Fidelity Advisor^® Mid-Cap Stock Fund: Investment Approach

• Fidelity^® Mid-Cap Stock Fund is a diversified domestic equity strategy focused on companies valued at $1 billion to $10 billion across the growth-to-value universe.
• Philosophically, we believe a company's stock price reflects the market's collective view of its future earnings power, but the collective view can be wrong.
• We believe bottom-up, fundamental analysis can identify those opportunities where our earnings forecasts deviate from consensus, and where the potential reward for being right is high.
• We look for investment opportunities in emerging growth stocks, where we have a differentiated view on the magnitude of the growth rate; compounders, where we have a differentiated view on the sustainability of the growth rate; and mean-reversion stocks, where we have a differentiated view on the timing, duration or magnitude of the cycle.
• In constructing the portfolio, we size positions by assessing our conviction in the differentiated view on future earnings power versus its potential payoff.