceuticals PLC (a) 121,000 20,449 
Nektar Therapeutics (a) 211,816 17,002 
  47,419 
TOTAL HEALTH CARE  497,669 
INDUSTRIALS - 12.4%   
Aerospace & Defense - 7.7%   
Bombardier, Inc. Class B (sub. vtg.) (a) 4,718,800 17,760 
General Dynamics Corp. 228,900 46,171 
Huntington Ingalls Industries, Inc. 142,300 31,458 
Lockheed Martin Corp. 84,800 26,673 
Northrop Grumman Corp. 236,100 77,264 
Raytheon Co. 239,900 50,259 
United Technologies Corp. 440,600 54,996 
  304,581 
Airlines - 0.3%   
American Airlines Group, Inc. 290,300 12,640 
Construction & Engineering - 0.8%   
Fluor Corp. 647,100 31,540 
Industrial Conglomerates - 1.1%   
General Electric Co. 2,923,000 41,156 
Machinery - 1.0%   
Flowserve Corp. 279,500 11,555 
WABCO Holdings, Inc. (a) 76,100 9,203 
Xylem, Inc. 283,900 19,987 
  40,745 
Professional Services - 1.5%   
IHS Markit Ltd. (a) 1,153,775 56,858 
TOTAL INDUSTRIALS  487,520 
INFORMATION TECHNOLOGY - 29.5%   
Internet Software & Services - 8.8%   
2U, Inc. (a) 129,900 12,315 
Alibaba Group Holding Ltd. sponsored ADR (a) 107,800 21,345 
Alphabet, Inc.:   
Class A (a) 184,000 202,397 
Class C (a) 400 434 
Facebook, Inc. Class A (a) 397,140 76,164 
Shopify, Inc. Class A (a) 104,200 15,456 
Tencent Holdings Ltd. 389,400 19,880 
  347,991 
IT Services - 3.7%   
FleetCor Technologies, Inc. (a) 65,400 13,037 
MasterCard, Inc. Class A 230,100 43,747 
PayPal Holdings, Inc. (a) 441,200 36,209 
Visa, Inc. Class A 407,100 53,216 
  146,209 
Semiconductors & Semiconductor Equipment - 2.9%   
Broadcom, Inc. 113,300 28,560 
NVIDIA Corp. 186,600 47,059 
Qualcomm, Inc. 623,000 36,209 
  111,828 
Software - 11.6%   
Adobe Systems, Inc. (a) 198,600 49,507 
Autodesk, Inc. (a) 186,300 24,051 
Citrix Systems, Inc. (a) 340,600 35,974 
Electronic Arts, Inc. (a) 124,600 16,311 
Intuit, Inc. 241,500 48,686 
Microsoft Corp. 2,002,600 197,937 
Salesforce.com, Inc. (a) 307,600 39,782 
Tableau Software, Inc. (a) 158,700 15,691 
Tanium, Inc. Class B (a)(c)(d) 98,100 666 
Workday, Inc. Class A (a) 224,300 29,374 
  457,979 
Technology Hardware, Storage & Peripherals - 2.5%   
Apple, Inc. 522,300 97,602 
TOTAL INFORMATION TECHNOLOGY  1,161,609 
MATERIALS - 2.7%   
Chemicals - 2.7%   
CF Industries Holdings, Inc. 310,200 12,762 
DowDuPont, Inc. 864,000 55,391 
LyondellBasell Industries NV Class A 328,900 36,876 
  105,029 
REAL ESTATE - 1.8%   
Equity Real Estate Investment Trusts (REITs) - 1.8%   
American Tower Corp. 389,100 53,840 
Equinix, Inc. 39,200 15,557 
  69,397 
UTILITIES - 0.5%   
Electric Utilities - 0.5%   
Vistra Energy Corp. (a) 800,077 19,626 
TOTAL COMMON STOCKS   
(Cost $2,770,760)  3,870,583 
Convertible Preferred Stocks - 0.2%   
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series H (c)(d)   
(Cost $9,400) 236,501 9,400 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund, 1.76% (e) 43,345,009 43,354 
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) 21,251,641 21,254 
TOTAL MONEY MARKET FUNDS   
(Cost $64,608)  64,608 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $2,844,768)  3,944,591 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (5,179) 
NET ASSETS - 100%  $3,939,412 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,066,000 or 0.3% of net assets.

 (d) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Lyft, Inc. Series H 11/22/17 $9,400 
Tanium, Inc. Class B 4/21/17 $487 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $207 
Fidelity Securities Lending Cash Central Fund 820 
Total $1,027 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $482,846 $482,846 $-- $-- 
Consumer Staples 211,355 192,611 18,744 -- 
Energy 231,981 231,981 -- -- 
Financials 603,551 603,551 -- -- 
Health Care 497,669 497,669 -- -- 
Industrials 487,520 487,520 -- -- 
Information Technology 1,171,009 1,141,063 19,880 10,066 
Materials 105,029 105,029 -- -- 
Real Estate 69,397 69,397 -- -- 
Utilities 19,626 19,626 -- -- 
Money Market Funds 64,608 64,608 -- -- 
Total Investments in Securities: $3,944,591 $3,895,901 $38,624 $10,066 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $20,181) — See accompanying schedule:
Unaffiliated issuers (cost $2,780,160) 
$3,879,983  
Fidelity Central Funds (cost $64,608) 64,608  
Total Investment in Securities (cost $2,844,768)  $3,944,591 
Receivable for investments sold  30,915 
Receivable for fund shares sold  251 
Dividends receivable  5,162 
Distributions receivable from Fidelity Central Funds  107 
Prepaid expenses  
Other receivables  158 
Total assets  3,981,185 
Liabilities   
Payable for investments purchased $17,289  
Payable for fund shares redeemed 1,485  
Accrued management fee 1,117  
Other affiliated payables 469  
Other payables and accrued expenses 165  
Collateral on securities loaned 21,248  
Total liabilities  41,773 
Net Assets  $3,939,412 
Net Assets consist of:   
Paid in capital  $2,582,376 
Undistributed net investment income  4,644 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  252,565 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,099,827 
Net Assets  $3,939,412 
Independence:   
Net Asset Value, offering price and redemption price per share ($3,590,909 ÷ 91,358 shares)  $39.31 
Class K:   
Net Asset Value, offering price and redemption price per share ($348,503 ÷ 8,861 shares)  $39.33 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $23,019 
Interest  
Income from Fidelity Central Funds  1,027 
Total income  24,047 
Expenses   
Management fee   
Basic fee $10,709  
Performance adjustment (3,999)  
Transfer agent fees 2,305  
Accounting and security lending fees 524  
Custodian fees and expenses 36  
Independent trustees' fees and expenses  
Registration fees 38  
Audit 38  
Legal  
Miscellaneous 15  
Total expenses before reductions 9,681  
Expense reductions (127)  
Total expenses after reductions  9,554 
Net investment income (loss)  14,493 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 255,867  
Fidelity Central Funds  
Foreign currency transactions (25)  
Futures contracts 3,190  
Total net realized gain (loss)  259,036 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (21,238)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (9)  
Futures contracts (2,863)  
Total change in net unrealized appreciation (depreciation)  (24,111) 
Net gain (loss)  234,925 
Net increase (decrease) in net assets resulting from operations  $249,418 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,493 $39,704 
Net realized gain (loss) 259,036 459,249 
Change in net unrealized appreciation (depreciation) (24,111) 350,897 
Net increase (decrease) in net assets resulting from operations 249,418 849,850 
Distributions to shareholders from net investment income (37,816) (18,779) 
Distributions to shareholders from net realized gain (431,292) (191,464) 
Total distributions (469,108) (210,243) 
Share transactions - net increase (decrease) 241,353 (331,634) 
Total increase (decrease) in net assets 21,663 307,973 
Net Assets   
Beginning of period 3,917,749 3,609,776 
End of period $3,939,412 $3,917,749 
Other Information   
Undistributed net investment income end of period $4,644 $27,967 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Independence Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.90 $35.38 $39.08 $40.89 $35.10 $25.44 
Income from Investment Operations       
Net investment income (loss)A .14 .40B .20 .05 .10 .19 
Net realized and unrealized gain (loss) 2.33 8.21 (1.44) .13 5.80 9.52 
Total from investment operations 2.47 8.61 (1.24) .18 5.90 9.71 
Distributions from net investment income (.41) (.18) (.03) (.04) (.11) (.05) 
Distributions from net realized gain (4.65) (1.91) (2.43) (1.95) – – 
Total distributions (5.06) (2.09) (2.46) (1.99) (.11) (.05) 
Net asset value, end of period $39.31 $41.90 $35.38 $39.08 $40.89 $35.10 
Total ReturnC,D 6.51% 25.72% (3.15)% .63% 16.87% 38.24% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .50%G .48% .54% .86% .73% .62% 
Expenses net of fee waivers, if any .49%G .48% .54% .86% .73% .62% 
Expenses net of all reductions .49%G .48% .54% .86% .73% .60% 
Net investment income (loss) .72%G 1.06%B .59% .12% .27% .64% 
Supplemental Data       
Net assets, end of period (in millions) $3,591 $3,564 $3,262 $3,910 $4,251 $3,772 
Portfolio turnover rateH 56%G 62% 76% 48% 53% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .89%.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Independence Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.94 $35.41 $39.12 $40.93 $35.14 $25.48 
Income from Investment Operations       
Net investment income (loss)A .16 .43B .23 .08 .14 .22 
Net realized and unrealized gain (loss) 2.32 8.22 (1.45) .14 5.79 9.52 
Total from investment operations 2.48 8.65 (1.22) .22 5.93 9.74 
Distributions from net investment income (.44) (.22) (.06) (.08) (.14) (.08) 
Distributions from net realized gain (4.65) (1.91) (2.43) (1.95) – – 
Total distributions (5.09) (2.12)C (2.49) (2.03) (.14) (.08) 
Net asset value, end of period $39.33 $41.94 $35.41 $39.12 $40.93 $35.14 
Total ReturnD,E 6.54% 25.84% (3.08)% .73% 16.95% 38.35% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .42%H .40% .45% .78% .64% .51% 
Expenses net of fee waivers, if any .42%H .40% .45% .78% .64% .51% 
Expenses net of all reductions .41%H .39% .45% .77% .64% .50% 
Net investment income (loss) .80%H 1.15%B .68% .20% .36% .74% 
Supplemental Data       
Net assets, end of period (in millions) $349 $354 $348 $493 $668 $488 
Portfolio turnover rateI 56%H 62% 76% 48% 53% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .97%.

 C Total distributions of $2.12 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $1.907 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Independence 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 Independence 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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, market discount, deferred trustees compensation 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 $1,141,718 
Gross unrealized depreciation (44,610) 
Net unrealized appreciation (depreciation) $1,097,108 
Tax cost $2,847,483 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

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

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,093,524 and $1,320,724, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 +/- .20% 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 Independence as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .34% 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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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 Independence, 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(a) 
Independence $2,225 .12 
Class K 80 .05 
 $2,305  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $24 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4.

7. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,917. 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. Total security lending income during the period amounted to $820, including $100 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $104 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's custody expenses by $1. During the period, these credits reduced each class' transfer agent expense as noted in the table below.

 Transfer Agent expense reduction 
Independence $3 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $19.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Independence $34,154 $16,716 
Class K 3,662 2,063 
Total $37,816 $18,779 
From net realized gain   
Independence $392,469 $173,251 
Class K 38,823 18,213 
Total $431,292 $191,464 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Independence     
Shares sold 960 1,414 $37,843 $52,592 
Reinvestment of distributions 11,131 5,465 416,289 185,699 
Shares redeemed (5,802) (14,014) (227,743) (518,484) 
Net increase (decrease) 6,289 (7,135) $226,389 $(280,193) 
Class K     
Shares sold 511 1,192 $20,022 $44,637 
Reinvestment of distributions 1,136 597 42,485 20,276 
Shares redeemed (1,219) (3,178) (47,543) (116,354) 
Net increase (decrease) 428 (1,389) $14,964 $(51,441) 

12. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Independence .49%    
Actual  $1,000.00 $1,065.10 $2.52 
Hypothetical-C  $1,000.00 $1,022.49 $2.47 
Class K .42%    
Actual  $1,000.00 $1,065.40 $2.16 
Hypothetical-C  $1,000.00 $1,022.84 $2.12 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FRE-SANN-0718
1.479485.120


Fidelity® Independence Fund
Class K



Semi-Annual Report

May 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 5.1 
Microsoft Corp. 5.0 
Amazon.com, Inc. 3.4 
Apple, Inc. 2.5 
UnitedHealth Group, Inc. 2.3 
JPMorgan Chase & Co. 2.1 
Northrop Grumman Corp. 1.9 
Facebook, Inc. Class A 1.9 
Home Depot, Inc. 1.8 
Bank of America Corp. 1.7 
 27.7 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 29.7 
Financials 15.3 
Health Care 12.6 
Industrials 12.4 
Consumer Discretionary 12.2 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 98.3% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


 * Foreign investments - 8.4%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 12.2%   
Diversified Consumer Services - 0.9%   
New Oriental Education & Technology Group, Inc. sponsored ADR 194,000 $19,297 
Service Corp. International 349,300 12,816 
Weight Watchers International, Inc. (a) 57,100 4,301 
  36,414 
Hotels, Restaurants & Leisure - 1.8%   
Carnival Corp. 157,300 9,797 
McDonald's Corp. 232,600 37,218 
Royal Caribbean Cruises Ltd. 165,300 17,353 
U.S. Foods Holding Corp. (a) 219,900 7,846 
  72,214 
Household Durables - 0.6%   
D.R. Horton, Inc. 531,200 22,422 
Internet & Direct Marketing Retail - 4.8%   
Amazon.com, Inc. (a) 81,400 132,651 
Netflix, Inc. (a) 158,900 55,869 
  188,520 
Media - 0.3%   
Sirius XM Holdings, Inc. (b) 1,837,900 13,049 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 240,600 19,871 
Specialty Retail - 2.2%   
Home Depot, Inc. 370,200 69,061 
TJX Companies, Inc. 194,500 17,567 
  86,628 
Textiles, Apparel & Luxury Goods - 1.1%   
PVH Corp. 273,300 43,728 
TOTAL CONSUMER DISCRETIONARY  482,846 
CONSUMER STAPLES - 5.4%   
Beverages - 2.6%   
Constellation Brands, Inc. Class A (sub. vtg.) 210,600 46,981 
Fever-Tree Drinks PLC 127,939 5,109 
Monster Beverage Corp. (a) 967,600 49,502 
  101,592 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 137,900 27,337 
Walmart, Inc. 291,500 24,060 
  51,397 
Food Products - 0.6%   
Post Holdings, Inc. (a) 303,300 23,315 
Personal Products - 0.9%   
elf Beauty, Inc. (a)(b) 865,100 16,307 
Unilever NV (Certificaten Van Aandelen) (Bearer) 336,100 18,744 
  35,051 
TOTAL CONSUMER STAPLES  211,355 
ENERGY - 5.9%   
Energy Equipment & Services - 0.4%   
Baker Hughes, a GE Co. Class A 415,800 14,383 
Oil, Gas & Consumable Fuels - 5.5%   
Anadarko Petroleum Corp. 652,400 45,538 
ConocoPhillips Co. 382,700 25,790 
Continental Resources, Inc. (a) 265,600 17,886 
Devon Energy Corp. 634,800 26,389 
Enterprise Products Partners LP 379,800 10,976 
EOG Resources, Inc. 435,200 51,271 
Pioneer Natural Resources Co. 94,900 18,325 
Suncor Energy, Inc. 537,900 21,423 
  217,598 
TOTAL ENERGY  231,981 
FINANCIALS - 15.3%   
Banks - 7.5%   
Bank of America Corp. 2,332,000 67,721 
Citigroup, Inc. 918,500 61,255 
JPMorgan Chase & Co. 776,700 83,115 
Regions Financial Corp. 890,900 16,250 
SunTrust Banks, Inc. 227,300 15,345 
Wells Fargo & Co. 942,200 50,869 
  294,555 
Capital Markets - 6.4%   
BlackRock, Inc. Class A 95,600 51,072 
Cboe Global Markets, Inc. 110,300 10,761 
Charles Schwab Corp. 886,900 49,329 
Goldman Sachs Group, Inc. 229,100 51,749 
MSCI, Inc. 143,000 23,248 
Northern Trust Corp. 135,300 13,871 
PJT Partners, Inc. 52,400 2,896 
S&P Global, Inc. 106,900 21,113 
The Blackstone Group LP 909,600 29,044 
  253,083 
Insurance - 1.4%   
Chubb Ltd. 246,100 32,163 
The Travelers Companies, Inc. 184,800 23,750 
  55,913 
TOTAL FINANCIALS  603,551 
HEALTH CARE - 12.6%   
Biotechnology - 3.8%   
Acorda Therapeutics, Inc. (a) 345,700 9,075 
Alexion Pharmaceuticals, Inc. (a) 222,200 25,804 
Alnylam Pharmaceuticals, Inc. (a) 76,261 7,586 
Amgen, Inc. 244,200 43,863 
Amicus Therapeutics, Inc. (a)(b) 1,171,735 19,802 
Biogen, Inc. (a) 52,600 15,462 
Intercept Pharmaceuticals, Inc. (a)(b) 150,000 10,532 
Regeneron Pharmaceuticals, Inc. (a) 38,600 11,592 
TESARO, Inc. (a) 122,600 5,611 
  149,327 
Health Care Equipment & Supplies - 2.9%   
Becton, Dickinson & Co. 133,500 29,582 
Boston Scientific Corp. (a) 1,614,200 49,056 
Danaher Corp. 354,300 35,175 
  113,813 
Health Care Providers & Services - 3.6%   
Humana, Inc. 165,900 48,274 
Ryman Healthcare Group Ltd. 628,252 5,012 
UnitedHealth Group, Inc. 374,100 90,349 
  143,635 
Life Sciences Tools & Services - 1.1%   
Agilent Technologies, Inc. 118,200 7,319 
Thermo Fisher Scientific, Inc. 173,600 36,156 
  43,475 
Pharmaceuticals - 1.2%   
AstraZeneca PLC sponsored ADR 269,200 9,968 
Jazz Pharmaceuticals PLC (a) 121,000 20,449 
Nektar Therapeutics (a) 211,816 17,002 
  47,419 
TOTAL HEALTH CARE  497,669 
INDUSTRIALS - 12.4%   
Aerospace & Defense - 7.7%   
Bombardier, Inc. Class B (sub. vtg.) (a) 4,718,800 17,760 
General Dynamics Corp. 228,900 46,171 
Huntington Ingalls Industries, Inc. 142,300 31,458 
Lockheed Martin Corp. 84,800 26,673 
Northrop Grumman Corp. 236,100 77,264 
Raytheon Co. 239,900 50,259 
United Technologies Corp. 440,600 54,996 
  304,581 
Airlines - 0.3%   
American Airlines Group, Inc. 290,300 12,640 
Construction & Engineering - 0.8%   
Fluor Corp. 647,100 31,540 
Industrial Conglomerates - 1.1%   
General Electric Co. 2,923,000 41,156 
Machinery - 1.0%   
Flowserve Corp. 279,500 11,555 
WABCO Holdings, Inc. (a) 76,100 9,203 
Xylem, Inc. 283,900 19,987 
  40,745 
Professional Services - 1.5%   
IHS Markit Ltd. (a) 1,153,775 56,858 
TOTAL INDUSTRIALS  487,520 
INFORMATION TECHNOLOGY - 29.5%   
Internet Software & Services - 8.8%   
2U, Inc. (a) 129,900 12,315 
Alibaba Group Holding Ltd. sponsored ADR (a) 107,800 21,345 
Alphabet, Inc.:   
Class A (a) 184,000 202,397 
Class C (a) 400 434 
Facebook, Inc. Class A (a) 397,140 76,164 
Shopify, Inc. Class A (a) 104,200 15,456 
Tencent Holdings Ltd. 389,400 19,880 
  347,991 
IT Services - 3.7%   
FleetCor Technologies, Inc. (a) 65,400 13,037 
MasterCard, Inc. Class A 230,100 43,747 
PayPal Holdings, Inc. (a) 441,200 36,209 
Visa, Inc. Class A 407,100 53,216 
  146,209 
Semiconductors & Semiconductor Equipment - 2.9%   
Broadcom, Inc. 113,300 28,560 
NVIDIA Corp. 186,600 47,059 
Qualcomm, Inc. 623,000 36,209 
  111,828 
Software - 11.6%   
Adobe Systems, Inc. (a) 198,600 49,507 
Autodesk, Inc. (a) 186,300 24,051 
Citrix Systems, Inc. (a) 340,600 35,974 
Electronic Arts, Inc. (a) 124,600 16,311 
Intuit, Inc. 241,500 48,686 
Microsoft Corp. 2,002,600 197,937 
Salesforce.com, Inc. (a) 307,600 39,782 
Tableau Software, Inc. (a) 158,700 15,691 
Tanium, Inc. Class B (a)(c)(d) 98,100 666 
Workday, Inc. Class A (a) 224,300 29,374 
  457,979 
Technology Hardware, Storage & Peripherals - 2.5%   
Apple, Inc. 522,300 97,602 
TOTAL INFORMATION TECHNOLOGY  1,161,609 
MATERIALS - 2.7%   
Chemicals - 2.7%   
CF Industries Holdings, Inc. 310,200 12,762 
DowDuPont, Inc. 864,000 55,391 
LyondellBasell Industries NV Class A 328,900 36,876 
  105,029 
REAL ESTATE - 1.8%   
Equity Real Estate Investment Trusts (REITs) - 1.8%   
American Tower Corp. 389,100 53,840 
Equinix, Inc. 39,200 15,557 
  69,397 
UTILITIES - 0.5%   
Electric Utilities - 0.5%   
Vistra Energy Corp. (a) 800,077 19,626 
TOTAL COMMON STOCKS   
(Cost $2,770,760)  3,870,583 
Convertible Preferred Stocks - 0.2%   
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series H (c)(d)   
(Cost $9,400) 236,501 9,400 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund, 1.76% (e) 43,345,009 43,354 
Fidelity Securities Lending Cash Central Fund 1.76% (e)(f) 21,251,641 21,254 
TOTAL MONEY MARKET FUNDS   
(Cost $64,608)  64,608 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $2,844,768)  3,944,591 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (5,179) 
NET ASSETS - 100%  $3,939,412 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,066,000 or 0.3% of net assets.

 (d) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Lyft, Inc. Series H 11/22/17 $9,400 
Tanium, Inc. Class B 4/21/17 $487 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $207 
Fidelity Securities Lending Cash Central Fund 820 
Total $1,027 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $482,846 $482,846 $-- $-- 
Consumer Staples 211,355 192,611 18,744 -- 
Energy 231,981 231,981 -- -- 
Financials 603,551 603,551 -- -- 
Health Care 497,669 497,669 -- -- 
Industrials 487,520 487,520 -- -- 
Information Technology 1,171,009 1,141,063 19,880 10,066 
Materials 105,029 105,029 -- -- 
Real Estate 69,397 69,397 -- -- 
Utilities 19,626 19,626 -- -- 
Money Market Funds 64,608 64,608 -- -- 
Total Investments in Securities: $3,944,591 $3,895,901 $38,624 $10,066 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $20,181) — See accompanying schedule:
Unaffiliated issuers (cost $2,780,160) 
$3,879,983  
Fidelity Central Funds (cost $64,608) 64,608  
Total Investment in Securities (cost $2,844,768)  $3,944,591 
Receivable for investments sold  30,915 
Receivable for fund shares sold  251 
Dividends receivable  5,162 
Distributions receivable from Fidelity Central Funds  107 
Prepaid expenses  
Other receivables  158 
Total assets  3,981,185 
Liabilities   
Payable for investments purchased $17,289  
Payable for fund shares redeemed 1,485  
Accrued management fee 1,117  
Other affiliated payables 469  
Other payables and accrued expenses 165  
Collateral on securities loaned 21,248  
Total liabilities  41,773 
Net Assets  $3,939,412 
Net Assets consist of:   
Paid in capital  $2,582,376 
Undistributed net investment income  4,644 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  252,565 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,099,827 
Net Assets  $3,939,412 
Independence:   
Net Asset Value, offering price and redemption price per share ($3,590,909 ÷ 91,358 shares)  $39.31 
Class K:   
Net Asset Value, offering price and redemption price per share ($348,503 ÷ 8,861 shares)  $39.33 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $23,019 
Interest  
Income from Fidelity Central Funds  1,027 
Total income  24,047 
Expenses   
Management fee   
Basic fee $10,709  
Performance adjustment (3,999)  
Transfer agent fees 2,305  
Accounting and security lending fees 524  
Custodian fees and expenses 36  
Independent trustees' fees and expenses  
Registration fees 38  
Audit 38  
Legal  
Miscellaneous 15  
Total expenses before reductions 9,681  
Expense reductions (127)  
Total expenses after reductions  9,554 
Net investment income (loss)  14,493 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 255,867  
Fidelity Central Funds  
Foreign currency transactions (25)  
Futures contracts 3,190  
Total net realized gain (loss)  259,036 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (21,238)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (9)  
Futures contracts (2,863)  
Total change in net unrealized appreciation (depreciation)  (24,111) 
Net gain (loss)  234,925 
Net increase (decrease) in net assets resulting from operations  $249,418 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,493 $39,704 
Net realized gain (loss) 259,036 459,249 
Change in net unrealized appreciation (depreciation) (24,111) 350,897 
Net increase (decrease) in net assets resulting from operations 249,418 849,850 
Distributions to shareholders from net investment income (37,816) (18,779) 
Distributions to shareholders from net realized gain (431,292) (191,464) 
Total distributions (469,108) (210,243) 
Share transactions - net increase (decrease) 241,353 (331,634) 
Total increase (decrease) in net assets 21,663 307,973 
Net Assets   
Beginning of period 3,917,749 3,609,776 
End of period $3,939,412 $3,917,749 
Other Information   
Undistributed net investment income end of period $4,644 $27,967 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Independence Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.90 $35.38 $39.08 $40.89 $35.10 $25.44 
Income from Investment Operations       
Net investment income (loss)A .14 .40B .20 .05 .10 .19 
Net realized and unrealized gain (loss) 2.33 8.21 (1.44) .13 5.80 9.52 
Total from investment operations 2.47 8.61 (1.24) .18 5.90 9.71 
Distributions from net investment income (.41) (.18) (.03) (.04) (.11) (.05) 
Distributions from net realized gain (4.65) (1.91) (2.43) (1.95) – – 
Total distributions (5.06) (2.09) (2.46) (1.99) (.11) (.05) 
Net asset value, end of period $39.31 $41.90 $35.38 $39.08 $40.89 $35.10 
Total ReturnC,D 6.51% 25.72% (3.15)% .63% 16.87% 38.24% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .50%G .48% .54% .86% .73% .62% 
Expenses net of fee waivers, if any .49%G .48% .54% .86% .73% .62% 
Expenses net of all reductions .49%G .48% .54% .86% .73% .60% 
Net investment income (loss) .72%G 1.06%B .59% .12% .27% .64% 
Supplemental Data       
Net assets, end of period (in millions) $3,591 $3,564 $3,262 $3,910 $4,251 $3,772 
Portfolio turnover rateH 56%G 62% 76% 48% 53% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .89%.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Independence Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.94 $35.41 $39.12 $40.93 $35.14 $25.48 
Income from Investment Operations       
Net investment income (loss)A .16 .43B .23 .08 .14 .22 
Net realized and unrealized gain (loss) 2.32 8.22 (1.45) .14 5.79 9.52 
Total from investment operations 2.48 8.65 (1.22) .22 5.93 9.74 
Distributions from net investment income (.44) (.22) (.06) (.08) (.14) (.08) 
Distributions from net realized gain (4.65) (1.91) (2.43) (1.95) – – 
Total distributions (5.09) (2.12)C (2.49) (2.03) (.14) (.08) 
Net asset value, end of period $39.33 $41.94 $35.41 $39.12 $40.93 $35.14 
Total ReturnD,E 6.54% 25.84% (3.08)% .73% 16.95% 38.35% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .42%H .40% .45% .78% .64% .51% 
Expenses net of fee waivers, if any .42%H .40% .45% .78% .64% .51% 
Expenses net of all reductions .41%H .39% .45% .77% .64% .50% 
Net investment income (loss) .80%H 1.15%B .68% .20% .36% .74% 
Supplemental Data       
Net assets, end of period (in millions) $349 $354 $348 $493 $668 $488 
Portfolio turnover rateI 56%H 62% 76% 48% 53% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .97%.

 C Total distributions of $2.12 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $1.907 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Independence 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 Independence 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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, market discount, deferred trustees compensation 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 $1,141,718 
Gross unrealized depreciation (44,610) 
Net unrealized appreciation (depreciation) $1,097,108 
Tax cost $2,847,483 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

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

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,093,524 and $1,320,724, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 +/- .20% 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 Independence as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .34% 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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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 Independence, 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(a) 
Independence $2,225 .12 
Class K 80 .05 
 $2,305  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $24 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4.

7. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,917. 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. Total security lending income during the period amounted to $820, including $100 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $104 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's custody expenses by $1. During the period, these credits reduced each class' transfer agent expense as noted in the table below.

 Transfer Agent expense reduction 
Independence $3 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $19.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Independence $34,154 $16,716 
Class K 3,662 2,063 
Total $37,816 $18,779 
From net realized gain   
Independence $392,469 $173,251 
Class K 38,823 18,213 
Total $431,292 $191,464 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Independence     
Shares sold 960 1,414 $37,843 $52,592 
Reinvestment of distributions 11,131 5,465 416,289 185,699 
Shares redeemed (5,802) (14,014) (227,743) (518,484) 
Net increase (decrease) 6,289 (7,135) $226,389 $(280,193) 
Class K     
Shares sold 511 1,192 $20,022 $44,637 
Reinvestment of distributions 1,136 597 42,485 20,276 
Shares redeemed (1,219) (3,178) (47,543) (116,354) 
Net increase (decrease) 428 (1,389) $14,964 $(51,441) 

12. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Independence .49%    
Actual  $1,000.00 $1,065.10 $2.52 
Hypothetical-C  $1,000.00 $1,022.49 $2.47 
Class K .42%    
Actual  $1,000.00 $1,065.40 $2.16 
Hypothetical-C  $1,000.00 $1,022.84 $2.12 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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Boston, MA 02210

www.fidelity.com

FRE-K-SANN-0718
1.863220.109


Fidelity Advisor® Convertible Securities Fund -
Class A, Class M, Class C and Class I



Semi-Annual Report

May 31, 2018

Class A, Class M, Class C and Class I are classes of Fidelity® Convertible Securities Fund




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Investments as of May 31, 2018

(excluding cash equivalents) % of fund's net assets 
U.S. Treasury Notes 2.375% 1/31/23 5.0 
Micron Technology, Inc. 3% 11/15/43 3.1 
Vistra Energy Corp. 7.00% 2.7 
Twitter, Inc. 1% 9/15/21 2.5 
Microchip Technology, Inc. 1.625% 2/15/27 2.4 
Extra Space Storage LP 3.125% 10/1/35 2.3 
U.S. Treasury Notes 2.375% 5/15/27 2.2 
Apple, Inc. 2.2 
Sempra Energy Series A, 6.00% 2.1 
Bunge Ltd. 4.875% 2.1 
 26.6 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 32.8 
Energy 12.6 
Utilities 12.3 
Consumer Discretionary 10.0 
Health Care 8.0 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Convertible Securities 81.8% 
   Stocks 10.7% 
   U.S. Government and U.S. Government Agency Obligations 7.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments – 7.4%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Convertible Bonds - 63.2%   
 Principal Amount (000s) Value (000s) 
CONSUMER DISCRETIONARY - 10.0%   
Automobiles - 0.3%   
Tesla, Inc. 2.375% 3/15/22 $4,830 $5,180 
Hotels, Restaurants & Leisure - 1.5%   
Caesars Entertainment Corp. 5% 10/1/24 11,600 21,458 
Internet & Direct Marketing Retail - 2.0%   
Liberty Expedia Holdings, Inc. 1% 6/30/47 (a) 4,830 4,729 
The Booking Holdings, Inc.:   
0.35% 6/15/20 9,450 15,297 
0.9% 9/15/21 6,870 8,412 
  28,438 
Media - 6.2%   
DISH Network Corp. 3.375% 8/15/26 32,750 29,043 
Gannett Co., Inc. 4.75% 4/15/24 (a) 1,700 1,831 
Liberty Media Corp.:   
1% 1/30/23 10,820 11,560 
1.375% 10/15/23 22,270 27,497 
2.125% 3/31/48 (a) 4,930 5,029 
Live Nation Entertainment, Inc.:   
2.5% 5/15/19 9,070 11,567 
2.5% 3/15/23 (a) 3,700 3,708 
  90,235 
TOTAL CONSUMER DISCRETIONARY  145,311 
CONSUMER STAPLES - 0.4%   
Tobacco - 0.4%   
Vector Group Ltd. 2.5% 1/15/19 (b) 4,670 6,280 
ENERGY - 5.1%   
Energy Equipment & Services - 1.0%   
Ensco Jersey Finance Ltd. 3% 1/31/24 13,650 12,264 
Oil States International, Inc. 1.5% 2/15/23 (a) 2,100 2,304 
Vantage Drilling Co. 5.5% 7/15/43 (a)(c)(d) 20,000 600 
  15,168 
Oil, Gas & Consumable Fuels - 4.1%   
Chesapeake Energy Corp. 5.5% 9/15/26 25,035 24,160 
Oasis Petroleum, Inc. 2.625% 9/15/23 3,650 4,715 
Scorpio Tankers, Inc.:   
2.375% 7/1/19 (a) 1,980 1,909 
3% 5/15/22 unit 17,872 17,872 
Ship Finance International Ltd. 4.875% 5/1/23 3,600 3,589 
SM Energy Co. 1.5% 7/1/21 4,850 5,066 
Teekay Corp. 5% 1/15/23 (a) 2,180 2,095 
  59,406 
TOTAL ENERGY  74,574 
FINANCIALS - 1.1%   
Banks - 0.1%   
Hope Bancorp, Inc. 2% 5/15/38 unit (a) 1,800 1,790 
Diversified Financial Services - 0.5%   
IAC Financeco, Inc. 0.875% 10/1/22 (a) 5,760 6,878 
Insurance - 0.5%   
AXA SA 7.25% 5/15/21 unit (a) 3,600 3,881 
FNF Group 4.25% 8/15/18 1,110 3,198 
  7,079 
TOTAL FINANCIALS  15,747 
HEALTH CARE - 6.4%   
Biotechnology - 3.0%   
Acorda Therapeutics, Inc. 1.75% 6/15/21 3,500 3,263 
Alder Biopharmaceuticals, Inc. 2.5% 2/1/25 2,500 2,754 
BioMarin Pharmaceutical, Inc.:   
0.599% 8/1/24 5,110 5,064 
1.5% 10/15/20 6,045 6,999 
Clovis Oncology, Inc. 2.5% 9/15/21 4,000 4,389 
Exact Sciences Corp. 1% 1/15/25 2,500 2,648 
Flexion Therapeutics, Inc. 3.375% 5/1/24 7,630 9,662 
Ligand Pharmaceuticals, Inc. 0.75% 5/15/23 unit (a) 3,600 3,536 
Novavax, Inc. 3.75% 2/1/23 1,700 1,098 
Sarepta Therapeutics, Inc. 1.5% 11/15/24 (a) 3,200 4,746 
  44,159 
Health Care Equipment & Supplies - 0.6%   
DexCom, Inc. 0.75% 5/15/22 (a) 4,400 4,871 
Insulet Corp. 1.375% 11/15/24 (a) 3,440 4,049 
  8,920 
Health Care Providers & Services - 0.8%   
Brookdale Senior Living, Inc. 2.75% 6/15/18 11,019 10,999 
Life Sciences Tools & Services - 0.4%   
Accelerate Diagnostics, Inc. 2.5% 3/15/23 (a) 1,600 1,383 
Illumina, Inc. 0.5% 6/15/21 unit 3,000 3,930 
  5,313 
Pharmaceuticals - 1.6%   
ANI Pharmaceuticals, Inc. 3% 12/1/19 4,970 5,575 
Dermira, Inc. 3% 5/15/22 1,950 1,543 
Jazz Investments I Ltd.:   
1.5% 8/15/24 (a) 3,600 3,679 
1.875% 8/15/21 6,790 7,298 
Supernus Pharmaceuticals, Inc. 0.625% 4/1/23 (a) 2,380 2,793 
Theravance Biopharma, Inc. 3.25% 11/1/23 2,550 2,577 
  23,465 
TOTAL HEALTH CARE  92,856 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 0.3%   
Aerojet Rocketdyne Holdings, Inc. 2.25% 12/15/23 3,040 3,951 
Building Products - 0.2%   
Patrick Industries, Inc. 1% 2/1/23 (a) 2,750 2,696 
Construction & Engineering - 0.3%   
Dycom Industries, Inc. 0.75% 9/15/21 3,470 4,025 
Electrical Equipment - 1.9%   
General Cable Corp. 4.5% 11/15/29 (e) 4,540 4,817 
SolarCity Corp.:   
1.625% 11/1/19 22,950 21,198 
2.75% 11/1/18 1,810 1,781 
  27,796 
Machinery - 1.4%   
Chart Industries, Inc. 1% 11/15/24 (a) 2,100 2,629 
Greenbrier Companies, Inc. 2.875% 2/1/24 3,320 3,749 
Meritor, Inc. 3.25% 10/15/37 (a) 1,360 1,362 
Navistar International Corp. New 4.75% 4/15/19 4,580 4,723 
Trinity Industries, Inc. 3.875% 6/1/36 5,700 8,141 
  20,604 
TOTAL INDUSTRIALS  59,072 
INFORMATION TECHNOLOGY - 29.0%   
Communications Equipment - 0.7%   
Liberty Interactive LLC 1.75% 9/30/46 (a) 6,870 7,099 
Lumentum Holdings, Inc. 0.25% 3/15/24 2,000 2,389 
  9,488 
Internet Software & Services - 8.5%   
Akamai Technologies, Inc.:   
0% 2/15/19 3,557 3,588 
0.125% 5/1/25 unit (a) 4,900 4,967 
Carbonite, Inc. 2.5% 4/1/22 4,210 6,793 
Coupa Software, Inc. 0.375% 1/15/23 (a) 3,070 4,070 
Gogo, Inc. 3.75% 3/1/20 3,100 2,604 
j2 Global, Inc. 3.25% 6/15/29 unit 2,000 2,667 
New Relic, Inc. 0.5% 5/1/23 unit (a) 2,600 2,861 
Nutanix, Inc. 0% 1/15/23 (a) 3,200 4,090 
Pandora Media, Inc.:   
1.75% 12/1/20 3,189 3,002 
1.75% 12/1/23 unit 9,568 9,580 
Quotient Technology, Inc. 1.75% 12/1/22 (a) 2,720 2,820 
Twilio, Inc. 0.25% 6/1/23 unit (a) 2,600 2,657 
Twitter, Inc.:   
0.25% 9/15/19 17,200 16,602 
1% 9/15/21 38,036 35,826 
Web.com Group, Inc. 1% 8/15/18 2,140 2,130 
Yahoo!, Inc. 0% 12/1/18 13,500 19,503 
  123,760 
IT Services - 1.6%   
Square, Inc. 0.375% 3/1/22 9,020 22,972 
Semiconductors & Semiconductor Equipment - 12.0%   
Advanced Micro Devices, Inc. 2.125% 9/1/26 3,880 7,190 
Cypress Semiconductor Corp.:   
2% 2/1/23 (a) 660 706 
4.5% 1/15/22 3,510 4,844 
Intel Corp. 3.25% 8/1/39 10,165 26,964 
Microchip Technology, Inc.:   
1.625% 2/15/25 10,760 20,421 
1.625% 2/15/27 27,090 34,439 
Micron Technology, Inc. 3% 11/15/43 23,090 45,449 
NXP Semiconductors NV 1% 12/1/19 7,820 9,550 
ON Semiconductor Corp. 1.625% 10/15/23 16,030 22,490 
Rambus, Inc. 1.375% 2/1/23 (a) 1,580 1,553 
  173,606 
Software - 5.9%   
Atlassian, Inc. 0.625% 5/1/23 unit (a) 3,600 3,768 
Citrix Systems, Inc. 0.5% 4/15/19 8,630 12,627 
Everbridge, Inc. 1.5% 11/1/22 2,120 3,105 
FireEye, Inc. 1.625% 6/1/35 7,640 7,014 
Guidewire Software, Inc. 1.25% 3/15/25 3,000 3,124 
Nice Systems, Inc. 1.25% 1/15/24 4,790 6,464 
Nuance Communications, Inc.:   
1% 12/15/35 8,050 7,228 
1.25% 4/1/25 5,280 4,874 
Red Hat, Inc. 0.25% 10/1/19 4,660 10,288 
RingCentral, Inc. 0% 3/15/23 (a) 5,900 6,551 
ServiceNow, Inc. 0% 11/1/18 2,630 6,316 
Workday, Inc. 1.5% 7/15/20 7,330 12,146 
Zendesk, Inc. 0.25% 3/15/23 (a) 1,500 1,637 
  85,142 
Technology Hardware, Storage & Peripherals - 0.3%   
Pure Storage, Inc. 0.125% 4/15/23 unit (a) 4,570 4,801 
TOTAL INFORMATION TECHNOLOGY  419,769 
MATERIALS - 1.7%   
Metals & Mining - 1.7%   
Allegheny Technologies, Inc. 4.75% 7/1/22 2,970 6,289 
Cliffs Natural Resources, Inc. 1.5% 1/15/25 9,120 11,113 
Endeavour Mining Corp. 3% 2/15/23 (a) 4,260 4,303 
Ssr Mining, Inc. 2.875% 2/1/33 2,500 2,477 
  24,182 
REAL ESTATE - 2.3%   
Real Estate Management & Development - 2.3%   
Extra Space Storage LP 3.125% 10/1/35 (a) 29,200 33,171 
UTILITIES - 3.1%   
Independent Power and Renewable Electricity Producers - 3.1%   
NextEra Energy Partners LP 1.5% 9/15/20 (a) 8,750 8,756 
NRG Energy, Inc. 2.75% 6/1/48 unit (a) 7,900 8,065 
NRG Yield, Inc.:   
3.25% 6/1/20 (a) 7,650 7,597 
3.5% 2/1/19 (a) 20,645 20,533 
  44,951 
TOTAL CONVERTIBLE BONDS   
(Cost $847,944)  915,913 
U.S. Treasury Obligations - 7.2%   
U.S. Treasury Notes:   
2.375% 1/31/23 $73,376 $72,402 
2.375% 5/15/27 33,545 32,274 
TOTAL U.S. TREASURY OBLIGATIONS   
(Cost $104,288)  104,676 
 Shares Value (000s) 
Common Stocks - 10.7%   
ENERGY - 6.1%   
Oil, Gas & Consumable Fuels - 6.1%   
California Resources Corp. (f)(g) 115,600 $4,247 
Cheniere Energy, Inc. (f) 125,100 8,334 
Enterprise Products Partners LP 686,600 19,843 
Magellan Midstream Partners LP 138,900 9,709 
MPLX LP 247,300 8,881 
Plains All American Pipeline LP 255,700 6,009 
Scorpio Tankers, Inc. 2,267,266 6,575 
Sunoco Logistics Partners, LP 356,285 9,477 
Targa Resources Corp. 217,000 10,553 
Whiting Petroleum Corp. (f) 82,800 4,340 
  87,968 
INFORMATION TECHNOLOGY - 3.8%   
Internet Software & Services - 1.2%   
Twitter, Inc. (f) 498,756 17,307 
Software - 0.4%   
Salesforce.com, Inc. (f) 45,578 5,895 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 172,100 32,160 
TOTAL INFORMATION TECHNOLOGY  55,362 
TELECOMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (f) 55,284 3,079 
UTILITIES - 0.6%   
Electric Utilities - 0.6%   
Vistra Energy Corp. (f) 355,860 8,729 
TOTAL COMMON STOCKS   
(Cost $137,738)  155,138 
Convertible Preferred Stocks - 18.6%   
CONSUMER STAPLES - 2.8%   
Food Products - 2.8%   
Bunge Ltd. 4.875% 286,200 30,604 
Post Holdings, Inc. Series C, 2.50% 71,600 10,457 
  41,061 
ENERGY - 1.4%   
Energy Equipment & Services - 0.3%   
Nabors Industries, Inc. Series A, 6.00% (f) 81,000 4,107 
Oil, Gas & Consumable Fuels - 1.1%   
Chesapeake Energy Corp. Series A, 5.75% (a) 6,100 3,646 
Hess Corp. Series A, 8.00% 170,600 11,645 
Kinder Morgan, Inc. Series A, 9.75% 48,900 1,592 
  16,883 
TOTAL ENERGY  20,990 
FINANCIALS - 2.9%   
Banks - 2.9%   
Bank of America Corp. Series L, 7.25% 14,088 17,832 
Wells Fargo & Co. 7.50% 19,663 24,668 
  42,500 
HEALTH CARE - 1.6%   
Health Care Equipment & Supplies - 1.6%   
Becton, Dickinson & Co. Series A, 6.125% 392,600 22,758 
INDUSTRIALS - 0.6%   
Machinery - 0.6%   
Rexnord Corp. Series A, 5.75% 47,337 2,952 
Stanley Black & Decker, Inc. 5.375% 56,800 6,040 
  8,992 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Crown Castle International Corp. Series A, 6.875% 9,200 9,598 
UTILITIES - 8.6%   
Electric Utilities - 3.8%   
NextEra Energy, Inc. 6.123% 276,000 15,667 
Vistra Energy Corp. 7.00% 398,500 39,173 
  54,840 
Gas Utilities - 0.3%   
South Jersey Industries, Inc. 7.25% 68,000 3,736 
Multi-Utilities - 4.5%   
CenterPoint Energy, Inc. 2.00% ZENS 429,350 27,191 
Dominion Resources, Inc. Series A, 6.75% 158,600 6,988 
Sempra Energy Series A, 6.00% 316,200 31,349 
  65,528 
TOTAL UTILITIES  124,104 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $258,240)  270,003 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund, 1.76% (h) 948,715 949 
Fidelity Securities Lending Cash Central Fund 1.76% (h)(i) 2,692,531 2,693 
TOTAL MONEY MARKET FUNDS   
(Cost $3,642)  3,642 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $1,351,852)  1,449,372 
NET OTHER ASSETS (LIABILITIES) - 0.0%  680 
NET ASSETS - 100%  $1,450,052 

Legend

 (a) 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 $200,149,000 or 13.8% of net assets.

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

 (c) Non-income producing - Security is in default.

 (d) Level 3 security

 (e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (f) Non-income producing

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

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

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $184 
Fidelity Securities Lending Cash Central Fund 
Total $185 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Staples $41,061 $-- $41,061 $-- 
Energy 108,958 92,075 16,883 -- 
Financials 42,500 -- 42,500 -- 
Health Care 22,758 -- 22,758 -- 
Industrials 8,992 -- 8,992 -- 
Information Technology 55,362 55,362 -- -- 
Real Estate 9,598 -- 9,598 -- 
Telecommunication Services 3,079 3,079 -- -- 
Utilities 132,833 8,729 124,104 -- 
Corporate Bonds 915,913 -- 915,313 600 
U.S. Government and Government Agency Obligations 104,676 -- 104,676 -- 
Money Market Funds 3,642 3,642 -- -- 
Total Investments in Securities: $1,449,372 $162,887 $1,285,885 $600 

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 7.2% 
AAA,AA,A 1.9% 
BBB 3.8% 
BB 14.2% 
6.1% 
CCC,CC,C 2.5% 
Not Rated 34.7% 
Equities 29.3% 
Short-Term Investments and Net Other Assets 0.3% 
 100% 

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.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,748) — See accompanying schedule:
Unaffiliated issuers (cost $1,348,210) 
$1,445,730  
Fidelity Central Funds (cost $3,642) 3,642  
Total Investment in Securities (cost $1,351,852)  $1,449,372 
Receivable for investments sold  14,931 
Receivable for fund shares sold  285 
Dividends receivable  1,161 
Interest receivable  4,520 
Distributions receivable from Fidelity Central Funds  
Other receivables  30 
Total assets  1,470,303 
Liabilities   
Payable for investments purchased $16,375  
Payable for fund shares redeemed 583  
Accrued management fee 315  
Distribution and service plan fees payable 22  
Other affiliated payables 220  
Other payables and accrued expenses 43  
Collateral on securities loaned 2,693  
Total liabilities  20,251 
Net Assets  $1,450,052 
Net Assets consist of:   
Paid in capital  $1,319,107 
Undistributed net investment income  13,136 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  20,289 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  97,520 
Net Assets  $1,450,052 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,090 ÷ 696.75 shares)  $28.83 
Maximum offering price per share (100/94.25 of $28.83)  $30.59 
Class M:   
Net Asset Value and redemption price per share ($6,113 ÷ 211.95 shares)  $28.84 
Maximum offering price per share (100/96.50 of $28.84)  $29.89 
Class C:   
Net Asset Value and offering price per share ($18,084 ÷ 631.20 shares)(a)  $28.65 
Convertible Securities:   
Net Asset Value, offering price and redemption price per share ($1,372,217 ÷ 47,414.15 shares)  $28.94 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,548 ÷ 1,160.87 shares)  $28.90 

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


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $10,726 
Interest  11,196 
Income from Fidelity Central Funds  185 
Total income  22,107 
Expenses   
Management fee   
Basic fee $3,247  
Performance adjustment (1,337)  
Transfer agent fees 1,115  
Distribution and service plan fees 145  
Accounting and security lending fees 231  
Custodian fees and expenses 20  
Independent trustees' fees and expenses  
Registration fees 69  
Audit 41  
Legal  
Interest  
Miscellaneous  
Total expenses before reductions 3,543  
Expense reductions (51)  
Total expenses after reductions  3,492 
Net investment income (loss)  18,615 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 72,106  
Total net realized gain (loss)  72,106 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (24,010)  
Total change in net unrealized appreciation (depreciation)  (24,010) 
Net gain (loss)  48,096 
Net increase (decrease) in net assets resulting from operations  $66,711 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $18,615 $46,697 
Net realized gain (loss) 72,106 24,125 
Change in net unrealized appreciation (depreciation) (24,010) 91,806 
Net increase (decrease) in net assets resulting from operations 66,711 162,628 
Distributions to shareholders from net investment income (18,761) (44,979) 
Distributions to shareholders from net realized gain (30,679) (24,545) 
Total distributions (49,440) (69,524) 
Share transactions - net increase (decrease) (94,576) (183,817) 
Total increase (decrease) in net assets (77,305) (90,713) 
Net Assets   
Beginning of period 1,527,357 1,618,070 
End of period $1,450,052 $1,527,357 
Other Information   
Undistributed net investment income end of period $13,136 $13,282 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Convertible Securities Fund Class A

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.49 $26.85 $29.56 $33.42 $30.79 $25.08 
Income from Investment Operations       
Net investment income (loss)A .32 .75 .81B .66 .51 .57 
Net realized and unrealized gain (loss) .92 2.02C (.69) (2.81) 2.81D 5.88 
Total from investment operations 1.24 2.77 .12 (2.15) 3.32 6.45 
Distributions from net investment income (.32) (.71) (.83) (.61) (.48) (.74) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.90) (1.13) (2.83) (1.71) (.69) (.74) 
Net asset value, end of period $28.83 $28.49 $26.85 $29.56 $33.42 $30.79 
Total ReturnE,F,G 4.50% 10.57%C .83% (6.60)% 10.95%D 26.12% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .75%J .74% .73% .84% .86% .99% 
Expenses net of fee waivers, if any .75%J .74% .73% .84% .85% .99% 
Expenses net of all reductions .75%J .74% .73% .84% .85% .99% 
Net investment income (loss) 2.25%J 2.71% 3.08%B 2.09% 1.60% 1.99% 
Supplemental Data       
Net assets, end of period (in millions) $20 $21 $29 $56 $150 $113 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.71%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.28%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.58%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class M

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.47 $26.86 $29.56 $33.44 $30.80 $25.09 
Income from Investment Operations       
Net investment income (loss)A .28 .68 .73B .57 .42 .48 
Net realized and unrealized gain (loss) .93 2.01C (.68) (2.82) 2.82D 5.89 
Total from investment operations 1.21 2.69 .05 (2.25) 3.24 6.37 
Distributions from net investment income (.26) (.66) (.75) (.53) (.39) (.66) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.84) (1.08) (2.75) (1.63) (.60) (.66) 
Net asset value, end of period $28.84 $28.47 $26.86 $29.56 $33.44 $30.80 
Total ReturnE,F,G 4.35% 10.26%C .53% (6.91)% 10.67%D 25.73% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.03%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Expenses net of fee waivers, if any 1.03%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Expenses net of all reductions 1.02%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Net investment income (loss) 1.98%J 2.44% 2.77%B 1.81% 1.32% 1.68% 
Supplemental Data       
Net assets, end of period (in millions) $6 $14 $7 $9 $14 $11 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.40%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 9.97%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.30%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class C

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.31 $26.68 $29.37 $33.23 $30.63 $24.97 
Income from Investment Operations       
Net investment income (loss)A .21 .54 .60B .42 .27 .34 
Net realized and unrealized gain (loss) .92 2.01C (.67) (2.80) 2.80D 5.87 
Total from investment operations 1.13 2.55 (.07) (2.38) 3.07 6.21 
Distributions from net investment income (.21) (.50) (.62) (.38) (.26) (.55) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.79) (.92) (2.62) (1.48) (.47) (.55) 
Net asset value, end of period $28.65 $28.31 $26.68 $29.37 $33.23 $30.63 
Total ReturnE,F,G 4.10% 9.75%C .09% (7.35)% 10.13%D 25.12% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.50%J 1.50% 1.50% 1.60% 1.62% 1.78% 
Expenses net of fee waivers, if any 1.50%J 1.49% 1.49% 1.60% 1.62% 1.77% 
Expenses net of all reductions 1.49%J 1.49% 1.49% 1.59% 1.62% 1.77% 
Net investment income (loss) 1.51%J 1.96% 2.32%B 1.33% .84% 1.20% 
Supplemental Data       
Net assets, end of period (in millions) $18 $19 $24 $39 $48 $28 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.95%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 9.46%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 9.76%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.59 $26.95 $29.66 $33.56 $30.90 $25.16 
Income from Investment Operations       
Net investment income (loss)A .36 .83 .88B .75 .60 .64 
Net realized and unrealized gain (loss) .94 2.02C (.68) (2.83) 2.83D 5.91 
Total from investment operations 1.30 2.85 .20 (2.08) 3.43 6.55 
Distributions from net investment income (.37) (.80) (.92) (.72) (.56) (.81) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.95) (1.21)E (2.91)F (1.82) (.77) (.81) 
Net asset value, end of period $28.94 $28.59 $26.95 $29.66 $33.56 $30.90 
Total ReturnG,H 4.67% 10.88%C 1.13% (6.38)% 11.28%D 26.44% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .46%K .45% .45% .56% .58% .73% 
Expenses net of fee waivers, if any .46%K .45% .45% .56% .58% .72% 
Expenses net of all reductions .45%K .45% .45% .56% .58% .72% 
Net investment income (loss) 2.55%K 3.00% 3.36%B 2.37% 1.88% 2.26% 
Supplemental Data       
Net assets, end of period (in millions) $1,372 $1,432 $1,490 $1,823 $2,307 $2,109 
Portfolio turnover rateL 174%K 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.99%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.59%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.91%.

 E Total distributions of $1.21 per share is comprised of distributions from net investment income of $.799 and distributions from net realized gain of $.415 per share.

 F Total distributions of $2.91 per share is comprised of distributions from net investment income of $.916 and distributions from net realized gain of $1.997 per share.

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

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

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class I

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.55 $26.91 $29.62 $33.51 $30.86 $25.13 
Income from Investment Operations       
Net investment income (loss)A .36 .83 .88B .74 .59 .64 
Net realized and unrealized gain (loss) .93 2.02C (.68) (2.82) 2.83D 5.89 
Total from investment operations 1.29 2.85 .20 (2.08) 3.42 6.53 
Distributions from net investment income (.36) (.79) (.91) (.71) (.56) (.80) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.94) (1.21) (2.91) (1.81) (.77) (.80) 
Net asset value, end of period $28.90 $28.55 $26.91 $29.62 $33.51 $30.86 
Total ReturnE,F 4.66% 10.87%C 1.11% (6.39)% 11.25%D 26.42% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .48%I .47% .47% .58% .61% .76% 
Expenses net of fee waivers, if any .47%I .47% .47% .58% .61% .76% 
Expenses net of all reductions .47%I .47% .47% .58% .61% .76% 
Net investment income (loss) 2.53%I 2.98% 3.35%B 2.35% 1.85% 2.22% 
Supplemental Data       
Net assets, end of period (in millions) $34 $41 $68 $128 $159 $92 
Portfolio turnover rateJ 174%I 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.98%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.58%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.88%.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(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 and Class I 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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, contingent interest, equity-debt classifications, deferred trustees compensation, certain conversion ratio adjustments, capital loss carryforwards 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 $133,441 
Gross unrealized depreciation (42,326) 
Net unrealized appreciation (depreciation) $91,115 
Tax cost $1,358,257 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(6,895) 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,088,698 and $1,352,602, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 BofA Merrill LynchSM All US Convertibles Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .26% 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 Corporation (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% $25 $–(a) 
Class M .25% .25% 27 (a) 
Class C .75% .25% 93 
   $145 $5 

 (a) In the amount of less than five hundred dollars.


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 $3 
Class M 
Class C(a) (b) 
 $4 

 (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) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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. 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(a) 
Class A $20 .19 
Class M 11 .21 
Class C 17 .19 
Convertible Securities 1,038 .15 
Class I 29 .17 
 $1,115  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $16 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $3,635 1.61% $2 

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $1. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39 for the period. 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, these credits reduced the Fund's custody expenses by $4.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Class A $232 $630 
Class M 98 267 
Class C 137 395 
Convertible Securities 17,846 42,192 
Class I 448 1,495 
Total $18,761 $44,979 
From net realized gain   
Class A $428 $444 
Class M 304 102 
Class C 385 357 
Convertible Securities 28,755 22,674 
Class I 807 968 
Total $30,679 $24,545 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Class A     
Shares sold 48 106 $1,377 $2,921 
Reinvestment of distributions 23 37 632 1,008 
Shares redeemed (113) (502) (3,204) (13,796) 
Net increase (decrease) (42) (359) $(1,195) $(9,867) 
Class M     
Shares sold 58 616 $1,649 $17,118 
Reinvestment of distributions 14 13 399 364 
Shares redeemed (369) (366) (10,262) (10,224) 
Net increase (decrease) (297) 263 $(8,214) $7,258 
Class C     
Shares sold 36 64 $1,027 $1,763 
Reinvestment of distributions 18 25 489 686 
Shares redeemed (105) (308) (2,954) (8,438) 
Net increase (decrease) (51) (219) $(1,438) $(5,989) 
Convertible Securities     
Shares sold 1,001 3,155 $28,421 $86,877 
Reinvestment of distributions 1,457 2,104 40,682 57,338 
Shares redeemed (5,118) (10,453) (145,347) (289,022) 
Net increase (decrease) (2,660) (5,194) $(76,244) $(144,807) 
Class I     
Shares sold 131 785 $3,714 $21,690 
Reinvestment of distributions 40 73 1,107 1,977 
Shares redeemed (436) (1,970) (12,306) (54,079) 
Net increase (decrease) (265) (1,112) $(7,485) $(30,412) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Class A .75%    
Actual  $1,000.00 $1,045.00 $3.82 
Hypothetical-C  $1,000.00 $1,021.19 $3.78 
Class M 1.03%    
Actual  $1,000.00 $1,043.50 $5.25 
Hypothetical-C  $1,000.00 $1,019.80 $5.19 
Class C 1.50%    
Actual  $1,000.00 $1,041.00 $7.63 
Hypothetical-C  $1,000.00 $1,017.45 $7.54 
Convertible Securities .46%    
Actual  $1,000.00 $1,046.70 $2.35 
Hypothetical-C  $1,000.00 $1,022.64 $2.32 
Class I .47%    
Actual  $1,000.00 $1,046.60 $2.40 
Hypothetical-C  $1,000.00 $1,022.59 $2.37 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ACVS-SANN-0718
1.884070.109


Fidelity® Convertible Securities Fund



Semi-Annual Report

May 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Investments as of May 31, 2018

(excluding cash equivalents) % of fund's net assets 
U.S. Treasury Notes 2.375% 1/31/23 5.0 
Micron Technology, Inc. 3% 11/15/43 3.1 
Vistra Energy Corp. 7.00% 2.7 
Twitter, Inc. 1% 9/15/21 2.5 
Microchip Technology, Inc. 1.625% 2/15/27 2.4 
Extra Space Storage LP 3.125% 10/1/35 2.3 
U.S. Treasury Notes 2.375% 5/15/27 2.2 
Apple, Inc. 2.2 
Sempra Energy Series A, 6.00% 2.1 
Bunge Ltd. 4.875% 2.1 
 26.6 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 32.8 
Energy 12.6 
Utilities 12.3 
Consumer Discretionary 10.0 
Health Care 8.0 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Convertible Securities 81.8% 
   Stocks 10.7% 
   U.S. Government and U.S. Government Agency Obligations 7.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments – 7.4%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Convertible Bonds - 63.2%   
 Principal Amount (000s) Value (000s) 
CONSUMER DISCRETIONARY - 10.0%   
Automobiles - 0.3%   
Tesla, Inc. 2.375% 3/15/22 $4,830 $5,180 
Hotels, Restaurants & Leisure - 1.5%   
Caesars Entertainment Corp. 5% 10/1/24 11,600 21,458 
Internet & Direct Marketing Retail - 2.0%   
Liberty Expedia Holdings, Inc. 1% 6/30/47 (a) 4,830 4,729 
The Booking Holdings, Inc.:   
0.35% 6/15/20 9,450 15,297 
0.9% 9/15/21 6,870 8,412 
  28,438 
Media - 6.2%   
DISH Network Corp. 3.375% 8/15/26 32,750 29,043 
Gannett Co., Inc. 4.75% 4/15/24 (a) 1,700 1,831 
Liberty Media Corp.:   
1% 1/30/23 10,820 11,560 
1.375% 10/15/23 22,270 27,497 
2.125% 3/31/48 (a) 4,930 5,029 
Live Nation Entertainment, Inc.:   
2.5% 5/15/19 9,070 11,567 
2.5% 3/15/23 (a) 3,700 3,708 
  90,235 
TOTAL CONSUMER DISCRETIONARY  145,311 
CONSUMER STAPLES - 0.4%   
Tobacco - 0.4%   
Vector Group Ltd. 2.5% 1/15/19 (b) 4,670 6,280 
ENERGY - 5.1%   
Energy Equipment & Services - 1.0%   
Ensco Jersey Finance Ltd. 3% 1/31/24 13,650 12,264 
Oil States International, Inc. 1.5% 2/15/23 (a) 2,100 2,304 
Vantage Drilling Co. 5.5% 7/15/43 (a)(c)(d) 20,000 600 
  15,168 
Oil, Gas & Consumable Fuels - 4.1%   
Chesapeake Energy Corp. 5.5% 9/15/26 25,035 24,160 
Oasis Petroleum, Inc. 2.625% 9/15/23 3,650 4,715 
Scorpio Tankers, Inc.:   
2.375% 7/1/19 (a) 1,980 1,909 
3% 5/15/22 unit 17,872 17,872 
Ship Finance International Ltd. 4.875% 5/1/23 3,600 3,589 
SM Energy Co. 1.5% 7/1/21 4,850 5,066 
Teekay Corp. 5% 1/15/23 (a) 2,180 2,095 
  59,406 
TOTAL ENERGY  74,574 
FINANCIALS - 1.1%   
Banks - 0.1%   
Hope Bancorp, Inc. 2% 5/15/38 unit (a) 1,800 1,790 
Diversified Financial Services - 0.5%   
IAC Financeco, Inc. 0.875% 10/1/22 (a) 5,760 6,878 
Insurance - 0.5%   
AXA SA 7.25% 5/15/21 unit (a) 3,600 3,881 
FNF Group 4.25% 8/15/18 1,110 3,198 
  7,079 
TOTAL FINANCIALS  15,747 
HEALTH CARE - 6.4%   
Biotechnology - 3.0%   
Acorda Therapeutics, Inc. 1.75% 6/15/21 3,500 3,263 
Alder Biopharmaceuticals, Inc. 2.5% 2/1/25 2,500 2,754 
BioMarin Pharmaceutical, Inc.:   
0.599% 8/1/24 5,110 5,064 
1.5% 10/15/20 6,045 6,999 
Clovis Oncology, Inc. 2.5% 9/15/21 4,000 4,389 
Exact Sciences Corp. 1% 1/15/25 2,500 2,648 
Flexion Therapeutics, Inc. 3.375% 5/1/24 7,630 9,662 
Ligand Pharmaceuticals, Inc. 0.75% 5/15/23 unit (a) 3,600 3,536 
Novavax, Inc. 3.75% 2/1/23 1,700 1,098 
Sarepta Therapeutics, Inc. 1.5% 11/15/24 (a) 3,200 4,746 
  44,159 
Health Care Equipment & Supplies - 0.6%   
DexCom, Inc. 0.75% 5/15/22 (a) 4,400 4,871 
Insulet Corp. 1.375% 11/15/24 (a) 3,440 4,049 
  8,920 
Health Care Providers & Services - 0.8%   
Brookdale Senior Living, Inc. 2.75% 6/15/18 11,019 10,999 
Life Sciences Tools & Services - 0.4%   
Accelerate Diagnostics, Inc. 2.5% 3/15/23 (a) 1,600 1,383 
Illumina, Inc. 0.5% 6/15/21 unit 3,000 3,930 
  5,313 
Pharmaceuticals - 1.6%   
ANI Pharmaceuticals, Inc. 3% 12/1/19 4,970 5,575 
Dermira, Inc. 3% 5/15/22 1,950 1,543 
Jazz Investments I Ltd.:   
1.5% 8/15/24 (a) 3,600 3,679 
1.875% 8/15/21 6,790 7,298 
Supernus Pharmaceuticals, Inc. 0.625% 4/1/23 (a) 2,380 2,793 
Theravance Biopharma, Inc. 3.25% 11/1/23 2,550 2,577 
  23,465 
TOTAL HEALTH CARE  92,856 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 0.3%   
Aerojet Rocketdyne Holdings, Inc. 2.25% 12/15/23 3,040 3,951 
Building Products - 0.2%   
Patrick Industries, Inc. 1% 2/1/23 (a) 2,750 2,696 
Construction & Engineering - 0.3%   
Dycom Industries, Inc. 0.75% 9/15/21 3,470 4,025 
Electrical Equipment - 1.9%   
General Cable Corp. 4.5% 11/15/29 (e) 4,540 4,817 
SolarCity Corp.:   
1.625% 11/1/19 22,950 21,198 
2.75% 11/1/18 1,810 1,781 
  27,796 
Machinery - 1.4%   
Chart Industries, Inc. 1% 11/15/24 (a) 2,100 2,629 
Greenbrier Companies, Inc. 2.875% 2/1/24 3,320 3,749 
Meritor, Inc. 3.25% 10/15/37 (a) 1,360 1,362 
Navistar International Corp. New 4.75% 4/15/19 4,580 4,723 
Trinity Industries, Inc. 3.875% 6/1/36 5,700 8,141 
  20,604 
TOTAL INDUSTRIALS  59,072 
INFORMATION TECHNOLOGY - 29.0%   
Communications Equipment - 0.7%   
Liberty Interactive LLC 1.75% 9/30/46 (a) 6,870 7,099 
Lumentum Holdings, Inc. 0.25% 3/15/24 2,000 2,389 
  9,488 
Internet Software & Services - 8.5%   
Akamai Technologies, Inc.:   
0% 2/15/19 3,557 3,588 
0.125% 5/1/25 unit (a) 4,900 4,967 
Carbonite, Inc. 2.5% 4/1/22 4,210 6,793 
Coupa Software, Inc. 0.375% 1/15/23 (a) 3,070 4,070 
Gogo, Inc. 3.75% 3/1/20 3,100 2,604 
j2 Global, Inc. 3.25% 6/15/29 unit 2,000 2,667 
New Relic, Inc. 0.5% 5/1/23 unit (a) 2,600 2,861 
Nutanix, Inc. 0% 1/15/23 (a) 3,200 4,090 
Pandora Media, Inc.:   
1.75% 12/1/20 3,189 3,002 
1.75% 12/1/23 unit 9,568 9,580 
Quotient Technology, Inc. 1.75% 12/1/22 (a) 2,720 2,820 
Twilio, Inc. 0.25% 6/1/23 unit (a) 2,600 2,657 
Twitter, Inc.:   
0.25% 9/15/19 17,200 16,602 
1% 9/15/21 38,036 35,826 
Web.com Group, Inc. 1% 8/15/18 2,140 2,130 
Yahoo!, Inc. 0% 12/1/18 13,500 19,503 
  123,760 
IT Services - 1.6%   
Square, Inc. 0.375% 3/1/22 9,020 22,972 
Semiconductors & Semiconductor Equipment - 12.0%   
Advanced Micro Devices, Inc. 2.125% 9/1/26 3,880 7,190 
Cypress Semiconductor Corp.:   
2% 2/1/23 (a) 660 706 
4.5% 1/15/22 3,510 4,844 
Intel Corp. 3.25% 8/1/39 10,165 26,964 
Microchip Technology, Inc.:   
1.625% 2/15/25 10,760 20,421 
1.625% 2/15/27 27,090 34,439 
Micron Technology, Inc. 3% 11/15/43 23,090 45,449 
NXP Semiconductors NV 1% 12/1/19 7,820 9,550 
ON Semiconductor Corp. 1.625% 10/15/23 16,030 22,490 
Rambus, Inc. 1.375% 2/1/23 (a) 1,580 1,553 
  173,606 
Software - 5.9%   
Atlassian, Inc. 0.625% 5/1/23 unit (a) 3,600 3,768 
Citrix Systems, Inc. 0.5% 4/15/19 8,630 12,627 
Everbridge, Inc. 1.5% 11/1/22 2,120 3,105 
FireEye, Inc. 1.625% 6/1/35 7,640 7,014 
Guidewire Software, Inc. 1.25% 3/15/25 3,000 3,124 
Nice Systems, Inc. 1.25% 1/15/24 4,790 6,464 
Nuance Communications, Inc.:   
1% 12/15/35 8,050 7,228 
1.25% 4/1/25 5,280 4,874 
Red Hat, Inc. 0.25% 10/1/19 4,660 10,288 
RingCentral, Inc. 0% 3/15/23 (a) 5,900 6,551 
ServiceNow, Inc. 0% 11/1/18 2,630 6,316 
Workday, Inc. 1.5% 7/15/20 7,330 12,146 
Zendesk, Inc. 0.25% 3/15/23 (a) 1,500 1,637 
  85,142 
Technology Hardware, Storage & Peripherals - 0.3%   
Pure Storage, Inc. 0.125% 4/15/23 unit (a) 4,570 4,801 
TOTAL INFORMATION TECHNOLOGY  419,769 
MATERIALS - 1.7%   
Metals & Mining - 1.7%   
Allegheny Technologies, Inc. 4.75% 7/1/22 2,970 6,289 
Cliffs Natural Resources, Inc. 1.5% 1/15/25 9,120 11,113 
Endeavour Mining Corp. 3% 2/15/23 (a) 4,260 4,303 
Ssr Mining, Inc. 2.875% 2/1/33 2,500 2,477 
  24,182 
REAL ESTATE - 2.3%   
Real Estate Management & Development - 2.3%   
Extra Space Storage LP 3.125% 10/1/35 (a) 29,200 33,171 
UTILITIES - 3.1%   
Independent Power and Renewable Electricity Producers - 3.1%   
NextEra Energy Partners LP 1.5% 9/15/20 (a) 8,750 8,756 
NRG Energy, Inc. 2.75% 6/1/48 unit (a) 7,900 8,065 
NRG Yield, Inc.:   
3.25% 6/1/20 (a) 7,650 7,597 
3.5% 2/1/19 (a) 20,645 20,533 
  44,951 
TOTAL CONVERTIBLE BONDS   
(Cost $847,944)  915,913 
U.S. Treasury Obligations - 7.2%   
U.S. Treasury Notes:   
2.375% 1/31/23 $73,376 $72,402 
2.375% 5/15/27 33,545 32,274 
TOTAL U.S. TREASURY OBLIGATIONS   
(Cost $104,288)  104,676 
 Shares Value (000s) 
Common Stocks - 10.7%   
ENERGY - 6.1%   
Oil, Gas & Consumable Fuels - 6.1%   
California Resources Corp. (f)(g) 115,600 $4,247 
Cheniere Energy, Inc. (f) 125,100 8,334 
Enterprise Products Partners LP 686,600 19,843 
Magellan Midstream Partners LP 138,900 9,709 
MPLX LP 247,300 8,881 
Plains All American Pipeline LP 255,700 6,009 
Scorpio Tankers, Inc. 2,267,266 6,575 
Sunoco Logistics Partners, LP 356,285 9,477 
Targa Resources Corp. 217,000 10,553 
Whiting Petroleum Corp. (f) 82,800 4,340 
  87,968 
INFORMATION TECHNOLOGY - 3.8%   
Internet Software & Services - 1.2%   
Twitter, Inc. (f) 498,756 17,307 
Software - 0.4%   
Salesforce.com, Inc. (f) 45,578 5,895 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 172,100 32,160 
TOTAL INFORMATION TECHNOLOGY  55,362 
TELECOMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (f) 55,284 3,079 
UTILITIES - 0.6%   
Electric Utilities - 0.6%   
Vistra Energy Corp. (f) 355,860 8,729 
TOTAL COMMON STOCKS   
(Cost $137,738)  155,138 
Convertible Preferred Stocks - 18.6%   
CONSUMER STAPLES - 2.8%   
Food Products - 2.8%   
Bunge Ltd. 4.875% 286,200 30,604 
Post Holdings, Inc. Series C, 2.50% 71,600 10,457 
  41,061 
ENERGY - 1.4%   
Energy Equipment & Services - 0.3%   
Nabors Industries, Inc. Series A, 6.00% (f) 81,000 4,107 
Oil, Gas & Consumable Fuels - 1.1%   
Chesapeake Energy Corp. Series A, 5.75% (a) 6,100 3,646 
Hess Corp. Series A, 8.00% 170,600 11,645 
Kinder Morgan, Inc. Series A, 9.75% 48,900 1,592 
  16,883 
TOTAL ENERGY  20,990 
FINANCIALS - 2.9%   
Banks - 2.9%   
Bank of America Corp. Series L, 7.25% 14,088 17,832 
Wells Fargo & Co. 7.50% 19,663 24,668 
  42,500 
HEALTH CARE - 1.6%   
Health Care Equipment & Supplies - 1.6%   
Becton, Dickinson & Co. Series A, 6.125% 392,600 22,758 
INDUSTRIALS - 0.6%   
Machinery - 0.6%   
Rexnord Corp. Series A, 5.75% 47,337 2,952 
Stanley Black & Decker, Inc. 5.375% 56,800 6,040 
  8,992 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Crown Castle International Corp. Series A, 6.875% 9,200 9,598 
UTILITIES - 8.6%   
Electric Utilities - 3.8%   
NextEra Energy, Inc. 6.123% 276,000 15,667 
Vistra Energy Corp. 7.00% 398,500 39,173 
  54,840 
Gas Utilities - 0.3%   
South Jersey Industries, Inc. 7.25% 68,000 3,736 
Multi-Utilities - 4.5%   
CenterPoint Energy, Inc. 2.00% ZENS 429,350 27,191 
Dominion Resources, Inc. Series A, 6.75% 158,600 6,988 
Sempra Energy Series A, 6.00% 316,200 31,349 
  65,528 
TOTAL UTILITIES  124,104 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $258,240)  270,003 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund, 1.76% (h) 948,715 949 
Fidelity Securities Lending Cash Central Fund 1.76% (h)(i) 2,692,531 2,693 
TOTAL MONEY MARKET FUNDS   
(Cost $3,642)  3,642 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $1,351,852)  1,449,372 
NET OTHER ASSETS (LIABILITIES) - 0.0%  680 
NET ASSETS - 100%  $1,450,052 

Legend

 (a) 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 $200,149,000 or 13.8% of net assets.

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

 (c) Non-income producing - Security is in default.

 (d) Level 3 security

 (e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (f) Non-income producing

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

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

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $184 
Fidelity Securities Lending Cash Central Fund 
Total $185 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Staples $41,061 $-- $41,061 $-- 
Energy 108,958 92,075 16,883 -- 
Financials 42,500 -- 42,500 -- 
Health Care 22,758 -- 22,758 -- 
Industrials 8,992 -- 8,992 -- 
Information Technology 55,362 55,362 -- -- 
Real Estate 9,598 -- 9,598 -- 
Telecommunication Services 3,079 3,079 -- -- 
Utilities 132,833 8,729 124,104 -- 
Corporate Bonds 915,913 -- 915,313 600 
U.S. Government and Government Agency Obligations 104,676 -- 104,676 -- 
Money Market Funds 3,642 3,642 -- -- 
Total Investments in Securities: $1,449,372 $162,887 $1,285,885 $600 

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 7.2% 
AAA,AA,A 1.9% 
BBB 3.8% 
BB 14.2% 
6.1% 
CCC,CC,C 2.5% 
Not Rated 34.7% 
Equities 29.3% 
Short-Term Investments and Net Other Assets 0.3% 
 100% 

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.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,748) — See accompanying schedule:
Unaffiliated issuers (cost $1,348,210) 
$1,445,730  
Fidelity Central Funds (cost $3,642) 3,642  
Total Investment in Securities (cost $1,351,852)  $1,449,372 
Receivable for investments sold  14,931 
Receivable for fund shares sold  285 
Dividends receivable  1,161 
Interest receivable  4,520 
Distributions receivable from Fidelity Central Funds  
Other receivables  30 
Total assets  1,470,303 
Liabilities   
Payable for investments purchased $16,375  
Payable for fund shares redeemed 583  
Accrued management fee 315  
Distribution and service plan fees payable 22  
Other affiliated payables 220  
Other payables and accrued expenses 43  
Collateral on securities loaned 2,693  
Total liabilities  20,251 
Net Assets  $1,450,052 
Net Assets consist of:   
Paid in capital  $1,319,107 
Undistributed net investment income  13,136 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  20,289 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  97,520 
Net Assets  $1,450,052 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,090 ÷ 696.75 shares)  $28.83 
Maximum offering price per share (100/94.25 of $28.83)  $30.59 
Class M:   
Net Asset Value and redemption price per share ($6,113 ÷ 211.95 shares)  $28.84 
Maximum offering price per share (100/96.50 of $28.84)  $29.89 
Class C:   
Net Asset Value and offering price per share ($18,084 ÷ 631.20 shares)(a)  $28.65 
Convertible Securities:   
Net Asset Value, offering price and redemption price per share ($1,372,217 ÷ 47,414.15 shares)  $28.94 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,548 ÷ 1,160.87 shares)  $28.90 

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


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $10,726 
Interest  11,196 
Income from Fidelity Central Funds  185 
Total income  22,107 
Expenses   
Management fee   
Basic fee $3,247  
Performance adjustment (1,337)  
Transfer agent fees 1,115  
Distribution and service plan fees 145  
Accounting and security lending fees 231  
Custodian fees and expenses 20  
Independent trustees' fees and expenses  
Registration fees 69  
Audit 41  
Legal  
Interest  
Miscellaneous  
Total expenses before reductions 3,543  
Expense reductions (51)  
Total expenses after reductions  3,492 
Net investment income (loss)  18,615 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 72,106  
Total net realized gain (loss)  72,106 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (24,010)  
Total change in net unrealized appreciation (depreciation)  (24,010) 
Net gain (loss)  48,096 
Net increase (decrease) in net assets resulting from operations  $66,711 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $18,615 $46,697 
Net realized gain (loss) 72,106 24,125 
Change in net unrealized appreciation (depreciation) (24,010) 91,806 
Net increase (decrease) in net assets resulting from operations 66,711 162,628 
Distributions to shareholders from net investment income (18,761) (44,979) 
Distributions to shareholders from net realized gain (30,679) (24,545) 
Total distributions (49,440) (69,524) 
Share transactions - net increase (decrease) (94,576) (183,817) 
Total increase (decrease) in net assets (77,305) (90,713) 
Net Assets   
Beginning of period 1,527,357 1,618,070 
End of period $1,450,052 $1,527,357 
Other Information   
Undistributed net investment income end of period $13,136 $13,282 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Convertible Securities Fund Class A

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.49 $26.85 $29.56 $33.42 $30.79 $25.08 
Income from Investment Operations       
Net investment income (loss)A .32 .75 .81B .66 .51 .57 
Net realized and unrealized gain (loss) .92 2.02C (.69) (2.81) 2.81D 5.88 
Total from investment operations 1.24 2.77 .12 (2.15) 3.32 6.45 
Distributions from net investment income (.32) (.71) (.83) (.61) (.48) (.74) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.90) (1.13) (2.83) (1.71) (.69) (.74) 
Net asset value, end of period $28.83 $28.49 $26.85 $29.56 $33.42 $30.79 
Total ReturnE,F,G 4.50% 10.57%C .83% (6.60)% 10.95%D 26.12% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .75%J .74% .73% .84% .86% .99% 
Expenses net of fee waivers, if any .75%J .74% .73% .84% .85% .99% 
Expenses net of all reductions .75%J .74% .73% .84% .85% .99% 
Net investment income (loss) 2.25%J 2.71% 3.08%B 2.09% 1.60% 1.99% 
Supplemental Data       
Net assets, end of period (in millions) $20 $21 $29 $56 $150 $113 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.71%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.28%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.58%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class M

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.47 $26.86 $29.56 $33.44 $30.80 $25.09 
Income from Investment Operations       
Net investment income (loss)A .28 .68 .73B .57 .42 .48 
Net realized and unrealized gain (loss) .93 2.01C (.68) (2.82) 2.82D 5.89 
Total from investment operations 1.21 2.69 .05 (2.25) 3.24 6.37 
Distributions from net investment income (.26) (.66) (.75) (.53) (.39) (.66) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.84) (1.08) (2.75) (1.63) (.60) (.66) 
Net asset value, end of period $28.84 $28.47 $26.86 $29.56 $33.44 $30.80 
Total ReturnE,F,G 4.35% 10.26%C .53% (6.91)% 10.67%D 25.73% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.03%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Expenses net of fee waivers, if any 1.03%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Expenses net of all reductions 1.02%J 1.01% 1.04% 1.12% 1.14% 1.30% 
Net investment income (loss) 1.98%J 2.44% 2.77%B 1.81% 1.32% 1.68% 
Supplemental Data       
Net assets, end of period (in millions) $6 $14 $7 $9 $14 $11 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.40%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 9.97%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.30%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class C

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.31 $26.68 $29.37 $33.23 $30.63 $24.97 
Income from Investment Operations       
Net investment income (loss)A .21 .54 .60B .42 .27 .34 
Net realized and unrealized gain (loss) .92 2.01C (.67) (2.80) 2.80D 5.87 
Total from investment operations 1.13 2.55 (.07) (2.38) 3.07 6.21 
Distributions from net investment income (.21) (.50) (.62) (.38) (.26) (.55) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.79) (.92) (2.62) (1.48) (.47) (.55) 
Net asset value, end of period $28.65 $28.31 $26.68 $29.37 $33.23 $30.63 
Total ReturnE,F,G 4.10% 9.75%C .09% (7.35)% 10.13%D 25.12% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.50%J 1.50% 1.50% 1.60% 1.62% 1.78% 
Expenses net of fee waivers, if any 1.50%J 1.49% 1.49% 1.60% 1.62% 1.77% 
Expenses net of all reductions 1.49%J 1.49% 1.49% 1.59% 1.62% 1.77% 
Net investment income (loss) 1.51%J 1.96% 2.32%B 1.33% .84% 1.20% 
Supplemental Data       
Net assets, end of period (in millions) $18 $19 $24 $39 $48 $28 
Portfolio turnover rateK 174%J 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.95%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 9.46%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 9.76%.

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

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.59 $26.95 $29.66 $33.56 $30.90 $25.16 
Income from Investment Operations       
Net investment income (loss)A .36 .83 .88B .75 .60 .64 
Net realized and unrealized gain (loss) .94 2.02C (.68) (2.83) 2.83D 5.91 
Total from investment operations 1.30 2.85 .20 (2.08) 3.43 6.55 
Distributions from net investment income (.37) (.80) (.92) (.72) (.56) (.81) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.95) (1.21)E (2.91)F (1.82) (.77) (.81) 
Net asset value, end of period $28.94 $28.59 $26.95 $29.66 $33.56 $30.90 
Total ReturnG,H 4.67% 10.88%C 1.13% (6.38)% 11.28%D 26.44% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .46%K .45% .45% .56% .58% .73% 
Expenses net of fee waivers, if any .46%K .45% .45% .56% .58% .72% 
Expenses net of all reductions .45%K .45% .45% .56% .58% .72% 
Net investment income (loss) 2.55%K 3.00% 3.36%B 2.37% 1.88% 2.26% 
Supplemental Data       
Net assets, end of period (in millions) $1,372 $1,432 $1,490 $1,823 $2,307 $2,109 
Portfolio turnover rateL 174%K 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.99%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.59%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.91%.

 E Total distributions of $1.21 per share is comprised of distributions from net investment income of $.799 and distributions from net realized gain of $.415 per share.

 F Total distributions of $2.91 per share is comprised of distributions from net investment income of $.916 and distributions from net realized gain of $1.997 per share.

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

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

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Convertible Securities Fund Class I

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $28.55 $26.91 $29.62 $33.51 $30.86 $25.13 
Income from Investment Operations       
Net investment income (loss)A .36 .83 .88B .74 .59 .64 
Net realized and unrealized gain (loss) .93 2.02C (.68) (2.82) 2.83D 5.89 
Total from investment operations 1.29 2.85 .20 (2.08) 3.42 6.53 
Distributions from net investment income (.36) (.79) (.91) (.71) (.56) (.80) 
Distributions from net realized gain (.58) (.42) (2.00) (1.10) (.21) – 
Total distributions (.94) (1.21) (2.91) (1.81) (.77) (.80) 
Net asset value, end of period $28.90 $28.55 $26.91 $29.62 $33.51 $30.86 
Total ReturnE,F 4.66% 10.87%C 1.11% (6.39)% 11.25%D 26.42% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .48%I .47% .47% .58% .61% .76% 
Expenses net of fee waivers, if any .47%I .47% .47% .58% .61% .76% 
Expenses net of all reductions .47%I .47% .47% .58% .61% .76% 
Net investment income (loss) 2.53%I 2.98% 3.35%B 2.35% 1.85% 2.22% 
Supplemental Data       
Net assets, end of period (in millions) $34 $41 $68 $128 $159 $92 
Portfolio turnover rateJ 174%I 110% 112% 19% 23% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.98%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.08 per share. Excluding these litigation proceeds, the total return would have been 10.58%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 10.88%.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(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 and Class I 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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, contingent interest, equity-debt classifications, deferred trustees compensation, certain conversion ratio adjustments, capital loss carryforwards 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 $133,441 
Gross unrealized depreciation (42,326) 
Net unrealized appreciation (depreciation) $91,115 
Tax cost $1,358,257 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(6,895) 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,088,698 and $1,352,602, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 BofA Merrill LynchSM All US Convertibles Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .26% 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 Corporation (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% $25 $–(a) 
Class M .25% .25% 27 (a) 
Class C .75% .25% 93 
   $145 $5 

 (a) In the amount of less than five hundred dollars.


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 $3 
Class M 
Class C(a) (b) 
 $4 

 (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) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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. 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(a) 
Class A $20 .19 
Class M 11 .21 
Class C 17 .19 
Convertible Securities 1,038 .15 
Class I 29 .17 
 $1,115  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $16 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $3,635 1.61% $2 

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $1. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39 for the period. 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, these credits reduced the Fund's custody expenses by $4.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Class A $232 $630 
Class M 98 267 
Class C 137 395 
Convertible Securities 17,846 42,192 
Class I 448 1,495 
Total $18,761 $44,979 
From net realized gain   
Class A $428 $444 
Class M 304 102 
Class C 385 357 
Convertible Securities 28,755 22,674 
Class I 807 968 
Total $30,679 $24,545 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Class A     
Shares sold 48 106 $1,377 $2,921 
Reinvestment of distributions 23 37 632 1,008 
Shares redeemed (113) (502) (3,204) (13,796) 
Net increase (decrease) (42) (359) $(1,195) $(9,867) 
Class M     
Shares sold 58 616 $1,649 $17,118 
Reinvestment of distributions 14 13 399 364 
Shares redeemed (369) (366) (10,262) (10,224) 
Net increase (decrease) (297) 263 $(8,214) $7,258 
Class C     
Shares sold 36 64 $1,027 $1,763 
Reinvestment of distributions 18 25 489 686 
Shares redeemed (105) (308) (2,954) (8,438) 
Net increase (decrease) (51) (219) $(1,438) $(5,989) 
Convertible Securities     
Shares sold 1,001 3,155 $28,421 $86,877 
Reinvestment of distributions 1,457 2,104 40,682 57,338 
Shares redeemed (5,118) (10,453) (145,347) (289,022) 
Net increase (decrease) (2,660) (5,194) $(76,244) $(144,807) 
Class I     
Shares sold 131 785 $3,714 $21,690 
Reinvestment of distributions 40 73 1,107 1,977 
Shares redeemed (436) (1,970) (12,306) (54,079) 
Net increase (decrease) (265) (1,112) $(7,485) $(30,412) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Class A .75%    
Actual  $1,000.00 $1,045.00 $3.82 
Hypothetical-C  $1,000.00 $1,021.19 $3.78 
Class M 1.03%    
Actual  $1,000.00 $1,043.50 $5.25 
Hypothetical-C  $1,000.00 $1,019.80 $5.19 
Class C 1.50%    
Actual  $1,000.00 $1,041.00 $7.63 
Hypothetical-C  $1,000.00 $1,017.45 $7.54 
Convertible Securities .46%    
Actual  $1,000.00 $1,046.70 $2.35 
Hypothetical-C  $1,000.00 $1,022.64 $2.32 
Class I .47%    
Actual  $1,000.00 $1,046.60 $2.40 
Hypothetical-C  $1,000.00 $1,022.59 $2.37 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CVS-SANN-0718
1.704534.120


Fidelity® Equity Dividend Income Fund



Semi-Annual Report

May 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Wells Fargo & Co. 4.5 
Verizon Communications, Inc. 3.9 
Amgen, Inc. 3.5 
Johnson & Johnson 3.5 
United Technologies Corp. 3.1 
Cisco Systems, Inc. 2.8 
Chubb Ltd. 2.8 
Chevron Corp. 2.6 
British American Tobacco PLC sponsored ADR 2.5 
Suncor Energy, Inc. 2.5 
 31.7 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Financials 22.5 
Health Care 14.7 
Information Technology 10.0 
Consumer Staples 9.7 
Industrials 9.3 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 19.3%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.4%   
Automobiles - 0.2%   
Subaru Corp. 327,300 $9,981 
Hotels, Restaurants & Leisure - 0.8%   
Wyndham Worldwide Corp. 388,500 42,129 
Media - 7.0%   
Cinemark Holdings, Inc. 1,357,200 45,833 
Comcast Corp. Class A 1,461,000 45,554 
Informa PLC 5,239,001 54,629 
Interpublic Group of Companies, Inc. 834,400 18,857 
Omnicom Group, Inc. 846,300 61,001 
The Walt Disney Co. 793,000 78,880 
Time Warner, Inc. 614,600 57,871 
  362,625 
Specialty Retail - 0.4%   
Lowe's Companies, Inc. 226,400 21,510 
TOTAL CONSUMER DISCRETIONARY  436,245 
CONSUMER STAPLES - 9.7%   
Beverages - 1.1%   
Molson Coors Brewing Co. Class B 896,300 55,257 
Food Products - 1.8%   
Kellogg Co. 378,000 24,339 
The J.M. Smucker Co. 662,700 71,240 
  95,579 
Household Products - 1.6%   
Clorox Co. 224,000 27,066 
Reckitt Benckiser Group PLC 526,900 40,331 
Spectrum Brands Holdings, Inc. (a) 166,400 13,260 
  80,657 
Personal Products - 1.0%   
Unilever NV (NY Reg.) 937,500 52,284 
Tobacco - 4.2%   
Altria Group, Inc. 1,178,600 65,695 
British American Tobacco PLC sponsored ADR 2,535,900 129,838 
Imperial Tobacco Group PLC 617,337 22,240 
  217,773 
TOTAL CONSUMER STAPLES  501,550 
ENERGY - 8.8%   
Energy Equipment & Services - 0.5%   
Baker Hughes, a GE Co. Class A 778,400 26,925 
Oil, Gas & Consumable Fuels - 8.3%   
Boardwalk Pipeline Partners, LP 1,303,500 13,804 
Chevron Corp. 1,095,870 136,217 
Enterprise Products Partners LP 2,023,100 58,468 
Suncor Energy, Inc. 3,211,100 127,889 
The Williams Companies, Inc. 3,435,100 92,267 
  428,645 
TOTAL ENERGY  455,570 
FINANCIALS - 22.5%   
Banks - 10.4%   
Bank of America Corp. 3,592,300 104,320 
Bank of the Ozarks, Inc. 822,100 39,083 
First Hawaiian, Inc. 564,400 16,526 
Huntington Bancshares, Inc. 1,233,700 18,345 
JPMorgan Chase & Co. 1,186,122 126,927 
Wells Fargo & Co. 4,313,008 232,857 
  538,058 
Capital Markets - 5.0%   
Apollo Global Management LLC Class A 1,558,800 48,822 
Ares Capital Corp. 746,400 12,599 
KKR & Co. LP 240,300 5,342 
Lazard Ltd. Class A 329,600 16,955 
Northern Trust Corp. 317,700 32,571 
State Street Corp. 644,000 61,895 
The Blackstone Group LP 2,597,400 82,935 
  261,119 
Consumer Finance - 2.8%   
Capital One Financial Corp. 899,400 84,544 
Discover Financial Services 802,600 59,280 
  143,824 
Insurance - 4.3%   
Chubb Ltd. 1,092,879 142,828 
FNF Group 806,700 29,816 
The Travelers Companies, Inc. 375,700 48,285 
  220,929 
TOTAL FINANCIALS  1,163,930 
HEALTH CARE - 14.7%   
Biotechnology - 3.5%   
Amgen, Inc. 1,011,400 181,668 
Health Care Equipment & Supplies - 0.5%   
Becton, Dickinson & Co. 103,000 22,824 
Health Care Providers & Services - 4.0%   
AmerisourceBergen Corp. 204,000 16,757 
CVS Health Corp. 1,297,100 82,223 
McKesson Corp. 435,100 61,758 
UnitedHealth Group, Inc. 197,500 47,698 
  208,436 
Pharmaceuticals - 6.7%   
GlaxoSmithKline PLC 3,569,475 72,317 
Johnson & Johnson 1,515,066 181,232 
Roche Holding AG (participation certificate) 189,521 40,636 
Sanofi SA sponsored ADR 1,419,900 54,340 
  348,525 
TOTAL HEALTH CARE  761,453 
INDUSTRIALS - 9.3%   
Aerospace & Defense - 4.3%   
General Dynamics Corp. 316,000 63,740 
United Technologies Corp. 1,284,030 160,273 
  224,013 
Commercial Services & Supplies - 0.7%   
KAR Auction Services, Inc. 629,900 33,240 
Electrical Equipment - 1.4%   
Eaton Corp. PLC 939,000 71,909 
Industrial Conglomerates - 1.1%   
General Electric Co. 4,161,397 58,592 
Machinery - 1.3%   
Allison Transmission Holdings, Inc. 285,900 11,811 
Andritz AG 552,000 27,555 
Snap-On, Inc. 187,600 27,731 
  67,097 
Professional Services - 0.5%   
Nielsen Holdings PLC 872,600 26,326 
TOTAL INDUSTRIALS  481,177 
INFORMATION TECHNOLOGY - 10.0%   
Communications Equipment - 3.2%   
Cisco Systems, Inc. 3,385,700 144,603 
Juniper Networks, Inc. 721,100 19,210 
  163,813 
Electronic Equipment & Components - 0.7%   
Dell Technologies, Inc. (b) 193,000 15,567 
TE Connectivity Ltd. 234,300 21,809 
  37,376 
IT Services - 1.9%   
Amdocs Ltd. 723,700 48,821 
Capgemini SA 188,000 24,758 
Leidos Holdings, Inc. 377,759 22,688 
  96,267 
Semiconductors & Semiconductor Equipment - 1.1%   
Qualcomm, Inc. 1,025,151 59,582 
Software - 1.4%   
Micro Focus International PLC 1,017,100 18,019 
Microsoft Corp. 575,826 56,915 
  74,934 
Technology Hardware, Storage & Peripherals - 1.7%   
Apple, Inc. 471,800 88,165 
TOTAL INFORMATION TECHNOLOGY  520,137 
MATERIALS - 4.9%   
Chemicals - 2.1%   
CF Industries Holdings, Inc. 295,000 12,136 
DowDuPont, Inc. 1,364,198 87,459 
Olin Corp. 269,600 8,716 
  108,311 
Containers & Packaging - 2.8%   
Graphic Packaging Holding Co. 2,911,200 42,154 
Silgan Holdings, Inc. 968,600 26,365 
WestRock Co. 1,279,331 75,327 
  143,846 
TOTAL MATERIALS  252,157 
REAL ESTATE - 3.3%   
Equity Real Estate Investment Trusts (REITs) - 3.3%   
Brandywine Realty Trust (SBI) 2,168,100 35,253 
CoreSite Realty Corp. 96,600 10,255 
National Retail Properties, Inc. 295,700 12,251 
Omega Healthcare Investors, Inc. 620,900 19,031 
Public Storage 164,100 34,763 
SL Green Realty Corp. 198,500 19,358 
VEREIT, Inc. 3,423,000 24,509 
WP Carey, Inc. 255,400 17,165 
  172,585 
TELECOMMUNICATION SERVICES - 3.9%   
Diversified Telecommunication Services - 3.9%   
Verizon Communications, Inc. 4,213,900 200,877 
UTILITIES - 3.3%   
Electric Utilities - 3.3%   
Duke Energy Corp. 345,100 26,628 
Exelon Corp. 1,948,300 80,640 
PPL Corp. 1,428,800 39,035 
Xcel Energy, Inc. 606,000 27,585 
  173,888 
TOTAL COMMON STOCKS   
(Cost $4,576,717)  5,119,569 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund, 1.76% (c) 42,839,274 42,848 
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) 900,570 901 
TOTAL MONEY MARKET FUNDS   
(Cost $43,749)  43,749 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $4,620,466)  5,163,318 
NET OTHER ASSETS (LIABILITIES) - 0.3%  17,869 
NET ASSETS - 100%  $5,181,187 

Legend

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

 (b) Non-income producing

 (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 are available on the SEC's website or upon request.

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $428 
Fidelity Securities Lending Cash Central Fund 126 
Total $554 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $436,245 $426,264 $9,981 $-- 
Consumer Staples 501,550 461,219 40,331 -- 
Energy 455,570 455,570 -- -- 
Financials 1,163,930 1,163,930 -- -- 
Health Care 761,453 648,500 112,953 -- 
Industrials 481,177 481,177 -- -- 
Information Technology 520,137 502,118 18,019 -- 
Materials 252,157 252,157 -- -- 
Real Estate 172,585 172,585 -- -- 
Telecommunication Services 200,877 200,877 -- -- 
Utilities 173,888 173,888 -- -- 
Money Market Funds 43,749 43,749 -- -- 
Total Investments in Securities: $5,163,318 $4,982,034 $181,284 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 80.7% 
United Kingdom 6.9% 
Switzerland 4.0% 
Canada 2.5% 
France 1.5% 
Ireland 1.4% 
Netherlands 1.0% 
Bailiwick of Guernsey 1.0% 
Others (Individually Less Than 1%) 1.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $829) — See accompanying schedule:
Unaffiliated issuers (cost $4,576,717) 
$5,119,569  
Fidelity Central Funds (cost $43,749) 43,749  
Total Investment in Securities (cost $4,620,466)  $5,163,318 
Receivable for investments sold  27,520 
Receivable for fund shares sold  292 
Dividends receivable  17,230 
Distributions receivable from Fidelity Central Funds  82 
Prepaid expenses  
Other receivables  148 
Total assets  5,208,591 
Liabilities   
Payable to custodian bank $255  
Payable for investments purchased 21,067  
Payable for fund shares redeemed 2,511  
Accrued management fee 1,924  
Other affiliated payables 696  
Other payables and accrued expenses 64  
Collateral on securities loaned 887  
Total liabilities  27,404 
Net Assets  $5,181,187 
Net Assets consist of:   
Paid in capital  $4,292,262 
Undistributed net investment income  27,725 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  318,441 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  542,759 
Net Assets  $5,181,187 
Equity Dividend Income:   
Net Asset Value, offering price and redemption price per share ($4,961,947 ÷ 185,100 shares)  $26.81 
Class K:   
Net Asset Value, offering price and redemption price per share ($219,240 ÷ 8,178 shares)  $26.81 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $79,487 
Income from Fidelity Central Funds  554 
Total income  80,041 
Expenses   
Management fee $12,161  
Transfer agent fees 3,697  
Accounting and security lending fees 556  
Custodian fees and expenses 50  
Independent trustees' fees and expenses 13  
Registration fees 79  
Audit 39  
Legal  
Miscellaneous 20  
Total expenses before reductions 16,623  
Expense reductions (213)  
Total expenses after reductions  16,410 
Net investment income (loss)  63,631 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 323,984  
Fidelity Central Funds  
Foreign currency transactions 69  
Total net realized gain (loss)  324,056 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (462,549)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (153)  
Total change in net unrealized appreciation (depreciation)  (462,703) 
Net gain (loss)  (138,647) 
Net increase (decrease) in net assets resulting from operations  $(75,016) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $63,631 $132,091 
Net realized gain (loss) 324,056 455,867 
Change in net unrealized appreciation (depreciation) (462,703) 175,691 
Net increase (decrease) in net assets resulting from operations (75,016) 763,649 
Distributions to shareholders from net investment income (66,279) (127,695) 
Distributions to shareholders from net realized gain (408,560) (223,485) 
Total distributions (474,839) (351,180) 
Share transactions - net increase (decrease) 145,046 (420,557) 
Total increase (decrease) in net assets (404,809) (8,088) 
Net Assets   
Beginning of period 5,585,996 5,594,084 
End of period $5,181,187 $5,585,996 
Other Information   
Undistributed net investment income end of period $27,725 $30,373 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Equity Dividend Income Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $29.62 $27.50 $26.01 $26.99 $24.15 $19.54 
Income from Investment Operations       
Net investment income (loss)A .32 .65 .57 .64 .70B .49 
Net realized and unrealized gain (loss) (.61) 3.20 2.26 (.95)C 2.77 4.59 
Total from investment operations (.29) 3.85 2.83 (.31) 3.47 5.08 
Distributions from net investment income (.35) (.63) (.51) (.58) (.63) (.47) 
Distributions from net realized gain (2.18) (1.10) (.83) (.08) – – 
Total distributions (2.52)D (1.73) (1.34) (.67)E (.63) (.47) 
Net asset value, end of period $26.81 $29.62 $27.50 $26.01 $26.99 $24.15 
Total ReturnF,G (1.21)% 14.61% 11.60% (1.13)%C 14.60% 26.35% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .61%J .62% .63% .63% .63% .65% 
Expenses net of fee waivers, if any .61%J .62% .63% .63% .63% .65% 
Expenses net of all reductions .60%J .61% .62% .62% .63% .63% 
Net investment income (loss) 2.30%J 2.35% 2.23% 2.42% 2.78%B 2.24% 
Supplemental Data       
Net assets, end of period (in millions) $4,962 $5,351 $5,296 $4,819 $5,253 $4,993 
Portfolio turnover rateK 63%J 52% 55% 49% 52% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.31%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.22)%.

 D Total distributions of $2.52 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $2.176 per share.

 E Total distributions of $.67 per share is comprised of distributions from net investment income of $.582 and distributions from net realized gain of $.084 per share.

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Equity Dividend Income Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $29.62 $27.50 $26.01 $26.99 $24.15 $19.53 
Income from Investment Operations       
Net investment income (loss)A .33 .68 .59 .67 .73B .51 
Net realized and unrealized gain (loss) (.60) 3.20 2.27 (.96)C 2.76 4.61 
Total from investment operations (.27) 3.88 2.86 (.29) 3.49 5.12 
Distributions from net investment income (.36) (.66) (.54) (.61) (.65) (.50) 
Distributions from net realized gain (2.18) (1.10) (.83) (.08) – – 
Total distributions (2.54) (1.76) (1.37) (.69) (.65) (.50) 
Net asset value, end of period $26.81 $29.62 $27.50 $26.01 $26.99 $24.15 
Total ReturnD,E (1.16)% 14.73% 11.72% (1.03)%C 14.72% 26.57% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .51%H .52% .52% .52% .52% .53% 
Expenses net of fee waivers, if any .51%H .52% .52% .52% .52% .53% 
Expenses net of all reductions .51%H .51% .52% .52% .52% .51% 
Net investment income (loss) 2.40%H 2.45% 2.33% 2.52% 2.89%B 2.35% 
Supplemental Data       
Net assets, end of period (in millions) $219 $235 $298 $277 $394 $442 
Portfolio turnover rateI 63%H 52% 55% 49% 52% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.42%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been(1.12)%.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred trustees compensation, 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 $786,842 
Gross unrealized depreciation (256,178) 
Net unrealized appreciation (depreciation) $530,664 
Tax cost $4,632,654 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,700,615 and $1,936,833, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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 Equity Dividend Income, 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(a) 
Equity Dividend Income $3,645 .14 
Class K 52 .05 
 $3,697  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .02%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $41 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $126. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $184 for the period. In addition, 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, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Equity Dividend Income $63,367 $121,249 
Class K 2,912 6,446 
Total $66,279 $127,695 
From net realized gain   
Equity Dividend Income $391,294 $211,696 
Class K 17,266 11,789 
Total $408,560 $223,485 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Equity Dividend Income     
Shares sold 11,637 14,616 $326,162 $406,124 
Reinvestment of distributions 15,371 11,480 425,806 313,561 
Shares redeemed (22,552) (38,036) (613,997) (1,060,571) 
Net increase (decrease) 4,456 (11,940) $137,971 $(340,886) 
Class K     
Shares sold 671 1,803 $18,710 $49,981 
Reinvestment of distributions 728 668 20,178 18,235 
Shares redeemed (1,156) (5,377) (31,813) (147,887) 
Net increase (decrease) 243 (2,906) $7,075 $(79,671) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Equity Dividend Income .61%    
Actual  $1,000.00 $987.90 $3.02 
Hypothetical-C  $1,000.00 $1,021.89 $3.07 
Class K .51%    
Actual  $1,000.00 $988.40 $2.53 
Hypothetical-C  $1,000.00 $1,022.39 $2.57 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

EII-SANN-0718
1.704739.120


Fidelity® Equity Dividend Income Fund
Class K



Semi-Annual Report

May 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Wells Fargo & Co. 4.5 
Verizon Communications, Inc. 3.9 
Amgen, Inc. 3.5 
Johnson & Johnson 3.5 
United Technologies Corp. 3.1 
Cisco Systems, Inc. 2.8 
Chubb Ltd. 2.8 
Chevron Corp. 2.6 
British American Tobacco PLC sponsored ADR 2.5 
Suncor Energy, Inc. 2.5 
 31.7 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Financials 22.5 
Health Care 14.7 
Information Technology 10.0 
Consumer Staples 9.7 
Industrials 9.3 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 19.3%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.4%   
Automobiles - 0.2%   
Subaru Corp. 327,300 $9,981 
Hotels, Restaurants & Leisure - 0.8%   
Wyndham Worldwide Corp. 388,500 42,129 
Media - 7.0%   
Cinemark Holdings, Inc. 1,357,200 45,833 
Comcast Corp. Class A 1,461,000 45,554 
Informa PLC 5,239,001 54,629 
Interpublic Group of Companies, Inc. 834,400 18,857 
Omnicom Group, Inc. 846,300 61,001 
The Walt Disney Co. 793,000 78,880 
Time Warner, Inc. 614,600 57,871 
  362,625 
Specialty Retail - 0.4%   
Lowe's Companies, Inc. 226,400 21,510 
TOTAL CONSUMER DISCRETIONARY  436,245 
CONSUMER STAPLES - 9.7%   
Beverages - 1.1%   
Molson Coors Brewing Co. Class B 896,300 55,257 
Food Products - 1.8%   
Kellogg Co. 378,000 24,339 
The J.M. Smucker Co. 662,700 71,240 
  95,579 
Household Products - 1.6%   
Clorox Co. 224,000 27,066 
Reckitt Benckiser Group PLC 526,900 40,331 
Spectrum Brands Holdings, Inc. (a) 166,400 13,260 
  80,657 
Personal Products - 1.0%   
Unilever NV (NY Reg.) 937,500 52,284 
Tobacco - 4.2%   
Altria Group, Inc. 1,178,600 65,695 
British American Tobacco PLC sponsored ADR 2,535,900 129,838 
Imperial Tobacco Group PLC 617,337 22,240 
  217,773 
TOTAL CONSUMER STAPLES  501,550 
ENERGY - 8.8%   
Energy Equipment & Services - 0.5%   
Baker Hughes, a GE Co. Class A 778,400 26,925 
Oil, Gas & Consumable Fuels - 8.3%   
Boardwalk Pipeline Partners, LP 1,303,500 13,804 
Chevron Corp. 1,095,870 136,217 
Enterprise Products Partners LP 2,023,100 58,468 
Suncor Energy, Inc. 3,211,100 127,889 
The Williams Companies, Inc. 3,435,100 92,267 
  428,645 
TOTAL ENERGY  455,570 
FINANCIALS - 22.5%   
Banks - 10.4%   
Bank of America Corp. 3,592,300 104,320 
Bank of the Ozarks, Inc. 822,100 39,083 
First Hawaiian, Inc. 564,400 16,526 
Huntington Bancshares, Inc. 1,233,700 18,345 
JPMorgan Chase & Co. 1,186,122 126,927 
Wells Fargo & Co. 4,313,008 232,857 
  538,058 
Capital Markets - 5.0%   
Apollo Global Management LLC Class A 1,558,800 48,822 
Ares Capital Corp. 746,400 12,599 
KKR & Co. LP 240,300 5,342 
Lazard Ltd. Class A 329,600 16,955 
Northern Trust Corp. 317,700 32,571 
State Street Corp. 644,000 61,895 
The Blackstone Group LP 2,597,400 82,935 
  261,119 
Consumer Finance - 2.8%   
Capital One Financial Corp. 899,400 84,544 
Discover Financial Services 802,600 59,280 
  143,824 
Insurance - 4.3%   
Chubb Ltd. 1,092,879 142,828 
FNF Group 806,700 29,816 
The Travelers Companies, Inc. 375,700 48,285 
  220,929 
TOTAL FINANCIALS  1,163,930 
HEALTH CARE - 14.7%   
Biotechnology - 3.5%   
Amgen, Inc. 1,011,400 181,668 
Health Care Equipment & Supplies - 0.5%   
Becton, Dickinson & Co. 103,000 22,824 
Health Care Providers & Services - 4.0%   
AmerisourceBergen Corp. 204,000 16,757 
CVS Health Corp. 1,297,100 82,223 
McKesson Corp. 435,100 61,758 
UnitedHealth Group, Inc. 197,500 47,698 
  208,436 
Pharmaceuticals - 6.7%   
GlaxoSmithKline PLC 3,569,475 72,317 
Johnson & Johnson 1,515,066 181,232 
Roche Holding AG (participation certificate) 189,521 40,636 
Sanofi SA sponsored ADR 1,419,900 54,340 
  348,525 
TOTAL HEALTH CARE  761,453 
INDUSTRIALS - 9.3%   
Aerospace & Defense - 4.3%   
General Dynamics Corp. 316,000 63,740 
United Technologies Corp. 1,284,030 160,273 
  224,013 
Commercial Services & Supplies - 0.7%   
KAR Auction Services, Inc. 629,900 33,240 
Electrical Equipment - 1.4%   
Eaton Corp. PLC 939,000 71,909 
Industrial Conglomerates - 1.1%   
General Electric Co. 4,161,397 58,592 
Machinery - 1.3%   
Allison Transmission Holdings, Inc. 285,900 11,811 
Andritz AG 552,000 27,555 
Snap-On, Inc. 187,600 27,731 
  67,097 
Professional Services - 0.5%   
Nielsen Holdings PLC 872,600 26,326 
TOTAL INDUSTRIALS  481,177 
INFORMATION TECHNOLOGY - 10.0%   
Communications Equipment - 3.2%   
Cisco Systems, Inc. 3,385,700 144,603 
Juniper Networks, Inc. 721,100 19,210 
  163,813 
Electronic Equipment & Components - 0.7%   
Dell Technologies, Inc. (b) 193,000 15,567 
TE Connectivity Ltd. 234,300 21,809 
  37,376 
IT Services - 1.9%   
Amdocs Ltd. 723,700 48,821 
Capgemini SA 188,000 24,758 
Leidos Holdings, Inc. 377,759 22,688 
  96,267 
Semiconductors & Semiconductor Equipment - 1.1%   
Qualcomm, Inc. 1,025,151 59,582 
Software - 1.4%   
Micro Focus International PLC 1,017,100 18,019 
Microsoft Corp. 575,826 56,915 
  74,934 
Technology Hardware, Storage & Peripherals - 1.7%   
Apple, Inc. 471,800 88,165 
TOTAL INFORMATION TECHNOLOGY  520,137 
MATERIALS - 4.9%   
Chemicals - 2.1%   
CF Industries Holdings, Inc. 295,000 12,136 
DowDuPont, Inc. 1,364,198 87,459 
Olin Corp. 269,600 8,716 
  108,311 
Containers & Packaging - 2.8%   
Graphic Packaging Holding Co. 2,911,200 42,154 
Silgan Holdings, Inc. 968,600 26,365 
WestRock Co. 1,279,331 75,327 
  143,846 
TOTAL MATERIALS  252,157 
REAL ESTATE - 3.3%   
Equity Real Estate Investment Trusts (REITs) - 3.3%   
Brandywine Realty Trust (SBI) 2,168,100 35,253 
CoreSite Realty Corp. 96,600 10,255 
National Retail Properties, Inc. 295,700 12,251 
Omega Healthcare Investors, Inc. 620,900 19,031 
Public Storage 164,100 34,763 
SL Green Realty Corp. 198,500 19,358 
VEREIT, Inc. 3,423,000 24,509 
WP Carey, Inc. 255,400 17,165 
  172,585 
TELECOMMUNICATION SERVICES - 3.9%   
Diversified Telecommunication Services - 3.9%   
Verizon Communications, Inc. 4,213,900 200,877 
UTILITIES - 3.3%   
Electric Utilities - 3.3%   
Duke Energy Corp. 345,100 26,628 
Exelon Corp. 1,948,300 80,640 
PPL Corp. 1,428,800 39,035 
Xcel Energy, Inc. 606,000 27,585 
  173,888 
TOTAL COMMON STOCKS   
(Cost $4,576,717)  5,119,569 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund, 1.76% (c) 42,839,274 42,848 
Fidelity Securities Lending Cash Central Fund 1.76% (c)(d) 900,570 901 
TOTAL MONEY MARKET FUNDS   
(Cost $43,749)  43,749 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $4,620,466)  5,163,318 
NET OTHER ASSETS (LIABILITIES) - 0.3%  17,869 
NET ASSETS - 100%  $5,181,187 

Legend

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

 (b) Non-income producing

 (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 are available on the SEC's website or upon request.

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $428 
Fidelity Securities Lending Cash Central Fund 126 
Total $554 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $436,245 $426,264 $9,981 $-- 
Consumer Staples 501,550 461,219 40,331 -- 
Energy 455,570 455,570 -- -- 
Financials 1,163,930 1,163,930 -- -- 
Health Care 761,453 648,500 112,953 -- 
Industrials 481,177 481,177 -- -- 
Information Technology 520,137 502,118 18,019 -- 
Materials 252,157 252,157 -- -- 
Real Estate 172,585 172,585 -- -- 
Telecommunication Services 200,877 200,877 -- -- 
Utilities 173,888 173,888 -- -- 
Money Market Funds 43,749 43,749 -- -- 
Total Investments in Securities: $5,163,318 $4,982,034 $181,284 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 80.7% 
United Kingdom 6.9% 
Switzerland 4.0% 
Canada 2.5% 
France 1.5% 
Ireland 1.4% 
Netherlands 1.0% 
Bailiwick of Guernsey 1.0% 
Others (Individually Less Than 1%) 1.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $829) — See accompanying schedule:
Unaffiliated issuers (cost $4,576,717) 
$5,119,569  
Fidelity Central Funds (cost $43,749) 43,749  
Total Investment in Securities (cost $4,620,466)  $5,163,318 
Receivable for investments sold  27,520 
Receivable for fund shares sold  292 
Dividends receivable  17,230 
Distributions receivable from Fidelity Central Funds  82 
Prepaid expenses  
Other receivables  148 
Total assets  5,208,591 
Liabilities   
Payable to custodian bank $255  
Payable for investments purchased 21,067  
Payable for fund shares redeemed 2,511  
Accrued management fee 1,924  
Other affiliated payables 696  
Other payables and accrued expenses 64  
Collateral on securities loaned 887  
Total liabilities  27,404 
Net Assets  $5,181,187 
Net Assets consist of:   
Paid in capital  $4,292,262 
Undistributed net investment income  27,725 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  318,441 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  542,759 
Net Assets  $5,181,187 
Equity Dividend Income:   
Net Asset Value, offering price and redemption price per share ($4,961,947 ÷ 185,100 shares)  $26.81 
Class K:   
Net Asset Value, offering price and redemption price per share ($219,240 ÷ 8,178 shares)  $26.81 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $79,487 
Income from Fidelity Central Funds  554 
Total income  80,041 
Expenses   
Management fee $12,161  
Transfer agent fees 3,697  
Accounting and security lending fees 556  
Custodian fees and expenses 50  
Independent trustees' fees and expenses 13  
Registration fees 79  
Audit 39  
Legal  
Miscellaneous 20  
Total expenses before reductions 16,623  
Expense reductions (213)  
Total expenses after reductions  16,410 
Net investment income (loss)  63,631 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 323,984  
Fidelity Central Funds  
Foreign currency transactions 69  
Total net realized gain (loss)  324,056 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (462,549)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (153)  
Total change in net unrealized appreciation (depreciation)  (462,703) 
Net gain (loss)  (138,647) 
Net increase (decrease) in net assets resulting from operations  $(75,016) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $63,631 $132,091 
Net realized gain (loss) 324,056 455,867 
Change in net unrealized appreciation (depreciation) (462,703) 175,691 
Net increase (decrease) in net assets resulting from operations (75,016) 763,649 
Distributions to shareholders from net investment income (66,279) (127,695) 
Distributions to shareholders from net realized gain (408,560) (223,485) 
Total distributions (474,839) (351,180) 
Share transactions - net increase (decrease) 145,046 (420,557) 
Total increase (decrease) in net assets (404,809) (8,088) 
Net Assets   
Beginning of period 5,585,996 5,594,084 
End of period $5,181,187 $5,585,996 
Other Information   
Undistributed net investment income end of period $27,725 $30,373 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Equity Dividend Income Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $29.62 $27.50 $26.01 $26.99 $24.15 $19.54 
Income from Investment Operations       
Net investment income (loss)A .32 .65 .57 .64 .70B .49 
Net realized and unrealized gain (loss) (.61) 3.20 2.26 (.95)C 2.77 4.59 
Total from investment operations (.29) 3.85 2.83 (.31) 3.47 5.08 
Distributions from net investment income (.35) (.63) (.51) (.58) (.63) (.47) 
Distributions from net realized gain (2.18) (1.10) (.83) (.08) – – 
Total distributions (2.52)D (1.73) (1.34) (.67)E (.63) (.47) 
Net asset value, end of period $26.81 $29.62 $27.50 $26.01 $26.99 $24.15 
Total ReturnF,G (1.21)% 14.61% 11.60% (1.13)%C 14.60% 26.35% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .61%J .62% .63% .63% .63% .65% 
Expenses net of fee waivers, if any .61%J .62% .63% .63% .63% .65% 
Expenses net of all reductions .60%J .61% .62% .62% .63% .63% 
Net investment income (loss) 2.30%J 2.35% 2.23% 2.42% 2.78%B 2.24% 
Supplemental Data       
Net assets, end of period (in millions) $4,962 $5,351 $5,296 $4,819 $5,253 $4,993 
Portfolio turnover rateK 63%J 52% 55% 49% 52% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.31%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.22)%.

 D Total distributions of $2.52 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $2.176 per share.

 E Total distributions of $.67 per share is comprised of distributions from net investment income of $.582 and distributions from net realized gain of $.084 per share.

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

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

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Equity Dividend Income Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $29.62 $27.50 $26.01 $26.99 $24.15 $19.53 
Income from Investment Operations       
Net investment income (loss)A .33 .68 .59 .67 .73B .51 
Net realized and unrealized gain (loss) (.60) 3.20 2.27 (.96)C 2.76 4.61 
Total from investment operations (.27) 3.88 2.86 (.29) 3.49 5.12 
Distributions from net investment income (.36) (.66) (.54) (.61) (.65) (.50) 
Distributions from net realized gain (2.18) (1.10) (.83) (.08) – – 
Total distributions (2.54) (1.76) (1.37) (.69) (.65) (.50) 
Net asset value, end of period $26.81 $29.62 $27.50 $26.01 $26.99 $24.15 
Total ReturnD,E (1.16)% 14.73% 11.72% (1.03)%C 14.72% 26.57% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .51%H .52% .52% .52% .52% .53% 
Expenses net of fee waivers, if any .51%H .52% .52% .52% .52% .53% 
Expenses net of all reductions .51%H .51% .52% .52% .52% .51% 
Net investment income (loss) 2.40%H 2.45% 2.33% 2.52% 2.89%B 2.35% 
Supplemental Data       
Net assets, end of period (in millions) $219 $235 $298 $277 $394 $442 
Portfolio turnover rateI 63%H 52% 55% 49% 52% 86% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.42%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been(1.12)%.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(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.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 May 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred trustees compensation, 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 $786,842 
Gross unrealized depreciation (256,178) 
Net unrealized appreciation (depreciation) $530,664 
Tax cost $4,632,654 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,700,615 and $1,936,833, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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 Equity Dividend Income, 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(a) 
Equity Dividend Income $3,645 .14 
Class K 52 .05 
 $3,697  

 (a) Annualized


Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .02%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $41 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $126. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $184 for the period. In addition, 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, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 
Year ended
November 30, 2017 
From net investment income   
Equity Dividend Income $63,367 $121,249 
Class K 2,912 6,446 
Total $66,279 $127,695 
From net realized gain   
Equity Dividend Income $391,294 $211,696 
Class K 17,266 11,789 
Total $408,560 $223,485 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Equity Dividend Income     
Shares sold 11,637 14,616 $326,162 $406,124 
Reinvestment of distributions 15,371 11,480 425,806 313,561 
Shares redeemed (22,552) (38,036) (613,997) (1,060,571) 
Net increase (decrease) 4,456 (11,940) $137,971 $(340,886) 
Class K     
Shares sold 671 1,803 $18,710 $49,981 
Reinvestment of distributions 728 668 20,178 18,235 
Shares redeemed (1,156) (5,377) (31,813) (147,887) 
Net increase (decrease) 243 (2,906) $7,075 $(79,671) 

11. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 
Ending
Account Value
May 31, 2018 
Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Equity Dividend Income .61%    
Actual  $1,000.00 $987.90 $3.02 
Hypothetical-C  $1,000.00 $1,021.89 $3.07 
Class K .51%    
Actual  $1,000.00 $988.40 $2.53 
Hypothetical-C  $1,000.00 $1,022.39 $2.57 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EII-K-SANN-0718
1.863200.109



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


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 Fidelity Financial Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Financial Trusts (the Trust) disclosure controls and procedures (as defined



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


(a)(ii)  There was no change in the Trusts 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 Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(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:

July 24, 2018


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:

July 24, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

July 24, 2018

 





EX-99.CERT 2 ex99cert.htm EX99CERT.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Financial Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 July 24, 2018

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Financial Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

July 24, 2018

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer







EX-99.906 CERT 3 ex99906cert.htm EX99906CERT.HTM Converted by EDGARwiz

Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Financial Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated:

July 24, 2018



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated:

July 24, 2018



/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.



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