Fidelity Advisor^® OTC Fund: Investment Approach

• Fidelity Advisor^® OTC Fund invests primarily in dynamic growth companies listed on the Nasdaq stock exchange.
• Our investment approach focuses on companies we believe have above-average earnings growth potential with sustainable business models, for which the market has mispriced the rate and/or durability of growth.
• The portfolio manager aims to identify companies with products that meet market demand, possess competitive advantages, have pricing power, and are led by strong management teams to support superior long-term earnings. Product cycles, a change in management, and turnaround situations are events which might provide a business catalyst that could add to a stock's true value.
• We look to exploit inappropriate valuations in the market through bottom-up, fundamental analysis, working in concert with Fidelity's global research team.