Fund Description

The fund normally invests at least 80% of assets in stocks of value companies with large market capitalizations similar to those in the Russell 1000 Index or the S&P 500 Index. Value companies are those the Adviser believes are undervalued, based on measures such as inclusion in third-party value benchmarks, free cash flow yield above the equity market median, enterprise value relative to earnings below the median, or P/B or projected P/E below the median. It invests in domestic and foreign issuers and may use derivatives included in its 80% policy. It allocates the fund's assets across different market sectors (communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities) using different Fidelity managers and applies fundamental analysis.