Fidelity Equity-Income Fund

QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2023

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-driven 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: 0.57%2

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

8.77% 10.60% 10.60% 9.30% 12.27% 8.59%

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

9.83% 9.68%

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11.66% 11.63%

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11.66% 11.63%

56% 1,217

8.81% 9.74% 60% 1,131

10.84% 11.37%

31% 1,075

8.28% 8.39% 43%

821

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, 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): Ramona Persaud

Trading Symbol: FEQIX

Start Date: May 16, 1966

Size (in millions): $7,764.06

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 DECEMBER 31, 2023

Performance Review

For the final quarter of 2023, the fund's Retail Class shares advanced 8.77%, trailing the 9.83% gain of the benchmark, the Russell 3000? Value Index.

U.S. stocks, including value shares, advanced in the fourth quarter, capping 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, when the central bank said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. 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 Russell 3000? Value Index 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. Favorable data on inflation provided a further boost, and the index shook off a sluggish October (-3.67%) to gain 7.63% in November, as market breadth improved. The momentum carried through December, as the index gained 5.93% for the month and 11.66% for the year.

By sector within the index, the rate-sensitive real estate (+17%) and financials sectors (+16%) outperformed the broader market, as did consumer discretionary (+15%) and industrials (+14%). Excitement about generative AI was reflected in the 14% gain for information technology and 11% advance for communication services. In contrast, energy returned -7% for the three months, hampered by a meaningful decline in the price of oil.

Given the fund's conservative strategy, performance lagged its benchmark the past three months. This is consistent with our expectation for market capture, as conservatism tends to be rewarded in times of market volatility and eschewed in a strong market.

Market selection weighed on the fund's performance versus the benchmark, especially with our underweight in financials and overweight in the lagging consumer staples sector. Stock selection in health care and technology also hurt, as did the fund's cash position of about 4%, on average, which dragged on relative performance amid a strong market.

In terms of individual stocks, an overweight in Exxon Mobil was the top relative detractor in Q4 and our second-largest holding at year end. Exxon's stock price 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 lowerthan-expected Q3 earnings, hampered by weaker downstream results and lower international gas realizations

It also hurt not to own Intel (+42%), which was a part of the benchmark. The stock rose after the semiconductor maker's lateOctober announcement that revenue and net income for Q3 each declined but topped analysts' consensus estimates. Additionally, Intel expects to release chips with improved AI features in the coming months, while also vying for a bigger slice of the market for chips that power AI data centers.

Conversely, our decision to avoid underperforming benchmark components Chevron, an energy company, and Berkshire Hathaway, an insurance-focused conglomerate, contributed most to the fund's relative result. We didn't own Berkshire Hathaway because the company does not pay a dividend, while we found Chevon's valuation unattractive.

The stock of Chevron returned roughly -11% for the quarter amid weaker-than-expected financial results and a 21% decrease in the price of West Texas Intermediate crude oil. Meanwhile, shares of Berkshire Hathaway gained about 2%. In early November, the firm reported third-quarter results that showed strong earnings from its wholly owned businesses, but a decline within its massive investment.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Chevron Corp.

Energy

-1.33%

31

Berkshire Hathaway, Inc. Class B

Financials

-3.21%

26

The Boeing Co.

Industrials

1.03%

25

Pfizer, Inc.

Health Care

-0.86%

21

PNC Financial Services Group, Inc.

Financials

1.04%

18

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Exxon Mobil Corp.

Energy

1.06%

-29

Intel Corp.

Information Technology

-0.84%

-24

Sanofi SA

Health Care

1.23%

-23

Imperial Oil Ltd.

Energy

0.77%

-14

Cisco Systems, Inc.

Information Technology

0.79%

-13

* 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 DECEMBER 31, 2023

Outlook and Positioning

As the 2024 begins, market valuation is difficult to assess. That said, we aim to be opportunistic when individual stock valuations are compelling, especially in cyclical sectors, such as consumer discretionary.

Looking ahead, we plan to continue focusing on large price/value disconnects in quality companies to achieve our three main investment goals: investment return, minimizing downside capture, and yield. Longer term, we believe global demographic factors could offset inflation and rising rates in the long term, though the market is steadfastly focused on short-to-medium-term damage.

Since the global financial crisis, we have seen rate suppression accompanied by high correlation and low dispersion in stock prices, which has fueled stability in growth strategies at the expense of traditional value strategies. There is now a case for normalization in rates, which has driven improved value efficacy.

We are keeping a close eye on structural factors like demographicsdriven low global growth and accompanying lower rates, while maintaining flexibility when considering how to generate a strong long-term return through a value lens.

Historically, when valuations for value stocks are especially cheap, our odds of outperforming the benchmark tend to improve. In the past, when rates and economic growth were less distorted, value efficacy was less sensitive, broader and more sustainable. We think we could be on the verge of returning to an environment like that, which we believe would be positive for value investing.

The largest overweight at year end was in information technology, given the Fed's signal of monetary easing in 2024. This sector represented about 12% of the fund's assets as of December 31, a modest overweight.

Our top tech holdings include networking gear maker Cisco Systems; software & services giant Microsoft; diversified tech firm Roper Technologies; software firm Amdocs; and chipmakers NXP Semiconductors and Taiwan Semiconductor Manufacturing.

The fund was also overweight consumer staples sector, where we favor high-quality companies that we think can pass through rising costs. In addition, stocks in this category typically perform well in a recession. Here, some of the fund's largest positions are big-box retailer Walmart, consumer goods maker Procter & Gamble, and global soft-drink stalwarts Coca-Cola and Keurig Dr Pepper.

Our weighting in consumer staples came down slightly during the fourth quarter largely due to the elimination of our holding in leading cigarette manufacturer Philip Morris International.

We increased our allocation to financials ? the fund's largest sector allocation at 20% of assets, yet a relative underweight to the index. This quarter, we established positions in regional financial services company U.S. Bancorp and investment firm BlackRock. We also increased our stakes in some banking stocks where we thought valuations looked more attractive, including Bank of America, Wells Fargo and Huntington Bancshares. Bank of America and Wells Fargo were among our top-10 holdings at year end.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight 19.75% 14.52% 12.91%

Index Weight 22.14% 14.25% 13.87%

Relative Weight

Relative Change From Prior Quarter

-2.39%

2.67%

0.27% -1.08%

-0.96%

1.59%

11.58% 9.11% 7.69%

9.33% 7.52% 7.84%

2.25% 1.59% -0.15%

0.10% -1.07% 0.23%

5.64% 5.23% 5.08%

4.55% 4.85% 4.77%

1.09% 0.38% 0.31%

-0.33% 0.40% -0.21%

4.86% 2.21% 0.00%

5.50% 5.37% 0.00%

-0.64% -3.16% 0.00%

0.55% -0.04% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

16.5x

Price/Earnings (IBES 1-Year Forecast)

14.9x

Price/Book

2.9x

Price/Cash Flow

11.1x

Return on Equity (5-Year Trailing)

14.6%

Growth

Sales/Share Growth 1-Year (Trailing)

13.0%

Earnings/Share Growth 1-Year (Trailing)

6.3%

Earnings/Share Growth 1-Year (IBES Forecast)

7.5%

Earnings/Share Growth 5-Year (Trailing)

14.4%

Size

Weighted Average Market Cap ($ Billions) 234.2

Weighted Median Market Cap ($ Billions) 124.1

Median Market Cap ($ Billions)

58.2

Index

17.5x 15.4x 2.4x 12.0x 12.6%

10.8% -7.4% 9.2% 14.2%

121.9 65.6 2.1

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 DECEMBER 31, 2023

LARGEST OVERWEIGHTS BY HOLDING

Holding JPMorgan Chase & Co. Bank of America Corp. Alphabet, Inc. Class A Microsoft Corp. Linde PLC

Market Segment Financials Financials Communication Services Information Technology Materials

Relative Weight

1.67% 1.53% 1.49% 1.40% 1.40%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Berkshire Hathaway, Inc. Class B Chevron Corp. Intel Corp. Abbott Laboratories The Walt Disney Co.

Market Segment

Financials

Energy Information Technology Health Care Communication Services

Relative Weight

-3.04%

-1.19% -0.99% -0.83% -0.77%

10 LARGEST HOLDINGS

Holding JPMorgan Chase & Co. Exxon Mobil Corp. Bank of America Corp. Linde PLC Wells Fargo & Co. The Boeing Co. Danaher Corp. Cisco Systems, Inc. General Electric Co. PNC Financial Services Group, Inc. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

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

22.17%

120

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

86.52% 98.52% -12.00% 3.99%

International Equities

12.05% 1.48% 10.57% -1.19%

Developed Markets

9.68%

1.37%

8.31%

-1.45%

Emerging Markets

2.37%

0.10%

2.27%

0.26%

Tax-Advantaged Domiciles

0.00%

0.01%

-0.01%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 1.43%

0.00%

1.43%

-2.80%

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 0.86

14.77% 0.48 3.27% 0.15 0.98

Index 1.00 16.92% 0.39

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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 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.

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.

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 ? 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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