Fidelity Advisor^® Value Discovery Fund: Investment Approach

• Fidelity^® Value Discovery Fund is a large-cap, value-oriented strategy that seeks capital appreciation.
• We focus on companies where there is a significant price dislocation, believing that a stock's market value will move toward its intrinsic (fair) value over time. We seek to purchase securities with a large "margin of safety" and use three different valuation measures to determine a company's intrinsic value.
• We favor firms with both cheap valuations and high-quality franchises – those with above-average returns on invested capital and that operate in businesses protected by strong entry barriers. Our strategy aims to benefit from lower earnings volatility and higher long-term growth. We also like companies with healthy cash-flow generation.
• Capital preservation is as important a factor in investing as is upside potential. The fund is structured to maintain a lower beta (sensitivity to market risk) and a higher-quality orientation than its benchmark, the Russell 3000^® Value Index.