Fidelity Advisor
®
Mid Cap II Fund
Class
/Ticker
Z
/FZAMX
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity Advisor
®
Mid Cap II Fund
/Z
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee
|
0.55%
|
Distribution and/or Service (12b-1) fees
|
None
|
Other expenses
A
|
0.10%
|
Total annual operating expenses
|
0.65%
|
A
Based on estimated amounts for the current fiscal year.
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 your shareholder 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:
1 year
|
$ 66
|
3 years
|
$ 208
|
5 years
|
$ 362
|
10 years
|
$ 810
|
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 134% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are
those companies with market capitalizations similar to companies in the Russell Midcap
®
Index or the S&P MidCap 400
®
Index).
-
Potentially investing in companies with smaller or larger market capitalizations.
-
Investing in domestic and foreign issuers.
-
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 Market Volatility.
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 Exposure.
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.
-
Issuer-Specific Changes.
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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
-
Mid Cap Investing.
The value of securities of medium size, 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 is not an indication of future performance.
Visit www.advisor.fidelity.com for updated return information.
Summary Prospectus
Fund Summary - continued
Performance history will be available for Class Z after Class Z has been in operation for one calendar year.
Year-by-Year Returns
A
Calendar Years
|
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
17.43%
|
12.15%
|
15.29%
|
-39.13%
|
38.55%
|
26.86%
|
-10.32%
|
14.67%
|
35.81%
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
Highest Quarter Return
|
19.04%
|
June 30, 2009
|
Lowest Quarter Return
|
-23.15%
|
December 31, 2008
|
A
The returns shown above are for Institutional Class, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Institutional Class because the classes are invested in the
same portfolio of securities. Class Z's returns would differ from Institutional Class's returns to the extent that the classes do not have the same expenses.
Average Annual Returns
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
Institutional Class
B
|
35.81%
|
19.68%
|
11.78%
|
S&P MidCap 400
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
33.50%
|
21.89%
|
11.53%
|
A
From August 12, 2004.
B
The returns shown above are for Institutional Class, which is not offered through this prospectus. Class Z would have substantially similar annual returns to Institutional Class because the classes are invested in the
same portfolio of securities. Class Z's returns would differ from Institutional Class's returns to the extent that the classes do not have the same expenses.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers
serve as sub-advisers for the fund.
Portfolio Manager(s)
Tom Allen (portfolio manager) has managed the fund since August 2004.
Summary Prospectus
Purchase and Sale of Shares
Class Z shares are offered to employee benefit plans investing through an intermediary and employee benefit plans not recordkept by Fidelity.
For this purpose, employee benefit plans generally include profit sharing, 401(k), and 403(b) plans, but do not include: IRAs; SIMPLE, SEP, or
SARSEP plans; plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or plans
investing through the Fidelity Advisor 403(b) program.
Plan participants may purchase Class Z shares of the fund only if Class Z shares are eligible for sale and available through their plan. You may
buy or sell shares by contacting your employee benefit plan.
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in
proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Initial Purchase Minimum
|
$5 million
|
Plan participants purchasing Class Z shares available through their plan will not be subject to the initial purchase minimum. The fund may
waive or lower purchase minimums in other circumstances.
Tax Information
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).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (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.
Summary Prospectus
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 Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.965580.101 AMPZ-SUM-0214
Fidelity Advisor
®
Mid Cap II Fund
Class
/Ticker
Institutional
/FIIMX
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity Advisor
®
Mid Cap II Fund
/Institutional
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
Management fee
|
0.55%
|
Distribution and/or Service (12b-1) fees
|
None
|
Other expenses
|
0.34%
|
Total annual operating expenses
|
0.89%
|
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 your shareholder 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:
1 year
|
$ 91
|
3 years
|
$ 284
|
5 years
|
$ 493
|
10 years
|
$ 1,096
|
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 134% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are
those companies with market capitalizations similar to companies in the Russell Midcap
®
Index or the S&P MidCap 400
®
Index).
-
Potentially investing in companies with smaller or larger market capitalizations.
-
Investing in domestic and foreign issuers.
-
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 Market Volatility.
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 Exposure.
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.
-
Issuer-Specific Changes.
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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
-
Mid Cap Investing.
The value of securities of medium size, 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 www.advisor.fidelity.com for updated return information.
Summary Prospectus
Fund Summary - continued
Year-by-Year Returns
Calendar Years
|
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
17.43%
|
12.15%
|
15.29%
|
-39.13%
|
38.55%
|
26.86%
|
-10.32%
|
14.67%
|
35.81%
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
Highest Quarter Return
|
19.04%
|
June 30, 2009
|
Lowest Quarter Return
|
-23.15%
|
December 31, 2008
|
Average Annual Returns
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. 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.
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
Institutional Class
|
|
|
|
Return Before Taxes
|
35.81%
|
19.68%
|
11.78%
|
Return After Taxes on Distributions
|
31.51%
|
18.70%
|
11.06%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
22.75%
|
15.99%
|
9.73%
|
S&P MidCap 400
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
33.50%
|
21.89%
|
11.53%
|
A
From August 12, 2004.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers
serve as sub-advisers for the fund.
Portfolio Manager(s)
Tom Allen (portfolio manager) has managed the fund since August 2004.
Summary Prospectus
Purchase and Sale of Shares
Institutional Class eligibility requirements are listed in the Additional Information about the Purchase and Sale of Shares section of the prospectus.
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
www.advisor.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
|
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in
proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Initial Purchase Minimum
|
$2,500
|
For Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts
|
$500
|
Through a regular investment plan established at the time the fund position is opened
|
$100
|
The fund may waive or lower purchase minimums in other circumstances.
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 Corporation (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.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain
mutual fund customers whom we believe are members of the same family who share the same address. 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.
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 Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.923290.103 AMPI-SUM-0214
Fidelity Advisor
®
Mid Cap II Fund
Class
/Ticker
|
A
/FIIAX
|
T
/FITIX
|
B
/FIIBX
|
C
/FIICX
|
|
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity Advisor
®
Mid Cap II Fund
/A, T, B, C
Investment Objective
The fund seeks long-term growth of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares 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 25 of the prospectus.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
|
Class T
|
|
Class B
|
|
Class C
|
Maximum sales charge (load) on purchases (as a % of offering price)
|
5.75%
|
|
3.50%
|
|
None
|
|
None
|
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)
|
None
A
|
|
None
A
|
|
5.00%
B
|
|
1.00%
C
|
A
Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge
(CDSC) of 1.00% or 0.25%, respectively.
B
Declines over 6 years from 5.00% to 0%.
C
On Class C shares redeemed less than one year after purchase.
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Class A
|
|
Class T
|
|
Class B
|
|
Class C
|
Management fee
|
0.55%
|
|
0.55%
|
|
0.55%
|
|
0.55%
|
Distribution and/or Service (12b-1) fees
|
0.25%
|
|
0.50%
|
|
1.00%
|
|
1.00%
|
Other expenses
|
0.30%
|
|
0.27%
|
|
0.35%
|
|
0.30%
|
Total annual operating expenses
|
1.10%
|
|
1.32%
|
|
1.90%
|
|
1.85%
|
Summary Prospectus
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 your shareholder 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 T
|
Class B
|
Class C
|
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
1 year
|
$ 681
|
$ 681
|
$ 480
|
$ 480
|
$ 693
|
$ 193
|
$ 288
|
$ 188
|
3 years
|
$ 905
|
$ 905
|
$ 754
|
$ 754
|
$ 897
|
$ 597
|
$ 582
|
$ 582
|
5 years
|
$ 1,146
|
$ 1,146
|
$ 1,048
|
$ 1,048
|
$ 1,226
|
$ 1,026
|
$ 1,001
|
$ 1,001
|
10 years
|
$ 1,838
|
$ 1,838
|
$ 1,885
|
$ 1,885
|
$ 1,916
|
$ 1,916
|
$ 2,169
|
$ 2,169
|
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 134% of the average value of its portfolio.
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are
those companies with market capitalizations similar to companies in the Russell Midcap
®
Index or the S&P MidCap 400
®
Index).
-
Potentially investing in companies with smaller or larger market capitalizations.
-
Investing in domestic and foreign issuers.
-
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 Market Volatility.
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.
Summary Prospectus
Fund Summary - continued
-
Foreign Exposure.
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.
-
Issuer-Specific Changes.
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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
-
Mid Cap Investing.
The value of securities of medium size, 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 www.advisor.fidelity.com for updated return 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.
Summary Prospectus
Calendar Years
|
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
17.21%
|
11.83%
|
15.02%
|
-39.30%
|
38.17%
|
26.56%
|
-10.50%
|
14.41%
|
35.43%
|
During the periods shown in the chart
for Class A:
|
Returns
|
Quarter ended
|
Highest Quarter Return
|
19.01%
|
June 30, 2009
|
Lowest Quarter Return
|
-23.19%
|
December 31, 2008
|
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.
For the periods ended
December 31, 2013
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
Class A - Return Before Taxes
|
27.65%
|
17.98%
|
10.79%
|
Return After Taxes on Distributions
|
23.63%
|
17.03%
|
10.10%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
18.00%
|
14.55%
|
8.87%
|
Class T - Return Before Taxes
|
30.50%
|
18.28%
|
10.84%
|
Class B - Return Before Taxes
|
29.42%
|
18.26%
|
10.86%
|
Class C - Return Before Taxes
|
33.47%
|
18.52%
|
10.68%
|
S&P MidCap 400
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
33.50%
|
21.89%
|
11.53%
|
A
From August 12, 2004.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers
serve as sub-advisers for the fund.
Summary Prospectus
Fund Summary - continued
Portfolio Manager(s)
Tom Allen (portfolio manager) has managed the fund since August 2004.
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
www.advisor.fidelity.com
|
Phone
To reach a Fidelity representative 1-877-208-0098
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Mail
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Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
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Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
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Subject to certain limited exceptions described in the Additional Information about the Purchase and Sale of Shares section of the prospectus, the fund no longer accepts investments in Class B shares. Any purchase order for Class B shares (other than from an existing Class B
shareholder pursuant to an exchange or the reinvestment of dividends and capital gain distributions paid on Class B shares) will be deemed
to be a purchase order for Class A shares of the fund and will be subject to any applicable Class A front-end sales charge.
The price to buy one share of Class A or Class T 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 B or Class C 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 T, Class B, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).
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.
Initial Purchase Minimum
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$2,500
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For Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts
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$500
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Through a regular investment plan established at the time the fund position is opened
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$100
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The fund may waive or lower purchase minimums in other circumstances.
After a maximum of seven years from the initial purchase date, Class B shares convert automatically to Class A shares of the fund at NAV.
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).
Summary Prospectus
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (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.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain
mutual fund customers whom we believe are members of the same family who share the same address. 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.
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 Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.923289.103 AMP-SUM-0214
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