Fidelity Dividend Growth Fund

QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 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 risk-aware capital appreciation. We believe that value investing wins over time, where quality plus good or improving capital allocation typically via dividend-paying stocks can enhance downside protection. Our investment process is bottom-up in nature and focused on generating total return through both capital appreciation and the stabilizing force of dividend income. We focus on quality companies trading at reasonable valuations with strong or improving capitalallocation policies. This tends to lead to a fund with profitability metrics and dividend yields similar to its high-quality S&P 500 benchmark, but often with better valuations and a better volatility profile. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Dividend Growth Fund Gross Expense Ratio: 0.52% 2 4.02% 11.70% 15.45% 7.64% 12.31% 6.55% S&P 500 Index 4.48% 14.24% 18.61% 10.81% 14.22% 7.44% Morningstar Fund Large Blend 4.19% 13.19% 17.65% 9.03% 12.91% 6.58% % Rank in Morningstar Category (1% = Best) -- -- 78% 81% 73% 57% # of Funds in Morningstar Category -- -- 1,396 1,218 1,083 799 FUND INFORMATION Manager(s): Ramona Persaud Gordon Scott Trading Symbol: FDGFX Start Date: April 27, 1993 Size (in millions): $7,406.49 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. 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. 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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

Performance Review For the three months ending September 30, 2017, the fund's Retail Class shares gained about 4.02%, modestly underperforming the 4.48% return of the benchmark S&P 500 index. Overall, the effects of negative security selection overshadowed positive sector allocation versus the benchmark. Specifically, choices in health care hurt most, followed by picks in information technology and financials. On the flip side, positioning in consumer discretionary was a plus, as was security selection and, to a lesser extent, an overweighting in energy. One name that fit this philosophy was Medtronic. Unfortunately for the fund, the stock of Dublin-based mega-cap firm returned - 11% the past three months. Medtronic is a global leader in implantable medical devices such as defibrillators, pacemakers, brain and nerve stimulators, and related equipment. Investors and the company's CEO voiced worry about U.S. congressional health care wrangling, given potential losses in insurance coverage. Other negatives included currency translation and shifting risk preferences. Medtronic's August report of quarterly revenue $7.4 billion fell slightly short of analyst estimates, offset by completion of its $6 billion sale of a non-core supply line, among other factors. Our out-of-index stake in British American Tobacco (BAT) was another disappointment this quarter. Shares of BAT returned about -7% for the quarter, suffering along with others in its industry in July after the U.S. Food and Drug Administration announced plans to lower nicotine levels in tobacco products. The news appeared to eclipse largely upbeat first-half 2017 financial results, announced in late July. Despite their lackluster results, we remained positive on Medtronic and BAT and maintained our positions here. LARGEST CONTRIBUTORS VS. BENCHMARK Average Contribution (basis points)* Suncor Energy, Inc. Energy 0.80% 12 Altria Group, Inc. Consumer Staples -0.25% 11 Charter Communications, Inc. Class A Consumer Discretionary 0.16% 11 Chevron Corp. Energy 1.22% 10 LyondellBasell Industries NV Class A * 1 basis point = 0.01%. Materials 0.86% 10 Elsewhere, we avoided several index components that outperformed. Included were social media giant Facebook and aircraft manufacturer and defense contractor Boeing two stocks we thought had unattractive valuations. Our underexposure here hurt, as Facebook stock rose 13% for the quarter. The social-media platform operator reported betterthan-expected mobile-advertising sales and guided its 2017 expenses lower than previous forecasts. Meanwhile, Boeing shares gained about 29% the past three months, driven by the Trump administration's promise to boost military spending, along with strong financial results and the firm's recent cost-cutting efforts. The fund's cash position, which was about 3% of assets, on average, during the quarter, also detracted from our relative performance against a rising market. On the positive side, our non-index stake in Suncor Energy helped the most, as the stock gained 21%. Known primarily for its premier Canadian oil-sands operations, the firm also owns refineries that consume its output and about 1,500 Petro-Canada gas stations that pump the result an example of "vertical integration." On top of this, production costs of less than $25 (U.S.) per barrel make Suncor a low-cost producer among peers. This quarter, investors were drawn to Suncor's diversified business that has allowed it to produce revenue even when oil prices were depressed. An underweighting in Altria Group was another plus because the stock underperformed. Shares of cigarette and e-cigarette maker Altria Group returned -14% for the quarter. Along with the broader issues that faced the industry, disappointing secondquarter earnings also weighed on the stock. LARGEST DETRACTORS VS. BENCHMARK Average Contribution (basis points)* Medtronic PLC Health Care 0.94% -16 British American Tobacco PLC sponsored ADR Facebook, Inc. Class A Consumer Staples 0.97% -15 Information Technology -1.86% -15 The Boeing Co. Industrials -0.61% -13 Foot Locker, Inc. * 1 basis point = 0.01%. Consumer Discretionary 0.31% -12 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning We believe a normalizing monetary policy could be a tailwind for value strategies. For historical context, from the year 2000 until the beginning of the financial crisis about seven years later, the S&P Value almost always beat the S&P Growth index on a rolling three-year basis. However, the exact opposite has prevailed since the financial crisis: there has been almost no time in the last nine years during which the S&P Value index has beaten its growth counterpart on a rolling three-year basis. In recent years, the tremendous success of growth stocks, including the so-called "FANG" stocks (Facebook, Amazon, Netflix and Google), has led some observers to question if value strategies are outdated in today's market. We believe the relative performance of growth and value strategies remain cyclical, and that a likely driver is interest rates. We think it's worth considering what policy normalization could mean for investors over a three-to-five-year time horizon. For most of the last 30 years, the Fed's target interest rate was set in the neighborhood of nominal U.S. gross domestic product (GDP) growth. Today, nominal GDP growth is about 4%. In our view, long-term rates anywhere in the vicinity of 4% would significantly change the valuation profile of the market and of growth stocks in particular. If history is a guide, rate normalization is one reason we believe that value strategies may be poised to cycle back into prominence going forward. We believe the universe of higher-quality, dividend-paying stocks is attractive relative to the broader market today. We also think many of these stocks have good secular growth prospects and are trading at reasonable valuations versus their long-term records and the market as whole. In contrast, other parts of the U.S. stock market have seen valuations rise to historically lofty levels, primarily driven by exceptionally low long-term interest rates. We are beginning to see interest rate policies normalize across the globe. Extremely accommodative policies, such as the quantitative easing that emerged following the 2008 financial crisis, are just beginning to be slowly reversed. Interest rates are the starting point for stock market valuations, and as rate policies normalize, we believe valuation discipline will be increasingly important in the coming years. In that context, we think reasonably valued dividend-growth stocks look well-positioned to outperform the broader market. At quarter end, we believe that select dividend-growth stocks within sectors such as health care, financials and industrials have a particularly attractive combination of good long-term earningsgrowth prospects and reasonable or even deeply discounted valuations. The fund's largest areas of investment during the quarter were information technology, financials and health care. At period end, our largest sector overweights were in energy, industrials and financials. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 16.65% 23.23% -6.58% -4.47% 16.51% 14.61% 1.90% -1.38% Health Care 14.22% 14.51% -0.29% 1.21% Industrials 12.41% 10.23% 2.18% 3.08% Consumer Discretionary 10.86% 11.85% -0.99% 3.77% Consumer Staples 8.94% 8.23% 0.71% -1.35% Energy 8.57% 6.09% 2.48% 0.89% Materials 3.28% 2.98% 0.30% -1.83% Telecommunication Services 1.71% 2.17% -0.46% -0.04% Real Estate 1.41% 2.99% -1.58% 0.22% Utilities 1.22% 3.12% -1.90% 0.87% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 17.9x 21.6x Price/Earnings (IBES 1-Year Forecast) 15.5x 18.0x Price/Book 2.6x 3.2x Price/Cash Flow 12.6x 14.3x Return on Equity (5-Year Trailing) 14.3% 14.6% Growth Sales/Share Growth 1-Year (Trailing) 3.1% 6.1% Earnings/Share Growth 1-Year (Trailing) 1.4% 7.3% Earnings/Share Growth 1-Year (IBES Forecast) 19.0% 22.4% Earnings/Share Growth 5-Year (Trailing) 8.4% 11.1% Size ed Average Market Cap ($ Billions) 151.5 177.9 ed Median Market Cap ($ Billions) 84.7 92.7 Median Market Cap ($ Billions) 31.0 21.0 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Wells Fargo & Co. 1.56% JPMorgan Chase & Co. 1.37% Bank of America Corp. 1.21% Amgen, Inc. Health Care 1.19% U.S. Bancorp 1.17% LARGEST UNDERWEIGHTS BY HOLDING Facebook, Inc. Class A Information Technology -1.88% Amazon.com, Inc. Consumer Discretionary -1.78% Alphabet, Inc. Class A Information Technology -1.62% Apple, Inc. Information Technology -1.23% Citigroup, Inc. -0.92% 10 LARGEST HOLDINGS JPMorgan Chase & Co. Wells Fargo & Co. Microsoft Corp. Apple, Inc. Johnson & Johnson Bank of America Corp. Exxon Mobil Corp. Chevron Corp. Amgen, Inc. U.S. Bancorp 10 Largest s as a % of Net Assets Information Technology Information Technology Health Care Energy Energy Health Care 23.12% Total Number of s 154 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. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 90.31% 99.11% -8.80% 1.17% International Equities 5.37% 0.89% 4.48% -0.22% Developed Markets 5.37% 0.67% 4.70% -0.22% Emerging Markets 0.00% 0.22% -0.22% 0.00% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.09% 0.00% 0.09% 0.00% Cash & Net Other Assets 4.23% 0.00% 4.23% -0.95% 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 Index Beta 0.95 1.00 Standard Deviation 9.70% 10.07% Sharpe Ratio 0.76 1.05 Tracking Error 1.54% -- Information Ratio -2.06 -- R-Squared 0.98 -- 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. 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. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. used as a recommendation for any sector or industry. RANKING INFORMATION 2017 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 top-performing 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 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. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. Effective 4/8/17, Gordon Scott was added as co-portfolio manager and Ramona Persaud transitioned to lead portfolio manager of the fund. 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. Should not be construed or 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. R- Squared 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2017 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 656705.18.0