NPORT-EX 1 QTLY_330_20190430.htm

Quarterly Holdings Report
for

Fidelity® Dividend Growth Fund

April 30, 2019







DGF-QTLY-0619
1.800335.115





Schedule of Investments April 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 11.1%   
Diversified Telecommunication Services - 1.5%   
Verizon Communications, Inc. 1,826,600 $104,463 
Media - 9.6%   
Comcast Corp. Class A 10,560,692 459,707 
GCI Liberty, Inc. (a) 571,138 34,051 
Interpublic Group of Companies, Inc. 1,516,700 34,884 
Liberty Broadband Corp. Class A (a) 524,534 51,609 
Liberty Global PLC Class A (a) 341,506 9,224 
Liberty Media Corp. Liberty SiriusXM Series A (a) 1,479,500 59,091 
Omnicom Group, Inc. 410,000 32,812 
  681,378 
TOTAL COMMUNICATION SERVICES  785,841 
CONSUMER DISCRETIONARY - 5.5%   
Auto Components - 0.0%   
Lear Corp. 29,400 4,204 
Automobiles - 0.1%   
General Motors Co. 141,500 5,511 
Distributors - 1.4%   
LKQ Corp. (a) 3,229,400 97,205 
Household Durables - 2.2%   
Mohawk Industries, Inc. (a) 355,300 48,410 
NVR, Inc. (a) 34,900 110,022 
  158,432 
Internet & Direct Marketing Retail - 1.2%   
The Booking Holdings, Inc. (a) 45,600 84,588 
Specialty Retail - 0.2%   
AutoNation, Inc. (a) 286,000 11,992 
Textiles, Apparel & Luxury Goods - 0.4%   
PVH Corp. 224,701 28,984 
TOTAL CONSUMER DISCRETIONARY  390,916 
CONSUMER STAPLES - 5.1%   
Food Products - 1.5%   
Ingredion, Inc. 271,500 25,725 
The Kraft Heinz Co. 2,316,200 76,990 
  102,715 
Household Products - 1.2%   
Spectrum Brands Holdings, Inc. 1,366,275 84,122 
Personal Products - 0.7%   
Unilever NV (Certificaten Van Aandelen) (Bearer) 834,500 50,491 
Tobacco - 1.7%   
Altria Group, Inc. 2,234,214 121,385 
TOTAL CONSUMER STAPLES  358,713 
ENERGY - 6.7%   
Oil, Gas & Consumable Fuels - 6.7%   
Chevron Corp. 883,600 106,085 
Exxon Mobil Corp. 3,199,897 256,888 
Phillips 66 Co. 1,187,300 111,927 
  474,900 
FINANCIALS - 29.3%   
Banks - 13.3%   
Bank of America Corp. 9,044,617 276,584 
JPMorgan Chase & Co. 2,257,735 262,010 
M&T Bank Corp. 479,900 81,617 
PNC Financial Services Group, Inc. 774,800 106,093 
U.S. Bancorp 1,663,600 88,703 
Wells Fargo & Co. 2,683,993 129,932 
  944,939 
Capital Markets - 0.4%   
Lazard Ltd. Class A 377,300 14,669 
Oaktree Capital Group LLC Class A 287,200 14,538 
  29,207 
Consumer Finance - 0.9%   
American Express Co. 534,100 62,613 
Diversified Financial Services - 10.4%   
Berkshire Hathaway, Inc. Class B (a) 3,384,900 733,541 
Insurance - 4.3%   
Chubb Ltd. 728,500 105,778 
The Travelers Companies, Inc. 1,207,100 173,521 
Torchmark Corp. 279,307 24,484 
  303,783 
TOTAL FINANCIALS  2,074,083 
HEALTH CARE - 4.1%   
Health Care Providers & Services - 2.0%   
AmerisourceBergen Corp. 191,400 14,309 
Anthem, Inc. 201,700 53,053 
Cigna Corp. 156,300 24,827 
McKesson Corp. 156,600 18,675 
Quest Diagnostics, Inc. 121,900 11,749 
UnitedHealth Group, Inc. 88,400 20,603 
  143,216 
Pharmaceuticals - 2.1%   
Bayer AG 1,308,200 87,068 
Bristol-Myers Squibb Co. 1,258,200 58,418 
  145,486 
TOTAL HEALTH CARE  288,702 
INDUSTRIALS - 25.4%   
Aerospace & Defense - 0.0%   
General Dynamics Corp. 22,600 4,039 
Air Freight & Logistics - 2.7%   
FedEx Corp. 499,000 94,541 
United Parcel Service, Inc. Class B 883,200 93,814 
  188,355 
Airlines - 1.5%   
Delta Air Lines, Inc. 1,086,500 63,332 
Southwest Airlines Co. 850,800 46,139 
  109,471 
Industrial Conglomerates - 8.6%   
General Electric Co. 58,727,600 597,260 
ITT, Inc. 202,800 12,280 
  609,540 
Machinery - 5.3%   
Allison Transmission Holdings, Inc. 672,802 31,528 
Cummins, Inc. 541,000 89,963 
PACCAR, Inc. 1,096,000 78,550 
Snap-On, Inc. 497,900 83,787 
WABCO Holdings, Inc. (a) 669,800 88,708 
  372,536 
Road & Rail - 5.3%   
J.B. Hunt Transport Services, Inc. 452,400 42,743 
Knight-Swift Transportation Holdings, Inc. Class A (b) 4,421,484 147,456 
Norfolk Southern Corp. 370,700 75,630 
Union Pacific Corp. 634,400 112,314 
  378,143 
Trading Companies & Distributors - 2.0%   
AerCap Holdings NV (a) 268,931 13,350 
Air Lease Corp. Class A 457,700 17,649 
HD Supply Holdings, Inc. (a) 2,362,910 107,961 
  138,960 
TOTAL INDUSTRIALS  1,801,044 
INFORMATION TECHNOLOGY - 6.1%   
IT Services - 1.9%   
Amdocs Ltd. 969,900 53,422 
Cognizant Technology Solutions Corp. Class A 759,900 55,442 
FleetCor Technologies, Inc. (a) 103,900 27,113 
  135,977 
Semiconductors & Semiconductor Equipment - 0.4%   
Qualcomm, Inc. 358,000 30,835 
Software - 1.5%   
Oracle Corp. 1,949,700 107,877 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 804,218 161,382 
TOTAL INFORMATION TECHNOLOGY  436,071 
MATERIALS - 0.8%   
Chemicals - 0.8%   
Dow, Inc. (a) 301,533 17,106 
DowDuPont, Inc. 1,099,800 42,287 
  59,393 
UTILITIES - 0.9%   
Electric Utilities - 0.9%   
PPL Corp. 1,952,300 60,931 
TOTAL COMMON STOCKS   
(Cost $5,971,004)  6,730,594 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund, 2.49% (c) 261,024,359 261,077 
Fidelity Securities Lending Cash Central Fund 2.49% (c)(d) 6,810,778 6,811 
TOTAL MONEY MARKET FUNDS   
(Cost $267,883)  267,888 
TOTAL INVESTMENT IN SECURITIES - 98.8%   
(Cost $6,238,887)  6,998,482 
NET OTHER ASSETS (LIABILITIES) - 1.2%  83,698 
NET ASSETS - 100%  $7,082,180 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $4,605 
Fidelity Securities Lending Cash Central Fund 31 
Total $4,636 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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