Fidelity® Hedged Equity Fund
Class/Ticker
Fidelity Advisor® Hedged Equity Fund
A/FEQAX M/FEQNX C/FEQDX I/FEQJX Z/FEQZX
Summary Prospectus
August 22, 2022
Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, reports to shareholders, and other information about the fund (including the fund’s SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund’s prospectus and SAI dated August 22, 2022 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Hedged Equity Fund/Fidelity Advisor® Hedged Equity Fund A, M, C, I, Z
Investment Objective
The fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes 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 __ of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.
| Shareholder fees | ||||||||||||||||||||
| (fees paid directly from your investment) | ||||||||||||||||||||
| Class A | Class M | Class C | Class I | Class Z | ||||||||||||||||
| Maximum sales charge (load) on purchases (as a % of offering price) | 5.75% | 3.50% | None | None | None | |||||||||||||||
| Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) | None | A | None | A | 1.00% | B | None | None | ||||||||||||
| A Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
B On Class C shares redeemed less than one year after purchase. |
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| Annual Operating Expenses | ||||||||||||||||||||
| (expenses that you pay each year as a % of the value of your investment) |
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| Class A | Class M | Class C | Class I | Class Z | ||||||||||||||||
| Management fee | 0.55% | 0.55% | 0.55% | 0.55% | 0.50% | |||||||||||||||
| Distribution and/or Service (12b-1) fees | 0.25% | 0.50% | 1.00% | None | None | |||||||||||||||
| Other expenses(a) | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% | |||||||||||||||
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| Total annual operating expenses | 2.28% | 2.53% | 3.03% | 2.03% | 1.98% | |||||||||||||||
| Fee waiver and/or expense reimbursement(b) | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% | |||||||||||||||
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| Total annual operating expenses after fee waiver and/or expense reimbursement |
0.80% | 1.05% | 1.55% | 0.55% | 0.50% | |||||||||||||||
(a) Based on estimated amounts for the current fiscal year.
(b) Fidelity Diversifying Solutions LLC (FDS) has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses (excluding interest, certain taxes, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund’s securities lending program, if applicable), as a percentage of their respective average net assets, exceed 0.80%, 1.05%, 1.55%, 0.55%, and 0.50% (the Expense Caps). If at any time during the current fiscal year expenses for Class A, Class M, Class C, Class I, and Class Z of the fund fall below the Expense Caps, FDS reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Caps. These arrangements will remain in effect through August 31, 2023. FDS may not terminate these arrangements before the expiration date without the approval of the Board of Trustees and may extend them in its discretion after that date.
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 M | Class C | Class I | Class Z | ||||||||||||||||||||||||||||||||||||
| Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
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| 1 year | $ | 652 | $ | 652 | $ | 453 | $ | 453 | $ | 406 | $ | 306 | $ | 56 | $ | 56 | $ | 51 | $ | 51 | ||||||||||||||||||||
| 3 years | $ | 1,112 | $ | 1,112 | $ | 974 | $ | 974 | $ | 936 | $ | 936 | $ | 493 | $ | 493 | $ | 478 | $ | 478 | ||||||||||||||||||||
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.
Principal Investment Strategies
• Normally investing at least 80% of its assets in equity securities.
• Investing in common stocks of companies with market capitalizations generally similar to companies in the S&P 500® Index.
• Investing in “growth” stocks or “value” stocks or both.
• Using a disciplined approach designed to construct an equity portfolio with similar risk-return characteristics to the S&P 500® Index.
• Employing a disciplined options-based strategy designed to provide downside protection (i.e., offset or mitigate a decrease in the value of the fund’s investments). The extent of this protection will be determined primarily based on the cost of the put options in the marketplace.
• Managing the options positions in a way that provides diversification of options strike prices and expirations.
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.
• 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.
• “Growth” Investing. “Growth” stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.
• “Value” Investing. “Value” stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.
• Options Risk. The fund may purchase or write (i.e., sell) put and call options. Under certain circumstances, the fund may be required to buy or sell the underlying reference at a disadvantageous price, resulting in a loss. Options may involve economic leverage, which could result in greater volatility in price movement. Certain transaction costs associated with purchasing and writing options may impact the fund’s returns.
• Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
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
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Adviser
Fidelity Diversifying Solutions LLC (FDS) (the Adviser) is the fund’s manager. Other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Zach Dewhirst (co- manager) has managed the fund since September 2022.
Eric Granat (co- manager) has managed the fund since September 2022.
Mitch Livstone (co- manager) has managed the fund since September 2022.
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
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
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Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277-0081 |
Overnight Express:
Fidelity Investments 100 Crosby Parkway Covington, KY 41015 |
Class I and Class Z eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.
The price to buy one share of Class A or Class M 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 C, Class I, or Class Z 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 M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I or Class Z is its NAV. 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.
There is no purchase minimum for fund shares.
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 Company LLC (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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, 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.
Fidelity Distributors Company LLC (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, Fidelity Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2022 FMR LLC. All rights reserved.
Any third-party marks that may appear above are the marks of their respective owners.
| 1.9905826.100 | AFHE-SUM-0822 |