Fidelity Advisor Small Cap Value Fund Class I

This investment vehicle's primary objective is to achieve long-term capital appreciation for its shareholders. It predominantly allocates capital to common stocks, with a mandate to invest at least 80% of its assets in companies exhibiting small market capitalizations. The fund employs a value investing approach, targeting businesses that Fidelity Management & Research Company (FMR) determines to be undervalued. This assessment considers various financial metrics such as assets, sales, earnings, projected growth, or cash flow, both in isolation and relative to their industry peers. Such selections are commonly referred to as "value" stocks. The portfolio may comprise holdings from both domestic and international markets.