Fidelity Advisor^® Equity Dividend Income Fund: Investment Approach

• Fidelity Advisor^® Equity Dividend Income Fund seeks a yield from dividend and interest income that exceeds the composite dividend yield on securities in the S&P 500^® index. In addition, the fund will consider the potential for achieving capital appreciation.
• We believe that dividends provide a significant percentage of total return over time, and that a portfolio of stocks with above-market dividend yields/growth and below-average valuations can match or exceed the performance of the market over a full market cycle, but with a lower volatility of returns.
• We also believe that lower payout ratios provide safety for a dividend and can be supportive of future dividend growth. We favor companies committed to increasing their payout ratios, as demonstration of good capital management can lead to valuation expansion.
• We focus on high-quality firms with high or improving returns, as well as those with a strong balance sheet, including cash on hand or cash the enterprise is reasonably expected to generate in the very near future.