Fidelity Advisor^® Leveraged Company Stock Fund: Investment Approach

• Fidelity Advisor^® Leveraged Company Stock Fund is a domestic equity strategy focused on companies with high outstanding debt, or leverage.
• The co-managers apply an opportunistic investment approach that allows them to move across the market-capitalization and credit-quality spectrums, resulting in sector allocations that may differ significantly from the fund's benchmark.
• In particular, we favor companies with an attractive valuation, strong competitive positioning, and a management team that can prudently use free cash flow to grow shareholder value and reduce leverage in the intermediate term.
• We rely on in-depth fundamental value and credit analysis of the entire capital structure, working in concert with Fidelity's high-income and global research teams, with the goal of producing favorable risk-adjusted returns over time.