Prospectus - Investment Objective
Fidelity®
Stock Selector Small Cap Fund
Class/Ticker
Fidelity
Advisor® Stock Selector Small Cap Fund
A/FCDAX
M/FCDTX
C/FCDCX
I/FCDIX
Z/FSSZX
Prospectus
December
30, 2023
|
Like
securities of all mutual funds, these securities have not been approved or
disapproved by the Securities and Exchange Commission, and the Securities
and Exchange Commission has not determined if this prospectus is accurate
or complete. Any representation to the contrary is a criminal
offense.
|
245
Summer Street, Boston, MA 02210 |
Contents
Fund
Summary
Fund/Class:
Fidelity®
Stock Selector Small Cap Fund
/Fidelity
Advisor® Stock Selector Small Cap Fund A, M, C, I, Z
Investment
Objective
Fidelity®
Stock Selector Small Cap Fund seeks capital
appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
You
may qualify for sales charge discounts if you and your family invest, or agree
to invest in the future, at least $50,000
in the fund or certain other Fidelity®
funds. More information about these and other discounts is available from your
investment professional and in the "Fund Distribution" section beginning on page
32 of the prospectus.
Different intermediaries may provide additional waivers or reductions of the
sales charge. Please see "Sales Charge Waiver Policies Applied by Certain
Intermediaries" in the "Appendix" section of the prospectus.
Shareholder
fees
(fees
paid directly from your investment)
|
|
Class
A |
Class
M |
Class
C |
Class
I |
Class
Z |
|
Maximum
sales charge (load) on purchases (as a % of offering
price) |
5.75% |
3.50% |
None |
None |
None
|
|
Maximum
contingent deferred sales charge (as a % of the lesser of original
purchase price or redemption
proceeds) |
A
|
A
|
%
B
|
None
|
None
|
|
|
|
|
|
|
|
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
|
Class
A |
Class
M |
Class
C |
Class
I |
Class
Z |
|
Management
fee (fluctuates based on the fund's performance relative to a securities
market index) |
%
A |
%
A |
%
A |
%
A |
%
A |
|
Distribution
and/or Service (12b-1) fees |
0.25%
|
0.50%
|
1.00%
|
None
|
None
|
|
Other
expenses |
0.23%
|
%
B |
%
B |
%
B |
0.08%
|
|
Total
annual operating expenses |
1.23%
|
1.49%
|
1.99%
|
0.97%
|
0.83%
|
This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's
say, hypothetically, that the annual return for shares of the fund is 5% and
that the fees and the annual operating expenses for shares of the fund are
exactly as described in the fee table. This example illustrates the effect of
fees and expenses, but is not meant to suggest actual or expected fees and
expenses or returns, all of which may vary. For every $10,000 you invested,
here's how much you would pay in total expenses if you sell all of your shares
at the end of each time period indicated and if you hold your
shares:
|
|
Class
A |
Class
M |
Class
C |
Class
I |
Class
Z |
|
|
Sell
All
Shares |
Hold
Shares |
Sell
All
Shares |
Hold
Shares |
Sell
All
Shares |
Hold
Shares |
Sell
All
Shares |
Hold
Shares |
Sell
All
Shares |
Hold
Shares |
|
1
year |
$ |
693 |
$ |
693 |
$ |
496 |
$ |
496 |
$ |
302 |
$ |
202 |
$ |
99 |
$ |
99 |
$ |
85 |
$ |
85 |
|
3
years |
$ |
943 |
$ |
943 |
$ |
805 |
$ |
805 |
$ |
624 |
$ |
624 |
$ |
309 |
$ |
309 |
$ |
265 |
$ |
265 |
|
5
years |
$ |
1,212 |
$ |
1,212 |
$ |
1,135 |
$ |
1,135 |
$ |
1,073 |
$ |
1,073 |
$ |
536 |
$ |
536 |
$ |
460 |
$ |
460 |
|
10
years |
$ |
1,978 |
$ |
1,978 |
$ |
2,067 |
$ |
2,067 |
$ |
2,121 |
$ |
2,121 |
$ |
1,190 |
$ |
1,190 |
$ |
1,025 |
$ |
1,025 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 38%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing primarily in common stocks.
- Normally
investing at least 80% of assets in stocks of companies with small market
capitalizations (which, for purposes of this fund, are those companies with
market capitalizations similar to companies in the Russell 2000®
Index or the S&P SmallCap 600®
Index).
- Investing
in domestic and foreign issuers.
- Allocating
the fund's assets across different market sectors (at present, communication
services, consumer discretionary, consumer staples, energy, financials, health
care, industrials, information technology, materials, real estate, and
utilities), using different Fidelity managers.
- Investing
in either "growth" stocks or "value" stocks or both.
- Using
fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions, to select
investments.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
The
value of securities of smaller, less well-known issuers can perform differently
from the market as a whole and other types of stocks and can be more volatile
than that of larger issuers.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index over various periods of
time.
The index description appears in the "Additional Index Information" section of
the prospectus.
Past performance (before and after taxes) is not an indication of future
performance.
Visit
institutional.fidelity.com for
more recent performance information.
Year-by-Year
Returns
The
returns in the bar chart do not reflect any applicable sales charges; if sales
charges were reflected, returns would be lower than those
shown.
|
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
36.40%
|
3.15%
|
-0.45%
|
15.04%
|
11.34%
|
-8.75%
|
30.03%
|
21.36%
|
24.67%
|
-18.47%
|
|
During
the periods shown in the chart for Class A: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
26.12% |
December
31, 2020 |
|
Lowest
Quarter Return |
-26.79% |
March
31, 2020 |
|
Year-to-Date
Return |
5.32% |
September
30, 2023 |
Average
Annual Returns
Unlike
the returns in the bar chart, the returns in the table reflect the maximum
applicable sales charges.
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates, but do not reflect the impact of state or local
taxes.
After-tax returns for Class A are shown in the table below and after-tax returns
for other classes will vary.
Actual after-tax returns may differ depending on your individual circumstances.
The
after-tax returns shown are not relevant if you hold your shares in a retirement
account or in another tax-deferred arrangement, such as an employee benefit plan
(profit sharing, 401(k), or 403(b) plan). Return
After Taxes on Distributions and Sale of Fund Shares may be higher than other
returns for the same period due to a tax benefit of realizing a capital loss
upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Past
10
years |
|
Class
A - Return
Before Taxes |
-23.16%
|
6.65%
|
9.49%
|
|
Return
After Taxes on Distributions |
-23.17%
|
4.98%
|
7.82%
|
|
-
Return After Taxes on Distributions and Sale of Fund
Shares |
-13.70%
|
4.96%
|
7.39%
|
|
Class
M - Return
Before Taxes |
-21.54%
|
6.83%
|
9.39%
|
|
Class
C - Return
Before Taxes |
-19.93%
|
7.05%
|
9.42%
|
|
Class
I - Return
Before Taxes |
-18.28%
|
8.21%
|
10.45%
|
|
Class
Z - Return
Before Taxes |
-18.17%
|
8.36%
|
%
A |
|
Russell
2000® Index
(reflects
no deduction for fees, expenses, or taxes) |
-20.44% |
4.13% |
9.01% |
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
Shadman
Riaz (Lead Portfolio Manager) has managed the fund since 2009.
Patrick
Venanzi (Co-Portfolio Manager) has managed the fund since 2009.
Eirene
Kontopoulos (Co-Portfolio Manager) has managed the fund since 2012.
Jennifer
Fo Cardillo (Co-Portfolio Manager) has managed the fund since 2021.
Purchase
and Sale of Shares
You
may buy or sell shares through a retirement account or through an investment
professional.
You
may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To
reach a Fidelity representative 1-877-208-0098
Mail
|
Fidelity
Investments
P.O.
Box 770002
Cincinnati,
OH 45277-0081 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
Class
I and Class Z eligibility requirements are listed in the "Additional Information
about the Purchase and Sale of Shares" section of the prospectus.
The
price to buy one share of Class A or Class M is its offering price, if you pay a
front-end sales charge, or its net asset value per share (NAV), if you qualify
for a front-end sales charge waiver.
The
price to buy one share of Class C, Class I, or Class Z is its NAV.
Shares
will be bought at the offering price or NAV, as applicable, next calculated
after an order is received in proper form.
The
price to sell one share of Class A, Class M, or Class C is its NAV, minus any
applicable contingent deferred sales charge (CDSC).
The
price to sell one share of Class I or Class Z is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form, minus any applicable CDSC.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Stock Selector Small Cap Fund seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests the fund's assets primarily in common stocks.
The
Adviser normally invests at least 80% of the fund's assets in stocks of
companies with small market capitalizations. Although a universal definition of
small market capitalization companies does not exist, for purposes of this fund,
the Adviser generally defines small market capitalization companies as those
whose market capitalization is similar to the market capitalization of companies
in the Russell 2000®
Index or the S&P SmallCap 600®
Index. A company's market capitalization is based on its current market
capitalization or its market capitalization at the time of the fund's
investment. The size of the companies in each index changes with market
conditions and the composition of the index.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
Adviser allocates the fund's assets across different market sectors, using
different Fidelity managers to handle investments within each sector. At
present, these sectors include communication services, consumer discretionary,
consumer staples, energy, financials, health care, industrials, information
technology, materials, real estate, and utilities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks, or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on fundamental analysis, which involves a bottom-up assessment of
a company's potential for success in light of factors including its financial
condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price changes
daily based on changes in market conditions and interest rates and in response
to other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. When you sell your shares they may be worth more or less than what
you paid for them, which means that you could lose money by investing in the
fund.
The
following factors can significantly affect the fund's performance:
Stock
Market Volatility.
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Foreign
Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities
with substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S.
market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's value.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
"Value"
Investing.
"Value" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Small
Cap Investing.
The value of securities of smaller, less well-known issuers can be more volatile
than that of larger issuers and can react differently to issuer, political,
market, and economic developments than the market as a whole and other types of
stocks. Smaller issuers can have more limited product lines, markets, and
financial resources.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend the fund's securities to broker-dealers or other institutions to earn
income for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease the fund's exposure
to changing security prices or other factors that affect security
values.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Stock Selector Small Cap Fund normally
invests at least 80% of its assets in stocks of companies with small market
capitalizations.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing NAV.
Fidelity calculates NAV separately for each class of shares of a multiple class
fund.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which the
fund invests (referred to as underlying funds). Shares of underlying funds are
valued at their respective NAVs. Other assets are valued primarily on the basis
of market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Policies
regarding excessive trading may not be effective to prevent short-term NAV
arbitrage trading, particularly in regard to omnibus accounts.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Ways
to Invest
You
may buy or sell shares through a retirement account or an investment
professional. When you invest through a retirement account or an investment
professional, the procedures for buying, selling, and exchanging shares and the
account features, policies, and fees may differ. Additional fees may apply to
your investment in shares, including a transaction fee if you buy or sell shares
through a broker or other investment professional. Your broker may also
require you to pay brokerage commissions on purchases and sales of certain share
classes of the fund.
Information
on Placing Orders
You
should include the following information with any order:
- Your
name
- Your
account number
- Type
of transaction requested
- Name(s)
of fund(s) and class(es)
- Dollar
amount or number of shares
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
The
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Excessive
Trading Policy
The
Board of Trustees has adopted policies designed to discourage excessive trading
of fund shares. Excessive trading activity in a fund is measured by the number
of roundtrip transactions in a shareholder's account and each class of a
multiple class fund is treated separately. A roundtrip transaction occurs when a
shareholder sells fund shares (including exchanges) within 30 days of the
purchase date.
Shareholders
with two or more roundtrip transactions in a single fund within a rolling 90-day
period will be blocked from making additional purchases or exchange purchases of
the fund for 85 days. Shareholders with four or more roundtrip transactions
across all Fidelity®
funds within any rolling 12-month period will be blocked for at least 85 days
from additional purchases or exchange purchases across all Fidelity®
funds. Any roundtrip within 12 months of the expiration of a multi-fund block
will initiate another multi-fund block. Repeat offenders may be subject to
long-term or permanent blocks on purchase or exchange purchase transactions in
any account under the shareholder's control at any time. In addition to
enforcing these roundtrip limitations, the fund may in its discretion restrict,
reject, or cancel any purchases or exchanges that, in the Adviser's opinion, may
be disruptive to the management of the fund or otherwise not be in the fund's
interests.
Exceptions
The
following transactions are exempt from the fund's excessive trading policy
described above: (i) systematic withdrawal and/or contribution programs, (ii)
mandatory retirement distributions, (iii) transactions initiated by a plan
sponsor or sponsors of certain employee benefit plans or other related accounts,
(iv) transactions within a qualified advisory program, and (v) transactions
initiated by the trustee or adviser to a donor-advised charitable gift fund,
qualified fund of funds, or other strategy funds.
A
qualified advisory program is one that demonstrates to Fidelity that the program
has investment strategies and trading policies designed to protect the interests
of long-term investors and meets specific criteria outlined by
Fidelity.
A
qualified fund of funds is a mutual fund, qualified tuition program, or other
strategy fund consisting of qualified plan assets that either applies the fund's
excessive trading policies to shareholders at the fund of funds level, or
demonstrates that the fund of funds has an investment strategy coupled with
policies designed to control frequent trading that are reasonably likely to be
effective as determined by the fund's Treasurer.
Fidelity
may choose not to monitor transactions below certain dollar value
thresholds.
Omnibus
Accounts
Omnibus
accounts, in which shares are held in the name of an intermediary on behalf of
multiple investors, are a common form of holding shares among retirement plans
and financial intermediaries such as brokers, advisers, and third-party
administrators. Individual trades in omnibus accounts are often not disclosed to
the fund, making it difficult to determine whether a particular shareholder is
engaging in excessive trading. Excessive trading in omnibus accounts is likely
to go undetected by the fund and may increase costs to the fund and disrupt its
portfolio management.
Under
policies adopted by the Board of Trustees, intermediaries will be permitted to
apply the fund's excessive trading policy (described above), or their own
excessive trading policy if approved by the Adviser. In these cases, the fund
will typically not request or receive individual account data but will rely on
the intermediary to monitor trading activity in good faith in accordance with
its or the fund's policies. Reliance on intermediaries increases the risk that
excessive trading may go undetected. For other intermediaries, the fund will
generally monitor trading activity at the omnibus account level to attempt to
identify disruptive trades. The fund may request transaction information, as
frequently as daily, from any intermediary at any time, and may apply the fund's
policy to transactions that exceed thresholds established by the Board of
Trustees. The fund may prohibit purchases of fund shares by an intermediary or
by some or all of any intermediary's clients. There is no assurance that the
Adviser will request data with sufficient frequency to detect or deter excessive
trading in omnibus accounts effectively.
If
you purchase or sell fund shares through a financial intermediary, you may wish
to contact the intermediary to determine the policies applicable to your
account.
Retirement
Plans
For
employer-sponsored retirement plans, only participant directed exchanges count
toward the roundtrip limits. Employer-sponsored retirement plan participants
whose activity triggers a purchase or exchange block will be permitted one trade
every calendar quarter. In the event of a block, employer and participant
contributions and loan repayments by the participant may still be invested in
the fund.
Other
Information about the Excessive Trading Policy
The
fund's Treasurer is authorized to suspend the fund's policies during periods of
severe market turbulence or national emergency. The fund reserves the right to
modify its policies at any time without prior notice.
The
fund does not knowingly accommodate frequent purchases and redemptions of fund
shares by investors, except to the extent permitted by the policies described
above.
As
described in "Valuing Shares," the fund also uses fair value pricing to help
reduce arbitrage opportunities available to short-term traders. There is no
assurance that the fund's excessive trading policy will be effective, or will
successfully detect or deter excessive or disruptive trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United
States.
Each
class of the fund has different expenses and features, as described in the
applicable prospectus. Investors eligible to purchase one class of shares may
also be eligible to purchase other classes of shares of the fund. Your
investment professional, as applicable, can help you choose the class of shares
that best suits your investment needs. However, plan participants may purchase
only the classes of shares that are eligible for sale and available through
their plan. Certain classes may have higher expenses than those offered by the
plan.
Additional
Information Regarding Class I Eligibility
Class
I shares generally are offered to:
1.
Certain employer-sponsored retirement plans. For this purpose,
employer-sponsored retirement plans generally include profit sharing, 401(k),
403(b), 457(b), defined benefit, retiree health savings plans, and similar
plans, but generally do not include: retail retirement or non-retirement
accounts; Individual Retirement Accounts (IRAs) (such as traditional, Roth, SEP,
SARSEP, and SIMPLE IRAs); Coverdell Education Savings Accounts; individual
403(b) accounts that are not part of an employer's 403(b) plan; plans investing
through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs;
2.
Insurance company separate accounts;
3.
Broker-dealer, registered investment adviser, insurance company, trust
institution and bank trust department managed account programs that charge an
asset-based fee;
4.
Current or former Trustees or officers of a Fidelity®
fund or current or retired officers, directors, or regular employees of FMR LLC
or FIL Limited or their direct or indirect subsidiaries (Fidelity Trustee or
employee), spouses of Fidelity Trustees or employees, Fidelity Trustees or
employees acting as a custodian for a minor child, persons acting as trustee of
a trust for the sole benefit of the minor child of a Fidelity Trustee or
employee, or employee benefit plans sponsored by FMR LLC or an
affiliate;
5.
Any state, county, or city, or any governmental instrumentality, department,
authority or agency;
6.
Charitable organizations (as defined for purposes of Section 501(c)(3) of the
Internal Revenue Code) or charitable remainder trusts or life income pools
established for the benefit of a charitable organization;
7.
Qualified tuition programs for which Fidelity serves as investment manager, or
mutual funds managed by Fidelity or other parties;
8.
Employer-sponsored health savings accounts investing through an
intermediary;
9.
Former Destiny®
Planholders who exchange, or have exchanged, from Class O to Class I of Fidelity
Advisor®
funds;
10.
Investors who purchase shares through brokerage programs of certain brokers
acting solely as agents for their customers and that have entered into an
agreement with the distributor to offer Class I shares through such programs. An
investor transacting in such programs may be required to pay a commission and/or
other forms of compensation to the broker; and
11.
Investors whose account is no longer associated with a financial intermediary
and whose shares were exchanged by Fidelity from Class A, Class M, or Class C of
the fund to Class I shares of the same fund; only in certain employee benefit
plan accounts may such investors add to their position in Class I.
Investors
may be able to purchase Class I in other circumstances. Please contact Fidelity
or your investment professional for more information about Class I
shares.
Additional
Information Regarding Class Z Eligibility
Class
Z shares generally are offered to:
1.
Certain employer-sponsored retirement plans. For this purpose,
employer-sponsored retirement plans generally include profit sharing, 401(k),
403(b), 457(b), defined benefit, retiree health savings plans, and similar
plans, but generally do not include: retail retirement or non-retirement
accounts; Individual Retirement Accounts (IRAs) (such as traditional, Roth, SEP,
SARSEP, and SIMPLE IRAs); Coverdell Education Savings Accounts; individual
403(b) accounts that are not part of an employer's 403(b) plan; plans investing
through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs;
2.
Broker-dealer, registered investment adviser, insurance company, trust
institution and bank trust department managed account programs that charge an
asset-based fee;
3.
Investors who purchase shares through brokerage programs of certain brokers
acting solely as agents for their customers and that have entered into an
agreement with the distributor to offer Class Z shares through such programs. An
investor transacting in such programs may be required to pay a commission and/or
other forms of compensation to the broker;
4.
Mutual funds dedicated for use in Fidelity's managed account programs, and
investment vehicles dedicated for use by the Fidelity Investments Charitable
Gift Fund, for which Fidelity serves as investment manager; and
5.
Employee benefit plans sponsored by FMR LLC or an affiliate.
Investors
may be able to purchase Class Z in other circumstances. Please contact Fidelity
or your investment professional for more information about Class Z
shares.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share of Class A or Class M is its offering price or its NAV,
depending on whether you pay a front-end sales charge.
The
price to buy one share of Class C, Class I, or Class Z is its NAV. Class C
shares are sold without a front-end sales charge, but may be subject to a CDSC
upon redemption. Class I and Class Z shares are sold without a sales
charge.
If
you pay a front-end sales charge, your price will be Class A's or Class M's
offering price. When you buy Class A or Class M shares at the offering
price, Fidelity deducts the appropriate sales charge and invests the rest in
Class A or Class M shares of the fund. If you qualify for a front-end sales
charge waiver, your price will be Class A's or Class M's NAV.
The
offering price of Class A or Class M is its NAV plus the sales charge. The
offering price is calculated by dividing Class A's or Class M's NAV by the
difference between one and the applicable front-end sales charge percentage and
rounding to the nearest cent.
The
dollar amount of the sales charge for Class A or Class M is the difference
between the offering price of the shares purchased and the NAV of those shares.
Since the offering price per share is calculated to the nearest cent using
standard rounding criteria, the percentage sales charge you actually pay may be
higher or lower than the sales charge percentages shown in this prospectus due
to rounding. The impact of rounding may vary with the amount of your investment
and the size of the class's NAV.
Shares
will be bought at the offering price or NAV, as applicable, next calculated
after an order is received in proper form.
It
is the responsibility of your investment professional to transmit your order to
buy shares to Fidelity before the close of business on the day you place your
order.
The
fund has authorized certain intermediaries to accept orders to buy shares on its
behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be bought at
the offering price or NAV, as applicable, next calculated after the order is
received by the authorized intermediary. If applicable, orders by funds of funds
for which Fidelity serves as investment manager will be treated as received by
the fund at the same time that the corresponding orders are received in proper
form by the funds of funds.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
If
your payment is not received and collected, your purchase may be canceled and
you could be liable for any losses or fees the fund or Fidelity has
incurred.
Shares
can be bought or sold through investment professionals using an automated order
placement and settlement system that guarantees payment for orders on a
specified date.
Certain
financial institutions that meet creditworthiness criteria established by FDC
may enter confirmed purchase orders on behalf of customers by phone, with
payment to follow no later than close of business on the next business day. If
payment is not received by that time, the order will be canceled and the
financial institution will be liable for any losses.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
Selling
Shares
The
price to sell one share of Class A, Class M, or Class C is its NAV, minus any
applicable CDSC. The price to sell one share of Class I or Class Z is its
NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form, minus any applicable CDSC.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
It
is the responsibility of your investment professional to transmit your order to
sell shares to Fidelity before the close of business on the day you place your
order.
The
fund has authorized certain intermediaries to accept orders to sell shares on
its behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be sold at
the NAV next calculated after the order is received by the authorized
intermediary, minus any applicable CDSC. If applicable, orders by funds of funds
for which Fidelity serves as investment manager will be treated as received by
the fund at the same time that the corresponding orders are received in proper
form by the funds of funds.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker-dealer,
credit union (if authorized under state law), securities exchange or
association, clearing agency, or savings association. A notary public cannot
provide a signature guarantee.
When
you place an order to sell shares, note the following:
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of the fund.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Class
Z: When your relationship with your managed account provider is terminated, your
shares may be sold at the NAV next calculated, in which case the redemption
proceeds will remain in your account pending your instruction.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
The
fund will automatically convert your class of shares of the fund to Class Z
shares, if Class Z of the fund is available under your plan.
The
fund may convert your Class Z shares to another class of shares of the fund,
including classes of shares not offered in this prospectus that are available
under your plan, if your plan is no longer eligible to offer Class Z.
Information on the other classes of shares of the fund can be found in that
class's prospectus. Investors will be notified in writing before any such
conversion to another class.
A
conversion will be based on the respective NAVs of the two classes, without the
imposition of any fees, on the trade date of the conversion. A conversion
between share classes of the same fund is a non-taxable event.
Conversion
Feature.
After a maximum of eight years from the initial date of purchase, Class C shares
convert automatically to Class A shares of a fund. Conversion to Class A shares
will be made at NAV. At the time of conversion, a portion of the Class C shares
bought through the reinvestment of dividends or capital gains (Dividend Shares)
will also convert to Class A shares. The portion of Dividend Shares that will
convert is determined by the ratio of your converting Class C non-Dividend
Shares to your total Class C non-Dividend Shares. A fund may convert shares
sooner in certain circumstances. A shorter holding period may also apply
depending on your intermediary. Please see "Sales Charge Waiver Policies Applied
by Certain Intermediaries" in the "Appendix" section of this prospectus.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
As
a Class A shareholder, you have the privilege of exchanging Class A shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares at NAV or for Daily Money Class
shares of Fidelity®
funds that offer Daily Money Class shares.
As
a Class M shareholder, you have the privilege of exchanging Class M shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares at NAV or for Advisor M Class shares
of Fidelity®
Government Money Market Fund. If you purchased your Class M shares through
certain investment professionals that have signed an agreement with FDC, you
also have the privilege of exchanging your Class M shares for shares of
Fidelity®
Capital Appreciation Fund.
As
a Class C shareholder, you have the privilege of exchanging Class C shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares or for Advisor C Class shares of
Fidelity®
Treasury Money Market Fund.
As
a Class I shareholder, you have the privilege of exchanging Class I shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares or for shares of Fidelity®
funds.
As
a Class Z shareholder, you have the privilege of exchanging Class Z shares for
the same class of shares of other Fidelity®
funds that offer Advisor classes of shares or Class Z shares of other
Fidelity®
funds available through your employee benefit plan, or if the
Fidelity®
fund does not offer Class Z shares, then other classes of the
Fidelity®
fund that are available through your plan.
Through
your investment professional, you may also move between certain share classes of
the same fund. For more information, see the Statement of Additional Information
(SAI) or consult your investment professional.
However,
you should note the following policies and restrictions governing
exchanges:
- The
exchange limit may be modified for accounts held by certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your retirement plan materials for further
information.
- The
fund may refuse any exchange purchase for any reason. For example, the fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- An
exchange of shares is not subject to any applicable CDSCs.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- Exchanges
may have tax consequences for you if you own shares in a taxable
account.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
fund may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Class
Z shares generally are not available to IRA rollover accounts. Assets from
retirement plans may be invested in other class(es) of shares of the fund
through an IRA rollover, including class(es) of shares not offered in this
prospectus. Each class of the fund has different expenses and features and may
have higher expenses than Class Z shares. Information on the other class(es) of
shares of the fund, including any class expenses and features, can be found in
the applicable class's prospectus.
Please
contact your investment professional for more information.
Account
Features and Policies
Features
The
following features may be available to buy and sell shares of the fund. Visit
institutional.fidelity.com or contact your investment professional for more
information.
|
Electronic
Funds Transfer (Fidelity Advisor Money Line®):
electronic money movement through the Automated Clearing
House
- To
transfer money between a bank account and your fund
account.
- You
can use electronic funds transfer to:
- Make
periodic (automatic) purchases of shares.
- Make
periodic (automatic) redemptions of shares.
|
|
Wire:
electronic money movement through the Federal Reserve wire
system
- To
transfer money between a bank account and your fund
account.
|
|
Automatic
Transactions: periodic (automatic) transactions
- To
make contributions from your fund account to your Fidelity
Advisor®
IRA.
- To
sell shares of a Fidelity®
money market fund and simultaneously to buy shares of a
Fidelity®
fund that offers Advisor classes of
shares.
|
Policies
The
following apply to you as a shareholder.
Statements
that Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except, to the
extent applicable, reinvestment of distributions in the fund or another fund
and certain transactions through automatic investment or withdrawal
programs).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
Current
regulations allow Fidelity to send a single copy of shareholder documents for
Fidelity®
funds, such as prospectuses, annual and semi-annual reports, and proxy
materials, to certain mutual fund customers whom we believe are members of the
same family who share the same address. For certain types of accounts, we will
not send multiple copies of these documents to you and members of your family
who share the same address. Instead, we will send only a single copy of these
documents. This will continue for as long as you are a shareholder, unless you
notify us otherwise. If at any time you choose to receive individual copies of
any documents, please call 1-877-208-0098. We will begin sending individual
copies to you within 30 days of receiving your call.
You
may initiate many transactions
by telephone or electronically.
Fidelity will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for instructions.
Additional documentation may be required from corporations, associations, and
certain fiduciaries.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, the fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
fund related to opening the accounts. Your shares will be sold at the NAV, minus
any applicable shareholder fees, calculated on the day Fidelity closes your fund
position.
Fidelity
may charge a fee
for certain services,
such as providing historical account documents.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally pays dividends and capital gain distributions per the tables
below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
Stock Selector Small Cap Fund |
|
December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Stock Selector Small Cap Fund |
|
December |
Distribution
Options
When
you open an account, specify how you want to receive your distributions. The
following distribution options are available:
Any
dividends and capital gain distributions will be automatically reinvested in
additional shares. If you do not indicate a choice, you will be assigned this
option.
Any
capital gain distributions will be automatically reinvested in additional
shares. Any dividends will be paid in cash.
Any
dividends and capital gain distributions will be paid in
cash.
- 4.
Directed
Dividends®
Option.
Any
dividends will be automatically invested in the same class of shares of another
identically registered Fidelity®
fund. Any capital gain distributions will be automatically invested in the same
class of shares of another identically registered Fidelity®
fund, automatically reinvested in additional shares of the fund, or paid in
cash.
Not
all distribution options may be available for every account and certain
restrictions may apply. If the option you prefer is not listed on your account
application, or if you want to change your current option, contact Fidelity or
your investment professional directly.
If
you elect to receive distributions paid in cash by check and the U.S. Postal
Service does not deliver your checks, your distribution option may be converted
to the Reinvestment Option. You will not receive interest on amounts represented
by uncashed distribution checks.
Any
dividends and capital gain distributions paid to retirement plan participants
will be automatically reinvested.
As
with any investment, your investment in the fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from the fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are
met).
If
you buy shares when a fund has realized but not yet distributed income or
capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions you receive from the fund will normally be taxable to you
when you receive them, regardless of your distribution option.
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Taxes
on Transactions
Your
redemptions, including exchanges, may result in a capital gain or loss for
federal tax purposes. A capital gain or loss on your investment in the fund
generally is the difference between the cost of your shares and the price you
receive when you sell them.
Exchanges
within a tax-advantaged retirement plan account will not result in a capital
gain or loss for federal tax purposes. Please consult your tax advisor regarding
the tax treatment of distributions from a tax-advantaged retirement plan
account.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Portfolio
Manager(s)
Shadman
Riaz is Lead Portfolio Manager of Fidelity®
Stock Selector Small Cap Fund, which he has managed since 2009. He also manages
other funds. Since joining Fidelity Investments in 2001, Mr. Riaz has worked as
a research analyst and portfolio manager.
Jennifer
Fo Cardillo is Co-Portfolio Manager of Fidelity®
Stock Selector Small Cap Fund, which she has managed since 2021. She also
manages other funds. Since joining Fidelity Investments in 2009, Ms. Fo Cardillo
has worked as a research analyst and portfolio manager.
Eirene
Kontopoulos is Co-Portfolio Manager of Fidelity®
Stock Selector Small Cap Fund, which she has managed since 2012. She also
manages other funds. Since joining Fidelity Investments in 2007, Ms. Kontopoulos
has worked as a research analyst and portfolio manager.
Patrick
Venanzi is Co-Portfolio Manager of Fidelity®
Stock Selector Small Cap Fund, which he has managed since 2009. He also manages
other funds. Since joining Fidelity Investments in 2001, Mr. Venanzi has worked
as a research analyst and portfolio manager (other than a 3-month leave of
absence in 2018).
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
For
Fidelity® Stock Selector Small Cap Fund, the fee is determined by calculating a
basic fee and then applying a performance adjustment. The performance adjustment
either increases or decreases the management fee, depending on how well the fund
has performed relative to its index listed below:
|
Fund |
|
Performance
Adjustment Index |
|
Fidelity®
Stock Selector Small Cap Fund |
|
Russell
2000® Index |
Management
Fee = Basic Fee +/- Performance Adjustment
The
basic fee is calculated by adding a group fee rate to an individual fund fee
rate, dividing by twelve, and multiplying the result by the fund's average net
assets throughout the month.
The
group fee rate is based on the average net assets of a group of mutual funds
advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets
under management increase.
The
group fee rate(s) for October 2023 and the annual individual fund fee rate(s)
are reflected in the table below:
|
Fund |
|
Group
Fee Rate |
|
Individual
Fund Fee Rate |
|
Fidelity®
Stock Selector Small Cap Fund |
|
0.22% |
|
0.35% |
The
basic fee for the fiscal year ended October 31, 2023, as a percentage of the
fund's average net assets, is reflected in the following table:
|
Fund |
Basic
Fee Rate |
|
Fidelity®
Stock Selector Small Cap Fund |
0.57% |
The
performance adjustment rate is calculated monthly by comparing over the
performance period the fund's performance to that of the performance adjustment
index.
For
the purposes of calculating the performance adjustment for the fund, the fund's
investment performance will be based on the performance of Fidelity® Stock
Selector Small Cap Fund, a class of shares of the fund that is not offered
through this prospectus.
To
the extent that other classes of Fidelity® Stock Selector Small Cap Fund have
higher expenses, this could result in those classes bearing a larger positive
performance adjustment and smaller negative performance adjustment than would be
the case if each class's own performance were considered.
The
performance period is the most recent 36 month period.
The
maximum annualized performance adjustment rate is ±0.20% of the fund's average
net assets over the performance period. The
performance adjustment rate is divided by twelve and multiplied by the fund's
average net assets over the performance period, and the resulting dollar amount
is then added to or subtracted from the basic fee.
The
total management fee, as a percentage of the fund's average net assets, for the
fiscal year ended October 31, 2023, for the fund is shown in the following
table. Because the fund's management fee rate may fluctuate, the fund's
management fee may be higher or lower in the future.
|
Fund |
Total
Management Fee Rate |
|
Fidelity®
Stock Selector Small Cap Fund |
0.75% |
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's annual report
for the fiscal period ended October 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
The
fund is composed of multiple classes of shares. All classes of the fund have a
common investment objective and investment portfolio.
FDC distributes
Class A, Class M, Class C, Class I, and Class Z shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
their services intended to result in the sale of class shares, including
compensation for providing recordkeeping and administrative services, as well as
other retirement plan expenses for Class Z shares.
This
may take the form of (as applicable):
- Sales
charges and concessions (not applicable to Class I and Class Z shares).
- Distribution
and/or service (12b-1) fees (not applicable to Class I and Class Z
shares).
- Finder's
fees (not applicable to Class C, Class I, and Class Z shares).
- Payments
for additional distribution-related activities and/or shareholder
services.
- Payments
for educational seminars and training, including seminars sponsored by
Fidelity, or by an intermediary.
These
payments are described in more detail in this section and in the
SAI.
Please
speak with your investment professional to learn more about any payments his or
her firm may receive from the Adviser, FDC, and/or their affiliates, as well as
fees and/or commissions the investment professional charges. You should also
consult disclosures made by your investment professional at the time of
purchase.
You
may pay a sales charge when you buy or sell your Class A, Class M, and Class C
shares.
FDC
collects the sales charge.
As
described in detail in this section, you may be entitled to a waiver of your
sales charge, or to pay a reduced sales charge, when you buy or sell Class A,
Class M, and Class C shares. In the event of changes in sales charges, sales
charges, if any, in effect at the time of purchase generally will
apply.
The
availability of certain sales charge waivers and discounts may depend on whether
you purchase your shares directly from a fund or through an intermediary.
Intermediaries may have different policies and procedures regarding the
availability of front-end sales load waivers or CDSC (back-end) waivers. Please
see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the
"Appendix" section of the prospectus. In all instances, it is the purchaser's
responsibility to notify a fund or the purchaser's intermediary at the time of
purchase of any relationship or other facts qualifying the purchaser for sales
charge waivers or discounts. For
waivers and discounts not available through a particular intermediary,
shareholders will have to purchase fund shares directly from a fund or through
another intermediary to receive these waivers or discounts.
The
front-end sales charge will be reduced for purchases of Class A and Class M
shares according to the sales charge schedules below.
|
Sales
Charges and Concessions - Class A |
|
Sales
Charge |
|
|
As
a % of
offering
price(a) |
As
an
approximate
%
of net
amount
invested(a) |
Investment
professional
concession
as
% of
offering
price |
|
Less
than $50,000(b) |
5.75% |
6.10% |
5.00% |
|
$50,000
but less than $100,000 |
4.50% |
4.71% |
3.75% |
|
$100,000
but less than $250,000 |
3.50% |
3.63% |
2.75% |
|
$250,000
but less than $500,000 |
2.50% |
2.56% |
2.00% |
|
$500,000
but less than $1,000,000 |
2.00% |
2.04% |
1.75% |
|
$1,000,000
but less than $4,000,000 |
None |
None |
1.00%(c) |
|
$4,000,000
but less than $25,000,000 |
None |
None |
0.50%(c) |
|
$25,000,000
or more |
None |
None |
0.25%(c) |
(a) The
actual sales charge you pay may be higher or lower than those calculated using
these percentages due to rounding. The impact of rounding may vary with the
amount of your investment and the size of the class's NAV.
(b)
Purchases of $10.00 or less will not pay a sales charge.
(c)
Certain conditions and exceptions apply. See "Fund Services - Fund Distribution
- Finder's Fees."
Investments
in Class A shares of $1 million or more may, upon redemption less than 18 months
after purchase, for any reason, be assessed a CDSC of 1.00%. The actual CDSC you
pay may be higher or lower than that calculated using this percentage due to
rounding. The impact of rounding may vary with the amount of your investment and
the size of the class's NAV.
When
exchanging Class A shares of one fund for Class A shares of another Fidelity®
fund that offers Advisor classes of shares or Daily Money Class shares of
another Fidelity® fund that offers Daily Money Class shares, your Class A shares
retain the CDSC schedule in effect when they were originally
bought.
|
Sales
Charges and Concessions - Class M |
|
Sales
Charge |
|
|
As
a % of
offering
price(a) |
As
an
approximate
%
of net
amount
invested(a) |
Investment
professional
concession
as
% of
offering
price |
|
Less
than $50,000(b) |
3.50% |
3.63% |
3.00% |
|
$50,000
but less than $100,000 |
3.00% |
3.09% |
2.50% |
|
$100,000
but less than $250,000 |
2.50% |
2.56% |
2.00% |
|
$250,000
but less than $500,000 |
1.50% |
1.52% |
1.25% |
|
$500,000
but less than $1,000,000 |
1.00% |
1.01% |
0.75% |
|
$1,000,000
or more |
None |
None |
0.25%(c) |
(a) The
actual sales charge you pay may be higher or lower than those calculated using
these percentages due to rounding. The impact of rounding may vary with the
amount of your investment and the size of the class's NAV.
(b)
Purchases of $10.00 or less will not pay a sales charge.
(c)
Certain conditions and exceptions apply. See "Fund Services - Fund Distribution
- Finder's Fees."
Investments
in Class M shares of $1 million or more may, upon redemption less than one year
after purchase, for any reason, be assessed a CDSC of 0.25%. The actual CDSC you
pay may be higher or lower than that calculated using this percentage due to
rounding. The impact of rounding may vary with the amount of your investment and
the size of the class's NAV.
When
exchanging Class M shares of one fund for Class M shares of another Fidelity®
fund that offers Advisor classes of shares or Advisor M Class shares of
Fidelity® Government Money Market Fund, your Class M shares retain the CDSC
schedule in effect when they were originally bought.
Class
A or Class M shares purchased by an individual or company through the Combined
Purchase, Rights of Accumulation, or Letter of Intent program may receive a
reduced front-end sales charge according to the sales charge schedules above. To
qualify for a Class A or Class M front-end sales charge reduction under one of
these programs, you must notify Fidelity in advance of your
purchase.
Combined
Purchase, Rights of Accumulation, and Letter of Intent Programs.
The following qualify as an "individual" or "company" for the purposes of
determining eligibility for the Combined Purchase and Rights of Accumulation
program: an individual, spouse, and their children under age 21 purchasing for
his/her or their own account; a trustee, administrator, or other fiduciary
purchasing for a single trust estate or a single fiduciary account or for a
single or parent-subsidiary group of "employee benefit plans" (except SEP and
SARSEP plans and plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans)) and 403(b) programs; and tax-exempt
organizations (as defined in Section 501(c)(3) of the Internal Revenue Code).
The following qualify as an "individual" or "company" for the purposes of
determining eligibility for the Letter of Intent program: an individual, spouse,
and their children under age 21 purchasing for his/her or their own account; a
trustee, administrator, or other fiduciary purchasing for a single trust estate
or a single fiduciary account (except SEP and SARSEP plans and plans covering
self-employed individuals and their employees (formerly Keogh/H.R. 10 plans));
an IRA or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans); plans
investing through the Fidelity Advisor® 403(b) program; and tax-exempt
organizations (as defined in Section 501(c)(3) of the Internal Revenue
Code).
Combined
Purchase.
To receive a Class A or Class M front-end sales charge reduction, if you are a
new shareholder, you may combine your purchase of Class A or Class M shares with
purchases of: (i) Class A, Class M, and Class C shares of any Fidelity® fund
that offers Advisor classes of shares, (ii) Advisor C Class shares of Fidelity®
Treasury Money Market Fund, and (iii) Class A Units (New and Old), Class C
Units, Class D Units, and Class P Units of the Fidelity Advisor® 529 Plan.
Purchases may be aggregated across multiple intermediaries on the same day for
the purpose of qualifying for the Combined Purchase program.
Rights
of Accumulation.
To receive a Class A or Class M front-end sales charge reduction, if you are an
existing shareholder, you may add to your purchase of Class A or Class M shares
the current value of your holdings in: (i) Class A, Class M, and Class C shares
of any Fidelity® fund that offers Advisor classes of shares, (ii) Advisor C
Class shares of Fidelity® Treasury Money Market Fund, (iii) Daily Money Class
shares of a fund that offers Daily Money Class shares acquired by exchange from
any Fidelity® fund that offers Advisor classes of shares, (iv) Class O shares of
Fidelity Advisor® Diversified Stock Fund and Fidelity Advisor® Capital
Development Fund, and (v) Class A Units (New and Old), Class C Units, Class D
Units, and Class P Units of the Fidelity Advisor® 529 Plan. The current value of
your holdings is determined at the NAV at the close of business on the day prior
to your purchase of Class A or Class M shares. The current value of your
holdings will be added to your purchase of Class A or Class M shares for the
purpose of qualifying for the Rights of Accumulation program. Purchases and
holdings may be aggregated across multiple intermediaries for the purpose of
qualifying for the Rights of Accumulation program.
Letter
of Intent.
You may receive a Class A or Class M front-end sales charge reduction on your
purchases of Class A and Class M shares made during a 13-month period by signing
a Letter of Intent (Letter). File your Letter with Fidelity no later than the
date of the initial purchase toward completing your Letter. Each Class A or
Class M purchase you make toward completing your Letter will be entitled to the
reduced front-end sales charge applicable to the total investment indicated in
the Letter. Purchases of the following may be aggregated for the purpose of
completing your Letter: (i) Class A and Class M shares of any Fidelity® fund
that offers Advisor classes of shares (except those acquired by exchange from
Daily Money Class shares of a fund that offers Daily Money Class shares that had
been previously exchanged from a Fidelity® fund that offers Advisor classes of
shares), (ii) Class C shares of any Fidelity® fund that offers Advisor classes
of shares, (iii) Advisor C Class shares of Fidelity® Treasury Money Market Fund,
and (iv) Class A Units (New and Old), Class C Units, Class D Units, and Class P
Units of the Fidelity Advisor® 529 Plan. Reinvested income and capital gain
distributions will not be considered purchases for the purpose of completing
your Letter. Purchases may be aggregated across multiple intermediaries for the
purpose of qualifying for the Letter of Intent program. Your initial purchase
toward completing your Letter must be at least 5% of the total investment
specified in your Letter. Fidelity will register Class A or Class M shares equal
to 5% of the total investment specified in your Letter in your name and will
hold those shares in escrow. You will earn income, dividends and capital gain
distributions on escrowed Class A and Class M shares. The escrow will be
released when you complete your Letter. You are not obligated to complete your
Letter. If you do not complete your Letter, you must pay the increased front-end
sales charges due in accordance with the sales charge schedule in effect when
your shares were originally bought. Fidelity may redeem sufficient escrowed
Class A or Class M shares to pay any applicable front-end sales charges. If you
purchase more than the amount specified in your Letter and qualify for
additional Class A or Class M front-end sales charge reductions, the front-end
sales charge will be adjusted to reflect your total purchase at the end of 13
months and the surplus amount will be applied to your purchase of additional
Class A or Class M shares at the then-current offering price applicable to the
total investment.
Detailed
information about these programs also is available on
institutional.fidelity.com. In order to obtain the benefit of a front-end sales
charge reduction for which you may be eligible, you may need to inform your
investment professional of other accounts you, your spouse, or your children
maintain with your investment professional or other investment professionals
from the same intermediary.
Class
C shares may, upon redemption less than one year after purchase, for any reason,
be assessed a CDSC of 1.00%. The actual CDSC you pay may be higher or lower than
that calculated using this percentage due to rounding. The impact of rounding
may vary with the amount of your investment and the size of the class's
NAV.
Investment
professionals will receive as compensation from FDC, at the time of the sale, a
concession equal to 1.00% of your purchase of Class C shares. A concession will
not apply to Class C shares acquired through reinvestment of dividends or
capital gain distributions.
The
CDSC for Class A, Class M, and Class C shares will be calculated based on the
lesser of the cost of each class's shares, as applicable, at the initial date of
purchase or the value of those shares, as applicable, at redemption, not
including any reinvested dividends or capital gains. Class A, Class M, and Class
C shares acquired through reinvestment of dividends or capital gain
distributions will not be subject to a CDSC. In determining the applicability
and rate of any CDSC at redemption, shares representing reinvested dividends and
capital gains will be redeemed first, followed by those shares that have been
held for the longest period of time.
A
front-end sales charge will not apply to the following Class A or Class M
shares:
- 1.
Purchased
for an employee benefit plan other than a plan investing through the Fidelity
Advisor® 403(b) program. For this purpose, employee benefit plans generally
include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not
include: IRAs, SIMPLE, SEP, or SARSEP plans; or health savings
accounts.
- 2.
Purchased
for an insurance company separate account.
- 3.
Purchased
for managed account programs that charge an asset-based fee by a
broker-dealer, registered investment adviser, insurance company, trust
institution or bank trust department.
- 4.
Purchased
with the proceeds of a redemption of Fidelity® or Fidelity Advisor® fund
shares held in (i) an insurance company separate account, or (ii) an employee
benefit plan (as described in waiver number 1 above, including the Fidelity
Advisor® 403(b) program), the proceeds of which must be reinvested directly
into Fidelity Advisor® fund shares held in an account for which Fidelity
Management Trust Company or an affiliate serves as custodian.
- 5.
Purchased
with any proceeds of a distribution from a Fidelity® recordkept employee
benefit plan (as described in waiver number 1 above, including the Fidelity
Advisor® 403(b) program) that is rolled directly into a Fidelity Advisor® IRA
for which Fidelity Management Trust Company or an affiliate serves as
custodian.
- 6.
Purchased
by a bank trust officer, registered representative, or other employee (or a
member of one of their immediate families) of intermediaries having agreements
with FDC. A member of the immediate family of a bank trust officer, a
registered representative, or other employee of intermediaries having
agreements with FDC, is a spouse of one of those individuals, an account for
which one of those individuals is acting as custodian for a minor child, and a
trust account that is registered for the sole benefit of a minor child of one
of those individuals.
- 7.
Purchased
to repay a loan against Class A or Class M shares held in the investor's
Fidelity Advisor® 403(b) program.
- 8.
Purchased
for an employer-sponsored health savings account.
- 9.
(Applicable
only to Class A) Purchased by a former Destiny® Planholder in a Fidelity
Advisor® account that was converted directly from a Destiny® Plan account
after September 30, 2008. This waiver shall apply as long as the ownership of
the Fidelity Advisor® account does not change. If the Fidelity Advisor®
account is no longer directly held at Fidelity, your intermediary may be able
to apply the waiver, assuming the stated conditions are met. Please contact
your investment professional for more information.
- 10.
Purchased
for a mutual fund only brokerage platform that charges a platform entrance fee
and where the distributor has agreed with the broker to participate in such
platform.
Pursuant
to Rule 22d-1 under the Investment Company Act of 1940 (1940 Act), FDC exercises
its right to waive Class A's and Class M's front-end sales charge on shares
acquired through reinvestment of dividends and capital gain distributions or in
connection with a fund's merger with or acquisition of any investment company or
trust. FDC also exercises its right to waive Class A's and Class M's front-end
sales charge on purchases of $10.00 or less.
The
CDSC may be waived on the redemption of shares (applies to Class A, Class M, and
Class C, unless otherwise noted):
- 1.
For
disability or death.
- 2.
From
employer-sponsored retirement plans (except SIMPLE IRAs, SEPs, and SARSEPs) in
accordance with required minimum distributions as mandated by the Internal
Revenue Code and related regulations.
- 3.
For
required minimum distributions from Traditional IRAs, Rollover IRAs, SIMPLE
IRAs, SEPs, and SARSEPs (excludes Roth accounts) as mandated by the Internal
Revenue Code and related regulations.
- 4.
Through
the Fidelity Advisor®
Systematic Withdrawal Program, if the amount does not exceed 12% of the
account balance in a rolling 12-month period.
- 5.
(Applicable
to Class A and Class M only) Held by insurance company separate
accounts.
- 6.
(Applicable
to Class A and Class M only) From an employee benefit plan (except SIMPLE
IRAs, SEPs, SARSEPs, and plans covering self-employed individuals and their
employees) or 403(b) programs (except Fidelity Advisor®
403(b) programs for which Fidelity or an affiliate serves as
custodian).
- 7.
(Applicable
to Class A and Class M only) On which a finder's fee was eligible to be paid
to an investment professional at the time of purchase, but was not paid
because payment was declined (to determine your eligibility for this CDSC
waiver, please ask your investment professional if he or she received a
finder's fee at the time of purchase).
- 8.
(Applicable
to Class C only) On which investment professionals did not receive a
concession at the time of purchase.
To
qualify for a Class A or Class M front-end sales charge reduction or waiver, you
must notify Fidelity in advance of your purchase.
You
may be required to notify Fidelity in advance of your redemption to qualify for
a Class A, Class M, or Class C CDSC waiver.
Information
on sales charge reductions and waivers is available free of charge on
institutional.fidelity.com.
Finder's
Fees.
Finder's fees may be paid to investment professionals who sell Class A and Class
M shares in purchase amounts of $1 million or more. For Class A share purchases,
investment professionals may be compensated at the time of purchase with a
finder's fee at the rate of 1.00% of the purchase amount for purchases of $1
million up to $4 million, 0.50% of the purchase amount for purchases of $4
million up to $25 million, and 0.25% of the purchase amount for purchases of $25
million or more. For Class M share purchases, investment professionals may be
compensated at the time of purchase with a finder's fee at the rate of 0.25% of
the purchase amount.
Investment
professionals may be eligible for a finder's fee on the following purchases of
Class A and Class M shares made through broker-dealers and banks: a trade that
brings the value of the accumulated account(s) of an investor, including a
403(b) program or an employee benefit plan (except a SEP or SARSEP plan or a
plan covering self-employed individuals and their employees (formerly a
Keogh/H.R. 10 plan)), over $1 million; a trade for an investor with an
accumulated account value of $1 million or more; and an incremental trade toward
an investor's $1 million Letter.
Accumulated
account value for purposes of finder's fees eligibility is determined the same
as it is for Rights of Accumulation. Daily Money Class shares of a fund that
offers Daily Money Class shares are not counted for this purpose unless acquired
by exchange from any Fidelity® fund that offers Advisor classes of shares. For
information, see "Combined Purchase, Rights of Accumulation, and Letter of
Intent Programs" above.
Finder's
fees are not paid in connection with purchases of Class A or Class M shares by
insurance company separate accounts or managed account programs that charge an
asset-based fee, or purchases of Class A or Class M shares made with the
proceeds from the redemption of shares of any Fidelity® fund or any retirement
plan recordkept at Fidelity.
Investment
professionals should contact Fidelity in advance to determine if they qualify to
receive a finder's fee. Finder's fees will be paid in connection with shares
recordkept in a Fidelity Advisor®
401(k) Retirement Plan only at the time of the initial conversion of assets.
Investment professionals should contact Fidelity for more
information.
Reinstatement
Privilege.
If you have sold all or part of your Class A, Class M, or Class C shares of the
fund, you may reinvest an amount equal to all or a portion of the redemption
proceeds in the same class of the fund or another Fidelity® fund that offers
Advisor classes of shares, at the NAV next determined after receipt in proper
form of your investment order, provided that such reinvestment is made within 90
days of redemption. Under these circumstances, the dollar amount of the CDSC you
paid, if any, on shares will be reimbursed to you by reinvesting that amount in
Class A, Class M, or Class C shares, as applicable.
You
must reinstate your shares into an account with the same registration. This
privilege may be exercised only once by a shareholder with respect to the fund
and certain restrictions may apply. For purposes of the CDSC schedule, the
holding period will continue as if the Class A, Class M, or Class C shares had
not been redeemed. To qualify for the reinstatement privilege, you must notify
Fidelity in writing in advance of your reinvestment.
Distribution
and Service Plan(s)
Class
A of the fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act. Under the plan, Class A of the fund is authorized to pay FDC
a monthly 12b-1 (distribution) fee as compensation for providing services
intended to result in the sale of Class A shares. Class A of the fund may pay
this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net
assets, or such lesser amount as the Trustees may determine from time to time.
Currently, the Trustees have not approved such payments. The Trustees may
approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of
Class A's average net assets when the Trustees believe that it is in the best
interests of Class A shareholders to do so.
In
addition, pursuant to the Class A plan, Class A of the fund pays FDC a monthly
12b-1 (service) fee at an annual rate of 0.25% of Class A's average net assets
throughout the month for providing shareholder support services.
Except
as provided below, FDC may reallow up to the full amount of this 12b-1 (service)
fee to intermediaries, including its affiliates, for providing shareholder
support services.
For
purchases of Class A shares on which a finder's fee was paid to intermediaries,
after the first year of investment, FDC may reallow up to the full amount of the
12b-1 (service) fee paid by such shares to intermediaries, including its
affiliates, for providing shareholder support services.
Class
M of the fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act. Under the plan, Class M of the fund is authorized to pay FDC
a monthly 12b-1 (distribution) fee as compensation for providing services
intended to result in the sale of Class M shares. Class M of the fund may pay
this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net
assets, or such lesser amount as the Trustees may determine from time to time.
Class M of the fund currently pays FDC a monthly 12b-1 (distribution) fee at an
annual rate of 0.25% of its average net assets throughout the month. Class M's
12b-1 (distribution) fee rate for the fund may be increased only when the
Trustees believe that it is in the best interests of Class M shareholders to do
so.
FDC
may reallow up to the full amount of this 12b-1 (distribution) fee to
intermediaries, including its affiliates, for providing services intended to
result in the sale of Class M shares.
In
addition, pursuant to the Class M plan, Class M of the fund pays FDC a monthly
12b-1 (service) fee at an annual rate of 0.25% of Class M's average net assets
throughout the month for providing shareholder support services.
FDC
may reallow up to the full amount of this 12b-1 (service) fee to intermediaries,
including its affiliates, for providing shareholder support
services.
Class
C of the fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1
under the 1940 Act. Under the plan, Class C of the fund is authorized to pay FDC
a monthly 12b-1 (distribution) fee as compensation for providing services
intended to result in the sale of Class C shares. Class C of the fund currently
pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.75% of its
average net assets throughout the month.
In
addition, pursuant to the Class C plan, Class C of the fund pays FDC a monthly
12b-1 (service) fee at an annual rate of 0.25% of Class C's average net assets
throughout the month for providing shareholder support services.
Normally,
after the first year of investment, FDC may reallow up to the full amount of the
12b-1 (distribution) fees to intermediaries, including its affiliates, for
providing services intended to result in the sale of Class C shares and may
reallow up to the full amount of the 12b-1 (service) fee to intermediaries,
including its affiliates, for providing shareholder support
services.
For
purchases of Class C shares made through reinvestment of dividends or capital
gain distributions, during the first year of investment and thereafter, FDC may
reallow up to the full amount of this 12b-1 (distribution) fee paid by such
shares to intermediaries, including its affiliates, for providing services
intended to result in the sale of Class C shares and may reallow up to the full
amount of this 12b-1 (service) fee paid by such shares to intermediaries,
including its affiliates, for providing shareholder support
services.
Any
fees paid out of Class A's, Class M's, and Class C's assets on an ongoing basis
pursuant to a Distribution and Service Plan will increase the cost of your
investment and may cost you more than paying other types of sales
charges.
In
addition to the above payments, each Class A, Class M, and Class C plan
specifically recognizes that the Adviser may make payments from its management
fee revenue, past profits, or other resources to FDC for expenses incurred in
connection with providing services intended to result in the sale of Class A,
Class M, and Class C shares and/or shareholder support services. The Adviser,
directly or through FDC or one or more affiliates, may pay significant amounts
to intermediaries that provide those services. Currently, the Board of Trustees
of the fund has authorized such payments for Class A, Class M, and Class
C.
Each
of Class I and Class Z of the fund has adopted a Distribution and Service Plan
pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may
use its management fee revenues, as well as its past profits or its resources
from any other source, to pay FDC for expenses incurred in connection with
providing services intended to result in the sale of Class I and Class Z shares
and/or shareholder support services. The Adviser, directly or through FDC, may
pay significant amounts to intermediaries that provide those services.
Currently, the Board of Trustees of the fund has authorized such payments for
Class I and Class Z.
If
payments made by the Adviser to FDC or to intermediaries under Class I's and
Class Z's Distribution and Service Plan were considered to be paid out of Class
I's and Class Z's assets on an ongoing basis, they might increase the cost of
your investment and might cost you more than paying other types of sales
charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by Deloitte & Touche LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity
Advisor® Stock Selector Small Cap Fund Class A |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
27.51 |
$ |
36.93 |
$ |
24.09 |
$ |
23.82 |
$ |
25.94 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
(.01)
|
|
(.03)
C |
|
(.15)
|
|
(.07)
|
|
.01
|
|
Net
realized and unrealized gain (loss) |
|
(.75)
|
|
(5.76)
|
|
13.42
|
|
.83
|
|
2.30
|
|
Total
from investment operations |
|
(.76)
|
|
(5.79)
|
|
13.27
|
|
.76
|
|
2.31
|
|
Distributions
from net investment income |
|
(.02)
|
|
-
|
|
-
|
|
(.02)
D |
|
(.01)
|
|
Distributions
from net realized gain |
|
-
|
|
(3.63)
|
|
(.43)
|
|
(.47)
D |
|
(4.42)
|
|
Total
distributions |
|
(.02)
|
|
(3.63)
|
|
(.43)
|
|
(.49)
|
|
(4.43)
|
|
Net
asset value, end of period |
$ |
26.73 |
$ |
27.51 |
$ |
36.93 |
$ |
24.09 |
$ |
23.82 |
|
Total
Return E,F |
|
(2.75)%
|
|
(16.94)%
|
|
55.62%
|
|
3.15%
|
|
11.55%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
1.23%
|
|
1.21%
|
|
1.19%
|
|
1.32%
|
|
1.04%
|
|
Expenses
net of fee waivers, if any |
|
1.23%
|
|
1.21%
|
|
1.19%
|
|
1.32%
|
|
1.04%
|
|
Expenses
net of all reductions |
|
1.23%
|
|
1.21%
|
|
1.19%
|
|
1.31%
|
|
1.04%
|
|
Net
investment income (loss) |
|
(.05)%
|
|
(.10)%
C |
|
(.45)%
|
|
(.29)%
|
|
.06%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
109
|
$ |
99
|
$ |
108
|
$ |
52
|
$ |
37
|
|
Portfolio
turnover rate I |
|
38%
|
|
38%
|
|
59%
|
|
70%
|
|
56%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.06 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.29)%.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns do not include the effect of the sales charges.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered in-kind.
|
Fidelity
Advisor® Stock Selector Small Cap Fund Class M |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
26.28 |
$ |
35.46 |
$ |
23.20 |
$ |
23.00 |
$ |
25.21 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
(.09)
|
|
(.10)
C |
|
(.23)
|
|
(.13)
|
|
(.05)
|
|
Net
realized and unrealized gain (loss) |
|
(.70)
|
|
(5.53)
|
|
12.92
|
|
.80
|
|
2.21
|
|
Total
from investment operations |
|
(.79)
|
|
(5.63)
|
|
12.69
|
|
.67
|
|
2.16
|
|
Distributions
from net investment income |
|
(.01)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Distributions
from net realized gain |
|
-
|
|
(3.55)
|
|
(.43)
|
|
(.46)
D |
|
(4.37)
|
|
Total
distributions |
|
(.01)
|
|
(3.55)
|
|
(.43)
|
|
(.46)
|
|
(4.37)
|
|
Net
asset value, end of period |
$ |
25.48 |
$ |
26.28 |
$ |
35.46 |
$ |
23.20 |
$ |
23.00 |
|
Total
Return E,F |
|
(3.01)%
|
|
(17.19)%
|
|
55.24%
|
|
2.83%
|
|
11.20%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
1.51%
|
|
1.48%
|
|
1.46%
|
|
1.61%
|
|
1.35%
|
|
Expenses
net of fee waivers, if any |
|
1.51%
|
|
1.48%
|
|
1.45%
|
|
1.60%
|
|
1.35%
|
|
Expenses
net of all reductions |
|
1.50%
|
|
1.48%
|
|
1.45%
|
|
1.60%
|
|
1.35%
|
|
Net
investment income (loss) |
|
(.33)%
|
|
(.37)%
C |
|
(.71)%
|
|
(.58)%
|
|
(.24)%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
14
|
$ |
14
|
$ |
17
|
$ |
8
|
$ |
7
|
|
Portfolio
turnover rate I |
|
38%
|
|
38%
|
|
59%
|
|
70%
|
|
56%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.05 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.56)%.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown. Amount has been revised from previously reported
amount of $.47 per share.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns do not include the effect of the sales charges.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered in-kind.
|
Fidelity
Advisor® Stock Selector Small Cap Fund Class C |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
23.91 |
$ |
32.61 |
$ |
21.48 |
$ |
21.43 |
$ |
23.79 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
(.20)
|
|
(.23)
C |
|
(.36)
|
|
(.23)
|
|
(.16)
|
|
Net
realized and unrealized gain (loss) |
|
(.64)
|
|
(5.05)
|
|
11.92
|
|
.75
|
|
2.06
|
|
Total
from investment operations |
|
(.84)
|
|
(5.28)
|
|
11.56
|
|
.52
|
|
1.90
|
|
Distributions
from net realized gain |
|
-
|
|
(3.42)
|
|
(.43)
|
|
(.46)
D |
|
(4.26)
|
|
Total
distributions |
|
-
|
|
(3.42)
|
|
(.43)
|
|
(.46)
|
|
(4.26)
|
|
Net
asset value, end of period |
$ |
23.07 |
$ |
23.91 |
$ |
32.61 |
$ |
21.48 |
$ |
21.43 |
|
Total
Return E,F |
|
(3.51)%
|
|
(17.61)%
|
|
54.40%
|
|
2.33%
|
|
10.64%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
2.01%
|
|
2.00%
|
|
1.98%
|
|
2.13%
|
|
1.86%
|
|
Expenses
net of fee waivers, if any |
|
2.00%
|
|
1.99%
|
|
1.97%
|
|
2.13%
|
|
1.86%
|
|
Expenses
net of all reductions |
|
2.00%
|
|
1.99%
|
|
1.97%
|
|
2.12%
|
|
1.86%
|
|
Net
investment income (loss) |
|
(.83)%
|
|
(.88)%
C |
|
(1.23)%
|
|
(1.10)%
|
|
(.76)%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
18
|
$ |
16
|
$ |
19
|
$ |
8
|
$ |
8
|
|
Portfolio
turnover rate I |
|
38%
|
|
38%
|
|
59%
|
|
70%
|
|
56%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.05 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (1.08)%.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown. Amount has been revised from previously reported
amount of $.47 per share.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns do not include the effect of the contingent deferred sales
charge.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered in-kind.
|
Fidelity
Advisor® Stock Selector Small Cap Fund Class I |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
28.67 |
$ |
38.34 |
$ |
24.93 |
$ |
24.54 |
$ |
26.57 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.06
|
|
.05
C |
|
(.06)
|
|
-
D |
|
.08
|
|
Net
realized and unrealized gain (loss) |
|
(.78)
|
|
(5.99)
|
|
13.90
|
|
.86
|
|
2.37
|
|
Total
from investment operations |
|
(.72)
|
|
(5.94)
|
|
13.84
|
|
.86
|
|
2.45
|
|
Distributions
from net investment income |
|
(.03)
|
|
(.06)
|
|
-
|
|
-
D,E |
|
(.06)
|
|
Distributions
from net realized gain |
|
-
|
|
(3.67)
|
|
(.43)
|
|
(.47)
E |
|
(4.42)
|
|
Total
distributions |
|
(.03)
|
|
(3.73)
|
|
(.43)
|
|
(.47)
|
|
(4.48)
|
|
Net
asset value, end of period |
$ |
27.92 |
$ |
28.67 |
$ |
38.34 |
$ |
24.93 |
$ |
24.54 |
|
Total
Return F |
|
(2.50)%
|
|
(16.72)%
|
|
56.03%
|
|
3.49%
|
|
11.87%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.98%
|
|
.94%
|
|
.92%
|
|
1.01%
|
|
.76%
|
|
Expenses
net of fee waivers, if any |
|
.97%
|
|
.94%
|
|
.91%
|
|
1.00%
|
|
.76%
|
|
Expenses
net of all reductions |
|
.97%
|
|
.94%
|
|
.91%
|
|
1.00%
|
|
.75%
|
|
Net
investment income (loss) |
|
.21%
|
|
.17%
C |
|
(.17)%
|
|
.02%
|
|
.35%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
471
|
$ |
296
|
$ |
308
|
$ |
79
|
$ |
9
|
|
Portfolio
turnover rate I |
|
38%
|
|
38%
|
|
59%
|
|
70%
|
|
56%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.06 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.02)%.
DAmount
represents less than $.005 per share.
EThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered in-kind.
|
Fidelity
Advisor® Stock Selector Small Cap Fund Class Z |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
28.61 |
$ |
38.27 |
$ |
24.85 |
$ |
24.55 |
$ |
26.59 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.11
|
|
.09
C |
|
(.02)
|
|
.03
|
|
.12
|
|
Net
realized and unrealized gain (loss) |
|
(.78)
|
|
(5.98)
|
|
13.87
|
|
.86
|
|
2.36
|
|
Total
from investment operations |
|
(.67)
|
|
(5.89)
|
|
13.85
|
|
.89
|
|
2.48
|
|
Distributions
from net investment income |
|
(.04)
|
|
(.11)
|
|
-
|
|
(.12)
D |
|
(.10)
|
|
Distributions
from net realized gain |
|
-
|
|
(3.67)
|
|
(.43)
|
|
(.47)
D |
|
(4.42)
|
|
Total
distributions |
|
(.04)
|
|
(3.77)
E |
|
(.43)
|
|
(.59)
|
|
(4.52)
|
|
Net
asset value, end of period |
$ |
27.90 |
$ |
28.61 |
$ |
38.27 |
$ |
24.85 |
$ |
24.55 |
|
Total
Return F |
|
(2.34)%
|
|
(16.62)%
|
|
56.26%
|
|
3.58%
|
|
12.05%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.83%
|
|
.81%
|
|
.79%
|
|
.89%
|
|
.61%
|
|
Expenses
net of fee waivers, if any |
|
.82%
|
|
.81%
|
|
.79%
|
|
.88%
|
|
.61%
|
|
Expenses
net of all reductions |
|
.82%
|
|
.81%
|
|
.79%
|
|
.88%
|
|
.61%
|
|
Net
investment income (loss) |
|
.35%
|
|
.30%
C |
|
(.04)%
|
|
.14%
|
|
.49%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
310
|
$ |
225
|
$ |
167
|
$ |
53
|
$ |
30
|
|
Portfolio
turnover rate I |
|
38%
|
|
38%
|
|
59%
|
|
70%
|
|
56%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.06 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .11%.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
ETotal
distributions per share do not sum due to rounding.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered in-kind.
Additional
Index Information
Russell
2000®
Index is
a market capitalization-weighted index designed to measure the performance of
the small-cap segment of the U.S. equity market. It includes approximately 2,000
of the smallest securities in the Russell 3000®
Index.
S&P
SmallCap 600®
Index is
designed to measure the performance of the 600 small-sized companies in the
U.S., reflecting this market segment's distinctive risk and return
characteristics. Measuring a segment of the market that is typically known for
less liquidity and potentially less financial stability than large caps, the
index was constructed to be an efficient benchmark composed of small-cap
companies that meet investability and financial viability criteria.
Sales
Charge Waiver Policies Applied by Certain Intermediaries
Ameriprise
The
following information applies to Class A shares purchases if you have an account
with or otherwise purchase fund shares through Ameriprise
Financial:
Shareholders
purchasing fund shares through an Ameriprise Financial brokerage account are
eligible for the following front-end sales charge waivers and discounts, which
may differ from those disclosed elsewhere in this prospectus or
SAI.
Class
A Shares Front-End Sales Charge Waivers Available at Ameriprise
Financial:
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs or SAR-SEPs.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the same fund family).
- Shares
exchanged from Class C shares of the same fund in the month of or following
the 7-year anniversary of the purchase date. To the extent that this
prospectus elsewhere provides for a waiver with respect to exchanges of Class
C shares or conversion of Class C shares following a shorter holding period,
that waiver will apply.
- Employees
and registered representatives of Ameriprise Financial or its affiliates and
their immediate family members.
- Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined
benefit plans) that are held by a covered family member, defined as an
Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal
ascendant (mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor's lineal descendant (son, step-son, daughter,
step-daughter, grandson, granddaughter, great grandson, great granddaughter)
or any spouse of a covered family member who is a lineal descendant.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (i.e., Rights of
Reinstatement).
D.A.
Davidson & Co. (D.A. Davidson)
Shareholders
purchasing fund shares including existing fund shareholders through a D.A.
Davidson platform or account, or through an introducing broker-dealer or
independent registered investment advisor for which D.A. Davidson provides trade
execution, clearance, and/or custody services, will be eligible for the
following sales charge waivers (front-end sales charge waivers and contingent
deferred, or back-end, sales charge waivers) and discounts, which may differ
from those disclosed elsewhere in this prospectus or a fund's SAI.
Front-End
Sales Charge Waivers on Class A Shares available at D.A. Davidson
- Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions.
- Employees
and registered representatives of D.A. Davidson or its affiliates and their
family members as designated by D.A. Davidson.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales charge (known as Rights
of Reinstatement).
- A
shareholder in the fund's Class C Shares will have their shares converted at
net asset value to Class A Shares (or the appropriate share class) of the fund
if the shares are no longer subject to a CDSC and the conversion is consistent
with D.A. Davidson's policies and procedures.
CDSC
Waivers on Class A and Class C Shares available at D.A. Davidson
- Death
or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in a fund's
prospectus.
- Return
of excess contributions from an IRA account.
- Shares
sold as part of a required minimum distribution for IRA or other qualifying
retirement accounts pursuant to the Internal Revenue Code.
- Shares
acquired through a right of reinstatement.
Front-end
sales charge discounts available at D.A. Davidson: breakpoints, rights of
accumulation and/or letters of intent
- Breakpoints
as described in this prospectus.
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser's household at D.A. Davidson. Eligible
fund family assets not held at D.A. Davidson may be included in the
calculation of rights of accumulation only if the shareholder notifies his or
her financial advisor about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at D.A. Davidson may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about
such assets.
Edward
D. Jones & Co., L.P. ("Edward Jones")
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
The
following information supersedes prior information with respect to transactions
and positions held in fund shares through an Edward Jones system. Clients of
Edward Jones (also referred to as "shareholders") purchasing fund shares on the
Edward Jones commission and fee-based platforms are eligible only for the
following sales charge discounts (also referred to as "breakpoints") and
waivers, which can differ from discounts and waivers described elsewhere in the
mutual fund prospectus or SAI or through another broker-dealer. In all
instances, it is the shareholder's responsibility to inform Edward Jones at the
time of purchase of any relationship, holdings of the fund family, or other
facts qualifying the purchaser for discounts or waivers. Edward Jones can ask
for documentation of such circumstance. Shareholders should contact Edward Jones
if they have questions regarding their eligibility for these discounts and
waivers.
Breakpoints
•
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus.
Rights
of Accumulation ("ROA"):
- The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money market funds and
any assets held in group retirement plans) of the mutual fund family held by
the shareholder or in an account grouped by Edward Jones with other accounts
for the purpose of providing certain pricing considerations ("pricing
groups"). If grouping assets as a shareholder, this includes all share classes
held on the Edward Jones platform and/or held on another platform. The
inclusion of eligible fund family assets in the ROA calculation is dependent
on the shareholder notifying Edward Jones of such assets at the time of
calculation. Money market funds are included only if such shares were sold
with a sales charge at the time of purchase or acquired in exchange for shares
purchased with a sales charge.
- The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a shareholder
or pricing group level.
- ROA
is determined by calculating the higher of cost minus redemptions or market
value (current shares x NAV).
Letter
of Intent ("LOI"):
- Through
a LOI, shareholders can receive the sales charge and breakpoint discounts for
purchases shareholders intend to make over a 13-month period from the date
Edward Jones receives the LOI. The LOI is determined by calculating the higher
of cost or market value of qualifying holdings at LOI initiation in
combination with the value that the shareholder intends to buy over a 13-month
period to calculate the front-end sales charge and any breakpoint discounts.
Each purchase the shareholder makes during that 13-month period will receive
the sales charge and breakpoint discount that applies to the total amount. The
inclusion of eligible fund family assets in the LOI calculation is dependent
on the shareholder notifying Edward Jones of such assets at the time of
calculation. Purchases made before the LOI is received by Edward Jones are not
adjusted under the LOI and will not reduce the sales charge previously paid.
Sales charges will be adjusted if LOI is not met.
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping, LOIs will also be at the plan-level and may only be
established by the employer.
Sales
Charge Waivers:
Sales
charges are waived for the following shareholders and in the following
situations:
- Associates
of Edward Jones and its affiliates and other accounts in the same pricing
group (as determined by Edward Jones under its policies and procedures) as the
associate. This waiver will continue for the remainder of the associate's life
if the associate retires from Edward Jones in good-standing and remains in
good standing pursuant to Edward Jones' policies and procedures.
- Shares
purchased in an Edward Jones fee-based program.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
- Shares
purchased from the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: the proceeds are from the sale of shares
within 60 days of the purchase, the sale and purchase are made from a share
class that charges a front load and one of the following:
- The
redemption and repurchase occur in the same account.
- The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions, or distribution,
and the repurchase is done in an account within the same Edward Jones grouping
for ROA.
- Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales charge as
disclosed in the prospectus.
- Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th
month following the anniversary of the purchase date or earlier at the
discretion of Edward Jones.
CDSC
Waivers:
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to pay the
CDSC except in the following conditions:
- The
death or disability of the shareholder.
- Systematic
withdrawals with up to 10% per year of the account value.
- Return
of excess contributions from an Individual Retirement Account (IRA).
- Shares
redeemed as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
- Shares
redeemed to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones.
- Shares
exchanged in an Edward Jones fee-based program.
- Shares
acquired through NAV reinstatement.
- Shares
redeemed at the discretion of Edward Jones for Minimums Balances, as described
below.
Other
Important Information Regarding Transactions Through Edward Jones
Minimum
Purchase Amounts:
- Initial
purchase minimum: $250
- Subsequent
purchase minimum: none
Minimum
Balances:
Edward
Jones has the right to redeem at its discretion fund holdings with a balance of
$250 or less. The following are examples of accounts that are not included in
this policy:
- A
fee-based account held on an Edward Jones platform
- A
529 account held on an Edward Jones platform
- An
account with an active systematic investment plan or LOI
Exchanging
Share Classes:
- At
any time it deems necessary, Edward Jones has the authority to exchange at NAV
a shareholder's holdings in a fund to Class A shares of the same
fund.
Janney
Montgomery Scott LLC (Janney)
If
you purchase fund shares through a Janney brokerage account, you will be
eligible for the following load waivers (front-end sales charge waivers and CDSC
waivers) and discounts, which may differ from those disclosed elsewhere in a
fund's prospectus or SAI.
Front-end
sales charge* waivers on Class A shares available at Janney:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
- Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days following the
redemption, (2) the redemption and purchase occur in the same account, and (3)
redeemed shares were subject to a front-end or deferred sales load (i.e.,
right of reinstatement).
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
- Shares
acquired through a right of reinstatement.
- Class
C shares that are no longer subject to a CDSC and are converted to Class A
shares of the same fund pursuant to Janney's policies and
procedures.
CDSC
waivers on Class A and C shares available at Janney:
- Shares
sold upon the death or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- Shares
sold in connection with a return of excess contributions from an IRA
account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
- Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney.
- Shares
acquired through a right of reinstatement.
- Shares
exchanged into the same share class of a different fund.
Front-end
sales charge* discounts available at Janney: breakpoints, rights of
accumulation, and/or letters of intent:
- Breakpoints
as described in the fund's prospectus.
- Rights
of accumulation (ROA), which entitle shareholders to breakpoint discounts,
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser's household at Janney.
Eligible fund family assets not held at Janney may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor
about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Janney Montgomery Scott may be included in the calculation of
letters of intent only if the shareholder notifies his or her financial
advisor about such assets.
*Also
referred to as an "initial sales charge."
J.P.
Morgan Securities LLC
If
you purchase or hold fund shares through an applicable J.P. Morgan Securities
LLC brokerage account, you will be eligible for the following sales charge
waivers (front-end sales charge waivers and CDSC, or back-end sales charge,
waivers), share class conversion policy and discounts, which may differ from
those disclosed elsewhere in a fund's prospectus or SAIs.
Front-end
sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
- Shares
exchanged from Class C (i.e., level-load) shares that are no longer subject to
a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P.
Morgan Securities LLC's share class exchange policy.
- Qualified
employer-sponsored defined contribution and defined benefit retirement plans,
nonqualified deferred compensation plans, other employee benefit plans and
trusts used to fund those plans. For purposes of this provision, such plans do
not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
- Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing
accounts.
- Shares
purchased through rights of reinstatement.
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
- Shares
purchased by employees and registered representatives of J.P. Morgan
Securities LLC or its affiliates and their spouse or financial dependent as
defined by J.P. Morgan Securities LLC.
Class
C to Class A share conversion
- A
shareholder in the fund's Class C shares will have their shares converted to
Class A shares (or the appropriate share class) of the same fund if the shares
are no longer subject to a CDSC and the conversion is consistent with J.P.
Morgan Securities LLC's policies and procedures.
CDSC
waivers on Class A and C shares available at J.P. Morgan Securities LLC
- Shares
sold upon the death or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- Shares
purchased in connection with a return of excess contributions from an IRA
account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code.
- Shares
acquired through a right of reinstatement.
Front-end
load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of
accumulation & letters of intent
- Breakpoints
as described in the prospectus.
- Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts as
described in the fund's prospectus will be automatically calculated based on
the aggregated holding of fund family assets held by accounts within the
purchaser's household at J.P. Morgan Securities LLC. Eligible fund family
assets not held at J.P. Morgan Securities LLC (including 529 program holdings,
where applicable) may be included in the ROA calculation only if the
shareholder notifies their financial advisor about such assets.
- Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through J.P. Morgan Securities LLC, over a
13-month period of time (if applicable).
Merrill
Lynch
Purchases
or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund
shares through a Merrill platform or account will be eligible only for the
following sales load waivers (front-end, contingent deferred, or back-end
waivers) and discounts, which differ from those disclosed elsewhere in a fund's
prospectus. Purchasers will have to buy mutual fund shares directly from the
mutual fund company or through another intermediary to be eligible for waivers
or discounts not listed below
It
is the client's responsibility to notify Merrill at the time of purchase or sale
of any relationship or other facts that qualify the transaction for a waiver or
discount. A Merrill representative may ask for reasonable documentation of such
facts and Merrill may condition the granting of a waiver or discount on the
timely receipt of such documentation.
Additional
information on waivers and discounts is available in the Merrill Sales Load
Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the
Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are
encouraged to review these documents and speak with their financial advisor to
determine whether a transaction is eligible for a waiver or
discount.
Front-end
Load Waivers Available at Merrill
- Shares
of mutual funds available for purchase by employer-sponsored retirement,
deferred compensation, and employee benefit plans (including health savings
accounts) and trusts used to fund those plans provided the shares are not held
in a commission-based brokerage account and shares are held for the benefit of
the plan. For purposes of this provision, employer-sponsored retirement plans
do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
- Shares
purchased through a Merrill investment advisory program
- Brokerage
class shares exchanged from advisory class shares due to the holdings moving
from a Merrill investment advisory program to a Merrill brokerage account
- Shares
purchased through the Merrill Edge Self-Directed platform
- Shares
purchased through the systematic reinvestment of capital gains distributions
and dividend reinvestment when purchasing shares of the same mutual fund in
the same account
- Shares
exchanged from level-load shares to front-end load shares of the same mutual
fund in accordance with the description in the Merrill SLWD Supplement
- Shares
purchased by eligible employees of Merrill or its affiliates and their family
members who purchase shares in accounts within the employee's Merrill
Household (as defined in the Merrill SLWD Supplement)
- Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund's officers or trustees)
- Shares
purchased from the proceeds of a mutual fund redemption in front-end load
shares provided (1) the repurchase is in a mutual fund within the same
fund family; (2) the repurchase occurs within 90 calendar days from the
redemption trade date, and (3) the redemption and purchase occur in the
same account (known as Rights of Reinstatement). Automated transactions (i.e.
systematic purchases and withdrawals) and purchases made after shares are
automatically sold to pay Merrill's account maintenance fees are not eligible
for Rights of Reinstatement
CDSC
Waivers on Front-end, Back-end, and Level Load Shares Available at
Merrill
- Shares
sold due to the client's death or disability (as defined by Internal Revenue
Code Section 22e(3))
- Shares
sold pursuant to a systematic withdrawal program subject to Merrill's maximum
systematic withdrawal limits as described in the Merrill SLWD Supplement
- Shares
sold due to return of excess contributions from an IRA account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the investor reaching the qualified age based on applicable
IRS regulation
- Front-end
or level-load shares held in commission-based, non-taxable retirement
brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs,
SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or
platforms and exchanged for a lower cost share class of the same mutual fund
Front-end
Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation &
Letters of Intent
- Breakpoint
discounts, as described in this prospectus, where the sales load is at or
below the maximum sales load that Merrill permits to be assessed to a
front-end load purchase, as described in the Merrill SLWD Supplement
- Rights
of Accumulation (ROA), as described in the Merrill SLWD Supplement, which
entitle clients to breakpoint discounts based on the aggregated holdings of
mutual fund family assets held in accounts in their Merrill Household
- Letters
of Intent (LOI), which allow for breakpoint discounts on eligible new
purchases based on anticipated future eligible purchases within a fund family
at Merrill, in accounts within your Merrill Household, as further described in
the Merrill SLWD Supplement
Morgan
Stanley
Shareholders
purchasing fund shares through a Morgan Stanley Wealth Management transactional
brokerage account are eligible only for the following front-end sales charge
waivers with respect to Class A shares, which may differ from and may be more
limited than those disclosed elsewhere in this prospectus or SAI.
Front-end
Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth
Management:
- Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
- Morgan
Stanley employee and employee-related accounts according to Morgan Stanley's
account linking rules
- Shares
purchased through reinvestment of dividends and capital gains distributions
when purchasing shares of the same fund
- Shares
purchased through a Morgan Stanley self-directed brokerage account
- Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of the same fund
pursuant to Morgan Stanley Wealth Management's share class conversion
program
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales charge
- Your
financial intermediary, on your behalf, can also convert Class M shares to
Class A shares of the same fund, without a sales charge and on a tax free
basis, if they are held in a brokerage account.
E*TRADE
Front-End Sales Charge Waiver
Shareholders
purchasing fund shares through an E*TRADE self-directed brokerage account will
be eligible for a waiver of the front-end sales charge with respect to Class A
shares (or the equivalent). This includes shares purchased through the
reinvestment of dividends and capital gains distributions.
Oppenheimer
& Co. (OPCO)
Shareholders
purchasing fund shares through an OPCO platform or account are eligible only for
the following load waivers (front-end sales charge waivers and CDSC waivers) and
discounts, which may differ from those disclosed elsewhere in a fund's
prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at OPCO:
- Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the
shares are not held in a commission-based brokerage account and shares are
held for the benefit of the plan
- Shares
purchased by or through a 529 Plan
- Shares
purchased through an OPCO affiliated investment advisory program
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family)
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as rights of
reinstatement).
- A
shareholder in the fund's Class C shares will have their shares converted at
net asset value to Class A shares (or the appropriate share class) of the fund
if the shares are no longer subject to a CDSC and the conversion is in line
with the policies and procedures of OPCO
- Employees
and registered representatives of OPCO or its affiliates and their family
members
- Directors
or Trustees of the fund, and employees of the fund's investment adviser or any
of its affiliates, as described in this prospectus
CDSC
Waivers on A, B and C Shares available at OPCO:
- Death
or disability of the shareholder
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus
- Return
of excess contributions from an IRA Account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on applicable
IRS regulations as described in the prospectus
- Shares
sold to pay OPCO fees but only if the transaction is initiated by OPCO
- Shares
acquired through a right of reinstatement
Front-end
Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent:
- Breakpoints
as described in this prospectus.
- Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts will
be automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser's household at OPCO. Eligible
fund family assets not held at OPCO may be included in the ROA calculation
only if the shareholder notifies his or her financial advisor about such
assets.
PFS
Investments Inc. (PFSI)
Policies
Regarding Fund Purchases Held on the PSS Platform
The
following information supersedes all prior information with respect to
transactions and positions held in fund shares purchased through PFSI and held
on the mutual fund platform of its affiliate, Primerica Shareholder Services
(PSS). Clients of PFSI (also referred to as "shareholders") purchasing fund
shares on the PSS platform are eligible only for the following share classes,
sales charge discounts (also referred to as "breakpoints") and waivers, which
can differ from share classes, discounts and waivers described elsewhere in this
prospectus or the related SAI or through another broker-dealer. In all
instances, it is the shareholder's responsibility to inform PFSI at the time of
a purchase of all holdings of Fidelity Advisor®
funds on the PSS platform, or other facts qualifying the purchaser for discounts
or waivers. PFSI may request reasonable documentation of such facts and
condition the granting of any discount or waiver on the timely receipt of such
documents. Shareholders should contact PSS if they have questions regarding
their eligibility for these discounts and waivers.
Share
Classes
- Class
A shares are available to non-retirement accounts, individual retirement
accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account
types.
- Class
C shares are available only to accounts with existing Class C share holdings.
Breakpoints
- Breakpoint
pricing at dollar thresholds as described in the prospectus of the fund you
are purchasing.
Rights
of Accumulation (ROA)
- The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except any assets held in group
retirement plans) of Fidelity Advisor®
funds held by the shareholder on the PSS platform. The inclusion of eligible
fund family assets in the ROA calculation is dependent on the shareholder
notifying PFSI of such assets at the time of calculation. Shares of money
market funds are included only if such shares were acquired in exchange for
shares of another Fidelity Advisor®
fund purchased with a sales charge. No shares of Fidelity Advisor®
funds held by the shareholder away from the PSS platform will be granted ROA
with shares of any Fidelity Advisor®
fund purchased on the PSS platform.
- Any
SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan (PDP) on the
PSS platform will be defaulted to plan-level grouping for purposes of ROA,
which allows each participating employee ROA with all other eligible shares
held in plan accounts on the PSS platform. At any time, a participating
employee may elect to exercise a one-time option to change grouping for
purposes of ROA to shareholder-level grouping, which allows the plan account
of the electing employee ROA with his/her other eligible holdings on the PSS
platform, but not with all other eligible participant holdings in the plan.
Eligible shares held in plan accounts electing shareholder-level grouping will
not be available for purposes of ROA to plan accounts electing plan-level
grouping.
- ROA
is determined by calculating the higher of cost minus redemptions or current
market value (current shares x NAV).
Letter
of Intent (LOI)
- By
executing a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make on the PSS platform over a
13-month period, beginning from the date PSS receives the LOI. The purchase
price of the LOI is determined by calculating the higher of cost or market
value of qualifying holdings at LOI initiation in combination with the dollar
amount the shareholder intends to invest over a 13-month period to arrive at
total investment for purposes of determining any breakpoint discount and the
applicable front-end sales charge. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount
that applies to the projected total investment.
- Only
holdings of Fidelity Advisor®
funds on the PSS platform are eligible for inclusion in the LOI calculation
and the shareholder must notify PFSI of all eligible assets at the time of
calculation.
- Purchases
made before the LOI is received by PSS are not adjusted under the LOI, and the
LOI will not reduce any sales charge previously paid. Sales charges will be
automatically adjusted if the total purchases required by the LOI are not met.
- If
an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the
PSS platform has elected to establish or change ROA for the accounts
associated with the plan to a plan-level grouping, LOIs will also be at the
plan-level and may only be established by the employer. LOIs are not available
to PDP IRA plans on the PSS platform with plan-level grouping for purposes of
ROA but are available to any participating employee that elects
shareholder-level grouping for purposes of ROA.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations on the PSS platform:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
- Shares
purchased with the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of
shares within 90 days of the purchase, 2) the sale and purchase are made in
the same share class and the same account or the purchase is made in an
individual retirement account with proceeds from liquidations in a
non-retirement account, and 3) the redeemed shares were subject to a front-end
or deferred sales load. Automated transactions (i.e., systematic
purchases and withdrawals), full or partial transfers or rollovers of
retirement accounts, and purchases made after shares are automatically sold to
pay account maintenance fees are not eligible for this sales charge
waiver.
- Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of PFSI. PFSI is
responsible for any remaining CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed in
the prospectus.
Raymond
James & Associates, Inc., Raymond James Financial
Services, Inc. and Each Entity's Affiliates (Raymond James)
Intermediary-Defined
Sales Charge Waiver Policies:
The
availability of certain initial or deferred sales charge waivers and discounts
may depend on the particular financial intermediary or type of account through
which you purchase or hold fund shares. Intermediaries may have different
policies and procedures regarding the availability of front-end sales load
waivers or CDSC waivers, which are discussed below. In all instances, it is the
purchaser's responsibility to notify the fund or the purchaser's financial
intermediary at the time of purchase of any relationship or other facts
qualifying the purchaser for sales charge waivers or discounts. For waivers and
discounts not available through a particular intermediary, shareholders will
have to purchase fund shares directly from the fund or through another
intermediary to receive these waivers or discounts.
Shareholders
purchasing fund shares through a Raymond James platform or account, or through
an introducing broker-dealer or independent registered investment adviser for
which Raymond James provides trade execution, clearance, and/or custody
services, will be eligible only for the following load waivers (front-end sales
charge waivers and CDSC waivers) and discounts, which may differ from those
disclosed elsewhere in a fund's prospectus or SAI.
Front-end
sales load waivers on Class A shares available at Raymond James:
- Shares
purchased in an investment advisory program.
- Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions.
- Employees
and registered representatives of Raymond James or its affiliates and their
family members as designated by Raymond James.
- Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as Rights of
Reinstatement).
- A
shareholder in the fund's Class C shares will have their shares converted at
NAV to Class A shares (or the appropriate share class) of the fund if the
shares are no longer subject to a CDSC and the conversion is in line with the
policies and procedures of Raymond James.
CDSC
Waivers on Classes A, B and C shares available at Raymond James:
- Death
or disability of the shareholder.
- Shares
sold as part of a systematic withdrawal plan as described in the fund's
prospectus.
- Return
of excess contributions from an IRA Account.
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on applicable
IRS regulations as described in the fund's prospectus.
- Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James.
- Shares
acquired through a right of reinstatement.
Front-end
load discounts available at Raymond James: breakpoints, rights of accumulation,
and/or letters of intent:
- Breakpoints
as described in this prospectus.
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser's household at Raymond James. Eligible
fund family assets not held at Raymond James may be included in the
calculation of rights of accumulation only if the shareholder notifies his or
her financial advisor about such assets.
- Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Raymond James may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about
such assets.
Robert
W. Baird & Co. (Baird)
Shareholders
purchasing fund shares through a Baird platform or account will only be eligible
for the following sales charge waivers (front-end sales charge waivers and CDSC
waivers) and discounts, which may differ from those disclosed elsewhere in this
prospectus or the SAI.
Front-End
Sales Charge Waivers on A-shares Available at Baird:
- Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund
- Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by Baird
- Shares
purchased from the proceeds of redemptions from a fund of the fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same accounts, and (3) redeemed
shares were subject to a front-end or deferred sales charge (known as rights
of reinstatement)
- A
shareholder in a fund's C Shares will have their shares converted at NAV to A
shares of the fund if the shares are no longer subject to CDSC and the
conversion is in line with the policies and procedures of Baird
- Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage account
at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans,
profit sharing and money purchase pension plans and defined benefit plans. For
purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs
CDSC
Waivers on A and C shares Available at Baird:
- Shares
sold due to death or disability of the shareholder
- Shares
sold as part of a systematic withdrawal plan as described in a fund's
prospectus
- Shares
sold due to returns of excess contributions from an IRA Account
- Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations
- Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird
- Shares
acquired through a right of reinstatement
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations:
- Breakpoints
as described in this prospectus
- Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of Fidelity
Advisor®
funds held by accounts within the purchaser's household at Baird. Eligible
Fidelity Advisor®
funds not held at Baird may be included in the rights of accumulations
calculation only if the shareholder notifies his or her financial advisor
about such assets
- Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated purchases
of Fidelity Advisor®
funds through Baird, over a 13-month period of time
Stifel,
Nicolaus & Company, Incorporated (Stifel)
Front-end
Sales Load Waiver on Class A Shares:
Shareholders
who purchase fund shares through a Stifel platform or account or who own shares
for which Stifel or an affiliate is the broker-dealer of record and who are
invested in Class C shares will have their shares converted at NAV to Class A
shares (or the appropriate share class) of the fund if the shares are no longer
subject to a CDSC and the conversion is in line with the policies and procedures
of Stifel.
US
Bancorp Investments, Inc. (USBI)
Front-end
Sales Load Waiver on Class A Shares:
Shareholders
who purchase fund shares through a USBI platform or account or who own shares
for which USBI or an affiliate is the broker-dealer of record, including shares
in an omnibus account, and who are invested in Class C shares will have their
shares converted at NAV to Class A shares (or the appropriate share class) of
the fund if the shares are no longer subject to a CDSC and the conversion is in
line with the policies and procedures of USBI.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-877-208-0098. In addition, you may
visit Fidelity's web site at institutional.fidelity.com for a free copy of a
prospectus, SAI, or annual or semi-annual report or to request other
information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-02841 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.843149.118 |
ASCS-PRO-1223 |
