NPORT-EX 2 QTLY_330_20230430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Dividend Growth Fund
April 30, 2023
DGF-NPRT3-0623
1.800335.119
Common Stocks - 99.1%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 4.7%
 
 
 
Diversified Telecommunication Services - 1.2%
 
 
 
Cellnex Telecom SA (a)
 
826,300
34,791
Verizon Communications, Inc.
 
1,053,600
40,911
 
 
 
75,702
Entertainment - 0.8%
 
 
 
Activision Blizzard, Inc.
 
619,100
48,110
Interactive Media & Services - 1.9%
 
 
 
Alphabet, Inc. Class A (b)
 
426,700
45,802
Meta Platforms, Inc. Class A (b)
 
246,200
59,167
Tencent Holdings Ltd. sponsored ADR (c)
 
370,000
16,413
 
 
 
121,382
Media - 0.8%
 
 
 
Comcast Corp. Class A
 
1,190,392
49,247
TOTAL COMMUNICATION SERVICES
 
 
294,441
CONSUMER DISCRETIONARY - 4.6%
 
 
 
Diversified Consumer Services - 0.8%
 
 
 
H&R Block, Inc.
 
1,417,600
48,071
Hotels, Restaurants & Leisure - 2.6%
 
 
 
ARAMARK Holdings Corp.
 
713,300
24,752
Churchill Downs, Inc.
 
62,500
18,283
Domino's Pizza, Inc.
 
203,900
64,732
Hilton Worldwide Holdings, Inc.
 
48,200
6,942
Restaurant Brands International, Inc. (c)
 
355,100
24,903
Starbucks Corp.
 
800
91
Yum China Holdings, Inc.
 
377,000
23,065
 
 
 
162,768
Household Durables - 0.7%
 
 
 
D.R. Horton, Inc.
 
193,800
21,283
Lennar Corp. Class A
 
221,900
25,033
 
 
 
46,316
Specialty Retail - 0.5%
 
 
 
TJX Companies, Inc.
 
363,600
28,659
TOTAL CONSUMER DISCRETIONARY
 
 
285,814
CONSUMER STAPLES - 8.3%
 
 
 
Beverages - 2.7%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
252,100
57,849
Keurig Dr. Pepper, Inc.
 
2,245,100
73,415
The Coca-Cola Co.
 
510,000
32,717
 
 
 
163,981
Consumer Staples Distribution & Retail - 2.2%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,033,900
51,602
Dollar General Corp.
 
150,100
33,241
Walmart, Inc.
 
356,900
53,881
 
 
 
138,724
Food Products - 0.4%
 
 
 
The J.M. Smucker Co.
 
160,600
24,798
Household Products - 0.9%
 
 
 
Reynolds Consumer Products, Inc. (c)
 
1,874,456
52,541
Tobacco - 2.1%
 
 
 
Altria Group, Inc. (c)
 
1,345,614
63,930
Philip Morris International, Inc.
 
685,400
68,519
 
 
 
132,449
TOTAL CONSUMER STAPLES
 
 
512,493
ENERGY - 9.3%
 
 
 
Energy Equipment & Services - 1.1%
 
 
 
Baker Hughes Co. Class A
 
1,257,000
36,755
Schlumberger Ltd.
 
602,600
29,738
 
 
 
66,493
Oil, Gas & Consumable Fuels - 8.2%
 
 
 
ARC Resources Ltd. (c)
 
3,223,800
40,046
Arch Resources, Inc. (c)
 
465,700
56,932
Canadian Natural Resources Ltd.
 
842,600
51,373
Cheniere Energy, Inc.
 
186,300
28,504
Cool Co. Ltd.
 
1,556,100
19,143
Energy Transfer LP
 
7,067,600
91,031
Enterprise Products Partners LP
 
2,538,600
66,791
Exxon Mobil Corp.
 
734,697
86,944
Reliance Industries Ltd. GDR (a)
 
514,200
30,646
Sitio Royalties Corp. (c)
 
854,000
21,683
Viper Energy Partners LP
 
623,322
18,351
 
 
 
511,444
TOTAL ENERGY
 
 
577,937
FINANCIALS - 13.4%
 
 
 
Banks - 2.8%
 
 
 
Bank of America Corp.
 
2,494,300
73,033
Wells Fargo & Co.
 
2,530,993
100,607
 
 
 
173,640
Capital Markets - 1.8%
 
 
 
Brookfield Corp. Class A (c)
 
393,800
12,783
Intercontinental Exchange, Inc.
 
646,800
70,456
S&P Global, Inc.
 
86,368
31,315
 
 
 
114,554
Financial Services - 5.3%
 
 
 
Apollo Global Management, Inc.
 
566,600
35,917
Fidelity National Information Services, Inc.
 
530,500
31,151
Global Payments, Inc.
 
109,400
12,330
MasterCard, Inc. Class A
 
261,600
99,416
Visa, Inc. Class A
 
644,000
149,878
 
 
 
328,692
Insurance - 3.5%
 
 
 
Arthur J. Gallagher & Co.
 
337,000
70,116
Brookfield Asset Management Reinsurance Partners Ltd.
 
2,825
92
Chubb Ltd.
 
164,500
33,157
Marsh & McLennan Companies, Inc.
 
286,000
51,534
The Travelers Companies, Inc.
 
331,000
59,957
 
 
 
214,856
TOTAL FINANCIALS
 
 
831,742
HEALTH CARE - 13.8%
 
 
 
Biotechnology - 1.1%
 
 
 
AbbVie, Inc.
 
114,400
17,288
Gilead Sciences, Inc.
 
642,400
52,812
 
 
 
70,100
Health Care Equipment & Supplies - 0.7%
 
 
 
Baxter International, Inc.
 
449,700
21,442
Becton, Dickinson & Co.
 
44,400
11,735
GE Healthcare Holding LLC
 
113,950
9,269
 
 
 
42,446
Health Care Providers & Services - 7.0%
 
 
 
Cigna Group
 
425,800
107,851
CVS Health Corp.
 
539,500
39,551
Elevance Health, Inc.
 
79,700
37,351
HCA Holdings, Inc.
 
109,800
31,549
Humana, Inc.
 
107,900
57,240
UnitedHealth Group, Inc.
 
321,406
158,161
 
 
 
431,703
Life Sciences Tools & Services - 1.6%
 
 
 
Danaher Corp.
 
176,700
41,862
Thermo Fisher Scientific, Inc.
 
98,100
54,436
 
 
 
96,298
Pharmaceuticals - 3.4%
 
 
 
Bristol-Myers Squibb Co.
 
1,118,300
74,669
Eli Lilly & Co.
 
169,900
67,257
Perrigo Co. PLC
 
799,600
29,737
Roche Holding AG (participation certificate)
 
68,810
21,547
Royalty Pharma PLC
 
537,900
18,907
 
 
 
212,117
TOTAL HEALTH CARE
 
 
852,664
INDUSTRIALS - 12.9%
 
 
 
Aerospace & Defense - 5.0%
 
 
 
Airbus Group NV
 
201,900
28,273
Howmet Aerospace, Inc.
 
370,600
16,414
L3Harris Technologies, Inc.
 
95,100
18,559
Lockheed Martin Corp.
 
105,000
48,767
Northrop Grumman Corp.
 
85,300
39,346
Spirit AeroSystems Holdings, Inc. Class A
 
466,400
13,880
Textron, Inc.
 
503,800
33,724
The Boeing Co. (b)
 
532,500
110,110
 
 
 
309,073
Air Freight & Logistics - 0.2%
 
 
 
United Parcel Service, Inc. Class B
 
58,200
10,465
Commercial Services & Supplies - 1.4%
 
 
 
GFL Environmental, Inc.
 
2,312,700
84,000
Industrial Conglomerates - 1.2%
 
 
 
General Electric Co.
 
752,650
74,490
Machinery - 1.8%
 
 
 
Allison Transmission Holdings, Inc. (c)
 
1,891,002
92,262
Caterpillar, Inc.
 
79,200
17,329
 
 
 
109,591
Marine Transportation - 0.3%
 
 
 
2020 Bulkers Ltd. (d)
 
1,265,600
12,636
Himalaya Shipping Ltd.
 
1,240,700
7,184
 
 
 
19,820
Professional Services - 2.3%
 
 
 
Equifax, Inc.
 
108,300
22,568
Genpact Ltd.
 
455,200
20,279
Leidos Holdings, Inc.
 
186,200
17,365
SS&C Technologies Holdings, Inc.
 
1,460,700
85,509
 
 
 
145,721
Trading Companies & Distributors - 0.7%
 
 
 
United Rentals, Inc.
 
39,500
14,264
Watsco, Inc. (c)
 
92,300
31,971
 
 
 
46,235
TOTAL INDUSTRIALS
 
 
799,395
INFORMATION TECHNOLOGY - 15.8%
 
 
 
Communications Equipment - 0.6%
 
 
 
Cisco Systems, Inc.
 
812,600
38,395
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Jabil, Inc.
 
247,000
19,303
Vontier Corp.
 
6,702
182
 
 
 
19,485
IT Services - 0.6%
 
 
 
Amdocs Ltd.
 
435,600
39,749
Semiconductors & Semiconductor Equipment - 3.8%
 
 
 
BE Semiconductor Industries NV
 
313,500
28,099
Broadcom, Inc.
 
38,200
23,932
Marvell Technology, Inc.
 
1,469,905
58,032
Microchip Technology, Inc.
 
82,700
6,036
NVIDIA Corp.
 
40,400
11,211
NXP Semiconductors NV
 
216,200
35,401
Skyworks Solutions, Inc.
 
83,700
8,864
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
640,100
53,960
Universal Display Corp.
 
75,750
10,110
 
 
 
235,645
Software - 9.0%
 
 
 
Intuit, Inc.
 
167,600
74,406
Microsoft Corp.
 
1,564,900
480,826
 
 
 
555,232
Technology Hardware, Storage & Peripherals - 1.5%
 
 
 
Apple, Inc.
 
250,372
42,483
Samsung Electronics Co. Ltd.
 
978,900
48,185
 
 
 
90,668
TOTAL INFORMATION TECHNOLOGY
 
 
979,174
MATERIALS - 6.5%
 
 
 
Chemicals - 0.8%
 
 
 
CF Industries Holdings, Inc.
 
238,100
17,043
International Flavors & Fragrances, Inc.
 
184,200
17,860
Valvoline, Inc.
 
459,700
15,883
 
 
 
50,786
Metals & Mining - 5.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
827,200
46,927
Barrick Gold Corp.
 
2,651,500
50,485
Freeport-McMoRan, Inc.
 
1,048,800
39,760
Glencore PLC
 
8,526,600
50,329
Newmont Corp. (c)
 
1,273,800
60,378
Wheaton Precious Metals Corp.
 
1,415,100
69,823
 
 
 
317,702
Paper & Forest Products - 0.6%
 
 
 
Louisiana-Pacific Corp.
 
578,700
34,572
TOTAL MATERIALS
 
 
403,060
REAL ESTATE - 3.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.1%
 
 
 
American Tower Corp.
 
186,000
38,017
Crown Castle International Corp.
 
285,700
35,167
Digital Realty Trust, Inc.
 
87,900
8,715
Four Corners Property Trust, Inc.
 
895,900
22,854
National Retail Properties, Inc.
 
722,400
31,424
Public Storage
 
58,300
17,189
Simon Property Group, Inc.
 
80,700
9,145
Welltower, Inc.
 
412,800
32,702
 
 
 
195,213
UTILITIES - 6.7%
 
 
 
Electric Utilities - 4.2%
 
 
 
Constellation Energy Corp.
 
587,476
45,471
Edison International
 
835,000
61,456
Exelon Corp.
 
966,130
41,003
FirstEnergy Corp.
 
1,264,500
50,327
PG&E Corp. (b)
 
454,624
7,779
Southern Co.
 
751,400
55,265
 
 
 
261,301
Gas Utilities - 0.5%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
688,700
29,339
Independent Power and Renewable Electricity Producers - 1.6%
 
 
 
NextEra Energy Partners LP
 
533,400
30,676
The AES Corp.
 
1,815,900
42,964
Vistra Corp.
 
1,071,550
25,567
 
 
 
99,207
Multi-Utilities - 0.4%
 
 
 
Dominion Energy, Inc.
 
400,800
22,902
TOTAL UTILITIES
 
 
412,749
 
TOTAL COMMON STOCKS
 (Cost $5,303,609)
 
 
 
6,144,682
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.88% (e)
 
69,840,968
69,855
Fidelity Securities Lending Cash Central Fund 4.88% (e)(f)
 
140,919,405
140,933
 
TOTAL MONEY MARKET FUNDS
 (Cost $210,788)
 
 
210,788
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
 (Cost $5,514,397)
 
 
 
6,355,470
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(155,756)
NET ASSETS - 100.0%
6,199,714
 
 
 
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 $65,437,000 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 4.88%
176,927
1,403,703
1,510,775
5,365
-
-
69,855
0.2%
Fidelity Securities Lending Cash Central Fund 4.88%
114,743
1,292,680
1,266,490
575
-
-
140,933
0.4%
Total
291,670
2,696,383
2,777,265
5,940
-
-
210,788
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
2020 Bulkers Ltd.
13,190
1,333
-
693
-
(1,887)
12,636
Total
13,190
1,333
-
693
-
(1,887)
12,636
 
 
 
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.
 
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