-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OOWi+OPPReW80PsRBF+cCooyVIB3Z9PGguvKOiuRyBRmqDlAS2USrOS9SOeqGOcx jbICSp5G/aSHDTEzz9GE8A== 0000722574-10-000202.txt : 20100903 0000722574-10-000202.hdr.sgml : 20100903 20100903111254 ACCESSION NUMBER: 0000722574-10-000202 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100903 DATE AS OF CHANGE: 20100903 EFFECTIVENESS DATE: 20100903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY FINANCIAL TRUST CENTRAL INDEX KEY: 0000708191 IRS NUMBER: 042778698 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-79910 FILM NUMBER: 101056687 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6175707000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FREEDOM FUND DATE OF NAME CHANGE: 19870129 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX QUALIFIED EQUITY FUND DATE OF NAME CHANGE: 19830104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES I CENTRAL INDEX KEY: 0000722574 IRS NUMBER: 043335387 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-84776 FILM NUMBER: 101056685 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391648 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE ZH1 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES 1 DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY BROAD STREET TRUST DATE OF NAME CHANGE: 19920820 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-93601 FILM NUMBER: 101056686 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 0000708191 S000006969 Fidelity Convertible Securities Fund C000074867 Fidelity Advisor Convertible Securities Fund: Class A FACVX C000074868 Fidelity Advisor Convertible Securities Fund: Class B FCBVX C000074869 Fidelity Advisor Convertible Securities Fund: Class C FCCVX C000074870 Fidelity Advisor Convertible Securities Fund: Class T FTCVX C000074871 Fidelity Advisor Convertible Securities Fund: Institutional Class FICVX 0000722574 S000005111 Fidelity Advisor Growth Opportunities Fund C000013936 Class A FAGAX C000013937 Class B FABGX C000013938 Class C FACGX C000013939 Class T FAGOX C000013940 Institutional Class FAGCX 0000722574 S000005112 Fidelity Advisor Large Cap Fund C000013941 Class A FALAX C000013942 Class B FALHX C000013943 Class C FLCCX C000013944 Class T FALGX C000013945 Institutional Class FALIX 0000722574 S000005114 Fidelity Advisor Mid Cap Fund C000013951 Class A FMCDX C000013952 Class B FMCBX C000013953 Class C FMCEX C000013954 Class T FMCAX C000013955 Institutional Class FMCCX 0000722574 S000005115 Fidelity Advisor Small Cap Fund C000013956 Class A FSCDX C000013957 Class B FSCBX C000013958 Class C FSCEX C000013959 Class T FSCTX C000013960 Institutional Class FSCIX 0000722574 S000005116 Fidelity Advisor Strategic Growth Fund C000013961 Class A FTQAX C000013962 Class B FTQBX C000013963 Class C FTQCX C000013964 Class T FTQTX C000013965 Institutional Class FTQIX 0000722574 S000005117 Fidelity Advisor Value Strategies C000013966 Class A FSOAX C000013967 Class B FASBX C000013968 Class C FVCSX C000013969 Class T FASPX C000013970 Institutional Class FASOX 0000722574 S000005119 Fidelity Advisor Dividend Growth Fund C000013976 Class A FADAX C000013977 Class B FADBX C000013978 Class C FDGCX C000013979 Class T FDGTX C000013980 Institutional Class FDGIX 0000722574 S000005120 Fidelity Advisor Stock Selector All Cap Fund C000013981 Class A FARAX C000013982 Class B FRMBX C000013983 Class C FRECX C000013984 Class T FRGTX C000013985 Institutional Class FDCIX 0000722574 S000005121 Fidelity Advisor Equity Growth Fund C000013986 Class A EPGAX C000013987 Class B EPGBX C000013988 Class C EPGCX C000013989 Class T FAEGX C000013990 Institutional Class EQPGX 0000722574 S000005122 Fidelity Advisor Equity Income Fund C000013991 Class A FEIAX C000013992 Class B FEIBX C000013993 Class C FEICX C000013994 Class T FEIRX C000013995 Institutional Class EQPIX 0000722574 S000005123 Fidelity Advisor Equity Value Fund C000013996 Class A FAVAX C000013997 Class B FAVBX C000013998 Class C FAVCX C000013999 Class T FAVTX C000014000 Institutional Class FAIVX 0000722574 S000005124 Fidelity Advisor Fifty Fund C000014001 Class A FFYAX C000014002 Class B FFYBX C000014003 Class C FFYCX C000014004 Class T FFYTX C000014005 Institutional Class FFYIX 0000722574 S000005125 Fidelity Advisor Growth & Income Fund C000014006 Class A FGIRX C000014007 Class B FGISX C000014008 Class C FGIUX C000014009 Class T FGITX C000014010 Institutional Class FGIOX 0000754510 S000007190 Advisor Growth Strategies Fund C000019674 Class A FGVAX C000019675 Class B FGVBX C000019676 Class C FGECX C000019677 Class T FGVTX C000019678 Institutional Class FRVIX 497 1 main.htm

Supplement to the

Fund

Class A

Class T

Class B

Class C

Institutional
Class

Fidelity® Advisor Convertible Securities Fund

FACVX

FTCVX

FCBVX

FCCVX

FICVX

Fidelity Advisor Dividend Growth Fund

FADAX

FDGTX

FADBX

FDGCX

FDGIX

Fidelity Advisor Dynamic Capital Appreciation Fund

FARAX

FRGTX

FRMBX

FRECX

FDCIX

Fidelity Advisor Equity Growth Fund

EPGAX

FAEGX

EPGBX

EPGCX

EQPGX

Fidelity Advisor Equity Income Fund

FEIAX

FEIRX

FEIBX

FEICX

EQPIX

Fidelity Advisor Equity Value Fund

FAVAX

FAVTX

FAVBX

FAVCX

FAIVX

Fidelity Advisor Fifty Fund

FFYAX

FFYTX

FFYBX

FFYCX

FFYIX

Fidelity Advisor Growth & Income Fund

FGIRX

FGITX

FGISX

FGIUX

FGIOX

Fidelity Advisor Growth Opportunities Fund

FAGAX

FAGOX

FABGX

FACGX

FAGCX

Fidelity Advisor Growth Strategies Fund

FGVAX

FGVTX

FGVBX

FGECX

FRVIX

Fidelity Advisor Large Cap Fund

FLNAX

FLNTX

FALHX

FLNEX

FLNOX

Fidelity Advisor Mid Cap Fund

FMCDX

FMCAX

FMCBX

FMCEX

FMCCX

Fidelity Advisor Small Cap Fund

FSCDX

FSCTX

FSCBX

FSCEX

FSCIX

Fidelity Advisor Strategic Growth Fund

FTQAX

FTQTX

FTQBX

FTQCX

FTQIX

Fidelity Advisor Value Strategies Fund

FSOAX

FASPX

FASBX

FVCSX

FASOX

Fidelity Advisor Convertible Securities Fund Class A, Class T, Class B, Class C, and Institutional Class are Classes of shares of Fidelity Convertible Securities Fund

Funds of Fidelity Advisor Series I, Fidelity Financial Trust, and Fidelity Securities Fund

STATEMENT OF ADDITIONAL INFORMATION

January 29, 2010

Effective on July 1, 2010, Fidelity Advisor Dynamic Capital Appreciation Fund will be renamed Fidelity Advisor Stock Selector All Cap Fund.

JPMorgan Chase Bank, 270 Park Avenue, New York, New York, is custodian of the assets of Fidelity Advisor Dynamic Capital Appreciation Fund.

The following information replaces similar information found in the "Management Contracts"section beginning on page 44.

Christopher Sharpe and Geoff Stein are lead co-managers of Fidelity Advisor Stock Selector All Cap Fund and receive compensation for their services. As of March 31, 2010, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each lead co-manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The components of each lead co-manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized benchmark index developed by FMR) assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index. A subjective component of each portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of each portfolio manager's bonus that is linked to the investment performance of Fidelity Advisor Stock Selector All Cap Fund is linked to the fund's pre-tax investment performance relative to the performance of the S&P 500 Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full- employees of FMR LLC and its affiliates.

ACOM11B-10-06 September 3, 2010
1.739097.135

A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Sharpe as of March 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

65

130

3

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 133,973

$ 14,399

$ 302

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 1,429

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($642 (in millions) assets managed with performance-based advisory fees).

As of March 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by Mr. Sharpe was none.

The following table provides information relating to other accounts managed by Mr. Stein as of March 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

13

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 16,151

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 1,429

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($642 (in millions) assets managed with performance-based advisory fees).

As of March 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by Mr. Stein was none.

Robert Lee is co-manager of Fidelity Advisor Stock Selector All Cap Fund and does not receive compensation for his services to this fund. Douglas Simmons is co-manager of Fidelity Advisor Stock Selector All Cap Fund and does not receive compensation for his services to this fund. As of July 31, 2010, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of each portfolio manager's bonus are based on the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. A smaller, subjective component of each portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

Yun-Min Chai is co-manager of Fidelity Advisor Stock Selector All Cap Fund and does not receive compensation for his services to this fund. As of July 31, 2010, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index assigned to each fund or account. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Lee as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

10

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

3

none

none

Assets Managed (in millions)

$ 6,286

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 1,156

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($75 (in millions) assets managed with performance-based advisory fees).

As of July 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by Mr. Lee was none.

The following table provides information relating to other accounts managed by Mr. Simmons as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

12

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

4

none

none

Assets Managed (in millions)

$ 4,090

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 1,429

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($24 (in millions) assets managed with performance-based advisory fees).

As of July 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by Mr. Simmons was none.

The following table provides information relating to other accounts managed by Mr. Chai as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

9

none

1

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 4,335

none

$9

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 225

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($107 (in millions) assets managed with performance-based advisory fees).

As of July 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by Mr. Chai was none.

John Dowd, John Harris, Benjamin Hesse, Kristina Salen, Tobias Welo and Edward Yoon are co-managers of Fidelity Advisor Stock Selector All Cap Fund. Each of these co-managers receives compensation for his or her services as a research analyst and as a portfolio manager under a single compensation plan, but none of these co-managers receives compensation for his or her services to this fund. Research analysts who also manage sector funds, such as the equity sector Central Funds, are referred to as sector fund managers. As of July 31, 2010, each sector fund manager's compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each sector fund manager's compensation may be deferred based on criteria established by FMR or at the election of the sector fund manager.

Each sector fund manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and sector fund manager at FMR or its affiliates. A portion of each sector fund manager's bonus relates to his or her performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the sector fund manager's fund(s) and account(s) measured against a benchmark index assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts within the sector fund manager's designated sector team. The pre-tax investment performance of each sector fund manager's fund(s) and account(s) is weighted according to the sector fund manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the sector fund manager's tenure, but that eventually encompasses rolling periods of up to five years. Each sector fund manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, sector fund managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

A sector fund manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a sector fund manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A sector fund manager's base pay and bonus opportunity tend to increase with the sector fund manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a sector fund manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, a sector fund's trade allocation policies and procedures may give rise to conflicts of interest if the sector fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A sector fund manager may execute transactions for another fund or account that may adversely impact the value of securities held by a sector fund. Securities selected for other funds or accounts may outperform the securities selected for the sector fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that a sector fund manager's responsibilities as a portfolio manager of a sector fund may not be entirely consistent with his or her responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

The following table provides information relating to other accounts managed by Mr. Dowd as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

8

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 4,820

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 153

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($72 (in millions) assets managed with performance-based advisory fees).

The following table provides information relating to other accounts managed by Mr. Harris as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

7

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 869

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 125

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($59 (in millions) assets managed with performance-based advisory fees).

The following table provides information relating to other accounts managed by Mr. Hesse as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

8

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 2,388

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 261

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($124 (in millions) assets managed with performance-based advisory fees).

The following table provides information relating to other accounts managed by Ms. Salen as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

7

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 666

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 44

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($21 (in millions) assets managed with performance-based advisory fees).

The following table provides information relating to other accounts managed by Mr. Welo as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

10

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 2,520

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 189

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($90 (in millions) assets managed with performance-based advisory fees).

The following table provides information relating to other accounts managed by Mr. Yoon as of July 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

8

none

none

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 4,050

none

none

Assets Managed with Performance-Based Advisory Fees (in millions)

$156

none

none

* Includes Fidelity Advisor Stock Selector All Cap Fund ($73 (in millions) assets managed with performance-based advisory fees).

As of July 31, 2010, the dollar range of shares of Fidelity Advisor Stock Selector All Cap Fund beneficially owned by each sector fund manager was as follows:

Manager

Dollar Range of Shares

John Dowd

none

John Harris

none

Benjamin Hesse

none

Kristina Salen

none

Tobias Welo

none

Edward Yoon

none

Thomas Soviero is the portfolio manager of Fidelity Advisor Value Strategies Fund and receives compensation for his services. As of May 31, 2010, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The portfolio manager's bonus is based on several components. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other FMR high yield funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to five years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity Advisor Value Strategies Fund is based on the fund's pre-tax investment performance measured against the Russell Midcap® Value Index, and the fund's pre-tax investment performance (based on the performance of the fund's retail class) within the Morningstar® Mid Cap Value Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Soviero as of May 31, 2010:

 

Registered
Investment
Companies*

Other Pooled
Investment
Vehicles

Other
Accounts

Number of Accounts Managed

6

none

3

Number of Accounts Managed with Performance-Based Advisory Fees

2

none

none

Assets Managed (in millions)

$ 15,082

none

$ 941

Assets Managed with Performance-Based Advisory Fees (in millions)

$ 3,448

none

none

* Includes Fidelity Advisor Value Strategies Fund ($1,128 (in millions) assets managed with performance-based advisory fees).

As of May 31, 2010, the dollar range of shares of Fidelity Advisor Value Strategies Fund beneficially owned by Mr. Soviero was none.

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