Fidelity Dividend Growth Fund

QUARTERLY FUND REVIEW | AS OF JUNE 30, 2024

Fidelity? Dividend Growth Fund

Investment Approach

FUND INFORMATION

? Fidelity? Dividend Growth Fund is a diversified domestic equity strategy with a large-cap core

orientation. The fund seeks capital appreciation.

Manager(s):

Zach Turner

? The fund invests in a mix of large- and mid-cap stocks that have favorable prospects to

sustainably pay and grow dividends over time.

? Our investment philosophy centers on comparing price and value. We believe price will converge

with value over time in a competitive market. Quality is an integral part of our assessment of

value.

? We also believe that companies with a history of growing dividends demonstrate superior riskadjusted returns over the course of a market cycle.

? A disciplined approach combining fundamental analysis, quality, valuation and accelerating

capital return can help lead to outperformance over time.

PERFORMANCE

SUMMARY

Fidelity Dividend Growth Fund

Gross Expense Ratio: 0.77%2

Cumulative

Annualized

3

Month

YTD

1

Year

3

Year

5

Year

10 Year/

LOF1

5.45%

19.89%

30.98%

10.82%

12.64%

10.19%

S&P 500 Index

4.28%

15.29%

24.56%

10.01%

15.05%

12.86%

Morningstar Fund Large Blend

2.41%

12.64%

21.37%

7.97%

13.28%

11.23%

% Rank in Morningstar Category (1% = Best)

--

--

4%

10%

68%

77%

# of Funds in Morningstar Category

--

--

1,415

1,302

1,192

888

1

2

Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/27/1993.

This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund.

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.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

Trading Symbol:

FDGFX

Start Date:

April 27, 1993

Size (in millions):

$7,737.37

Morningstar Category:

Fund Large Blend

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.

QUARTERLY FUND REVIEW: Fidelity? Dividend Growth Fund | AS OF JUNE 30, 2024

Performance Review

For the second quarter, the fund's Retail Class shares gained 5.45%,

topping the 4.28% advance of the benchmark S&P 500? index.

U.S. stocks gained 4.28% in the second quarter, according to the

S&P 500? index, after shaking off a rough April and rising steadily

due to resilient corporate profits, a frenzy over generative artificial

intelligence and the Federal Reserve's likely pivot to cutting interest

rates later this year. Amid this favorable backdrop for higher-risk

assets, the index continued its late-2023 momentum and reached

midyear just shy of its all-time closing high. Growth stocks led the

narrow rally, with only three of 11 sectors topping the broader

market.

The backdrop for the global economy and earnings growth

remained largely constructive, underpinning fairly low market

volatility. The move toward global monetary easing inched forward,

although persistent core inflation in the U.S. continued to keep the

Fed on hold.

For the quarter, growth shares within the index (+10%) meaningfully

topped value (-2%), while large-caps handily bested smaller-caps. By

sector within the S&P 500?, a continued rally in the stock prices of

the largest U.S. companies by market capitalization ¨C concentrated

in information technology (+14%) and communication services

(+9%), fanned by AI fervor ¨C once again stood out.

In other categories, utilities rose roughly 5% to round out the

contributors. The sector benefited from strong fundamentals,

powerful, multiyear secular trends, and the potential for a growth

super-cycle driven by utilities' key role in the AI revolution.

Conversely, notable laggards included materials (-5%), industrials

(-3%) and energy (-2%), the latter hampered by sluggish oil prices.

Financials (-2%), real estate (-2%) and health care (-1%) also fell

below the waterline, while consumer discretionary and consumer

staples each gained about 1% for the three months.

Versus the benchmark, stock selection in the information technology

sector contributed most to the fund's performance this quarter.

Positioning in health care also lifted our relative result. Overall,

active management added value in nine of 11 sectors.

At the stock level, an overweight stake in Nvidia topped the fund's

list of relative contributors. Shares of the company gained about

37% in the second quarter, rising steadily as the chips it makes

continued to power demand for generative artificial intelligence.

Nvidia dominates the market for advanced graphics chips that are

the lifeblood of new generative AI systems. In mid-May, the firm

reported financial results for the three months ending April 28 that

far exceeded analysts' expectations ¨C sales roughly tripled, and

earnings surged about sevenfold, each setting a quarterly record. In

addition, management raised its financial forecast for the firm's next

fiscal quarter. We trimmed the position to lock in profits.

Overweighting the stock of Texas-based independent power

producer Vistra was also a rewarding decision, given its 24% gain

the past three months. On May 8, the company reported betterthan-expected first-quarter financial results, crediting strong

synergies from its recent acquisition of Energy Harbor, which also

prompted management to raise guidance for 2024. We added a bit

to this position.

Conversely, positioning in communication services and financials

detracted this quarter. On a stock-specific basis, underweighting

benchmark heavyweight Apple was the biggest detractor in relative

terms. The stock of the personal electronics giant gained 23% the

past three months, rising in early May after the company authorized

up to $110 billion to buy its own stock and increased its dividend by

4%. Financial results for the first quarter, also released in May,

weren't as bad as some had anticipated. Revenue fell 4% but slightly

exceeded the consensus figure, as did earnings. The shares rose

again in June, when the company unveiled Apple Intelligence,

marking its closely watched entry into the race to enhance its

devices by capitalizing on generative AI. Although we believe Apple

could benefit from a larger-than normal upgrade cycle for

smartphones and laptops resulting from generative AI, we have

selected other stocks to play this trend that we think are more

attractively valued. ¡ö

LARGEST DETRACTORS VS. BENCHMARK

LARGEST CONTRIBUTORS VS. BENCHMARK

Average

Relative

Relative Contribution

Weight (basis points)*

Holding

Market Segment

NVIDIA Corp.

Information

Technology

1.17%

37

Vistra Corp.

Utilities

1.27%

21

Broadcom, Inc.

Information

Technology

1.12%

20

Teradyne, Inc.

Information

Technology

0.81%

20

Taiwan Semiconductor

Manufacturing Co. Ltd.

sponsored ADR

Information

Technology

0.83%

17

Average

Relative

Relative Contribution

Weight (basis points)*

Holding

Market Segment

Apple, Inc.

Information

Technology

-5.87%

-102

Alphabet, Inc. Class A

Communication

Services

-3.47%

-50

Global Payments, Inc.

Financials

0.98%

-40

Allison Transmission

Holdings, Inc.

Industrials

1.89%

-22

Cigna Group

Health Care

1.42%

-19

* 1 basis point = 0.01%.

* 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? Dividend Growth Fund | AS OF JUNE 30, 2024

Outlook and Positioning

We remain focused on following the implications of the generative

AI revolution for the U.S. economy. For example, we believe one

possible result is an expanded upgrade cycle for the next generation

of PCs and smartphones that incorporate new AI capabilities. We

are expressing this view in the fund through a variety of positions,

including Micron Technology, Qualcomm, Teradyne and Samsung

Electronics.

Overall, we think that, even if the U.S. economy slows further, there

are pockets of the economy where demand should hold up

reasonably well, and we're targeting those areas for the fund's

investments. One area we like is the semiconductors &

semiconductor equipment segment, which was a significant

overweight in the portfolio as of June 30, despite our slight

underweight in the broader information technology sector. We see

the explosive growth of AI as a key advantage for chip-related

stocks. Marvell Technology, Micron Technology, Broadcom and

Nvidia all were noteworthy overweights for the portfolio at quarter

end aimed at leveraging this opportunity.

We also like the commercial aerospace area of industrials, a

segment in which the fund carried a meaningful overweight as of

June 30. Although aerospace has lagged a lot of other industries in

recovering from the COVID-19 pandemic, supply chains in the

group have eased, and demand for wide-body jets has picked up,

reflecting a global recovery in air traffic. Noteworthy fund holdings

in this segment were Boeing, GE Aerospace, Spirit AeroSystems

Holdings and Howmet Aerospace.

supply is constrained, with the most likely new sources coming from

deep-water projects. We also like the tendency of energy firms to be

proactive about returning capital to shareholders through dividends

and stock buybacks.

Utilities, another sector we overweighted during the quarter, is a

defensive sector known for its stable earnings growth and generous

dividend yields. Lately, the sector has also attracted attention

because of the projected rise in the demand for power required by

the computing involved in generative AI. Vistra, NextEra Energy and

Edison International were the fund's largest positions in the utilities

sector at the end of June.

Consumer discretionary was the largest sector underweight, by far,

at quarter end. In line with our broadly cautious outlook about some

parts of the economy, we favored companies in other sectors over

those in the discretionary sector. Notable benchmark components in

this latter group not held in the fund were , Tesla and

Home Depot.

Health care was also one of the fund's biggest sector underweights

at quarter end, driven partly by our decision to avoid exposure to

index components Johnson & Johnson, Merck & Co., and AbbVie.

Overall, the three largest individual overweights at the end of the

quarter were Apollo Global Management, Allison Transmission

Holdings and Qualcomm. The three top underweights were Apple,

Amazon and Alphabet.

As always, we thank you for your confidence in us and in Fidelity's

investment-management capabilities. ¡ö

Additionally, the portfolio had a large overweight in energy at

quarter end. Individual energy positions of note were Exxon Mobil,

Energy Transfer and Tidewater. The story here is that global demand

for crude oil and natural gas continues to grow, while

CHARACTERISTICS

MARKET-SEGMENT DIVERSIFICATION

Portfolio

Index

Price/Earnings Trailing

26.0x

25.6x

21.3x

Portfolio

Weight

Index

Weight

Relative

Weight

Relative

Change

From Prior

Quarter

Information

Technology

Price/Earnings (IBES 1-Year Forecast)

17.4x

31.58%

32.45%

-0.87%

0.09%

Price/Book

4.0x

5.0x

Industrials

15.80%

8.13%

7.67%

1.26%

Price/Cash Flow

15.3x

19.3x

Financials

12.59%

12.42%

0.17%

-2.46%

Return on Equity (5-Year Trailing)

15.4%

18.4%

Energy

11.28%

3.65%

7.63%

1.19%

Growth

Communication

Services

7.92%

9.34%

-1.42%

2.77%

Health Care

7.19%

11.72%

-4.53%

-2.49%

Utilities

4.89%

2.26%

2.63%

Consumer Staples

2.97%

5.77%

Materials

2.83%

Consumer

Discretionary

Market Segment

Valuation

Sales/Share Growth 1-Year (Trailing)

12.8%

13.1%

Earnings/Share Growth 1-Year (Trailing)

12.1%

10.7%

-0.04%

Earnings/Share Growth 1-Year (IBES

Forecast)

28.8%

16.8%

-2.80%

-0.78%

Earnings/Share Growth 5-Year (Trailing)

15.5%

18.1%

2.15%

0.68%

0.15%

Size

1.73%

9.95%

-8.22%

0.00%

Weighted Average Market Cap ($ Billions)

706.2

1004.0

Real Estate

0.93%

2.15%

-1.22%

0.74%

Weighted Median Market Cap ($ Billions)

111.6

274.2

Other

0.00%

0.00%

0.00%

0.00%

Median Market Cap ($ Billions)

41.2

35.1

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

QUARTERLY FUND REVIEW: Fidelity? Dividend Growth Fund | AS OF JUNE 30, 2024

LARGEST OVERWEIGHTS BY HOLDING

LARGEST UNDERWEIGHTS BY HOLDING

Relative

Weight

Holding

Market Segment

Apollo Global Management,

Inc.

Financials

1.95%

Allison Transmission Holdings,

Industrials

Inc.

Qualcomm, Inc.

Meta Platforms, Inc. Class A

Exxon Mobil Corp.

Energy

1.52%

Holding

Relative

Weight

Market Segment

Apple, Inc.

Information Technology

-6.34%

, Inc.

Consumer Discretionary

-3.86%

1.92%

Alphabet, Inc. Class A

Communication Services

-2.63%

Information Technology

1.91%

Financials

-1.61%

Communication Services

1.70%

Berkshire Hathaway, Inc.

Class B

JPMorgan Chase & Co.

Financials

-1.27%

10 LARGEST HOLDINGS

ASSET ALLOCATION

Holding

Market Segment

NVIDIA Corp.

Information Technology

Microsoft Corp.

Information Technology

Meta Platforms, Inc. Class A

Communication Services

Broadcom, Inc.

Information Technology

Exxon Mobil Corp.

Energy

Qualcomm, Inc.

Information Technology

Apollo Global Management, Inc.

Portfolio

Weight

Index

Weight

Relative

Change

Relative From Prior

Weight

Quarter

Domestic Equities

84.95%

99.40%

-14.45%

International Equities

14.74%

0.60%

14.14%

0.63%

Developed Markets

11.18%

0.60%

10.58%

-0.15%

Financials

Emerging Markets

3.36%

0.00%

3.36%

0.76%

Allison Transmission Holdings, Inc.

Industrials

Eli Lilly & Co.

Health Care

Tax-Advantaged

Domiciles

0.20%

0.00%

0.20%

0.02%

The Boeing Co.

Industrials

Bonds

0.00%

0.00%

0.00%

0.00%

10 Largest Holdings as a % of Net

Assets

34.21%

Cash & Net Other Assets

0.31%

0.00%

0.31%

-0.37%

Total Number of Holdings

127

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 Class

-0.26%

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

Portfolio

Beta

Index

--

1.00

16.44%

17.86%

Sharpe Ratio

0.47

0.38

Tracking Error

--

--

Information Ratio

--

--

R-Squared

--

--

Standard Deviation

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

QUARTERLY FUND REVIEW: Fidelity? Dividend Growth Fund | AS OF JUNE 30, 2024

Definitions and Important Information

Information provided in, and presentation of, this document are for

informational and educational purposes only and are not a

recommendation to take any particular action, or any action at all, nor

an offer or solicitation to buy or sell any securities or services

presented. It is not investment advice. Fidelity does not provide legal

or tax advice.

Before making any investment decisions, you should consult with your

own professional advisers and take into account all of the particular

facts and circumstances of your individual situation. Fidelity and its

representatives may have a conflict of interest in the products or

services mentioned in these materials because they have a financial

interest in them, 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 Trailing measures the growth in

reported earnings per share over trailing one- and five-year

periods.

Earnings-Per-Share Growth (IBES 1-Year Forecast) measures the

growth in reported earnings per share as estimated by Wall Street

analysts.

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

5 |

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.

S&P 500 Index is a market capitalization-weighted index of 500

common stocks chosen for market size, liquidity, and industry

group representation to represent U.S. equity performance.

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

? 2024 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.

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