Fidelity Advisor^® Balanced Fund: Investment Approach

• Fidelity Advisor^® Balanced Fund invests across a mix of stocks and bonds – with a 60%/40% neutral allocation – in seeking income and capital growth.
• The fund is managed by multiple portfolio managers, with each member dedicated to a particular asset class or market segment, plus a lead manager responsible for determining the appropriate asset allocation, general team oversight, cash management and risk monitoring.
• The equity subportfolio is largely sector-neutral and run by a team of sector-focused managers who look to add value through active stock selection.
• The investment-grade bond strategy seeks outperformance through sector and security selection and yield-curve positioning. The fund also has a dedicated high-yield bond portfolio, considered out-of-benchmark.
• Focused sector and asset class expertise, supported by our deep research infrastructure, is combined with disciplined portfolio construction to provide investment-process consistency in seeking to deliver attractive risk-adjusted returns over time.