Fidelity Advisor^® Focused Stock Fund: Investment Approach

• Fidelity Advisor^® Focused Stock Fund is a diversified domestic equity strategy with a large-cap growth orientation.
• The fund seeks capital appreciation and will normally invest in approximately 30 to 80, primarily domestic, stocks.
• Our investment process is driven by research and bottom-up fundamental company analysis.
• We manage a concentrated portfolio by investing in companies we believe that, over time, will offer growth at a reasonable price. We seek firms that will grow earnings materially faster than the market and are still trading at attractive valuations.
• Every stock is typically a positive active position in the portfolio, and it is very unlikely for us to take an underweighted stance in any name relative to the benchmark. As a result of this, the majority of our relative performance comes from stock selection.
• Our concentrated approach tends to lead to a thematic investing style.