# EDGAR Filing Document

**Accession Number:** 0000035341
**File Stem:** 0001379491-23-000055
**Filing Date:** 2023-2
**Character Count:** 29133
**Document Hash:** c9dcdfec52ca9ab553dcc40ce6a28d3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379491-23-000055.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001379491-23-000055

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY DEVONSHIRE TRUST
- **CENTRAL INDEX KEY:** 0000035341
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-24389
- **FILM NUMBER:** 23593053

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST FUND INC
- **DATE OF NAME CHANGE:** 19751117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST INCOME FUND INC
- **DATE OF NAME CHANGE:** 19690420

## Series and Classes Contracts Data

### Fidelity Stock Selector Large Cap Value Fund (Series ID: S000006066)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000016684 | Fidelity Stock Selector Large Cap Value Fund                  | FSLVX           |
| C000043313 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class I | FLUIX           |
| C000043314 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class A | FLUAX           |
| C000043316 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class C | FLUEX           |
| C000043317 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class M | FLUTX           |
| C000177515 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class Z | FSCZX           |

**Fidelity® Stock Selector Large Cap Value Fund**

<u>**Class**/Ticker</u> 

**Fidelity Advisor® Stock Selector Large Cap Value Fund**

**A**/FLUAX **M**/FLUTX **C**/FLUEX **I**/FLUIX **Z**/FSCZX <br>

**Summary Prospectus**

**April 1, 2022**

**As Revised February 7, 2023**<br>

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](https://www.sec.gov/Archives/edgar/data/0000035341/000137949122001174/filing818.htm#PRO_proofplus2085) dated April 1, 2022, as supplemented on February 7, 2023, and [SAI](https://www.sec.gov/Archives/edgar/data/0000035341/000137949122001174/filing818.htm#SAI_proofplus2090) dated April 1, 2022 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund/**Class**:<br>Fidelity® Stock Selector Large Cap Value Fund/**Fidelity Advisor® Stock Selector Large Cap Value Fund A, M, C, I, Z**

**Investment Objective**

The fund seeks long-term growth of capital.

**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<sup>®</sup> funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 29 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% |  |  |  |
| Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) | None<sup>(a)</sup> | None<sup>(a)</sup> | 1.00%<sup>(b)</sup> |  |  |

---

<sup>(a)</sup> *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.*

<sup>(b)</sup> *On Class C shares redeemed less than one year after purchase.*

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| Management fee (fluctuates based on the fund's performance relative to a securities market index) | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
| Distribution and/or Service (12b-1) fees | 0.25% | 0.50% | 1.00% |  |  |
| Other expenses | 0.28% | 0.29% | 0.35% | 0.22% | 0.12% |
| **Total annual operating expenses** | 1.06% | 1.32% | 1.88% | 0.75% | 0.65% |

---

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 A** | **Class M** | **Class M** | **Class C** | **Class C** | **Class I** | **Class I** | **Class Z** | **Class Z** |
|  | **Sell All<br>Shares** | **Hold<br>Shares** | **Sell All<br>Shares** | **Hold<br>Shares** | **Sell All<br>Shares** | **Hold<br>Shares** | **Sell All<br>Shares** | **Hold<br>Shares** | **Sell All<br>Shares** | **Hold<br>Shares** |
| 1 year | $677 | $677 | $480 | $480 | $291 | $191 | $77 | $77 | $66 | $66 |
| 3 years | $893 | $893 | $754 | $754 | $591 | $591 | $240 | $240 | $208 | $208 |
| 5 years | $1126 | $1126 | $1048 | $1048 | $1016 | $1016 | $417 | $417 | $362 | $362 |
| 10 years | $1795 | $1795 | $1885 | $1885 | $1987 | $1987 | $930 | $930 | $810 | $810 |

---

**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. During the most recent fiscal year, the fund's portfolio turnover rate was 76% of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of
 this fund, are those companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index or the S&P 500<sup>®</sup> Index).
 

* Investing in securities of companies that Fidelity Management & Research Company LLC (FMR) believes are undervalued in the
 marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities
 of other companies in the same industry (stocks of these companies are often called "value" stocks).
 

* Investing in domestic and foreign issuers.

* Allocating the fund's assets across different market sectors (at present, communication services, consumer discretionary,
 consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities),
 using different Fidelity managers.
 

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and
 economic conditions, to select investments.
 

**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.
 

* **Foreign Exposure.** 
 Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory,
 market, or economic developments and can perform differently from the U.S. market.
 

* **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.
 

* **"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.
 

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**

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit institutional.fidelity.com for more recent performance information.

**Year-by-Year Returns**

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. ![](img789756935.jpg)

---

| | | |
|:---|:---|:---|
| During the periods shown in the chart for Class A: | Returns | Quarter ended |
| Highest Quarter Return | 18.15% | December 31, 2020 |
| Lowest Quarter Return | (28.00)% | March 31, 2020 |

---

**Average Annual Returns**

Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the periods ended December 31, 2021** | **Past 1 year** | **Past 5 years** | **Past 10 years** | **Inception Date** |
| Class A - Return Before Taxes | 18.05% | 9.09% | 11.48% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 16.74% | 8.29% | 10.93% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 11.33% | 7.01% | 9.43% |  |
| **Class M - Return Before Taxes** | 20.55% | 9.29% | 11.40% |  |
| **Class C - Return Before Taxes** | 23.26% | 9.49% | 11.41% |  |
| **Class I - Return Before Taxes** | 25.68% | 10.70% | 12.45% |  |
| **Class Z - Return Before Taxes** | 25.81% | 10.95%<sup>(a)</sup> |  | February 1, 2017 |
| Russell 1000® Value Index<br>(reflects no deduction for fees, expenses, or taxes) | 25.16% | 11.16% | 12.97% |  |

---

(a) *Since inception February 1, 2017.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Matthew Friedman (lead portfolio manager) has managed the fund since March 2011.

Laurie Mundt (co-manager) has managed the fund since March 2011.

John Sheehy (co-manager) has managed the fund since June 2016.

Pierre Sorel (co-manager) has managed the fund since June 2018.

Jordan Michaels (co-manager) has managed the fund since December 2021.

Matthew Moulis (co-manager) has managed the fund since February 2023.

**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**

**Mail**

---

| | |
|:---|:---|
| **Fidelity Investments**<br>**P.O. Box 770002**<br>**Cincinnati, OH 45277-0081** | *Overnight Express:*<br>**Fidelity Investments**<br>**100 Crosby Parkway**<br>**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. <br>

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity<sup>®</sup> 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.© 2023 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

1.923855.120 ALCV-SUM-0422-02

------

**Fidelity® Stock Selector Large Cap Value Fund**

<u>**Class**/Ticker</u> 

**Fidelity® Stock Selector Large Cap Value Fund**/FSLVX

In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus. <br>

**Summary Prospectus**

**April 1, 2022**

**As Revised February 7, 2023**<br>

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 www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/Archives/edgar/data/0000035341/000137949122001174/filing818.htm#PRO_proofplus2087) dated April 1, 2022, as supplemented on February 7, 2023, and [SAI](https://www.sec.gov/Archives/edgar/data/0000035341/000137949122001174/filing818.htm#SAI_proofplus2112) dated April 1, 2022 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund/**Class**:<br>Fidelity® Stock Selector Large Cap Value Fund/**Fidelity® Stock Selector Large Cap Value Fund**

**Investment Objective**

The fund seeks long-term growth of capital.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

**Shareholder fees**

**(fees paid directly from your investment)**

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee (fluctuates based on the fund's performance relative to a securities market index) | 0.53% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.23% |
| **Total annual operating expenses** | 0.76% |

---

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:

---

| | |
|:---|:---|
| 1 year | $78 |
| 3 years | $243 |
| 5 years | $422 |
| 10 years | $942 |

---

**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. During the most recent fiscal year, the fund's portfolio turnover rate was 76% of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of
 this fund, are those companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index or the S&P 500<sup>®</sup> Index).
 

* Investing in securities of companies that Fidelity Management & Research Company LLC (FMR) believes are undervalued in the
 marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities
 of other companies in the same industry (stocks of these companies are often called "value" stocks).
 

* Investing in domestic and foreign issuers.

* Allocating the fund's assets across different market sectors (at present, communication services, consumer discretionary,
 consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities),
 using different Fidelity managers.
 

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and
 economic conditions, to select investments.
 

**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.
 

* **Foreign Exposure.** 
 Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory,
 market, or economic developments and can perform differently from the U.S. market.
 

* **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.
 

* **"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.
 

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**

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

**Year-by-Year Returns** ![](img789773390.jpg)

---

| | | |
|:---|:---|:---|
| During the periods shown in the chart: | Returns | Quarter ended |
| Highest Quarter Return | 18.21% | December 31, 2020 |
| Lowest Quarter Return | (27.96)% | March 31, 2020 |

---

**Average Annual Returns**

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **For the periods ended December 31, 2021** | **Past 1 year** | **Past 5 years** | **Past 10 years** |
| **Fidelity® Stock Selector Large Cap Value Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 25.69% | 10.73% | 12.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 24.21% | 9.85% | 11.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 15.88% | 8.33% | 10.29% |
| Russell 1000® Value Index<br>(reflects no deduction for fees, expenses, or taxes) | 25.16% | 11.16% | 12.97% |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Matthew Friedman (lead portfolio manager) has managed the fund since March 2011.

Laurie Mundt (co-manager) has managed the fund since March 2011.

John Sheehy (co-manager) has managed the fund since June 2016.

Pierre Sorel (co-manager) has managed the fund since June 2018.

Jordan Michaels (co-manager) has managed the fund since December 2021.

Matthew Moulis (co-manager) has managed the fund since February 2023.

**Purchase and Sale of Shares**

You may buy or sell shares through a Fidelity<sup>®</sup> brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

**Internet**

**www.fidelity.com**

**Phone**

**Fidelity Automated Service Telephone (FAST<sup>®</sup>) 1-800-544-5555** 

**To reach a Fidelity representative 1-800-544-6666**

**Mail**

---

| | |
|:---|:---|
| **Additional purchases:**<br> **Fidelity Investments**<br>**P.O. Box 770001**<br>**Cincinnati, OH 45277-0003**<br>| **Redemptions:**<br> **Fidelity Investments**<br>**P.O. Box 770001**<br>**Cincinnati, OH 45277-0035**<br>|

---

**TDD- Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

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. <br>

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity<sup>®</sup> 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 1-800-544-8544. 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 Investments & Pyramid Design, and FAST are registered service marks of FMR LLC.© 2023 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

1.923854.119 LCV-SUM-0422-02

------