Fund Description

The fund normally invests primarily in common stocks, with at least 80% of assets in securities of companies with small market capitalizations similar to those in the Russell 2000 Index or the S&P SmallCap 600 Index. It invests in domestic and foreign issuers that Fidelity Management & Research Company LLC believes are undervalued based on factors such as assets, sales, earnings, growth potential, or cash flow, or relative to peers. Security selection uses fundamental analysis of each issuer's financial condition and industry position, as well as market and economic conditions. Derivatives providing exposure to these investments or related risk factors are included in the 80% policy.