Fidelity Dividend Growth Fund

[Pages:6]QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2021

Fidelity? Dividend Growth Fund

Investment Approach

? Fidelity? Dividend Growth Fund is a diversified domestic equity strategy with a large-cap core orientation. The fund seeks capital appreciation.

? 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

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

Fidelity Dividend Growth Fund Gross Expense Ratio: 0.49%2

10.63% 28.03% 28.03% 18.98% 13.42% 13.42%

S&P 500 Index Morningstar Fund Large Value % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

11.03% 8.42%

---

28.71% 26.22%

---

28.71% 26.22%

32% 1,207

26.07% 17.82%

32% 1,143

18.47% 11.68%

24% 1,036

16.55% 12.39%

22% 755

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/27/1993. 2 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.

FUND INFORMATION

Manager(s): Zach Turner

Trading Symbol: FDGFX

Start Date: April 27, 1993

Size (in millions): $7,043.29

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.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Dividend Growth Fund | AS OF DECEMBER 31, 2021

Performance Review

For the three months ending December 31, 2021, the fund's Retail Class shares gained 10.63%, trailing the 11.03% advance of the benchmark S&P 500? index.

Following a down month in September, the benchmark rebounded strongly in October, lifted by robust third-quarter earnings. The market encountered some choppiness in both November and December, as the omicron variant of the virus that causes COVID-19 began to spread widely in the U.S. At the same time, inflationary pressures were more persistent than anticipated, leading the U.S. Federal Reserve to begin preparing investors for the removal of its accommodative monetary policy sooner than expected. Still, share prices delivered a solid rally the week between Christmas and New Year's Day, resulting in yet another all-time high for the S&P 500?.

Versus the benchmark, security selection dragged on performance, notably in the industrials, energy, consumer discretionary and consumer staples sectors. Our picks in communication services also detracted, but that negative was more than offset by underweighted exposure to that lagging group.

On a stock-specific basis, underweighting Apple detracted from performance versus the benchmark more than any other holding. The stock of the personal electronics giant rose roughly 26% the past three months, gaining amid a pandemic-era surge that has boosted the shares of large technology companies since March 2020. In late October, Apple announced financial results for its fiscal quarter ending September 25 that reflected the impact of tight labor markets and supply-side disruption, including manufacturing delays for some of its products. Nonetheless, growth has been driven by sales of Mac? computers and iPad? tablets, both of which appeal to workers and students at home.

Not owning Tesla during the quarter also weighed on our relative result. Shares of the electric-vehicle maker rose 36% for the three months, after generating a third consecutive quarter of record profitability in October ? $1.6 billion, compared with $331 million at the same point in 2020. The firm delivered roughly 73% more vehicles than in the prior-year period, driven partly by increased sales in China, where its biggest manufacturing plant resides.

The popularity of Tesla's mid-size Model Y SUV continued to gain traction in the U.S., China and Europe as well. In November, despite a lack of clarity surrounding contract formalities, rental car company Hertz announced its intention to purchase 100,000 Tesla vehicles in an effort to electrify its rental fleet. With all of that said, Tesla paid no dividend, and its valuation appeared quite elevated to us, so we remained on the sidelines.

Overweighting General Electric also worked against the fund's relative result. The stock returned -8% for the period. In late October, the industrial conglomerate released quarterly financial results that reflected a rebound in air travel that benefited its jet engine business and product shortages that hampered its health care unit, as well as the pinch of global supply-chain disruption. Two weeks later, the shares fell when GE announced it would divide its business into three public companies focused on aviation, health care and energy, marking the eventual culmination of a years-long process of shrinking the company, reducing debt and improving operations.

On the positive side, investment choices in information technology, health care and financials lifted the fund's relative performance. Among individual holdings, the top relative contributor was ecommerce , a benchmark component we didn't own that returned roughly 2% the past three months. The stock didn't pay a dividend, so we looked elsewhere for opportunity.

An out-of-benchmark stake in Marvell Technology also paid off. The shares rose 45% the past three months, gaining the most in early December after the provider of chips used in networking applications, including 5G wireless networks, reported better-thanexpected adjusted quarterly earnings and an optimistic financial outlook. The company's quarterly revenue rose 61% year over year, to a record $1.21 billion, largely driven by the firm's data center business, which improved its revenue 109%.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Relative

Average Contribution

Relative (basis points)

Weight

*

, Inc.

Consumer Discretionary

-3.82%

37

Marvell Technology, Inc.

Information Technology

1.26%

37

PayPal Holdings, Inc.

Information Technology

-0.66%

32

Microsoft Corp.

Information Technology

2.74%

21

Broadcom, Inc.

Information Technology

0.81%

20

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Relative

Average Contribution

Relative (basis points)

Weight

*

Apple, Inc.

Information Technology

-3.41%

-49

Tesla, Inc.

Consumer Discretionary

-2.09%

-44

General Electric Co.

Industrials

1.54%

-34

Reliance Industries Ltd. sponsored GDR

Energy

1.24%

-24

Swedish Match Co. AB Consumer Staples

0.80%

-18

* 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 DECEMBER 31, 2021

Outlook and Positioning

As we look ahead to 2022, we believe there's reason for caution. Healthy gains in stocks since the pandemic low of March 23, 2020, coupled with a less-accommodative Fed, a fiscal spending drop-off and elevated inflationary pressures, could trigger a slowing U.S. economy and higher market volatility. We still believe there are pockets of attractive opportunities, and that any significant nearterm weakness in stocks would be a buying opportunity. By the same token, we reduced the fund's exposure to more-cyclical sectors and increased its allocation to defensive sectors during the quarter.

Industrials was the fund's largest sector overweight at quarter-end. In industrials, the fund's top overweighting was GE. The company's decision to split into three parts, noted earlier, did not alter our overall view of this stock. One could argue that the sum-of-the-parts math required a discount for the pre-break-up configuration of GE and that splitting it up will unlock value. However, even if you don't buy into that thinking, we see attractive upside driven just by earnings growth in 2022. Specifically, we expect the combined earnings and free cash flow potential for the company to rise as the aviation industry recovers and the company continues to make progress in taking costs out and optimizing the power segment.

Overall, the fund's largest overweighting overall as of December 31 ? and its top position in absolute terms ? was Microsoft, which has three primary profit sources, all in rapidly growing industries: the Office software suite, the Azure cloud-computing business and the gaming/PC business. Microsoft is well-positioned in each case, with stable or increasing market share. A track record of healthy growth in earnings and free cash flow put the company in a good position to grow its dividend, which was yielding around 0.8% at year-end.

More broadly, technology ended the quarter as an overweight after finishing the third quarter as a modest underweighting. Given our concerns about slowing economic growth, we saw value in highquality tech stocks that pay a dividend. Aside from Microsoft, the portfolio carried notable overweights in Marvell Technology, Genpact Limited, SS&C Technologies Holdings and Intuit as of yearend.

Wells Fargo, which had been the fund's second-largest overweighting as of September 30, was a much smaller position at year-end. In fact, we reduced or eliminated our other bank stocks as well, making financials the fund's largest sector underweighting as of December 31. The largest underweights in this sector were Berkshire Hathaway, JPMorgan Chase and Bank of America.

Communication services also was a meaningful underweight in the portfolio at quarter-end. Within that sector, the fund's biggest underweights were Alphabet and Meta Platforms (formerly Facebook). Neither of these stocks pays a dividend. Overall, the fund's largest individual underweights as of the end of December were , Apple and Alphabet.

Thank you for your confidence in us, and in Fidelity's investmentmanagement capabilities.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

30.27% 12.20%

29.17% 13.29%

1.10% -1.09%

1.54% 0.11%

12.06% 11.79% 7.73%

12.54% 7.78% 10.69%

-0.48% 4.01% -2.96%

0.17% 0.85% -2.13%

7.39% 6.46% 4.06% 3.66% 2.13% 2.08% 0.00%

10.16% 5.88% 2.50% 2.77% 2.56% 2.67% 0.00%

-2.77% 0.58% 1.56% 0.89% -0.43% -0.59% 0.00%

1.53% 0.63% 0.35% 0.06% -0.09% -2.98% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

25.6x

Price/Earnings (IBES 1-Year Forecast) Price/Book Price/Cash Flow Return on Equity (5-Year Trailing) Growth

19.2x 4.5x 17.5x 14.8%

Sales/Share Growth 1-Year (Trailing)

7.3%

Earnings/Share Growth 1-Year (Trailing)

89.1%

Earnings/Share Growth 1-Year (IBES Forecast)

Earnings/Share Growth 5-Year (Trailing)

18.4% 15.0%

Size

Weighted Average Market Cap ($ Billions) 477.8

Weighted Median Market Cap ($ Billions) 91.8

Median Market Cap ($ Billions)

52.4

Index

25.4x 21.7x 5.0x 20.2x 16.6%

9.8% 76.5% 12.7% 18.1%

672.4 221.4 34.1

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 DECEMBER 31, 2021

LARGEST OVERWEIGHTS BY HOLDING

Holding

Market Segment

Microsoft Corp.

Information Technology

Marvell Technology, Inc.

Information Technology

General Electric Co.

Industrials

Dollar General Corp.

Consumer Discretionary

Intercontinental Exchange, Inc. Financials

Relative Weight

2.80% 1.48% 1.44% 1.33% 1.18%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

, Inc. Apple, Inc. Alphabet, Inc. Class A Tesla, Inc. Berkshire Hathaway, Inc. Class B

Market Segment Consumer Discretionary Information Technology Communication Services Consumer Discretionary

Financials

Relative Weight -3.60% -3.34% -2.91% -2.13%

-1.36%

10 LARGEST HOLDINGS

Holding Microsoft Corp. Apple, Inc. Visa, Inc. Class A NVIDIA Corp. UnitedHealth Group, Inc. General Electric Co. Marvell Technology, Inc. Dollar General Corp. Intuit, Inc. Thermo Fisher Scientific, Inc. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Information Technology Information Technology Information Technology Information Technology Health Care Industrials Information Technology Consumer Discretionary Information Technology Health Care

25.84%

143

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

84.35% 100.00% -15.65% 2.67%

International Equities

15.47% 0.00% 15.47% -2.63%

Developed Markets

13.47% 0.00% 13.47% -1.33%

Emerging Markets

2.00%

0.00%

2.00%

-1.30%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 0.18%

0.00%

0.18%

-0.04%

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 --

20.71% 0.87 ----

Index 1.00 17.41% 1.44

----

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 DECEMBER 31, 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.

On October 1, 2021, Morningstar U.S. Dividend Growth Index was added as the fund's supplemental index.

On October 1, 2021, Fidelity increased dividend distribution frequency for the fund because it includes income as a component of its investment strategy. Dividend distributions will be paid four times a year: April, July, October, and December. Quarterly dividend distributions will commence in April 2022. Please note that there are no changes to the frequency of capital gain distributions.

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.

S&P 500 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 ? 2022 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.

? 2022 FMR LLC. All rights reserved.

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

656705.35.0

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