NPORT-EX 2 QTLY_330_20221031.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Dividend Growth Fund
October 31, 2022
DGF-NPRT1-1222
1.809095.119
Common Stocks - 95.2%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 4.8%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
Cellnex Telecom SA (a)
 
884,500
28,950
Verizon Communications, Inc.
 
2,149,600
80,331
 
 
 
109,281
Entertainment - 1.2%
 
 
 
Activision Blizzard, Inc.
 
724,000
52,707
Electronic Arts, Inc.
 
143,000
18,012
 
 
 
70,719
Interactive Media & Services - 1.0%
 
 
 
Alphabet, Inc. Class A (b)
 
404,300
38,210
Meta Platforms, Inc. Class A (b)
 
210,200
19,582
 
 
 
57,792
Media - 0.8%
 
 
 
Comcast Corp. Class A
 
1,595,592
50,644
TOTAL COMMUNICATION SERVICES
 
 
288,436
CONSUMER DISCRETIONARY - 6.4%
 
 
 
Diversified Consumer Services - 0.2%
 
 
 
H&R Block, Inc.
 
328,000
13,497
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Churchill Downs, Inc.
 
101,200
21,040
Domino's Pizza, Inc.
 
162,800
54,089
Expedia, Inc. (b)
 
123,600
11,553
Hilton Worldwide Holdings, Inc.
 
48,200
6,520
Krispy Kreme, Inc. (c)
 
585,200
8,398
Restaurant Brands International, Inc. (c)
 
575,400
34,167
Starbucks Corp.
 
800
69
 
 
 
135,836
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
726,400
55,846
Lennar Corp. Class A
 
814,700
65,746
 
 
 
121,592
Multiline Retail - 1.2%
 
 
 
Dollar General Corp.
 
248,800
63,456
Kohl's Corp.
 
378,800
11,345
 
 
 
74,801
Specialty Retail - 0.7%
 
 
 
Camping World Holdings, Inc. (c)
 
42,567
1,185
Lowe's Companies, Inc.
 
31,500
6,141
TJX Companies, Inc.
 
501,500
36,158
 
 
 
43,484
TOTAL CONSUMER DISCRETIONARY
 
 
389,210
CONSUMER STAPLES - 9.9%
 
 
 
Beverages - 3.4%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
208,900
51,615
Keurig Dr. Pepper, Inc. (c)
 
2,195,300
85,265
The Coca-Cola Co.
 
1,214,900
72,712
 
 
 
209,592
Food & Staples Retailing - 1.9%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
924,000
41,373
Sysco Corp.
 
70,600
6,111
Walmart, Inc.
 
463,600
65,984
 
 
 
113,468
Food Products - 0.8%
 
 
 
Archer Daniels Midland Co.
 
164,500
15,953
The J.M. Smucker Co.
 
223,800
33,718
 
 
 
49,671
Household Products - 1.2%
 
 
 
Reynolds Consumer Products, Inc. (c)
 
2,398,600
73,253
Tobacco - 2.6%
 
 
 
Altria Group, Inc.
 
1,438,514
66,560
Philip Morris International, Inc.
 
391,100
35,923
Swedish Match Co. AB
 
5,163,300
53,104
 
 
 
155,587
TOTAL CONSUMER STAPLES
 
 
601,571
ENERGY - 9.9%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Baker Hughes Co. Class A
 
1,634,700
45,216
Oil, Gas & Consumable Fuels - 9.2%
 
 
 
ARC Resources Ltd.
 
4,125,800
58,086
Arch Resources, Inc. (c)
 
323,800
49,312
Cameco Corp. (c)
 
439,500
10,425
Canadian Natural Resources Ltd. (c)
 
1,262,900
75,698
Cool Co. Ltd. (b)
 
958,100
12,711
Energy Transfer LP
 
4,661,300
59,525
Enterprise Products Partners LP
 
2,680,400
67,680
Exxon Mobil Corp.
 
995,897
110,355
Reliance Industries Ltd. sponsored GDR (a)
 
604,700
36,917
Sitio Royalties Corp. (c)
 
856,500
24,290
Viper Energy Partners LP
 
1,520,322
50,703
 
 
 
555,702
TOTAL ENERGY
 
 
600,918
FINANCIALS - 7.6%
 
 
 
Banks - 2.0%
 
 
 
Bank of America Corp.
 
966,100
34,818
Wells Fargo & Co.
 
1,896,893
87,238
 
 
 
122,056
Capital Markets - 2.2%
 
 
 
BlackRock, Inc. Class A
 
39,200
25,320
Brookfield Asset Management, Inc. Class A
 
500,400
19,821
Intercontinental Exchange, Inc.
 
700,500
66,947
S&P Global, Inc.
 
72,468
23,280
 
 
 
135,368
Diversified Financial Services - 0.3%
 
 
 
Apollo Global Management, Inc.
 
286,500
15,861
Insurance - 3.1%
 
 
 
Arthur J. Gallagher & Co.
 
364,300
68,153
Brookfield Asset Management Reinsurance Partners Ltd. (c)
 
2,825
112
Marsh & McLennan Companies, Inc.
 
267,100
43,134
The Travelers Companies, Inc.
 
414,800
76,514
 
 
 
187,913
TOTAL FINANCIALS
 
 
461,198
HEALTH CARE - 14.6%
 
 
 
Biotechnology - 0.5%
 
 
 
AbbVie, Inc.
 
205,500
30,085
Health Care Equipment & Supplies - 1.4%
 
 
 
Baxter International, Inc.
 
931,400
50,622
Becton, Dickinson & Co.
 
142,400
33,602
 
 
 
84,224
Health Care Providers & Services - 7.3%
 
 
 
Cigna Corp.
 
436,800
141,113
CVS Health Corp.
 
496,700
47,037
HCA Holdings, Inc.
 
126,300
27,466
Humana, Inc.
 
145,300
81,089
UnitedHealth Group, Inc.
 
261,906
145,397
 
 
 
442,102
Life Sciences Tools & Services - 1.2%
 
 
 
Danaher Corp.
 
36,600
9,211
Thermo Fisher Scientific, Inc.
 
122,600
63,013
 
 
 
72,224
Pharmaceuticals - 4.2%
 
 
 
Bristol-Myers Squibb Co.
 
1,507,600
116,794
Eli Lilly & Co.
 
149,400
54,096
Perrigo Co. PLC
 
1,345,500
54,197
Pfizer, Inc.
 
237,900
11,074
Roche Holding AG (participation certificate)
 
53,550
17,768
 
 
 
253,929
TOTAL HEALTH CARE
 
 
882,564
INDUSTRIALS - 8.9%
 
 
 
Aerospace & Defense - 2.5%
 
 
 
Airbus Group NV
 
63,800
6,903
L3Harris Technologies, Inc.
 
76,200
18,781
Lockheed Martin Corp.
 
44,300
21,560
Northrop Grumman Corp.
 
97,700
53,638
The Boeing Co. (b)
 
371,300
52,914
 
 
 
153,796
Air Freight & Logistics - 0.2%
 
 
 
United Parcel Service, Inc. Class B
 
78,800
13,220
Commercial Services & Supplies - 0.9%
 
 
 
GFL Environmental, Inc. (c)
 
1,989,100
53,686
Industrial Conglomerates - 1.3%
 
 
 
General Electric Co.
 
949,850
73,908
Hitachi Ltd.
 
144,700
6,578
 
 
 
80,486
Machinery - 2.5%
 
 
 
Allison Transmission Holdings, Inc.
 
1,901,402
80,334
Caterpillar, Inc.
 
41,200
8,918
Deere & Co.
 
111,600
44,174
Fortive Corp.
 
133,300
8,518
PACCAR, Inc.
 
94,900
9,189
 
 
 
151,133
Marine - 0.2%
 
 
 
2020 Bulkers Ltd. (d)
 
1,128,200
8,497
Professional Services - 0.5%
 
 
 
Equifax, Inc.
 
122,300
20,735
Leidos Holdings, Inc.
 
93,800
9,529
 
 
 
30,264
Road & Rail - 0.8%
 
 
 
Canadian Pacific Railway Ltd. (c)
 
417,800
31,122
TFI International, Inc. (Canada)
 
184,100
16,758
 
 
 
47,880
TOTAL INDUSTRIALS
 
 
538,962
INFORMATION TECHNOLOGY - 18.6%
 
 
 
Electronic Equipment & Components - 0.3%
 
 
 
Jabil, Inc.
 
247,000
15,870
Vontier Corp.
 
6,702
128
 
 
 
15,998
IT Services - 6.8%
 
 
 
Cognizant Technology Solutions Corp. Class A
 
341,500
21,258
DXC Technology Co. (b)
 
450,300
12,946
Fidelity National Information Services, Inc.
 
551,700
45,786
Genpact Ltd.
 
1,551,200
75,233
Global Payments, Inc.
 
115,600
13,208
MasterCard, Inc. Class A
 
195,600
64,192
SS&C Technologies Holdings, Inc.
 
1,188,500
61,113
Visa, Inc. Class A
 
583,300
120,836
 
 
 
414,572
Semiconductors & Semiconductor Equipment - 2.7%
 
 
 
Broadcom, Inc.
 
83,500
39,255
KLA Corp.
 
39,800
12,595
Lam Research Corp.
 
27,100
10,970
Marvell Technology, Inc.
 
1,299,600
51,568
Microchip Technology, Inc.
 
82,700
5,106
NVIDIA Corp.
 
143,000
19,301
NXP Semiconductors NV
 
84,400
12,329
Universal Display Corp.
 
111,550
10,622
 
 
 
161,746
Software - 7.6%
 
 
 
Intuit, Inc.
 
147,800
63,185
Microsoft Corp.
 
1,498,400
347,824
Oracle Corp.
 
617,300
48,193
 
 
 
459,202
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Apple, Inc.
 
375,472
57,575
Samsung Electronics Co. Ltd.
 
441,230
18,362
 
 
 
75,937
TOTAL INFORMATION TECHNOLOGY
 
 
1,127,455
MATERIALS - 4.1%
 
 
 
Chemicals - 1.2%
 
 
 
CF Industries Holdings, Inc.
 
257,100
27,319
Valvoline, Inc.
 
1,624,900
47,707
 
 
 
75,026
Metals & Mining - 2.4%
 
 
 
Barrick Gold Corp.
 
769,200
11,561
Freeport-McMoRan, Inc.
 
1,024,800
32,476
Glencore PLC
 
10,146,500
58,171
Newmont Corp.
 
1,037,200
43,894
 
 
 
146,102
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp.
 
483,700
27,402
TOTAL MATERIALS
 
 
248,530
REAL ESTATE - 4.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.0%
 
 
 
American Tower Corp.
 
226,900
47,011
Crown Castle International Corp.
 
168,000
22,388
CubeSmart
 
283,200
11,858
Digital Realty Trust, Inc.
 
279,800
28,050
Four Corners Property Trust, Inc.
 
1,098,800
28,151
National Retail Properties, Inc.
 
628,200
26,403
Park Hotels & Resorts, Inc.
 
484,600
6,339
Prologis (REIT), Inc.
 
142,900
15,826
Public Storage
 
71,000
21,992
Simon Property Group, Inc.
 
297,700
32,443
 
 
 
240,461
UTILITIES - 6.4%
 
 
 
Electric Utilities - 3.0%
 
 
 
Constellation Energy Corp.
 
383,876
36,292
Edison International
 
728,700
43,751
Exelon Corp.
 
705,830
27,238
FirstEnergy Corp.
 
987,200
37,227
PG&E Corp. (b)
 
283,324
4,230
Southern Co.
 
534,000
34,966
 
 
 
183,704
Gas Utilities - 0.6%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
767,700
33,103
Independent Power and Renewable Electricity Producers - 2.0%
 
 
 
NextEra Energy Partners LP
 
523,500
38,776
The AES Corp.
 
2,421,400
63,344
Vistra Corp.
 
894,300
20,542
 
 
 
122,662
Multi-Utilities - 0.8%
 
 
 
CenterPoint Energy, Inc.
 
1,252,500
35,834
Dominion Energy, Inc.
 
184,800
12,930
 
 
 
48,764
TOTAL UTILITIES
 
 
388,233
 
TOTAL COMMON STOCKS
 (Cost $5,180,280)
 
 
 
5,767,538
 
 
 
 
Money Market Funds - 9.4%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 3.10% (e)
 
281,897,134
281,954
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
283,559,383
283,588
 
TOTAL MONEY MARKET FUNDS
 (Cost $565,542)
 
 
565,542
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.6%
 (Cost $5,745,822)
 
 
 
6,333,080
NET OTHER ASSETS (LIABILITIES) - (4.6)%  
(276,379)
NET ASSETS - 100.0%
6,056,701
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $65,867,000 or 1.1% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated company
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
176,927
502,101
397,074
1,665
-
-
281,954
0.6%
Fidelity Securities Lending Cash Central Fund 3.10%
114,743
550,223
381,378
109
-
-
283,588
0.8%
Total
291,670
1,052,324
778,452
1,774
-
-
565,542
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
2020 Bulkers Ltd.
13,190
-
-
338
-
(4,693)
8,497
Total
13,190
-
-
338
-
(4,693)
8,497
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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)
 
Valuation techniques used to value 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 service 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 any 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.