Fidelity Advisor Mid Cap Value Fund
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PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Fidelity Advisor® Mid Cap Value
Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending July 31, 2021, the fund's The S&P 500® index gained 19.19% for
Class I Class shares gained 23.62%, topping the 20.47% advance of the six months ending July 31, 2021, with
the benchmark, the Russell Midcap® Value Index. U.S. equities rising on the prospect of a
surge in economic growth amid
widespread COVID-19 vaccinations, fiscal
• Co-Lead Manager Kevin Walenta believes his long-term bias toward stimulus and fresh spending programs.
high-quality stocks with cheap valuations aided the fund's As 2021 began, investors saw reasons to
performance versus the benchmark the past six months, given that be hopeful. The rollout of three COVID-
stocks with both these characteristics led the mid-cap category. 19 vaccines was underway, the U.S.
Federal Reserve pledged to hold interest
• More specifically, Kevin's focus on mid-cap companies with a strong rates near zero until the economy
balance sheet, cash-generative business and favorable earnings- recovered, and the federal government
growth prospects, trading below his estimate of intrinsic value, drove would deploy trillions of dollars in aid to
notable security selection in the real estate, industrials and boost consumers and the economy.
communication services sectors. Many economists raised their
expectations for a powerful recovery, as
• Top individual contributors this period were overweight stakes in opposed to a sluggish rebound,
commercial real estate brokers CBRE Group and Jones Lang LaSalle bolstering stocks through April. This
backdrop fueled a sharp rotation, with
and private-label credit card company Synchrony Financial.
small-cap value usurping leadership from
large growth. As part of the "reopening"
• Conversely, stock picks in the energy, consumer discretionary and theme, investors moved out of tech-
materials sectors hampered relative performance. Among individual driven mega-caps that had thrived due to
detractors were larger-than-benchmark positions in consumer the work-from-home trend in favor of
electronics retailer Best Buy and fuel-additives maker NewMarket. cheap smaller companies that stood to
benefit from a broad cyclical recovery.
• As of July 31, Kevin remains optimistic about prospects for mid-cap Choppy trading in a flattish May reflected
value stocks, given still elevated valuation dispersion in many sectors concerns about inflation and jobs, but the
and prospects for more-normalized economic activity. uptrend resumed through July, driven by
corporate earnings. Notably, this leg saw
• On July 12, 2021, Neil Nabar and Anastasia Zabolotnikova were momentum shift back to large growth, as
appointed Co-Lead Manager and Co-Manager, respectively, alongside easing rates and a hawkish Fed stymied
Kevin Walenta. Neil and Anastasia will continue to work closely with the reflation trade. By sector, energy
gained about 29% for the six months,
Kevin to ensure a smooth transition, with the expectation that they will
boosted by a sharp rally in the price of
take over portfolio management responsibilities by the end of 2021.
oil. Conversely, notable "laggards"
included the defensive utilities (+8%),
consumer staples (+14%) and health care
(+16%) sectors.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Q&A
An interview with Co-Lead Portfolio
Manager Kevin Walenta
Kevin Walenta Q: Kevin, how did the fund perform for the six
Co-Lead Manager months ending July 31, 2021
The fund had a strong run this period. Its Class I shares rose
Fund Facts 23.62%, topping the 20.47% gain of the benchmark, the
Trading Symbol: FMPOX Russell Midcap® Value Index, and outperforming the peer
group average by a similar margin.
Start Date: November 15, 2001
Looking a bit longer term, the fund gained 51.57% for the
Size (in millions): $1,522.64 trailing 12 months, outpacing the 47.07% advance of the
benchmark, as well as the peer group average.
Q: What helped the fund outperform its
benchmark the past six months
Investment Approach
I focus on higher-quality mid-cap stocks with attractive
• Fidelity Advisor® Mid Cap Value Fund seeks long-term
valuations because over multi-decade periods these stocks
growth of capital in a valuation-conscious manner with a
have been notably strong performers. While quality and
bias toward higher-quality companies.
value have been largely out of favor in recent years, being
• We believe that bottom-up fundamental research has disciplined about sticking with that combination worked to
the potential to deliver long-term outperformance. Core our advantage this period, as the authorization of COVID-19
to our investment philosophy is the belief that buying vaccines brought a snapback in economic activity that
strong franchises trading at a discount to the intrinsic helped cyclical sectors and value stocks. Within this context,
(fair) value of their business can add value, so long as the stocks with so-called quality characteristics – strong balance
margin of safety is sufficient to compensate for sheets, cash-generative businesses and favorable earnings-
idiosyncratic risks.
growth prospects – saw some of the biggest gains.
• We use quantitative models to narrow down the
Security selection in real estate, the top-performing sector in
investment universe to a more manageable size,
the benchmark this period, gave the biggest boost to our
maintain style consistency and manage risk in the
portfolio. relative result. Stock picks in industrials, notably capital
goods, and communication services, specifically media &
• Combining Fidelity's fundamental research strengths entertainment, also helped.
with proprietary investment models and tools provides a
sound basis for identifying attractive opportunities in the
mid-cap value space.
Q: Which stocks helped most
• The fund is run in a fully invested, near-sector-neutral Our top contributors were commercial real estate companies
manner, so potential investments are scrutinized against CBRE Group (+58%) and Jones Lang LaSalle (+52%), each a
similar stocks in the same sector. sizable holding and notable overweighting in the fund. After
previously being hard hit by pandemic-related lockdowns,
these companies benefited the past six months because
many of their larger tenants spoke publicly about a return-to-
work scenario for employees. In addition, both management
teams executed exceptionally well after transitioning their
business mix to include more sources of recurring revenue,
notably from facilities maintenance contracts. The resulting
positive earnings and revenue surprises, along with an
improved financial outlook, bolstered returns.
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Elsewhere, a large overweighting in private-label credit card business has been very stable over time, with very little
company Synchrony Financial (+42%) aided relative economic sensitivity. And that's not what investors were
performance. I had invested in this stock, one of our biggest looking for the past six months.
holdings, mainly because it looked very cheap to me. An
Another disappointment was NRG Energy (+1%), an
increase in consumer retail spending and lower year-over-
unregulated electric utility that is one of the biggest power
year expenses, partly the result of reduced reserves as
generators in Texas. Severe storms in February shut down
delinquency and default eased, led to first- and second-
the state's electric grid, resulting in a roughly $967 million
quarter earnings that surpassed expectations, in turn helping
loss for the company. I maintained our large stake because
to fuel the stock's sizable gain.
the valuation was attractive, and I expect the impact of these
storms to be transitory, allowing for more-normalized cash
Q: Which other stocks stood out flow and earnings in 2022 and beyond.
In materials, a large overweighting in global metals Within industrials, an overweighting in Allison Transmission
processing company Reliance Steel & Aluminum rose about Holdings (-1%), which makes transmissions for heavy-duty
37% this period. The company, which produces a range of trucks, also hindered relative performance. Fears around the
metal products for use in multiple industries, fit my quality electrification of heavy-duty trucks weighed negatively on the
criteria. It can pass on price increases for raw materials to its shares. I kept this position because the stock seemed very
customers, making its earnings stream more predictable, and cheap relative to the company's cash flow and earnings.
it has a fairly bulletproof balance sheet. Reliance's stock was
depressed in 2020 by decreased demand, as the pandemic
Q: What notable changes did you make to the
put many orders on hold. However, a rebound in economic
activity in 2021 boosted demand for its products. At the portfolio the past six months
same time, higher prices for many metals and limited I continued taking a relatively sector-neutral approach,
availability allowed Reliance to increase its selling prices. The focusing on bottom-up security selection as the primary
company also remained disciplined about controlling driver of the fund's performance versus its benchmark. The
expenses. Reliance was our No. 2 position on July 31. intersection of cheap valuation and high quality was at one of
In communication services, our sizable overweighting in the most attractive levels ever at the beginning of this period.
advertising agency Interpublic Group of Companies surged While many stocks with these characteristics subsequently
roughly 50%. Its revenue growth accelerated this period, as outperformed the benchmark, they remained among the
companies became more comfortable spending on more attractive alternatives within the mid-cap segment. As a
advertising amid an improved economic backdrop. result, I kept our security and sector weightings close to
where they were six months ago.
Q: Shifting gears, which sectors and stocks
hindered relative performance Q: What's your outlook as of July 31, Kevin
I remain optimistic about prospects for mid-cap value stocks
Security selection in energy, consumer discretionary –
for the foreseeable future. Valuation dispersion – the
notably retailing – and materials hurt most this period. Our
difference between valuations on cheap and expensive
biggest individual detractor versus the benchmark was an
stocks – is down from its all-time highs, but still elevated
overweighting in consumer electronics chain Best Buy (+5%).
across a number of sectors. For value investors, this
The stock had surged during pandemic-related lockdowns in
dispersion means stocks are ripe for the picking. In addition,
2020, thanks to a strong management team and omni-
the intersection of high quality with cheap valuation – the
channel capabilities that allowed consumers to pick up
pond I tend to fish in – remains highly attractive relative to
products at a physical location or order online and have the
the historical average. Lastly, economic activity continued to
items shipped to their home. But the shares lagged in the
show signs of improvement, typically a favorable backdrop
first half of 2021, as investors favored beaten-down stocks
for cyclical or economically sensitive companies, particularly
with the most upside potential in an economic recovery. Best
those with low earnings expectations. ■
Buy was our No. 5 position on July 31 because I think the
stock looks undervalued relative to its long-term revenue-
and earnings-growth prospects.
Q: Which other stocks detracted
Within materials, an overweighting in NewMarket (-19%)
disappointed. The company makes fuel additives, which it
sells to refineries to mix into gasoline and diesel to improve
the fuel's environmental impact and efficacy. NewMarket's
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Co-Lead Manager Kevin Walenta on Average Relative
Relative Contribution
'the art of doing nothing': Holding Market Segment Weight (basis points)*
CBRE Group, Inc. Real Estate 4.88% 170
"For some portfolio managers who are investing Jones Lang LaSalle,
customers' hard-earned money, there is often a Real Estate 3.90% 117
Inc.
tendency to trade stocks simply to show Synchrony Financial Financials 3.86% 73
shareholders that they're doing something. The Reliance Steel &
presumption is: If a manager is not trading securities Materials 4.91% 73
Aluminum Co.
weekly or daily, then he or she must not be doing Interpublic Group of Communication
2.45% 66
anything! But that is simply not the case. In fact, Companies, Inc. Services
there are good – even great – times to trade stocks, * 1 basis point = 0.01%.
and there also are bad times to trade.
"With this in mind, it may look like I was sitting on
my hands the past six months. Why is that Well, LARGEST DETRACTORS VS. BENCHMARK
rewind to February and March of 2020. The COVID-
19 pandemic was beginning and markets were Average Relative
selling off, with virtually no security avoiding the Relative Contribution
effects of the downturn. Valuation dispersion was Holding Market Segment Weight (basis points)*
exploding to all-time highs. Fear abounded. For Best Buy Co., Inc.
Consumer
4.07% -73
disciplined money managers, it was a great time to Discretionary
trade securities. During that time, the fund had its NewMarket Corp. Materials 1.09% -54
highest turnover in quite awhile because bargains NRG Energy, Inc. Utilities 2.10% -52
were everywhere. Allison Transmission
Industrials 1.66% -41
Holdings, Inc.
"Fast forward to July 31. Valuation dispersion
M&T Bank Corp. Financials 2.25% -41
remains elevated, but well below the historic highs.
* 1 basis point = 0.01%.
Yet the stocks that were in the portfolio a year ago
remain large positions today because – even though
stock prices have risen – they're still what I view as
some of the best high-quality stocks with cheap
valuations in the market.
"As an example, Synchrony Financial continued to
trade at a single-digit price-earnings (P/E) ratio. In
addition, CBRE Group and Jones Lang LaSalle have
made what I view as underappreciated changes to
their business models and, therefore, have
underappreciated prospects for revenue and
earnings growth.
"In utilities, NRG Energy faces transitory issues that I
believe will dissipate and result in a more
normalized earnings profile in the near future. Still,
NRG continued to trade at a significant discount
relative to other utilities.
"In my view, these stocks – all among our top-10
holdings on July 31 – represent some of the most
attractive opportunities in the mid-cap value space.
When there are no better ideas, sometimes it's best
for portfolio management to practice the art of
doing nothing."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 98.46% 99.38% -0.92% -0.47%
International Equities 0.75% 0.62% 0.13% 0.67%
Developed Markets 0.59% 0.23% 0.36% 0.57%
Emerging Markets 0.00% 0.39% -0.39% 0.01%
Tax-Advantaged Domiciles 0.16% 0.00% 0.16% 0.09%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.79% 0.00% 0.79% -0.20%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Industrials 18.18% 16.19% 1.99% 1.08%
Financials 15.04% 16.02% -0.98% -0.27%
Consumer Discretionary 12.27% 10.98% 1.29% 0.42%
Real Estate 12.22% 11.15% 1.07% -0.36%
Utilities 8.28% 7.12% 1.16% -0.87%
Information Technology 8.23% 9.78% -1.55% 0.62%
Health Care 7.12% 8.56% -1.44% -0.96%
Materials 6.65% 7.38% -0.73% 0.00%
Communication Services 4.40% 4.09% 0.31% 1.02%
Consumer Staples 3.93% 4.15% -0.22% -0.34%
Energy 2.89% 4.57% -1.68% -0.15%
Other 0.00% 0.00% 0.00% 0.00%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
CBRE Group, Inc. Real Estate 5.89% 5.17%
Reliance Steel & Aluminum Co. Materials 5.05% 4.48%
Jones Lang LaSalle, Inc. Real Estate 4.60% 3.93%
Synchrony Financial Financials 4.39% 3.77%
Best Buy Co., Inc. Consumer Discretionary 4.14% 4.86%
Williams-Sonoma, Inc. Consumer Discretionary 3.63% 5.21%
Interpublic Group of Companies, Inc. Communication Services 2.96% 2.39%
Amdocs Ltd. Information Technology 2.73% 2.97%
MDU Resources Group, Inc. Utilities 2.72% 2.71%
NRG Energy, Inc. Utilities 2.27% 2.82%
10 Largest Holdings as a % of Net Assets 38.38% 38.46%
Total Number of Holdings 94 88
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending July 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Mid Cap Value Fund - Class I
23.62% 24.33% 51.57% 8.85% 9.42% 11.14%
Gross Expense Ratio: 0.42%2
Russell Midcap Value Index 20.47% 20.19% 47.07% 11.09% 11.00% 12.21%
Morningstar Fund Mid-Cap Value 20.10% 21.21% 50.42% 10.08% 11.01% 11.05%
% Rank in Morningstar Category (1% = Best) -- -- 40% 71% 79% 50%
# of Funds in Morningstar Category -- -- 411 393 347 250
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/15/2001.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this document for most-recent
calendar-quarter performance.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Definitions and Important Information mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
Information provided in this document is for informational and
educational purposes only. To the extent any investment information % Rank in Morningstar Category is the fund's total-return
in this material is deemed to be a recommendation, it is not meant to percentile rank relative to all funds that have the same Morningstar
be impartial investment advice or advice in a fiduciary capacity and is Category. The highest (or most favorable) percentile rank is 1 and
not intended to be used as a primary basis for you or your client's the lowest (or least favorable) percentile rank is 100. The top-
investment decisions. Fidelity, and its representatives may have a performing fund in a category will always receive a rank of 1%. %
conflict of interest in the products or services mentioned in this Rank in Morningstar Category is based on total returns which
material because they have a financial interest in, and receive include reinvested dividends and capital gains, if any, and exclude
compensation, directly or indirectly, in connection with the sales charges. Multiple share classes of a fund have a common
management, distribution and/or servicing of these products or portfolio but impose different expense structures.
services including Fidelity funds, certain third-party funds and
products, and certain investment services.
RELATIVE WEIGHTS
FUND RISKS Relative weights represents the % of fund assets in a particular
Stock markets, especially foreign markets, are volatile and can market segment, asset class or credit quality relative to the
decline significantly in response to adverse issuer, political, benchmark. A positive number represents an overweight, and a
regulatory, market, or economic developments. The securities of negative number is an underweight. The fund's benchmark is listed
smaller, less well-known companies can be more volatile than those immediately under the fund name in the Performance Summary.
of larger companies. Value stocks can perform differently from other
types of stocks and can continue to be undervalued by the market
for long periods of time.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
Russell Midcap Value Index is a market-capitalization-weighted
index designed to measure the performance of the mid-cap value
segment of the U.S. equity market. It includes those Russell Midcap
Index companies with lower price-to-book ratios and lower
forecasted growth values.
S&P 500 is a market-capitalization-weighted index of 500 common
stocks chosen for market size, liquidity, and industry group
representation to represent U.S. equity performance.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
representative of the fund's current or future investments. They
should not be construed or used as a recommendation for any
sector or industry.
RANKING INFORMATION
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
information. Fidelity does not review the Morningstar data and, for
7 |PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
In this role, Ms. Zabolotnikova is embedded within the Value &
Manager Facts Income teams, and is responsible for assisting with portfolio
construction, risk management, and alpha research using
Kevin Walenta is a portfolio manager in the Equity division at quantitative tools.Additionally, she co-manages Fidelity Blue
Fidelity Investments. Fidelity Investments is a leading provider of Chip Value ETF, Fidelity and Fidelity Advisor Mid Cap Value
investment management, retirement planning, portfolio Funds, Fidelity Mid Cap Value K6 Fund, and several equity
guidance, brokerage, benefits outsourcing, and other financial separately managed accounts (SMAs).
products and services to institutions, financial intermediaries,
and individuals. Prior to assuming her current position in 2012, Ms.
Zabolotnikova was a quantitative analyst intern.
In this role, Mr. Walenta manages Fidelity Select Environment Before joining Fidelity, Ms. Zabolotnikova worked as an
and Alternative Energy Portfolio as well as Fidelity and Fidelity investment associate within Putnam Investment's Global Asset
Advisor Mid Cap Value Funds, and Fidelity Mid Cap Value K6 Allocation group. She has been in the financial industry since
Fund. 2006.
Prior to assuming his current responsibilities, Mr. Walenta was Ms. Zabolotnikova earned her bachelor of science degree in
an equity research analyst covering the utilities, industrial, and economics from Moscow State University, her master of arts
energy sectors. In this capacity, he was responsible for analyzing, degree in economics from Northeastern University, and her
valuing, and recommending equity securities. master of business administration degree in analytical finance
from the University of Chicago's Booth School of Business. She is
Before joining Fidelity in 2008, Mr. Walenta was an equity also a CFA® charterholder.
research associate at Driehaus Capital Management. He has
been in the financial industry since 2004.
Mr. Walenta earned his bachelor of business administration
degree from the University of Wisconsin-Madison and his master
of business administration degree from Duke University. He is
also a CFA® charterholder.
Neil Nabar is a research analyst and portfolio manager in the
Equity division at Fidelity Investments. Fidelity Investments is a
leading provider of investment management, retirement
planning, portfolio guidance, brokerage, benefits outsourcing,
and other financial products and services to institutions, financial
intermediaries, and individuals.
In this role, he is responsible for covering Real Estate Investment
Trusts (REITs) across a variety of property types and managing
Fidelity Select Construction and Housing Portfolio.
Prior to assuming his current position, Mr. Nabar worked as a
quantitative analyst from 2009 to 2012 and as an intern in 2008.
Previously, he worked as an investment associate at Putnam
Investments from 2004 to 2007. He has been in the financial
industry since 2004.
Mr. Nabar earned his bachelor of arts degree in economics from
Harvard University and his master of business administration
from Columbia Business School. He is also a CFA®
charterholder.
Anastasia Zabolotnikova is a quantitative analyst and portfolio
managerin the Equity divisionat FidelityInvestments. Fidelity
Investments is a leading provider of investment management,
retirement planning, portfolio guidance, brokerage, benefits
outsourcing, and other financial products and services to
institutions, financial intermediaries, and individuals.
8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PERFORMANCE SUMMARY: Annualized
Quarter ending September 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Mid Cap Value Fund - Class I
49.01% 8.80% 9.23% 13.05%
Gross Expense Ratio: 0.42%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/15/2001.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
are based on numerous factors, may not be relied on as an indication of 02917.
trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved.
not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
714605.15.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
