Fidelity Dividend Growth Fund

QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2023

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: 0.58%2

11.06% 17.83% 17.83% 10.03% 11.87% 8.90%

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

11.69% 11.25%

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26.29% 22.32%

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26.29% 22.32%

77% 1,430

10.00% 8.83% 25% 1,298

15.69% 14.26%

89% 1,191

12.03% 10.55%

90% 897

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): $6,329.31

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.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Dividend Growth Fund | AS OF DECEMBER 31, 2023

Performance Review

For the fourth quarter, the fund's Retail Class shares gained 11.06%, trailing the 11.69% advance of the benchmark S&P 500? index.

The benchmark capped 2023 with a powerful rally driven by the U.S. Federal Reserve signaling that disinflationary trends were sufficient to project a shift to monetary easing in 2024. This news, along with resilient late-cycle expansion of the U.S. economy and a sharp decline in U.S. Treasury yields, provided a favorable backdrop for higher-risk assets, with well-known large-cap growth stocks leading the way for the three months. Corporate earnings announced in Q4 were much better than expected.

The Fed's historic monetary tightening campaign, launched in March 2022, continued until late July. At its next three meetings, the Fed decided to hold rates at a 22-year high while it observes the effect on inflation and the economy. After the November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500? reversed a three-month decline that was due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The index shook off a sluggish October (-2.10%) to gain 9.13% in November, as market breadth improved. The momentum carried through December, as the index gained 4.54% for the month and 26.29% for the year.

For the fourth quarter, value (+13.63%) shares within the index topped growth (+10.09%), although the inverse was true more broadly. Smaller-cap stocks surged late in the year to outpace largecaps for the three months. By sector within the S&P 500?, excitement about generative artificial intelligence was reflected in the 17% gain for information technology, as well as communication services (+11%). The rate-sensitive real estate (+19%) and financials (+14%) sectors outperformed the broader market, as did industrials (+13%) and consumer discretionary (+12%).

Versus the benchmark, a sizable overweight in energy (-7%), the only sector to record a negative return this quarter, meaningfully detracted from the fund's performance. Underweighting the strongperforming technology sector also hurt, although that was mostly offset by favorable stock selection in the group.

At the stock level, our decision to avoid e-tailer (+20%), one of the mega-cap components of the benchmark that stood out for its strong performance, detracted more than any other stock relative to the benchmark. The stock pays no dividend and so is not a good fit for the fund's mandate. Beyond that, we expect weaker consumer spending to weigh on the company's revenue and earnings. During the quarter, though, consumer spending held up better than we expected. The company reported strong Q3 financial results and predicted it would "reap tens of billions of dollars in revenue in the next several years" as customers look to Amazon Web Services for easy and flexible ways to build and deploy generative artificial intelligence applications.

Overweighting Exxon Mobil also worked against the fund's relative result. The stock returned -14% for the three months amid a 21% decrease in the price of West Texas Intermediate crude oil. In late October, the integrated oil and gas company reported lower-thanexpected Q3 earnings, hampered by weaker downstream results and lower international gas realizations. Exxon noted a decrease in revenue in its chemicals business and a weaker profit margin due to higher feedstock costs. The company's production growth, however, met analysts' expectations.

Conversely, stock picking in the industrials sector provided the biggest boost to the fund's relative performance. Within that group, top relative contributor Boeing merits mention. The stock rose 36% the past three months, despite the firm reporting disappointing Q3 financial results in late October. Production issues stemming from misdrilled holes on its flagship 737 MAX narrow-body aircraft led to scaled-back delivery goals and a $1.64 billion loss for the quarter. The stock trended upward through the remainder of the fourth quarter, propelled by notable new orders for a variety of jets from several major global carriers at the Dubai Airshow in November.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

The Boeing Co.

Industrials

1.38%

33

Tesla, Inc.

Consumer Discretionary

-1.76%

24

Spirit AeroSystems Holdings, Inc. Class A

Industrials

0.36%

22

Vertiv Holdings Co.

Industrials

1.17%

19

Chevron Corp.

Energy

-0.72%

19

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

, Inc.

Consumer Discretionary

-3.40%

-25

B. Riley Financial, Inc.

Financials

0.27%

-24

Exxon Mobil Corp.

Energy

0.81%

-23

Allison Transmission Holdings, Inc.

Industrials

1.44%

-20

First Quantum Minerals Ltd.

Materials

0.14%

-17

* 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, 2023

Outlook and Positioning

We continue to believe that the central bank's aggressive rate hikes will likely result in a hard landing for the U.S. economy, although we have less conviction about this view than we did six months ago. Thus, the portfolio remains defensively positioned, but somewhat less so than at the end of 2022.

Significant sector overweights at year-end include energy, industrials and utilities. Individual energy overweights of note were Tidewater and Noble. The story here is that global demand for crude oil and natural gas continues to grow, while supply is constrained, with the most likely new sources coming from deep-water projects. We also held meaningful non-benchmark positions in pipeline companies Energy Transfer and Enterprise Products Partners, which tend to offer reliable revenue and earnings growth, as well as generous dividend yields.

In industrials, we like several companies in the commercial aerospace segment. 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 holdings in this segment were Boeing, Airbus, General Electric, Spirit Aerosystem Holdings and Howmet Aerospace.

Utilities is a defensive sector known for its stable earnings growth and generous dividend yields. Vistra, Edison International and FirstEnergy were the fund's largest positions in this sector.

Consumer discretionary was the leading sector underweight at quarter-end and a group where we reduced the fund's exposure during the quarter. In line with our broadly cautious outlook, we favored the relatively stable business models of consumer staples companies over those in the discretionary sector. Aside from previously mentioned , notable benchmark components in this latter group not held in the fund were Tesla and Home Depot.

Communication services was also one of the fund's biggest sector underweights at quarter-end, driven partly by our lighter-thanbenchmark exposure to Alphabet and Meta Platforms.

Overall, the four largest individual overweights at the end of the quarter were Cigna Group, Microsoft, Boeing and Wells Fargo. Cigna and UnitedHealth Group ? another fund overweight ? are health insurers, which typically have three-year contracts with hospitals and other service providers that lock in their costs. Meanwhile, they normally implement yearly premium increases. We believe this dynamic should help these insurers boost cash flow and recoup some extraordinary pandemic-related expenses.

As always, we thank you for your confidence in us and in Fidelity's investment-management capabilities.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

23.87% 15.35% 14.42% 11.63% 9.65% 6.86% 6.68% 4.68%

28.86% 12.97% 8.81% 12.62% 3.89% 2.34% 6.16% 2.41%

-4.99% 2.38% 5.61% -0.99% 5.76% 4.52% 0.52% 2.27%

1.77% 2.56% 1.14% -0.77% -1.36% 1.12% 0.42% -0.82%

3.11% 1.77%

8.58% 2.52%

-5.47% -0.75%

-0.21% 0.15%

1.46% 0.00%

10.85% 0.00%

-9.39% 0.00%

-1.30% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

20.8x

Price/Earnings (IBES 1-Year Forecast)

16.5x

Price/Book

3.4x

Price/Cash Flow

13.1x

Return on Equity (5-Year Trailing)

15.6%

Growth

Sales/Share Growth 1-Year (Trailing)

12.0%

Earnings/Share Growth 1-Year (Trailing)

10.9%

Earnings/Share Growth 1-Year (IBES Forecast)

18.4%

Earnings/Share Growth 5-Year (Trailing)

15.8%

Size

Weighted Average Market Cap ($ Billions) 436.0

Weighted Median Market Cap ($ Billions) 88.0

Median Market Cap ($ Billions)

40.6

Index

23.1x 19.8x 4.5x 16.5x 18.1%

10.2% 0.6% 13.9% 18.6%

716.4 205.1 33.2

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, 2023

LARGEST OVERWEIGHTS BY HOLDING

Holding Cigna Group Microsoft Corp. The Boeing Co. Wells Fargo & Co. Visa, Inc. Class A

Market Segment Health Care Information Technology Industrials Financials Financials

Relative Weight

1.77% 1.67% 1.53% 1.47% 1.45%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

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

Market Segment Information Technology Consumer Discretionary Communication Services Consumer Discretionary

Financials

Relative Weight -6.73% -3.45% -2.97% -1.72%

-1.62%

10 LARGEST HOLDINGS

Holding Microsoft Corp. NVIDIA Corp. UnitedHealth Group, Inc. Visa, Inc. Class A Cigna Group Wells Fargo & Co. The Boeing Co. MasterCard, Inc. Class A Exxon Mobil Corp. Intuit, Inc. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Information Technology Information Technology Health Care Financials Health Care Financials Industrials Financials Energy Information Technology

28.20%

145

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

85.11% 99.36% -14.25% 3.34%

International Equities

14.36% 0.64% 13.72% -0.64%

Developed Markets

11.94% 0.64% 11.30% -0.59%

Emerging Markets

2.24%

0.00%

2.24%

-0.13%

Tax-Advantaged Domiciles

0.18%

0.00%

0.18%

0.08%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 0.53%

0.00%

0.53%

-2.70%

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 0.88

15.86% 0.49 ----

Index 1.00 17.54% 0.44

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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? Dividend Growth Fund | AS OF DECEMBER 31, 2023

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

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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