Fidelity Equity-Income Fund

[Pages:6]QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2021

Fidelity? Equity-Income Fund

Investment Approach

? Fidelity? Equity-Income Fund is a diversified domestic equity strategy that seeks reasonable income. In pursuing this objective, the fund also will consider the potential for capital appreciation.

? The fund seeks a yield for its shareholders that exceeds the yield on the securities comprising the S&P 500? index.

? We believe in mean reversion, a value-drive philosophy and investment duration as a competitive advantage.

? In our bottom-up investment process, we focus on higher-quality firms, which helps minimize downside capture over time.

PERFORMANCE SUMMARY

Fidelity Equity-Income Fund Gross Expense Ratio: 0.60%2

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

-0.65% 15.50% 33.42% 11.89% 11.73% 13.00%

Russell 3000 Value Index Morningstar Fund Large Value % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

-0.93% -1.04%

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16.58% 16.30%

---

36.64% 34.79%

56% 1,205

9.94% 9.62% 19% 1,144

10.94% 11.14%

39% 1,022

13.48% 12.72%

45% 747

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/16/1966. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Ramona Persaud

Trading Symbol: FEQIX

Start Date: May 16, 1966

Size (in millions): $7,599.38

Morningstar Category: Fund Large Value Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Value stocks can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Equity-Income Fund | AS OF SEPTEMBER 30, 2021

Performance Review

For the quarter, the fund's Retail Class shares returned -0.65%, slightly outpacing the -0.93% result of the benchmark, the Russell 3000? Value Index.

U.S. stocks cooled down in the third quarter of 2021, as volatility and negative sentiment rose due to a number of concerns that dominated the investing landscape beginning in early September. This marked a notable shift from the optimism and hope underlying the stock market's uptrend through August, driven by the rollout of three COVID-19 vaccines, the U.S. Federal Reserve pledging to hold interest rates near zero until the economy recovered from the effects of the pandemic, and the federal government deploying trillions of dollars in aid to boost consumers and the economy.

After gaining 5.16% in the second quarter, the Russell 3000? Value index rose 0.50% in July, followed by a 2.03% gain in August. However, value stocks retreated in September (-3.38%) on several negative factors, including inflationary pressure from surging energy and other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the enormous bond purchases it has made since the onset of the pandemic. Meanwhile, Congress bickered about raising the nation's debt limit to avert a potential shutdown of the federal government.

For the full three months, growth edged value, but the pendulum swing between style preferences continued apace as market crosscurrents intensified. Amid market sectors within the benchmark, financials gained roughly 2% to lead the way, driven by banks (+4%). Real estate (+2%) and utilities (+1%) also stood out, while all other sectors declined. Materials (-5%) and industrials (-4%) fared worst. Other notable laggards included communication services and consumer discretionary (-4% each).

We take a conservative approach to capital appreciation, focusing on minimizing downside capture. In managing the fund over a full market cycle, we aim to generate a favorable risk-adjusted return. This means that in robust market conditions, the fund will typically have positive absolute performance, but not necessarily keep up with its benchmark.

The past three months was unique in that the fund slightly outpaced the benchmark in the up markets of July and August, and modestly lagged in September, when the benchmark lost ground.

Versus the benchmark, stock selection drove the fund's outperformance of the benchmark for the quarter, led by the financials and communication services sectors.

In terms of individual contributors, it helped most to overweight Danaher, a medical and industrial equipment manufacturer we thought was underestimated by the market. Shares of Danaher advanced roughly 14% in the third quarter, riding the company's strong financial results that exceeded Wall Street's expectations. In Q2, net income rose to $1.79 billion, up from $927 million only a year earlier. The firm pointed to double-digit revenue growth in all its businesses, led by its life sciences division. Moreover, COVIDdriven demand was expected to grow further, with Danaher's CEO Rainer Blair highlighting that, "Given the interest we're seeing from customers looking to address emerging variants and increase global supply, as well as evolving vaccination guidelines globally, we expect to see durable growth in this segment of the biopharma market for the foreseeable future." Danaher is our No. 3 holding.

It also helped to own Lamar Advertising (+10%), a real estate investment trust that owns a sizable share of the U.S. outdoor advertising business. The company raised its full-year financial guidance on solid momentum and improved advertising trends.

Conversely, security selection in the pharmaceuticals, biotechnology & life sciences industry weighed on relative performance most the past quarter. This included overweighting drugmaker Amgen (-12%) and not owning benchmark component Thermo Fisher Scientific (+13%). Given our value-conscious investment approach, we thought shares of Amgen were more attractively priced than Thermo Fisher, which we found expensive. Amgen's stock pulled back in early August despite a 5% increase in second-quarter sales, though this was partially negated by lower net selling prices. The company noted that the lingering effects of the pandemic continue to result in patients visiting doctors less frequently, leading to a lower number of diagnoses and, ultimately, fewer lab tests. Meanwhile, Thermo Fisher announced 2022 revenue and earnings guidance well above analysts' expectations, despite a predicted decline in COVID-19 test sales.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Danaher Corp.

Health Care

1.41%

18

Lamar Advertising Co. Class A

Real Estate

1.05%

11

Tempur Sealy International, Inc.

Consumer Discretionary

0.57%

10

Interpublic Group of Companies, Inc.

Communication Services

0.74%

10

JPMorgan Chase & Co. Financials

1.26%

9

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Amgen, Inc.

Health Care

1.19%

-14

Thermo Fisher Scientific, Inc.

Health Care

-0.90%

-12

Pfizer, Inc.

Health Care

-1.14%

-12

United Parcel Service, Inc. Class B

Industrials

0.95%

-11

Samsung Electronics Co. Information

Ltd.

Technology

0.92%

-11

* 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Equity-Income Fund | AS OF SEPTEMBER 30, 2021

Outlook and Positioning

The response to the COVID-19 pandemic was an unprecedented "whatever it takes" approach by global central banks and governments, which, when combined with recovering global economies, has driven higher inflation expectations and resultant long-term yields. It remains to be seen if inflation and yields will remain elevated. Demographic factors suggest global growth has higher odds of slowing than accelerating, supporting the notion of low inflation and rate suppression in the long term.

While we expect value efficacy to continue as the pandemic resolves near term, we believe structural factors like demographics-driven low global growth and accompanying low rates and/or rate suppression require continued flexibility when considering how to generate strong long-term performance through a value lens.

As always, we will look to continue to find large price/value disconnects in quality companies in order to meet our three goals in managing the fund: investment return, low downside capture and yield.

We believe the high quality of our research team is our key competitive advantage. In managing the fund, we maintain our investor mindset, which means staying focused on the long term and using a decision process that is analytical, logical and grounded in empirical data.

By sector, we did not make any notable changes to fund positioning this quarter. We maintain caution with our investments in the consumer staples sector, as staples brand power may be eroding structurally ? a function of the structural income pressure on consumers and the prevalence of e-commerce.

That said, valuation sensitivity rises when quality is at risk, which is a consideration in our positioning in this sector. At quarter end, consumer staples is the fund's largest sector overweighting, followed by energy and information technology.

Financials was the fund's largest allocation on September 30, representing about 21% of our assets. We found fundamentals to be good in financials, although we had a modest underweight at quarter end, based on valuations. Still, we remain optimistic about many of our financials holdings, where we believe there's still future value to be unlocked.

For example, banks JPMorgan Chase, Bank of America and Wells Fargo were among the fund's top holdings on September 30. We also held a sizable stake in Capital One Financial.

We trimmed our positioning in industrials and energy, as valuations had become richer for these stocks.

Instead, we slightly edged up our stakes in technology and real estate because valuations here looked appealing. At quarter end, the fund was slightly overweight technology and notably underweight real estate.

Our larger position in tech was mostly due to appreciation among some software & services holdings, including Amdocs and OpenText.

Meanwhile, health care was our second-largest sector allocation. We maintained an overweighting here because we believe companies in the sector provide a consistent combination of value, quality and income.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Financials Health Care Industrials Information Technology Communication Services Consumer Staples Consumer Discretionary Energy Utilities Materials Real Estate Other

Portfolio Weight 20.53% 17.17% 10.78%

Index Weight 21.75% 16.94% 11.82%

Relative Weight

Relative Change From Prior Quarter

-1.22%

0.36%

0.23% -0.74%

-1.04%

0.01%

10.54%

9.90%

0.64%

0.48%

8.55% 7.97%

8.01% 6.85%

0.54% 1.12%

0.35% 0.28%

6.25% 6.01% 5.41% 2.83% 2.36% 0.00%

5.78% 5.24% 4.87% 3.70% 5.14% 0.00%

0.47% 0.77% 0.54% -0.87% -2.78% 0.00%

0.24% -0.50% 0.16% 0.35% 0.00% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

19.7x

Price/Earnings (IBES 1-Year Forecast)

15.4x

Price/Book

2.8x

Price/Cash Flow

16.3x

Return on Equity (5-Year Trailing)

13.3%

Growth

Sales/Share Growth 1-Year (Trailing)

-0.9%

Earnings/Share Growth 1-Year (Trailing)

64.1%

Earnings/Share Growth 1-Year (IBES Forecast)

17.9%

Earnings/Share Growth 5-Year (Trailing)

7.1%

Size

Weighted Average Market Cap ($ Billions) 223.0

Weighted Median Market Cap ($ Billions) 131.5

Median Market Cap ($ Billions)

51.8

Index

19.6x 16.3x 2.5x 15.2x 11.5%

-2.2% 83.2% 16.0% 9.1%

139.9 64.6 2.5

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Equity-Income Fund | AS OF SEPTEMBER 30, 2021

LARGEST OVERWEIGHTS BY HOLDING

Holding Danaher Corp. JPMorgan Chase & Co. Wells Fargo & Co. Eli Lilly & Co. Microsoft Corp.

Market Segment Health Care Financials Financials Health Care Information Technology

Relative Weight

1.46% 1.42% 1.39% 1.37% 1.36%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Market Segment

Berkshire Hathaway, Inc. Class B

Financials

Pfizer, Inc.

Health Care

Intel Corp.

Information Technology

Thermo Fisher Scientific, Inc. Health Care

, Inc.

Information Technology

Relative Weight

-2.39%

-1.13% -1.02% -0.96% -0.96%

10 LARGEST HOLDINGS

Holding JPMorgan Chase & Co. Bank of America Corp. Danaher Corp. Wells Fargo & Co. Johnson & Johnson UnitedHealth Group, Inc. The Walt Disney Co. Procter & Gamble Co. Exxon Mobil Corp. Cisco Systems, Inc. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Financials Financials Health Care Financials Health Care Health Care Communication Services Consumer Staples Energy Information Technology

22.86%

125

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

ASSET ALLOCATION

Asset Class

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Domestic Equities

87.46% 99.71% -12.25% 1.46%

International Equities

10.95% 0.29% 10.66% -0.47%

Developed Markets

9.08%

0.15%

8.93%

-0.34%

Emerging Markets

1.87%

0.13%

1.74%

-0.13%

Tax-Advantaged Domiciles

0.00%

0.01%

-0.01%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 1.59%

0.00%

1.59%

-0.99%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared

Portfolio 0.85

17.72% 0.61 3.95% 0.49 0.98

Index 1.00 20.54% 0.43

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4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Equity-Income Fund | AS OF SEPTEMBER 30, 2021

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period.

Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps.

Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital.

Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share.

Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings.

Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share.

Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth.

Sales-Per-Share Growth measures the growth in reported sales over the specified past time period.

Weighted Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark.

Weighted Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Russell 3000 Value Index is a market-capitalization-weighted index designed to measure the performance of the broad value segment of the U.S. equity market. It includes those Russell 3000 Index

companies with lower price-to-book ratios and lower forecasted growth rates.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION ? 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

5 |

3-YEAR RISK/RETURN STATISTICS

Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.

Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns.

R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. RSquared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics.

Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate.

Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time.

Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest.

Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC.

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.

Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917.

Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.

? 2021 FMR LLC. All rights reserved.

Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

656701.32.0

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