N-CSRS 1 Main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3785

Fidelity Advisor Series I
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	November 30

Date of reporting period:	May 31, 2014

This report on Form N-CSR relates solely to the Registrant's Fidelity Advisor Equity Value Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Growth & Income Fund, Fidelity Advisor Large Cap Fund and Fidelity Advisor Small Cap Fund series (each, a "Fund" and collectively, the "Funds").

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Equity Value

Fund - Institutional Class

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) website at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.25%
Actual		$ 1,000.00	$ 1,088.40	$ 6.51
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class T	1.50%
Actual		$ 1,000.00	$ 1,086.60	$ 7.80
Hypothetical^A		$ 1,000.00	$ 1,017.45	$ 7.54
Class B	2.00%
Actual		$ 1,000.00	$ 1,083.60	$ 10.39
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Class C	2.00%
Actual		$ 1,000.00	$ 1,083.50	$ 10.39
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Institutional Class	.96%
Actual		$ 1,000.00	$ 1,089.50	$ 5.00
Hypothetical^A		$ 1,000.00	$ 1,020.14	$ 4.84

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	3.8	4.3
Chevron Corp.	3.5	3.9
Johnson & Johnson	3.4	0.0
Wells Fargo & Co.	3.2	3.4
Berkshire Hathaway, Inc. Class B	3.2	2.8
Apple, Inc.	2.4	2.3
Exxon Mobil Corp.	2.4	2.8
Cisco Systems, Inc.	2.3	2.1
U.S. Bancorp	2.3	2.6
Verizon Communications, Inc.	2.2	0.0
	28.7
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.4	27.1
Health Care	16.7	17.2
Information Technology	15.3	14.0
Energy	10.1	12.8
Consumer Staples	8.1	8.4

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks 98.0%			Stocks 98.0%
	Convertible Securities 0.0%			Convertible Securities 0.7%
	Short-Term Investments and Net Other Assets (Liabilities) 2.0%			Short-Term Investments and Net Other Assets (Liabilities) 1.3%
* Foreign investments		13.6%	** Foreign investments		17.7%

evi105926

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 7.4%
Auto Components - 0.9%
Hyundai Mobis	3,074		$ 867,358
Diversified Consumer Services - 0.3%
Steiner Leisure Ltd. (a)	6,932		278,528
Media - 1.8%
John Wiley & Sons, Inc. Class A	9,315		510,276
Viacom, Inc. Class B (non-vtg.)	15,400		1,314,082
			1,824,358
Multiline Retail - 1.5%
Macy's, Inc.	19,547		1,170,670
Target Corp.	6,200		351,912
			1,522,582
Specialty Retail - 2.4%
AutoZone, Inc. (a)	1,515		806,738
Bed Bath & Beyond, Inc. (a)	18,400		1,119,640
Express, Inc. (a)	14,400		181,584
GNC Holdings, Inc.	6,700		247,364
			2,355,326
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc.	11,465		466,740
TOTAL CONSUMER DISCRETIONARY			7,314,892
CONSUMER STAPLES - 8.1%
Beverages - 1.2%
C&C Group PLC	88,155		540,758
Molson Coors Brewing Co. Class B	10,300		677,019
			1,217,777
Food & Staples Retailing - 3.9%
CVS Caremark Corp.	24,500		1,918,840
Kroger Co.	20,796		992,801
Wal-Mart Stores, Inc.	12,300		944,271
			3,855,912
Food Products - 0.9%
The J.M. Smucker Co.	8,279		849,425
Household Products - 0.5%
Central Garden & Pet Co. Class A (non-vtg.) (a)	54,541		434,146
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.6%
British American Tobacco PLC sponsored ADR	4,355		$ 528,087
Lorillard, Inc.	17,000		1,056,890
			1,584,977
TOTAL CONSUMER STAPLES			7,942,237
ENERGY - 10.1%
Energy Equipment & Services - 0.8%
National Oilwell Varco, Inc.	9,900		810,513
Oil, Gas & Consumable Fuels - 9.3%
Chevron Corp.	28,697		3,523,705
Exxon Mobil Corp.	23,272		2,339,534
Marathon Petroleum Corp.	10,100		902,839
Phillips 66 Co.	12,600		1,068,354
Suncor Energy, Inc.	22,400		862,079
Woodside Petroleum Ltd.	12,617		495,161
			9,191,672
TOTAL ENERGY			10,002,185
FINANCIALS - 27.4%
Banks - 10.1%
JPMorgan Chase & Co.	67,552		3,753,863
SunTrust Banks, Inc.	19,700		754,904
U.S. Bancorp	53,366		2,251,512
Wells Fargo & Co.	63,332		3,215,999
			9,976,278
Capital Markets - 1.6%
East Capital Explorer AB (a)	13,008		114,685
Fortress Investment Group LLC	34,700		246,370
GP Investments Ltd. Class A (depositary receipt) (a)	246,400		461,938
MLP AG	66,188		458,339
The Blackstone Group LP	9,400		292,152
			1,573,484
Consumer Finance - 2.6%
American Express Co.	10,500		960,750
Capital One Financial Corp.	20,818		1,642,332
			2,603,082
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 3.2%
Berkshire Hathaway, Inc. Class B (a)	24,269		$ 3,114,683
Insurance - 6.0%
ACE Ltd.	10,800		1,120,068
Allied World Assurance Co. Holdings Ltd.	12,000		450,000
Allstate Corp.	17,800		1,037,028
Everest Re Group Ltd.	5,096		815,462
Fidelity National Financial, Inc. Class A	26,480		882,843
Prudential PLC	22,258		517,763
The Travelers Companies, Inc.	11,687		1,092,150
			5,915,314
Real Estate Investment Trusts - 3.9%
American Capital Agency Corp.	54,701		1,298,055
Annaly Capital Management, Inc.	111,605		1,315,823
MFA Financial, Inc.	156,236		1,285,822
			3,899,700
TOTAL FINANCIALS			27,082,541
HEALTH CARE - 16.7%
Biotechnology - 1.7%
Amgen, Inc.	14,400		1,670,256
Health Care Equipment & Supplies - 1.1%
Medtronic, Inc.	17,800		1,086,334
Health Care Providers & Services - 6.7%
Cigna Corp.	16,362		1,468,980
Express Scripts Holding Co. (a)	21,699		1,550,828
Humana, Inc.	5,750		715,645
Select Medical Holdings Corp.	64,121		971,433
UnitedHealth Group, Inc.	24,000		1,911,120
			6,618,006
Pharmaceuticals - 7.2%
GlaxoSmithKline PLC sponsored ADR (d)	19,924		1,074,701
Johnson & Johnson	32,992		3,347,368
Mylan, Inc. (a)	10,705		533,537
Teva Pharmaceutical Industries Ltd. sponsored ADR	42,632		2,152,490
			7,108,096
TOTAL HEALTH CARE			16,482,692
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 4.7%
Machinery - 2.3%
Deere & Co.	10,210		$ 930,846
Global Brass & Copper Holdings, Inc.	22,951		369,970
Valmont Industries, Inc.	6,200		960,690
			2,261,506
Professional Services - 2.4%
Dun & Bradstreet Corp.	18,535		1,913,739
VSE Corp.	7,900		489,089
			2,402,828
TOTAL INDUSTRIALS			4,664,334
INFORMATION TECHNOLOGY - 13.8%
Communications Equipment - 2.3%
Cisco Systems, Inc.	93,782		2,308,913
Electronic Equipment & Components - 0.5%
TE Connectivity Ltd.	8,498		505,291
IT Services - 3.5%
Amdocs Ltd.	15,457		743,791
Fiserv, Inc. (a)	14,800		889,628
IBM Corp.	6,540		1,205,714
The Western Union Co.	35,200		569,184
			3,408,317
Software - 3.0%
Microsoft Corp.	35,800		1,465,652
Oracle Corp.	34,487		1,449,144
			2,914,796
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.	3,700		2,342,100
EMC Corp.	48,200		1,280,192
Hewlett-Packard Co.	24,939		835,457
			4,457,749
TOTAL INFORMATION TECHNOLOGY			13,595,066
MATERIALS - 2.5%
Chemicals - 1.6%
Agrium, Inc.	8,000		718,325
CF Industries Holdings, Inc.	3,655		889,298
			1,607,623
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.6%
Ball Corp.	9,600		$ 579,456
Paper & Forest Products - 0.3%
Schweitzer-Mauduit International, Inc.	5,800		241,744
TOTAL MATERIALS			2,428,823
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 2.2%
Verizon Communications, Inc.	44,000		2,198,240
UTILITIES - 3.6%
Electric Utilities - 2.9%
American Electric Power Co., Inc.	21,900		1,168,365
Edison International	19,593		1,080,358
Xcel Energy, Inc.	21,500		661,340
			2,910,063
Multi-Utilities - 0.7%
CMS Energy Corp.	22,500		669,375
TOTAL UTILITIES			3,579,438
TOTAL COMMON STOCKS (Cost $78,655,111)		95,290,448
Nonconvertible Preferred Stocks - 1.5%

INFORMATION TECHNOLOGY - 1.5%
Semiconductors & Semiconductor Equipment - 1.5%
Samsung Electronics Co. Ltd. (Cost $1,324,654)	1,380		1,496,679
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	3,738,457		$ 3,738,457
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	660,450		660,450
TOTAL MONEY MARKET FUNDS (Cost $4,398,907)		4,398,907
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $84,378,672)			101,186,034
NET OTHER ASSETS (LIABILITIES) - (2.5)%			(2,486,924)
NET ASSETS - 100%		$ 98,699,110

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,410
Fidelity Securities Lending Cash Central Fund	805
Total	$ 2,215

Other Information

The following is a summary of the inputs used, as of May 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 7,314,892	$ 7,314,892	$ -	$ -
Consumer Staples	7,942,237	7,942,237	-	-
Energy	10,002,185	10,002,185	-	-
Financials	27,082,541	26,564,778	517,763	-
Health Care	16,482,692	16,482,692	-	-
Industrials	4,664,334	4,664,334	-	-
Information Technology	15,091,745	15,091,745	-	-
Materials	2,428,823	2,428,823	-	-
Telecommunication Services	2,198,240	2,198,240	-	-
Utilities	3,579,438	3,579,438	-	-
Money Market Funds	4,398,907	4,398,907	-	-
Total Investments in Securities:	$ 101,186,034	$ 100,668,271	$ 517,763	$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	86.4%
Korea (South)	2.4%
Israel	2.2%
United Kingdom	2.1%
Switzerland	2.1%
Canada	1.6%
Bermuda	1.3%
Others (Individually Less Than 1%)	1.9%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $641,886) - See accompanying schedule: Unaffiliated issuers (cost $79,979,765)	$ 96,787,127
Fidelity Central Funds (cost $4,398,907)	4,398,907
Total Investments (cost $84,378,672)		$ 101,186,034
Cash		49,593
Receivable for investments sold		1,820
Receivable for fund shares sold		73,141
Dividends receivable		220,588
Distributions receivable from Fidelity Central Funds		400
Prepaid expenses		34
Other receivables		189
Total assets		101,531,799

Liabilities
Payable for investments purchased	$ 1,802,948
Payable for fund shares redeemed	229,130
Accrued management fee	49,721
Distribution and service plan fees payable	36,864
Other affiliated payables	22,012
Other payables and accrued expenses	31,564
Collateral on securities loaned, at value	660,450
Total liabilities		2,832,689

Net Assets		$ 98,699,110
Net Assets consist of:
Paid in capital		$ 93,057,637
Undistributed net investment income		400,340
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(11,566,252)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,807,385
Net Assets		$ 98,699,110

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($45,394,105 ÷ 3,019,175 shares)		$ 15.04

Maximum offering price per share (100/94.25 of $15.04)		$ 15.96
Class T: Net Asset Value and redemption price per share ($30,254,523 ÷ 2,014,891 shares)		$ 15.02

Maximum offering price per share (100/96.50 of $15.02)		$ 15.56
Class B: Net Asset Value and offering price per share ($2,839,479 ÷ 190,426 shares)^A		$ 14.91

Class C: Net Asset Value and offering price per share ($16,007,777 ÷ 1,086,051 shares)^A		$ 14.74


Institutional Class: Net Asset Value, offering price and redemption price per share ($4,203,226 ÷ 275,379 shares)		$ 15.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

	Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 1,010,993
Interest		8,460
Income from Fidelity Central Funds		2,215
Total income		1,021,668

Expenses
Management fee Basic fee	$ 245,889
Performance adjustment	(6,108)
Transfer agent fees	111,541
Distribution and service plan fees	202,367
Accounting and security lending fees	17,400
Custodian fees and expenses	6,821
Independent trustees' compensation	172
Registration fees	57,551
Audit	30,757
Legal	194
Miscellaneous	395
Total expenses before reductions	666,979
Expense reductions	(19,121)	647,858
Net investment income (loss)		373,810
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,178,905
Foreign currency transactions	(2,789)
Total net realized gain (loss)		7,176,116
Change in net unrealized appreciation (depreciation) on: Investment securities	48,080
Assets and liabilities in foreign currencies	(65)
Total change in net unrealized appreciation (depreciation)		48,015
Net gain (loss)		7,224,131
Net increase (decrease) in net assets resulting from operations		$ 7,597,941

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 373,810	$ 635,621
Net realized gain (loss)	7,176,116	10,296,440
Change in net unrealized appreciation (depreciation)	48,015	9,888,493
Net increase (decrease) in net assets resulting from operations	7,597,941	20,820,554
Distributions to shareholders from net investment income	(521,742)	(666,191)
Share transactions - net increase (decrease)	6,503,486	581,153
Total increase (decrease) in net assets	13,579,685	20,735,516

Net Assets
Beginning of period	85,119,425	64,383,909
End of period (including undistributed net investment income of $400,340 and undistributed net investment income of $548,272, respectively)	$ 98,699,110	$ 85,119,425

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.93	$ 10.60	$ 9.09	$ 8.85	$ 8.07	$ 6.70
Income from Investment Operations
Net investment income (loss) ^E	.07	.13	.12	.06	.07^H	.06
Net realized and unrealized gain (loss)	1.15	3.33	1.44	.27	.77	1.42
Total from investment operations	1.22	3.46	1.56	.33	.84	1.48
Distributions from net investment income	(.11)	(.13)	(.05)	(.09)	(.06)	(.11)
Net asset value, end of period	$ 15.04	$ 13.93	$ 10.60	$ 9.09	$ 8.85	$ 8.07
Total Return ^{B, C, D}	8.84%	33.09%	17.27%	3.72%	10.42%	22.49%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.29% ^A	1.22%	1.30%	1.27%	1.28%	1.33%
Expenses net of fee waivers, if any	1.25% ^A	1.22%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.25% ^A	1.20%	1.25%	1.25%	1.25%	1.24%
Net investment income (loss)	1.04% ^A	1.07%	1.20%	.59%	.83% ^H	.89%
Supplemental Data
Net assets, end of period (000 omitted)	$ 45,394	$ 39,538	$ 29,282	$ 27,910	$ 34,244	$ 36,306
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.90	$ 10.57	$ 9.06	$ 8.81	$ 8.04	$ 6.67
Income from Investment Operations
Net investment income (loss) ^E	.06	.10	.09	.03	.05^H	.04
Net realized and unrealized gain (loss)	1.14	3.34	1.44	.28	.76	1.42
Total from investment operations	1.20	3.44	1.53	.31	.81	1.46
Distributions from net investment income	(.08)	(.11)	(.02)	(.06)	(.04)	(.09)
Net asset value, end of period	$ 15.02	$ 13.90	$ 10.57	$ 9.06	$ 8.81	$ 8.04
Total Return ^{B, C, D}	8.66%	32.82%	16.94%	3.53%	10.06%	22.12%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55% ^A	1.48%	1.55%	1.53%	1.54%	1.59%
Expenses net of fee waivers, if any	1.50% ^A	1.48%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.50% ^A	1.46%	1.50%	1.50%	1.49%	1.49%
Net investment income (loss)	.79% ^A	.81%	.95%	.34%	.58% ^H	.64%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,255	$ 27,241	$ 21,212	$ 21,319	$ 25,208	$ 29,288
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.76	$ 10.45	$ 8.98	$ 8.73	$ 7.96	$ 6.57
Income from Investment Operations
Net investment income (loss) ^E	.02	.04	.04	(.01)	.01^H	.01
Net realized and unrealized gain (loss)	1.13	3.31	1.43	.27	.76	1.40
Total from investment operations	1.15	3.35	1.47	.26	.77	1.41
Distributions from net investment income	-	(.04)	-	(.01)	-	(.02)
Net asset value, end of period	$ 14.91	$ 13.76	$ 10.45	$ 8.98	$ 8.73	$ 7.96
Total Return ^{B, C, D}	8.36%	32.13%	16.37%	2.96%	9.67%	21.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.09% ^A	1.99%	2.06%	2.02%	2.03%	2.08%
Expenses net of fee waivers, if any	2.00% ^A	1.99%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00% ^A	1.97%	2.00%	2.00%	1.99%	1.99%
Net investment income (loss)	.29% ^A	.30%	.45%	(.16)%	.08% ^H	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,839	$ 2,886	$ 2,981	$ 3,884	$ 5,478	$ 7,007
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.63	$ 10.37	$ 8.91	$ 8.67	$ 7.91	$ 6.55
Income from Investment Operations
Net investment income (loss) ^E	.02	.04	.04	(.01)	.01^H	.01
Net realized and unrealized gain (loss)	1.12	3.28	1.42	.27	.75	1.39
Total from investment operations	1.14	3.32	1.46	.26	.76	1.40
Distributions from net investment income	(.03)	(.06)	-	(.02)	- ^J	(.04)
Net asset value, end of period	$ 14.74	$ 13.63	$ 10.37	$ 8.91	$ 8.67	$ 7.91
Total Return ^{B, C, D}	8.35%	32.16%	16.39%	2.95%	9.64%	21.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.05% ^A	1.97%	2.05%	2.02%	2.03%	2.08%
Expenses net of fee waivers, if any	2.00% ^A	1.97%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00% ^A	1.96%	2.00%	2.00%	1.99%	1.99%
Net investment income (loss)	.29% ^A	.32%	.45%	(.16)%	.08% ^H	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,008	$ 12,329	$ 8,785	$ 8,922	$ 10,265	$ 11,556
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 14.16	$ 10.75	$ 9.22	$ 8.97	$ 8.18	$ 6.80
Income from Investment Operations
Net investment income (loss) ^D	.10	.17	.15	.08	.09^G	.08
Net realized and unrealized gain (loss)	1.15	3.39	1.45	.29	.78	1.43
Total from investment operations	1.25	3.56	1.60	.37	.87	1.51
Distributions from net investment income	(.15)	(.15)	(.07)	(.12)	(.08)	(.13)
Net asset value, end of period	$ 15.26	$ 14.16	$ 10.75	$ 9.22	$ 8.97	$ 8.18
Total Return ^{B, C}	8.95%	33.61%	17.49%	4.05%	10.65%	22.71%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.96% ^A	.89%	.96%	1.01%	1.03%	1.08%
Expenses net of fee waivers, if any	.96% ^A	.89%	.96%	1.00%	1.00%	1.00%
Expenses net of all reductions	.96% ^A	.87%	.96%	1.00%	1.00%	1.00%
Net investment income (loss)	1.32% ^A	1.40%	1.49%	.84%	1.08% ^G	1.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,203	$ 3,126	$ 2,123	$ 3,381	$ 6,617	$ 6,168
Portfolio turnover rate ^F	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

1. Organization.

Fidelity Advisor® Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, loss deferred due to wash sales and excise tax regulations.

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Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 16,915,534
Gross unrealized depreciation	(507,483)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,408,051

Tax cost	$ 84,777,983

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration
2017	$ (18,333,795)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $37,485,159 and $31,897,467, respectively.

5. Fees and Other Transactions with Affiliates.

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5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 3000® Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .54% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 52,102	$ 919
Class T	.25%	.25%	69,640	436
Class B	.75%	.25%	14,181	10,662
Class C	.75%	.25%	66,444	9,101
			$ 202,367	$ 21,118

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 13,554
Class T	2,872
Class B*	309
Class C*	580
	$ 17,315

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 51,216	.25
Class T	35,793	.26
Class B	4,286	.30
Class C	17,075	.26
Institutional Class	3,171	.17
	$ 111,541

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,223 for the period.

Semiannual Report

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $79 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $805. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

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Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement

Class A	1.25%	$ 7,684
Class T	1.50%	6,583
Class B	2.00%	1,317
Class C	2.00%	3,181
		$ 18,765

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 313,844	$ 368,863
Class T	150,475	207,812
Class B	-	10,127
Class C	23,680	48,842
Institutional Class	33,743	30,547
Total	$ 521,742	$ 666,191

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	451,567	583,952	$ 6,481,617	$ 7,135,653
Reinvestment of distributions	21,597	32,284	293,073	339,948
Shares redeemed	(291,908)	(541,866)	(4,199,120)	(6,484,059)
Net increase (decrease)	181,256	74,370	$ 2,575,570	$ 991,542
Class T
Shares sold	279,120	369,830	$ 4,015,237	$ 4,472,830
Reinvestment of distributions	10,805	19,297	146,522	203,195
Shares redeemed	(235,289)	(436,241)	(3,342,574)	(5,247,116)
Net increase (decrease)	54,636	(47,114)	$ 819,185	$ (571,091)
Class B
Shares sold	16,418	6,153	$ 234,341	$ 75,269
Reinvestment of distributions	-	894	-	9,368
Shares redeemed	(35,742)	(82,657)	(508,295)	(973,124)
Net increase (decrease)	(19,324)	(75,610)	$ (273,954)	$ (888,487)
Class C
Shares sold	241,359	203,559	$ 3,433,383	$ 2,446,409
Reinvestment of distributions	1,582	4,183	21,115	43,420
Shares redeemed	(61,764)	(150,316)	(862,518)	(1,733,957)
Net increase (decrease)	181,177	57,426	$ 2,591,980	$ 755,872
Institutional Class
Shares sold	90,529	65,871	$ 1,316,191	$ 815,361
Reinvestment of distributions	2,352	2,690	32,366	28,699
Shares redeemed	(38,210)	(45,258)	(557,852)	(550,743)
Net increase (decrease)	54,671	23,303	$ 790,705	$ 293,317

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEVI-USAN-0714
1.786788.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Equity Value

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.25%
Actual		$ 1,000.00	$ 1,088.40	$ 6.51
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class T	1.50%
Actual		$ 1,000.00	$ 1,086.60	$ 7.80
Hypothetical^A		$ 1,000.00	$ 1,017.45	$ 7.54
Class B	2.00%
Actual		$ 1,000.00	$ 1,083.60	$ 10.39
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Class C	2.00%
Actual		$ 1,000.00	$ 1,083.50	$ 10.39
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Institutional Class	.96%
Actual		$ 1,000.00	$ 1,089.50	$ 5.00
Hypothetical^A		$ 1,000.00	$ 1,020.14	$ 4.84

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	3.8	4.3
Chevron Corp.	3.5	3.9
Johnson & Johnson	3.4	0.0
Wells Fargo & Co.	3.2	3.4
Berkshire Hathaway, Inc. Class B	3.2	2.8
Apple, Inc.	2.4	2.3
Exxon Mobil Corp.	2.4	2.8
Cisco Systems, Inc.	2.3	2.1
U.S. Bancorp	2.3	2.6
Verizon Communications, Inc.	2.2	0.0
	28.7
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.4	27.1
Health Care	16.7	17.2
Information Technology	15.3	14.0
Energy	10.1	12.8
Consumer Staples	8.1	8.4

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks 98.0%			Stocks 98.0%
	Convertible Securities 0.0%			Convertible Securities 0.7%
	Short-Term Investments and Net Other Assets (Liabilities) 2.0%			Short-Term Investments and Net Other Assets (Liabilities) 1.3%
* Foreign investments		13.6%	** Foreign investments		17.7%

aev211577

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 7.4%
Auto Components - 0.9%
Hyundai Mobis	3,074		$ 867,358
Diversified Consumer Services - 0.3%
Steiner Leisure Ltd. (a)	6,932		278,528
Media - 1.8%
John Wiley & Sons, Inc. Class A	9,315		510,276
Viacom, Inc. Class B (non-vtg.)	15,400		1,314,082
			1,824,358
Multiline Retail - 1.5%
Macy's, Inc.	19,547		1,170,670
Target Corp.	6,200		351,912
			1,522,582
Specialty Retail - 2.4%
AutoZone, Inc. (a)	1,515		806,738
Bed Bath & Beyond, Inc. (a)	18,400		1,119,640
Express, Inc. (a)	14,400		181,584
GNC Holdings, Inc.	6,700		247,364
			2,355,326
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc.	11,465		466,740
TOTAL CONSUMER DISCRETIONARY			7,314,892
CONSUMER STAPLES - 8.1%
Beverages - 1.2%
C&C Group PLC	88,155		540,758
Molson Coors Brewing Co. Class B	10,300		677,019
			1,217,777
Food & Staples Retailing - 3.9%
CVS Caremark Corp.	24,500		1,918,840
Kroger Co.	20,796		992,801
Wal-Mart Stores, Inc.	12,300		944,271
			3,855,912
Food Products - 0.9%
The J.M. Smucker Co.	8,279		849,425
Household Products - 0.5%
Central Garden & Pet Co. Class A (non-vtg.) (a)	54,541		434,146
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.6%
British American Tobacco PLC sponsored ADR	4,355		$ 528,087
Lorillard, Inc.	17,000		1,056,890
			1,584,977
TOTAL CONSUMER STAPLES			7,942,237
ENERGY - 10.1%
Energy Equipment & Services - 0.8%
National Oilwell Varco, Inc.	9,900		810,513
Oil, Gas & Consumable Fuels - 9.3%
Chevron Corp.	28,697		3,523,705
Exxon Mobil Corp.	23,272		2,339,534
Marathon Petroleum Corp.	10,100		902,839
Phillips 66 Co.	12,600		1,068,354
Suncor Energy, Inc.	22,400		862,079
Woodside Petroleum Ltd.	12,617		495,161
			9,191,672
TOTAL ENERGY			10,002,185
FINANCIALS - 27.4%
Banks - 10.1%
JPMorgan Chase & Co.	67,552		3,753,863
SunTrust Banks, Inc.	19,700		754,904
U.S. Bancorp	53,366		2,251,512
Wells Fargo & Co.	63,332		3,215,999
			9,976,278
Capital Markets - 1.6%
East Capital Explorer AB (a)	13,008		114,685
Fortress Investment Group LLC	34,700		246,370
GP Investments Ltd. Class A (depositary receipt) (a)	246,400		461,938
MLP AG	66,188		458,339
The Blackstone Group LP	9,400		292,152
			1,573,484
Consumer Finance - 2.6%
American Express Co.	10,500		960,750
Capital One Financial Corp.	20,818		1,642,332
			2,603,082
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 3.2%
Berkshire Hathaway, Inc. Class B (a)	24,269		$ 3,114,683
Insurance - 6.0%
ACE Ltd.	10,800		1,120,068
Allied World Assurance Co. Holdings Ltd.	12,000		450,000
Allstate Corp.	17,800		1,037,028
Everest Re Group Ltd.	5,096		815,462
Fidelity National Financial, Inc. Class A	26,480		882,843
Prudential PLC	22,258		517,763
The Travelers Companies, Inc.	11,687		1,092,150
			5,915,314
Real Estate Investment Trusts - 3.9%
American Capital Agency Corp.	54,701		1,298,055
Annaly Capital Management, Inc.	111,605		1,315,823
MFA Financial, Inc.	156,236		1,285,822
			3,899,700
TOTAL FINANCIALS			27,082,541
HEALTH CARE - 16.7%
Biotechnology - 1.7%
Amgen, Inc.	14,400		1,670,256
Health Care Equipment & Supplies - 1.1%
Medtronic, Inc.	17,800		1,086,334
Health Care Providers & Services - 6.7%
Cigna Corp.	16,362		1,468,980
Express Scripts Holding Co. (a)	21,699		1,550,828
Humana, Inc.	5,750		715,645
Select Medical Holdings Corp.	64,121		971,433
UnitedHealth Group, Inc.	24,000		1,911,120
			6,618,006
Pharmaceuticals - 7.2%
GlaxoSmithKline PLC sponsored ADR (d)	19,924		1,074,701
Johnson & Johnson	32,992		3,347,368
Mylan, Inc. (a)	10,705		533,537
Teva Pharmaceutical Industries Ltd. sponsored ADR	42,632		2,152,490
			7,108,096
TOTAL HEALTH CARE			16,482,692
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 4.7%
Machinery - 2.3%
Deere & Co.	10,210		$ 930,846
Global Brass & Copper Holdings, Inc.	22,951		369,970
Valmont Industries, Inc.	6,200		960,690
			2,261,506
Professional Services - 2.4%
Dun & Bradstreet Corp.	18,535		1,913,739
VSE Corp.	7,900		489,089
			2,402,828
TOTAL INDUSTRIALS			4,664,334
INFORMATION TECHNOLOGY - 13.8%
Communications Equipment - 2.3%
Cisco Systems, Inc.	93,782		2,308,913
Electronic Equipment & Components - 0.5%
TE Connectivity Ltd.	8,498		505,291
IT Services - 3.5%
Amdocs Ltd.	15,457		743,791
Fiserv, Inc. (a)	14,800		889,628
IBM Corp.	6,540		1,205,714
The Western Union Co.	35,200		569,184
			3,408,317
Software - 3.0%
Microsoft Corp.	35,800		1,465,652
Oracle Corp.	34,487		1,449,144
			2,914,796
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.	3,700		2,342,100
EMC Corp.	48,200		1,280,192
Hewlett-Packard Co.	24,939		835,457
			4,457,749
TOTAL INFORMATION TECHNOLOGY			13,595,066
MATERIALS - 2.5%
Chemicals - 1.6%
Agrium, Inc.	8,000		718,325
CF Industries Holdings, Inc.	3,655		889,298
			1,607,623
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.6%
Ball Corp.	9,600		$ 579,456
Paper & Forest Products - 0.3%
Schweitzer-Mauduit International, Inc.	5,800		241,744
TOTAL MATERIALS			2,428,823
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 2.2%
Verizon Communications, Inc.	44,000		2,198,240
UTILITIES - 3.6%
Electric Utilities - 2.9%
American Electric Power Co., Inc.	21,900		1,168,365
Edison International	19,593		1,080,358
Xcel Energy, Inc.	21,500		661,340
			2,910,063
Multi-Utilities - 0.7%
CMS Energy Corp.	22,500		669,375
TOTAL UTILITIES			3,579,438
TOTAL COMMON STOCKS (Cost $78,655,111)		95,290,448
Nonconvertible Preferred Stocks - 1.5%

INFORMATION TECHNOLOGY - 1.5%
Semiconductors & Semiconductor Equipment - 1.5%
Samsung Electronics Co. Ltd. (Cost $1,324,654)	1,380		1,496,679
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.10% (b)	3,738,457		$ 3,738,457
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	660,450		660,450
TOTAL MONEY MARKET FUNDS (Cost $4,398,907)		4,398,907
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $84,378,672)			101,186,034
NET OTHER ASSETS (LIABILITIES) - (2.5)%			(2,486,924)
NET ASSETS - 100%		$ 98,699,110

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,410
Fidelity Securities Lending Cash Central Fund	805
Total	$ 2,215

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 7,314,892	$ 7,314,892	$ -	$ -
Consumer Staples	7,942,237	7,942,237	-	-
Energy	10,002,185	10,002,185	-	-
Financials	27,082,541	26,564,778	517,763	-
Health Care	16,482,692	16,482,692	-	-
Industrials	4,664,334	4,664,334	-	-
Information Technology	15,091,745	15,091,745	-	-
Materials	2,428,823	2,428,823	-	-
Telecommunication Services	2,198,240	2,198,240	-	-
Utilities	3,579,438	3,579,438	-	-
Money Market Funds	4,398,907	4,398,907	-	-
Total Investments in Securities:	$ 101,186,034	$ 100,668,271	$ 517,763	$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	86.4%
Korea (South)	2.4%
Israel	2.2%
United Kingdom	2.1%
Switzerland	2.1%
Canada	1.6%
Bermuda	1.3%
Others (Individually Less Than 1%)	1.9%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $641,886) - See accompanying schedule: Unaffiliated issuers (cost $79,979,765)	$ 96,787,127
Fidelity Central Funds (cost $4,398,907)	4,398,907
Total Investments (cost $84,378,672)		$ 101,186,034
Cash		49,593
Receivable for investments sold		1,820
Receivable for fund shares sold		73,141
Dividends receivable		220,588
Distributions receivable from Fidelity Central Funds		400
Prepaid expenses		34
Other receivables		189
Total assets		101,531,799

Liabilities
Payable for investments purchased	$ 1,802,948
Payable for fund shares redeemed	229,130
Accrued management fee	49,721
Distribution and service plan fees payable	36,864
Other affiliated payables	22,012
Other payables and accrued expenses	31,564
Collateral on securities loaned, at value	660,450
Total liabilities		2,832,689

Net Assets		$ 98,699,110
Net Assets consist of:
Paid in capital		$ 93,057,637
Undistributed net investment income		400,340
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(11,566,252)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,807,385
Net Assets		$ 98,699,110

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($45,394,105 ÷ 3,019,175 shares)		$ 15.04

Maximum offering price per share (100/94.25 of $15.04)		$ 15.96
Class T: Net Asset Value and redemption price per share ($30,254,523 ÷ 2,014,891 shares)		$ 15.02

Maximum offering price per share (100/96.50 of $15.02)		$ 15.56
Class B: Net Asset Value and offering price per share ($2,839,479 ÷ 190,426 shares)^A		$ 14.91

Class C: Net Asset Value and offering price per share ($16,007,777 ÷ 1,086,051 shares)^A		$ 14.74


Institutional Class: Net Asset Value, offering price and redemption price per share ($4,203,226 ÷ 275,379 shares)		$ 15.26

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

	Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 1,010,993
Interest		8,460
Income from Fidelity Central Funds		2,215
Total income		1,021,668

Expenses
Management fee Basic fee	$ 245,889
Performance adjustment	(6,108)
Transfer agent fees	111,541
Distribution and service plan fees	202,367
Accounting and security lending fees	17,400
Custodian fees and expenses	6,821
Independent trustees' compensation	172
Registration fees	57,551
Audit	30,757
Legal	194
Miscellaneous	395
Total expenses before reductions	666,979
Expense reductions	(19,121)	647,858
Net investment income (loss)		373,810
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,178,905
Foreign currency transactions	(2,789)
Total net realized gain (loss)		7,176,116
Change in net unrealized appreciation (depreciation) on: Investment securities	48,080
Assets and liabilities in foreign currencies	(65)
Total change in net unrealized appreciation (depreciation)		48,015
Net gain (loss)		7,224,131
Net increase (decrease) in net assets resulting from operations		$ 7,597,941

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 373,810	$ 635,621
Net realized gain (loss)	7,176,116	10,296,440
Change in net unrealized appreciation (depreciation)	48,015	9,888,493
Net increase (decrease) in net assets resulting from operations	7,597,941	20,820,554
Distributions to shareholders from net investment income	(521,742)	(666,191)
Share transactions - net increase (decrease)	6,503,486	581,153
Total increase (decrease) in net assets	13,579,685	20,735,516

Net Assets
Beginning of period	85,119,425	64,383,909
End of period (including undistributed net investment income of $400,340 and undistributed net investment income of $548,272, respectively)	$ 98,699,110	$ 85,119,425

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.93	$ 10.60	$ 9.09	$ 8.85	$ 8.07	$ 6.70
Income from Investment Operations
Net investment income (loss) ^E	.07	.13	.12	.06	.07^H	.06
Net realized and unrealized gain (loss)	1.15	3.33	1.44	.27	.77	1.42
Total from investment operations	1.22	3.46	1.56	.33	.84	1.48
Distributions from net investment income	(.11)	(.13)	(.05)	(.09)	(.06)	(.11)
Net asset value, end of period	$ 15.04	$ 13.93	$ 10.60	$ 9.09	$ 8.85	$ 8.07
Total Return ^{B, C, D}	8.84%	33.09%	17.27%	3.72%	10.42%	22.49%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.29% ^A	1.22%	1.30%	1.27%	1.28%	1.33%
Expenses net of fee waivers, if any	1.25% ^A	1.22%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.25% ^A	1.20%	1.25%	1.25%	1.25%	1.24%
Net investment income (loss)	1.04% ^A	1.07%	1.20%	.59%	.83% ^H	.89%
Supplemental Data
Net assets, end of period (000 omitted)	$ 45,394	$ 39,538	$ 29,282	$ 27,910	$ 34,244	$ 36,306
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.90	$ 10.57	$ 9.06	$ 8.81	$ 8.04	$ 6.67
Income from Investment Operations
Net investment income (loss) ^E	.06	.10	.09	.03	.05^H	.04
Net realized and unrealized gain (loss)	1.14	3.34	1.44	.28	.76	1.42
Total from investment operations	1.20	3.44	1.53	.31	.81	1.46
Distributions from net investment income	(.08)	(.11)	(.02)	(.06)	(.04)	(.09)
Net asset value, end of period	$ 15.02	$ 13.90	$ 10.57	$ 9.06	$ 8.81	$ 8.04
Total Return ^{B, C, D}	8.66%	32.82%	16.94%	3.53%	10.06%	22.12%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55% ^A	1.48%	1.55%	1.53%	1.54%	1.59%
Expenses net of fee waivers, if any	1.50% ^A	1.48%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.50% ^A	1.46%	1.50%	1.50%	1.49%	1.49%
Net investment income (loss)	.79% ^A	.81%	.95%	.34%	.58% ^H	.64%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,255	$ 27,241	$ 21,212	$ 21,319	$ 25,208	$ 29,288
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.76	$ 10.45	$ 8.98	$ 8.73	$ 7.96	$ 6.57
Income from Investment Operations
Net investment income (loss) ^E	.02	.04	.04	(.01)	.01^H	.01
Net realized and unrealized gain (loss)	1.13	3.31	1.43	.27	.76	1.40
Total from investment operations	1.15	3.35	1.47	.26	.77	1.41
Distributions from net investment income	-	(.04)	-	(.01)	-	(.02)
Net asset value, end of period	$ 14.91	$ 13.76	$ 10.45	$ 8.98	$ 8.73	$ 7.96
Total Return ^{B, C, D}	8.36%	32.13%	16.37%	2.96%	9.67%	21.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.09% ^A	1.99%	2.06%	2.02%	2.03%	2.08%
Expenses net of fee waivers, if any	2.00% ^A	1.99%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00% ^A	1.97%	2.00%	2.00%	1.99%	1.99%
Net investment income (loss)	.29% ^A	.30%	.45%	(.16)%	.08% ^H	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,839	$ 2,886	$ 2,981	$ 3,884	$ 5,478	$ 7,007
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 13.63	$ 10.37	$ 8.91	$ 8.67	$ 7.91	$ 6.55
Income from Investment Operations
Net investment income (loss) ^E	.02	.04	.04	(.01)	.01^H	.01
Net realized and unrealized gain (loss)	1.12	3.28	1.42	.27	.75	1.39
Total from investment operations	1.14	3.32	1.46	.26	.76	1.40
Distributions from net investment income	(.03)	(.06)	-	(.02)	- ^J	(.04)
Net asset value, end of period	$ 14.74	$ 13.63	$ 10.37	$ 8.91	$ 8.67	$ 7.91
Total Return ^{B, C, D}	8.35%	32.16%	16.39%	2.95%	9.64%	21.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.05% ^A	1.97%	2.05%	2.02%	2.03%	2.08%
Expenses net of fee waivers, if any	2.00% ^A	1.97%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00% ^A	1.96%	2.00%	2.00%	1.99%	1.99%
Net investment income (loss)	.29% ^A	.32%	.45%	(.16)%	.08% ^H	.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,008	$ 12,329	$ 8,785	$ 8,922	$ 10,265	$ 11,556
Portfolio turnover rate ^G	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 14.16	$ 10.75	$ 9.22	$ 8.97	$ 8.18	$ 6.80
Income from Investment Operations
Net investment income (loss) ^D	.10	.17	.15	.08	.09^G	.08
Net realized and unrealized gain (loss)	1.15	3.39	1.45	.29	.78	1.43
Total from investment operations	1.25	3.56	1.60	.37	.87	1.51
Distributions from net investment income	(.15)	(.15)	(.07)	(.12)	(.08)	(.13)
Net asset value, end of period	$ 15.26	$ 14.16	$ 10.75	$ 9.22	$ 8.97	$ 8.18
Total Return ^{B, C}	8.95%	33.61%	17.49%	4.05%	10.65%	22.71%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.96% ^A	.89%	.96%	1.01%	1.03%	1.08%
Expenses net of fee waivers, if any	.96% ^A	.89%	.96%	1.00%	1.00%	1.00%
Expenses net of all reductions	.96% ^A	.87%	.96%	1.00%	1.00%	1.00%
Net investment income (loss)	1.32% ^A	1.40%	1.49%	.84%	1.08% ^G	1.14%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,203	$ 3,126	$ 2,123	$ 3,381	$ 6,617	$ 6,168
Portfolio turnover rate ^F	73% ^A	68%	77%	65%	103%	135%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 16,915,534
Gross unrealized depreciation	(507,483)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,408,051

Tax cost	$ 84,777,983

Fiscal year of expiration
2017	$ (18,333,795)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $37,485,159 and $31,897,467, respectively.

5. Fees and Other Transactions with Affiliates.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 52,102	$ 919
Class T	.25%	.25%	69,640	436
Class B	.75%	.25%	14,181	10,662
Class C	.75%	.25%	66,444	9,101
			$ 202,367	$ 21,118

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 13,554
Class T	2,872
Class B*	309
Class C*	580
	$ 17,315

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 51,216	.25
Class T	35,793	.26
Class B	4,286	.30
Class C	17,075	.26
Institutional Class	3,171	.17
	$ 111,541

* Annualized

Semiannual Report

6. Committed Line of Credit.

7. Security Lending.

8. Expense Reductions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement

Class A	1.25%	$ 7,684
Class T	1.50%	6,583
Class B	2.00%	1,317
Class C	2.00%	3,181
		$ 18,765

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 313,844	$ 368,863
Class T	150,475	207,812
Class B	-	10,127
Class C	23,680	48,842
Institutional Class	33,743	30,547
Total	$ 521,742	$ 666,191

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	451,567	583,952	$ 6,481,617	$ 7,135,653
Reinvestment of distributions	21,597	32,284	293,073	339,948
Shares redeemed	(291,908)	(541,866)	(4,199,120)	(6,484,059)
Net increase (decrease)	181,256	74,370	$ 2,575,570	$ 991,542
Class T
Shares sold	279,120	369,830	$ 4,015,237	$ 4,472,830
Reinvestment of distributions	10,805	19,297	146,522	203,195
Shares redeemed	(235,289)	(436,241)	(3,342,574)	(5,247,116)
Net increase (decrease)	54,636	(47,114)	$ 819,185	$ (571,091)
Class B
Shares sold	16,418	6,153	$ 234,341	$ 75,269
Reinvestment of distributions	-	894	-	9,368
Shares redeemed	(35,742)	(82,657)	(508,295)	(973,124)
Net increase (decrease)	(19,324)	(75,610)	$ (273,954)	$ (888,487)
Class C
Shares sold	241,359	203,559	$ 3,433,383	$ 2,446,409
Reinvestment of distributions	1,582	4,183	21,115	43,420
Shares redeemed	(61,764)	(150,316)	(862,518)	(1,733,957)
Net increase (decrease)	181,177	57,426	$ 2,591,980	$ 755,872
Institutional Class
Shares sold	90,529	65,871	$ 1,316,191	$ 815,361
Reinvestment of distributions	2,352	2,690	32,366	28,699
Shares redeemed	(38,210)	(45,258)	(557,852)	(550,743)
Net increase (decrease)	54,671	23,303	$ 790,705	$ 293,317

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEV-USAN-0714
1.786787.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Growth & Income

Fund - Institutional Class

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.02%
Actual		$ 1,000.00	$ 1,059.20	$ 5.24
Hypothetical^A		$ 1,000.00	$ 1,019.85	$ 5.14
Class T	1.25%
Actual		$ 1,000.00	$ 1,058.00	$ 6.41
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class B	1.84%
Actual		$ 1,000.00	$ 1,055.00	$ 9.43
Hypothetical^A		$ 1,000.00	$ 1,015.76	$ 9.25
Class C	1.75%
Actual		$ 1,000.00	$ 1,055.60	$ 8.97
Hypothetical^A		$ 1,000.00	$ 1,016.21	$ 8.80
Institutional Class	.71%
Actual		$ 1,000.00	$ 1,061.30	$ 3.65
Hypothetical^A		$ 1,000.00	$ 1,021.39	$ 3.58

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	4.0	3.8
Apple, Inc.	3.7	3.9
Microsoft Corp.	3.2	2.9
General Electric Co.	3.1	3.0
Chevron Corp.	2.7	2.4
Citigroup, Inc.	2.1	2.1
Verizon Communications, Inc.	2.0	1.3
Target Corp.	1.9	1.7
Procter & Gamble Co.	1.9	2.0
Comcast Corp. Class A (special) (non-vtg.)	1.8	1.7
	26.4
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.0	19.2
Information Technology	18.9	18.5
Consumer Staples	13.0	12.0
Energy	11.4	11.8
Industrials	11.4	11.2

Asset Allocation (% of fund's net assets)
As of May 31, 2014*			As of November 30, 2013**
	Stocks 98.8%			Stocks 98.9%
	Convertible Securities 1.0%			Convertible Securities 1.0%
	Other Investments 0.0%^†			Other Investments 0.0%
	Short-Term Investments and Net Other Assets (Liabilities) 0.2%			Short-Term Investments and Net Other Assets (Liabilities) 0.1%
* Foreign investments		13.4%	** Foreign investments		13.3%

aii1882895

^†Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Diversified Consumer Services - 0.3%
H&R Block, Inc.	58,726		$ 1,749
Hotels, Restaurants & Leisure - 1.9%
Darden Restaurants, Inc.	36,500		1,829
McDonald's Corp.	44,545		4,518
Yum! Brands, Inc.	63,061		4,875
			11,222
Household Durables - 0.0%
Tupperware Brands Corp.	3,300		276
Media - 3.6%
Comcast Corp. Class A (special) (non-vtg.)	208,529		10,810
Lamar Advertising Co. Class A	2,400		118
Scripps Networks Interactive, Inc. Class A	5,572		426
Sinclair Broadcast Group, Inc. Class A	60,927		1,802
Time Warner, Inc.	114,713		8,010
			21,166
Multiline Retail - 1.9%
Target Corp.	199,599		11,329
Specialty Retail - 1.5%
Lewis Group Ltd.	37,336		234
Lowe's Companies, Inc.	166,057		7,818
Staples, Inc.	51,229		576
			8,628
Textiles, Apparel & Luxury Goods - 0.1%
adidas AG	7,000		751
TOTAL CONSUMER DISCRETIONARY			55,121
CONSUMER STAPLES - 13.0%
Beverages - 3.7%
Diageo PLC	61,900		1,993
Molson Coors Brewing Co. Class B	25,697		1,689
PepsiCo, Inc.	59,343		5,242
Pernod Ricard SA	5,400		662
Remy Cointreau SA	5,300		491
SABMiller PLC	43,800		2,431
The Coca-Cola Co.	233,194		9,540
			22,048
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	47,451		3,716
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Kroger Co.	41,600		$ 1,986
Walgreen Co.	77,482		5,572
			11,274
Food Products - 0.7%
Kellogg Co.	49,202		3,394
Mead Johnson Nutrition Co. Class A	8,400		752
			4,146
Household Products - 2.0%
Procter & Gamble Co.	137,535		11,111
Svenska Cellulosa AB (SCA) (B Shares)	28,805		801
			11,912
Tobacco - 4.7%
British American Tobacco PLC sponsored ADR	88,276		10,704
Lorillard, Inc.	130,925		8,140
Philip Morris International, Inc.	69,338		6,139
Reynolds American, Inc.	46,000		2,743
			27,726
TOTAL CONSUMER STAPLES			77,106
ENERGY - 11.2%
Energy Equipment & Services - 1.0%
Ensco PLC Class A	34,941		1,840
National Oilwell Varco, Inc.	3,900		319
Oceaneering International, Inc.	8,000		576
Schlumberger Ltd.	33,334		3,468
			6,203
Oil, Gas & Consumable Fuels - 10.2%
Access Midstream Partners LP	21,029		1,325
Apache Corp.	49,841		4,646
Atlas Pipeline Partners LP	41,675		1,359
BG Group PLC	262,360		5,370
Canadian Natural Resources Ltd.	80,350		3,270
Chevron Corp.	128,063		15,725
Eni SpA	21,800		555
EQT Midstream Partners LP	9,200		756
Exxon Mobil Corp.	17,782		1,788
Imperial Oil Ltd.	62,700		3,087
Magellan Midstream Partners LP	1,554		127
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Markwest Energy Partners LP	56,205		$ 3,482
MPLX LP	6,403		366
Occidental Petroleum Corp.	72,329		7,210
Peabody Energy Corp.	32,400		524
PrairieSky Royalty Ltd.	2,400		80
Suncor Energy, Inc.	144,990		5,580
The Williams Companies, Inc.	96,531		4,533
Western Gas Partners LP	8,200		590
			60,373
TOTAL ENERGY			66,576
FINANCIALS - 19.0%
Banks - 11.4%
Bank of America Corp.	551,042		8,343
Citigroup, Inc.	265,722		12,640
JPMorgan Chase & Co.	427,343		23,744
M&T Bank Corp.	7,872		955
PNC Financial Services Group, Inc.	49,416		4,214
Standard Chartered PLC (United Kingdom)	256,634		5,775
SunTrust Banks, Inc.	14,235		545
U.S. Bancorp	119,130		5,026
Wells Fargo & Co.	132,850		6,746
			67,988
Capital Markets - 4.1%
Apollo Investment Corp.	20,268		170
Ares Capital Corp.	25,465		439
BlackRock, Inc. Class A	2,000		610
Carlyle Group LP	14,800		458
Charles Schwab Corp.	194,613		4,906
Greenhill & Co., Inc.	1,900		94
Invesco Ltd.	13,400		492
KKR & Co. LP	158,013		3,592
Morgan Stanley	112,030		3,457
Northern Trust Corp.	58,840		3,554
State Street Corp.	90,670		5,918
The Blackstone Group LP	29,300		911
			24,601
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 0.7%
IntercontinentalExchange Group, Inc.	12,439		$ 2,443
TPG Specialty Lending, Inc.	66,400		1,407
			3,850
Insurance - 1.7%
Arthur J. Gallagher & Co.	16,319		748
Brown & Brown, Inc.	10,040		303
Marsh & McLennan Companies, Inc.	27,966		1,406
MetLife, Inc.	131,187		6,681
MetLife, Inc. unit	25,700		760
Ping An Insurance (Group) Co. of China Ltd. (H Shares)	3,500		27
			9,925
Real Estate Investment Trusts - 0.7%
Altisource Residential Corp. Class B	10,400		290
CBL & Associates Properties, Inc.	80,296		1,511
First Potomac Realty Trust	15,672		205
Sun Communities, Inc.	46,446		2,249
			4,255
Real Estate Management & Development - 0.2%
Beazer Pre-Owned Rental Homes, Inc. (a)(h)	67,500		1,258
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	91,090		1,314
TOTAL FINANCIALS			113,191
HEALTH CARE - 10.5%
Biotechnology - 1.2%
Amgen, Inc.	50,592		5,868
Biogen Idec, Inc. (a)	2,900		926
Intercept Pharmaceuticals, Inc. (a)	1,300		308
			7,102
Health Care Equipment & Supplies - 1.7%
Abbott Laboratories	39,226		1,569
Ansell Ltd.	20,366		365
Covidien PLC	3,700		271
ResMed, Inc. (e)	25,804		1,292
St. Jude Medical, Inc.	24,893		1,616
Steris Corp.	6,700		359
Stryker Corp.	23,359		1,974
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
The Cooper Companies, Inc.	6,751		$ 871
Zimmer Holdings, Inc.	14,890		1,554
			9,871
Health Care Providers & Services - 1.9%
Fresenius Medical Care AG & Co. KGaA	9,600		636
McKesson Corp.	21,233		4,027
Patterson Companies, Inc.	25,000		979
Quest Diagnostics, Inc.	41,652		2,495
UnitedHealth Group, Inc.	41,336		3,292
			11,429
Health Care Technology - 0.1%
Quality Systems, Inc.	29,839		465
Life Sciences Tools & Services - 0.0%
Lonza Group AG	2,973		320
Pharmaceuticals - 5.6%
AbbVie, Inc.	56,160		3,051
Astellas Pharma, Inc.	59,100		760
GlaxoSmithKline PLC sponsored ADR (e)	106,909		5,767
Johnson & Johnson	88,901		9,020
Merck & Co., Inc.	74,518		4,312
Novartis AG sponsored ADR	39,001		3,512
Sanofi SA	17,949		1,919
Teva Pharmaceutical Industries Ltd. sponsored ADR	78,674		3,972
Zoetis, Inc. Class A	34,000		1,044
			33,357
TOTAL HEALTH CARE			62,544
INDUSTRIALS - 11.4%
Aerospace & Defense - 2.1%
Meggitt PLC	166,009		1,348
Rolls-Royce Group PLC	68,650		1,197
The Boeing Co.	44,794		6,058
United Technologies Corp.	30,631		3,560
			12,163
Air Freight & Logistics - 1.7%
C.H. Robinson Worldwide, Inc.	35,326		2,115
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - continued
PostNL NV (a)	58,600		$ 287
United Parcel Service, Inc. Class B	73,879		7,675
			10,077
Airlines - 0.0%
Copa Holdings SA Class A	900		129
Commercial Services & Supplies - 0.3%
ADT Corp.	13,183		424
KAR Auction Services, Inc.	39,200		1,197
Ritchie Brothers Auctioneers, Inc.	1,700		39
			1,660
Electrical Equipment - 0.4%
General Cable Corp.	18,509		472
Hubbell, Inc. Class B	17,212		2,014
			2,486
Industrial Conglomerates - 3.1%
General Electric Co.	693,493		18,579
Machinery - 0.3%
Ingersoll-Rand PLC	26,524		1,587
Stanley Black & Decker, Inc.	2,600		227
			1,814
Professional Services - 0.5%
Acacia Research Corp.	39,864		643
Amadeus Fire AG	2,843		242
Bureau Veritas SA	62,918		1,897
Exova Group Ltd. PLC (a)	60,100		247
			3,029
Road & Rail - 2.3%
CSX Corp.	195,733		5,755
J.B. Hunt Transport Services, Inc.	45,620		3,543
Kansas City Southern	7,200		774
Norfolk Southern Corp.	28,108		2,832
TransForce, Inc.	25,500		557
			13,461
Trading Companies & Distributors - 0.7%
Beijer (G&L) AG Series B	4,689		105
Brenntag AG	1,722		322
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - continued
W.W. Grainger, Inc.	7,873		$ 2,034
Watsco, Inc.	15,864		1,596
			4,057
TOTAL INDUSTRIALS			67,455
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.5%
Cisco Systems, Inc.	376,971		9,281
QUALCOMM, Inc.	66,513		5,351
			14,632
Internet Software & Services - 2.8%
Google, Inc.:
Class A (a)	13,058		7,465
Class C (a)	11,958		6,708
Yahoo!, Inc. (a)	77,292		2,678
			16,851
IT Services - 4.9%
Amadeus IT Holding SA Class A	1,400		62
Cognizant Technology Solutions Corp. Class A (a)	51,320		2,495
Computer Sciences Corp.	39,019		2,454
Fidelity National Information Services, Inc.	30,038		1,627
IBM Corp.	10,300		1,899
MasterCard, Inc. Class A	72,990		5,580
Paychex, Inc.	175,209		7,203
Quindell PLC	1,398,500		486
The Western Union Co.	101,161		1,636
Visa, Inc. Class A	27,035		5,808
			29,250
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc.	163,293		3,297
Broadcom Corp. Class A	110,636		3,526
Maxim Integrated Products, Inc.	35,486		1,215
			8,038
Software - 3.3%
Microsoft Corp.	458,873		18,786
Oracle Corp.	16,484		693
			19,479
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.0%
Apple, Inc.	34,554		$ 21,873
EMC Corp.	79,930		2,123
			23,996
TOTAL INFORMATION TECHNOLOGY			112,246
MATERIALS - 3.3%
Chemicals - 2.9%
Airgas, Inc.	28,852		3,068
E.I. du Pont de Nemours & Co.	28,831		1,998
FMC Corp.	18,829		1,442
Johnson Matthey PLC	6,400		345
Monsanto Co.	44,601		5,435
Potash Corp. of Saskatchewan, Inc.	19,900		722
Royal DSM NV (e)	15,813		1,140
Syngenta AG (Switzerland)	6,998		2,694
Tronox Ltd. Class A	16,351		434
			17,278
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc.	69,300		2,360
SunCoke Energy Partners LP	8,410		241
			2,601
TOTAL MATERIALS			19,879
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.	237,109		11,846
UTILITIES - 0.2%
Electric Utilities - 0.1%
ITC Holdings Corp.	14,323		524
Multi-Utilities - 0.1%
Sempra Energy	7,400		743
TOTAL UTILITIES			1,267
TOTAL COMMON STOCKS (Cost $458,616)		587,231
Preferred Stocks - 0.8%
	Shares		Value (000s)
Convertible Preferred Stocks - 0.8%
CONSUMER DISCRETIONARY - 0.0%
Leisure Products - 0.0%
NJOY, Inc. Series D (h)	5,350		$ 91
HEALTH CARE - 0.8%
Health Care Equipment & Supplies - 0.8%
Alere, Inc. 3.00%	14,654		4,601
TOTAL CONVERTIBLE PREFERRED STOCKS			4,692
Nonconvertible Preferred Stocks - 0.0%
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC (C Shares)	7,698,300		13
TOTAL PREFERRED STOCKS (Cost $4,169)		4,705

Convertible Bonds - 0.2%
		Principal Amount (000s)(d)
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Amyris, Inc. 3% 2/27/17		$ 772		629
Peabody Energy Corp. 4.75% 12/15/41		590		459
				1,088
TOTAL CONVERTIBLE BONDS (Cost $1,231)			1,088
Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Baggot Securities Ltd. 10.24% (f)(g) (Cost $353)	EUR	230		352

Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) (Cost $7,000)	7,000,105		$ 7,000
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $471,369)			600,376
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(5,911)
NET ASSETS - 100%		$ 594,465

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $352,000 or 0.0% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,348,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Beazer Pre-Owned Rental Homes, Inc.	5/3/12 - 10/23/12	$ 1,350
NJOY, Inc. Series D	2/14/14	$ 91

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ -*
Fidelity Securities Lending Cash Central Fund	27
Total	$ 27

* Amount represents less than $1,000

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 55,212	$ 55,121	$ -	$ 91
Consumer Staples	77,106	75,113	1,993	-
Energy	66,576	66,021	555	-
Financials	113,191	111,173	760	1,258
Health Care	67,145	63,830	3,315	-
Industrials	67,468	67,468	-	-
Information Technology	112,246	112,246	-	-
Materials	19,879	17,185	2,694	-
Telecommunication Services	11,846	11,846	-	-
Utilities	1,267	1,267	-	-
Corporate Bonds	1,088	-	1,088	-
Preferred Securities	352	-	352	-
Money Market Funds	7,000	7,000	-	-
Total Investments in Securities:	$ 600,376	$ 588,270	$ 10,757	$ 1,349

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	86.6%
United Kingdom	6.5%
Canada	2.2%
Switzerland	1.1%
Others (Individually Less Than 1%)	3.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $6,810) - See accompanying schedule: Unaffiliated issuers (cost $464,369)	$ 593,376
Fidelity Central Funds (cost $7,000)	7,000
Total Investments (cost $471,369)		$ 600,376
Receivable for investments sold		3,805
Receivable for fund shares sold		434
Dividends receivable		1,331
Interest receivable		17
Distributions receivable from Fidelity Central Funds		10
Total assets		605,973

Liabilities
Payable to custodian bank	$ 888
Payable for investments purchased	2,173
Payable for fund shares redeemed	838
Accrued management fee	220
Distribution and service plan fees payable	217
Other affiliated payables	127
Other payables and accrued expenses	45
Collateral on securities loaned, at value	7,000
Total liabilities		11,508

Net Assets		$ 594,465
Net Assets consist of:
Paid in capital		$ 443,529
Undistributed net investment income		3,812
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		18,114
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		129,010
Net Assets		$ 594,465

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($269,066 ÷ 9,930.614 shares)		$ 27.09

Maximum offering price per share (100/94.25 of $27.09)		$ 28.74
Class T: Net Asset Value and redemption price per share ($214,806 ÷ 7,929.877 shares)		$ 27.09

Maximum offering price per share (100/96.50 of $27.09)		$ 28.07
Class B: Net Asset Value and offering price per share ($9,866 ÷ 380.738 shares)^A		$ 25.91

Class C: Net Asset Value and offering price per share ($79,586 ÷ 3,080.509 shares)^A		$ 25.84

Institutional Class: Net Asset Value, offering price and redemption price per share ($21,141 ÷ 767.774 shares)		$ 27.54

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 7,242
Interest		29
Income from Fidelity Central Funds		27
Total income		7,298

Expenses
Management fee	$ 1,304
Transfer agent fees	653
Distribution and service plan fees	1,289
Accounting and security lending fees	109
Custodian fees and expenses	33
Independent trustees' compensation	1
Registration fees	48
Audit	44
Legal	2
Miscellaneous	3
Total expenses before reductions	3,486
Expense reductions	(3)	3,483
Net investment income (loss)		3,815
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	22,100
Foreign currency transactions	(5)
Total net realized gain (loss)		22,095
Change in net unrealized appreciation (depreciation) on: Investment securities	7,074
Assets and liabilities in foreign currencies	2
Total change in net unrealized appreciation (depreciation)		7,076
Net gain (loss)		29,171
Net increase (decrease) in net assets resulting from operations		$ 32,986

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,815	$ 14,973
Net realized gain (loss)	22,095	296,421
Change in net unrealized appreciation (depreciation)	7,076	(64,394)
Net increase (decrease) in net assets resulting from operations	32,986	247,000
Distributions to shareholders from net investment income	(1,555)	(2,542)
Distributions to shareholders from net realized gain	(4,023)	-
Total distributions	(5,578)	(2,542)
Share transactions - net increase (decrease)	(12,381)	(1,114,198)
Total increase (decrease) in net assets	15,027	(869,740)

Net Assets
Beginning of period	579,438	1,449,178
End of period (including undistributed net investment income of $3,812 and undistributed net investment income of $1,552, respectively)	$ 594,465	$ 579,438

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 25.87	$ 19.67	$ 17.00	$ 16.05	$ 14.67	$ 11.96
Income from Investment Operations
Net investment income (loss) ^E	.20	.37	.33	.21	.04	.08
Net realized and unrealized gain (loss)	1.31	5.88	2.90	.78	1.41	2.75
Total from investment operations	1.51	6.25	3.23	.99	1.45	2.83
Distributions from net investment income	(.11)	(.05)	(.53)	(.04)	(.07)	(.12)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.29)	(.05)	(.56)	(.04)	(.07)	(.12)
Net asset value, end of period	$ 27.09	$ 25.87	$ 19.67	$ 17.00	$ 16.05	$ 14.67
Total Return^{B, C, D}	5.92%	31.86%	19.20%	6.17%	9.90%	23.96%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.02%^A	1.02%	1.05%	1.06%	1.05%	1.09%
Expenses net of fee waivers, if any	1.02%^A	1.02%	1.05%	1.06%	1.05%	1.09%
Expenses net of all reductions	1.02%^A	1.00%	1.04%	1.05%	1.05%	1.08%
Net investment income (loss)	1.51% ^A	1.61%	1.75%	1.22%	.26%	.60%
Supplemental Data
Net assets, end of period (in millions)	$ 269	$ 255	$ 183	$ 170	$ 232	$ 252
Portfolio turnover rate^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 25.84	$ 19.68	$ 16.97	$ 16.02	$ 14.64	$ 11.90
Income from Investment Operations
Net investment income (loss) ^E	.16	.32	.29	.17	- ^I	.04
Net realized and unrealized gain (loss)	1.32	5.89	2.89	.78	1.41	2.75
Total from investment operations	1.48	6.21	3.18	.95	1.41	2.79
Distributions from net investment income	(.05)	(.05)	(.44)	-	(.03)	(.05)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.23)	(.05)	(.47)	-	(.03)	(.05)
Net asset value, end of period	$ 27.09	$ 25.84	$ 19.68	$ 16.97	$ 16.02	$ 14.64
Total Return^{B, C, D}	5.80%	31.62%	18.93%	5.93%	9.63%	23.57%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.25%^A	1.25%	1.27%	1.29%	1.31%	1.34%
Expenses net of fee waivers, if any	1.25%^A	1.25%	1.27%	1.29%	1.31%	1.34%
Expenses net of all reductions	1.25%^A	1.23%	1.26%	1.28%	1.30%	1.34%
Net investment income (loss)	1.27% ^A	1.38%	1.53%	.99%	.01%	.35%
Supplemental Data
Net assets, end of period (in millions)	$ 215	$ 214	$ 166	$ 158	$ 178	$ 201
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 24.74	$ 18.95	$ 16.24	$ 15.41	$ 14.13	$ 11.49
Income from Investment Operations
Net investment income (loss) ^E	.09	.18	.18	.08	(.07)	(.02)
Net realized and unrealized gain (loss)	1.26	5.65	2.78	.75	1.35	2.66
Total from investment operations	1.35	5.83	2.96	.83	1.28	2.64
Distributions from net investment income	-	(.04)	(.22)	-	-	-
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.04)	(.25)	-	-	-
Net asset value, end of period	$ 25.91	$ 24.74	$ 18.95	$ 16.24	$ 15.41	$ 14.13
Total Return^{B, C, D}	5.50%	30.81%	18.31%	5.39%	9.06%	22.98%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.84%^A	1.81%	1.81%	1.81%	1.82%	1.85%
Expenses net of fee waivers, if any	1.84%^A	1.81%	1.81%	1.81%	1.82%	1.85%
Expenses net of all reductions	1.84%^A	1.80%	1.81%	1.80%	1.81%	1.84%
Net investment income (loss)	.69% ^A	.82%	.99%	.47%	(.51)%	(.16)%
Supplemental Data
Net assets, end of period (in millions)	$ 10	$ 12	$ 11	$ 13	$ 19	$ 27
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 24.66	$ 18.87	$ 16.23	$ 15.39	$ 14.12	$ 11.47
Income from Investment Operations
Net investment income (loss) ^E	.10	.19	.19	.08	(.07)	(.02)
Net realized and unrealized gain (loss)	1.26	5.64	2.77	.76	1.34	2.67
Total from investment operations	1.36	5.83	2.96	.84	1.27	2.65
Distributions from net investment income	-	(.04)	(.29)	-	-	-
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.04)	(.32)	-	-	-
Net asset value, end of period	$ 25.84	$ 24.66	$ 18.87	$ 16.23	$ 15.39	$ 14.12
Total Return^{B, C, D}	5.56%	30.95%	18.33%	5.46%	8.99%	23.10%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.75% ^A	1.74%	1.76%	1.78%	1.80%	1.84%
Expenses net of fee waivers, if any	1.75% ^A	1.74%	1.76%	1.78%	1.80%	1.84%
Expenses net of all reductions	1.75% ^A	1.73%	1.76%	1.77%	1.80%	1.83%
Net investment income (loss)	.78% ^A	.89%	1.04%	.50%	(.49)%	(.15)%
Supplemental Data
Net assets, end of period (in millions)	$ 80	$ 74	$ 58	$ 53	$ 58	$ 63
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.13	$ 19.79	$ 17.16	$ 16.19	$ 14.80	$ 12.07
Income from Investment Operations
Net investment income (loss) ^D	.24	.43	.40	.27	.09	.12
Net realized and unrealized gain (loss)	1.35	5.97	2.91	.79	1.41	2.78
Total from investment operations	1.59	6.40	3.31	1.06	1.50	2.90
Distributions from net investment income	-	(.06)	(.65)	(.09)	(.11)	(.17)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.06)	(.68)	(.09)	(.11)	(.17)
Net asset value, end of period	$ 27.54	$ 26.13	$ 19.79	$ 17.16	$ 16.19	$ 14.80
Total Return^{B, C}	6.13%	32.41%	19.59%	6.56%	10.23%	24.36%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.71% ^A	.70%	.71%	.72%	.73%	.77%
Expenses net of fee waivers, if any	.71% ^A	.70%	.71%	.72%	.73%	.77%
Expenses net of all reductions	.71% ^A	.68%	.70%	.71%	.72%	.77%
Net investment income (loss)	1.82% ^A	1.93%	2.09%	1.56%	.59%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 21	$ 24	$ 1,031	$ 1,017	$ 870	$ 1,017
Portfolio turnover rate ^F	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Growth & Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, market discount, redemptions in kind, partnerships, equity-debt classifications, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 131,869
Gross unrealized depreciation	(5,807)
Net unrealized appreciation (depreciation) on securities and other investments	$ 126,062

Tax cost	$ 474,314

Fiscal year of expiration
2016	$ (1,206)

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $139,382 and $153,894, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 323	$ 8
Class T	.25%	.25%	527	7
Class B	.75%	.25%	53	40
Class C	.75%	.25%	386	44
			$ 1,289	$ 99

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 30
Class T	11
Class B*	3
Class C*	2
	$ 46

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 304	.23
Class T	232	.22
Class B	16	.30
Class C	82	.21
Institutional Class	19	.17
	$ 653

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions - continued

(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $250. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $27, including $4 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 1,111	$ 483
Class T	444	402
Class B	-	21
Class C	-	120
Institutional Class	-	1,516
Total	$ 1,555	$ 2,542
From net realized gain
Class A	$ 1,766	$ -
Class T	1,470	-
Class B	82	-
Class C	550	-
Institutional Class	155	-
Total	$ 4,023	$ -

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	727	2,156	$ 18,840	$ 49,371
Reinvestment of distributions	102	22	2,583	431
Shares redeemed	(756)	(1,607)	(19,637)	(36,195)
Net increase (decrease)	73	571	$ 1,786	$ 13,607
Class T
Shares sold	307	1,319	$ 7,964	$ 30,032
Reinvestment of distributions	73	19	1,855	386
Shares redeemed	(748)	(1,489)	(19,402)	(33,603)
Net increase (decrease)	(368)	(151)	$ (9,583)	$ (3,185)

Semiannual Report

10. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class B
Shares sold	7	84	$ 164	$ 1,875
Reinvestment of distributions	3	1	76	19
Shares redeemed	(98)	(200)	(2,447)	(4,324)
Net increase (decrease)	(88)	(115)	$ (2,207)	$ (2,430)
Class C
Shares sold	329	483	$ 8,125	$ 10,663
Reinvestment of distributions	19	5	475	103
Shares redeemed	(281)	(547)	(6,952)	(11,826)
Net increase (decrease)	67	(59)	$ 1,648	$ (1,060)
Institutional Class
Shares sold	126	3,091	$ 3,316	$ 67,555
Reinvestment of distributions	5	75	137	1,511
Shares redeemed	(283)	(54,343)^A	(7,478)	(1,190,196)^A
Net increase (decrease)	(152)	(51,177)	$ (4,025)	$ (1,121,130)

^A Amount includes in-kind redemptions.

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

AGAII-USAN-0714
1.786792.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Growth & Income

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.02%
Actual		$ 1,000.00	$ 1,059.20	$ 5.24
Hypothetical^A		$ 1,000.00	$ 1,019.85	$ 5.14
Class T	1.25%
Actual		$ 1,000.00	$ 1,058.00	$ 6.41
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class B	1.84%
Actual		$ 1,000.00	$ 1,055.00	$ 9.43
Hypothetical^A		$ 1,000.00	$ 1,015.76	$ 9.25
Class C	1.75%
Actual		$ 1,000.00	$ 1,055.60	$ 8.97
Hypothetical^A		$ 1,000.00	$ 1,016.21	$ 8.80
Institutional Class	.71%
Actual		$ 1,000.00	$ 1,061.30	$ 3.65
Hypothetical^A		$ 1,000.00	$ 1,021.39	$ 3.58

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	4.0	3.8
Apple, Inc.	3.7	3.9
Microsoft Corp.	3.2	2.9
General Electric Co.	3.1	3.0
Chevron Corp.	2.7	2.4
Citigroup, Inc.	2.1	2.1
Verizon Communications, Inc.	2.0	1.3
Target Corp.	1.9	1.7
Procter & Gamble Co.	1.9	2.0
Comcast Corp. Class A (special) (non-vtg.)	1.8	1.7
	26.4
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.0	19.2
Information Technology	18.9	18.5
Consumer Staples	13.0	12.0
Energy	11.4	11.8
Industrials	11.4	11.2

Asset Allocation (% of fund's net assets)
As of May 31, 2014*			As of November 30, 2013**
	Stocks 98.8%			Stocks 98.9%
	Convertible Securities 1.0%			Convertible Securities 1.0%
	Other Investments 0.0%^†			Other Investments 0.0%
	Short-Term Investments and Net Other Assets (Liabilities) 0.2%			Short-Term Investments and Net Other Assets (Liabilities) 0.1%
* Foreign investments		13.4%	** Foreign investments		13.3%

aga2011498

^†Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Diversified Consumer Services - 0.3%
H&R Block, Inc.	58,726		$ 1,749
Hotels, Restaurants & Leisure - 1.9%
Darden Restaurants, Inc.	36,500		1,829
McDonald's Corp.	44,545		4,518
Yum! Brands, Inc.	63,061		4,875
			11,222
Household Durables - 0.0%
Tupperware Brands Corp.	3,300		276
Media - 3.6%
Comcast Corp. Class A (special) (non-vtg.)	208,529		10,810
Lamar Advertising Co. Class A	2,400		118
Scripps Networks Interactive, Inc. Class A	5,572		426
Sinclair Broadcast Group, Inc. Class A	60,927		1,802
Time Warner, Inc.	114,713		8,010
			21,166
Multiline Retail - 1.9%
Target Corp.	199,599		11,329
Specialty Retail - 1.5%
Lewis Group Ltd.	37,336		234
Lowe's Companies, Inc.	166,057		7,818
Staples, Inc.	51,229		576
			8,628
Textiles, Apparel & Luxury Goods - 0.1%
adidas AG	7,000		751
TOTAL CONSUMER DISCRETIONARY			55,121
CONSUMER STAPLES - 13.0%
Beverages - 3.7%
Diageo PLC	61,900		1,993
Molson Coors Brewing Co. Class B	25,697		1,689
PepsiCo, Inc.	59,343		5,242
Pernod Ricard SA	5,400		662
Remy Cointreau SA	5,300		491
SABMiller PLC	43,800		2,431
The Coca-Cola Co.	233,194		9,540
			22,048
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	47,451		3,716
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Kroger Co.	41,600		$ 1,986
Walgreen Co.	77,482		5,572
			11,274
Food Products - 0.7%
Kellogg Co.	49,202		3,394
Mead Johnson Nutrition Co. Class A	8,400		752
			4,146
Household Products - 2.0%
Procter & Gamble Co.	137,535		11,111
Svenska Cellulosa AB (SCA) (B Shares)	28,805		801
			11,912
Tobacco - 4.7%
British American Tobacco PLC sponsored ADR	88,276		10,704
Lorillard, Inc.	130,925		8,140
Philip Morris International, Inc.	69,338		6,139
Reynolds American, Inc.	46,000		2,743
			27,726
TOTAL CONSUMER STAPLES			77,106
ENERGY - 11.2%
Energy Equipment & Services - 1.0%
Ensco PLC Class A	34,941		1,840
National Oilwell Varco, Inc.	3,900		319
Oceaneering International, Inc.	8,000		576
Schlumberger Ltd.	33,334		3,468
			6,203
Oil, Gas & Consumable Fuels - 10.2%
Access Midstream Partners LP	21,029		1,325
Apache Corp.	49,841		4,646
Atlas Pipeline Partners LP	41,675		1,359
BG Group PLC	262,360		5,370
Canadian Natural Resources Ltd.	80,350		3,270
Chevron Corp.	128,063		15,725
Eni SpA	21,800		555
EQT Midstream Partners LP	9,200		756
Exxon Mobil Corp.	17,782		1,788
Imperial Oil Ltd.	62,700		3,087
Magellan Midstream Partners LP	1,554		127
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Markwest Energy Partners LP	56,205		$ 3,482
MPLX LP	6,403		366
Occidental Petroleum Corp.	72,329		7,210
Peabody Energy Corp.	32,400		524
PrairieSky Royalty Ltd.	2,400		80
Suncor Energy, Inc.	144,990		5,580
The Williams Companies, Inc.	96,531		4,533
Western Gas Partners LP	8,200		590
			60,373
TOTAL ENERGY			66,576
FINANCIALS - 19.0%
Banks - 11.4%
Bank of America Corp.	551,042		8,343
Citigroup, Inc.	265,722		12,640
JPMorgan Chase & Co.	427,343		23,744
M&T Bank Corp.	7,872		955
PNC Financial Services Group, Inc.	49,416		4,214
Standard Chartered PLC (United Kingdom)	256,634		5,775
SunTrust Banks, Inc.	14,235		545
U.S. Bancorp	119,130		5,026
Wells Fargo & Co.	132,850		6,746
			67,988
Capital Markets - 4.1%
Apollo Investment Corp.	20,268		170
Ares Capital Corp.	25,465		439
BlackRock, Inc. Class A	2,000		610
Carlyle Group LP	14,800		458
Charles Schwab Corp.	194,613		4,906
Greenhill & Co., Inc.	1,900		94
Invesco Ltd.	13,400		492
KKR & Co. LP	158,013		3,592
Morgan Stanley	112,030		3,457
Northern Trust Corp.	58,840		3,554
State Street Corp.	90,670		5,918
The Blackstone Group LP	29,300		911
			24,601
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 0.7%
IntercontinentalExchange Group, Inc.	12,439		$ 2,443
TPG Specialty Lending, Inc.	66,400		1,407
			3,850
Insurance - 1.7%
Arthur J. Gallagher & Co.	16,319		748
Brown & Brown, Inc.	10,040		303
Marsh & McLennan Companies, Inc.	27,966		1,406
MetLife, Inc.	131,187		6,681
MetLife, Inc. unit	25,700		760
Ping An Insurance (Group) Co. of China Ltd. (H Shares)	3,500		27
			9,925
Real Estate Investment Trusts - 0.7%
Altisource Residential Corp. Class B	10,400		290
CBL & Associates Properties, Inc.	80,296		1,511
First Potomac Realty Trust	15,672		205
Sun Communities, Inc.	46,446		2,249
			4,255
Real Estate Management & Development - 0.2%
Beazer Pre-Owned Rental Homes, Inc. (a)(h)	67,500		1,258
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	91,090		1,314
TOTAL FINANCIALS			113,191
HEALTH CARE - 10.5%
Biotechnology - 1.2%
Amgen, Inc.	50,592		5,868
Biogen Idec, Inc. (a)	2,900		926
Intercept Pharmaceuticals, Inc. (a)	1,300		308
			7,102
Health Care Equipment & Supplies - 1.7%
Abbott Laboratories	39,226		1,569
Ansell Ltd.	20,366		365
Covidien PLC	3,700		271
ResMed, Inc. (e)	25,804		1,292
St. Jude Medical, Inc.	24,893		1,616
Steris Corp.	6,700		359
Stryker Corp.	23,359		1,974
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
The Cooper Companies, Inc.	6,751		$ 871
Zimmer Holdings, Inc.	14,890		1,554
			9,871
Health Care Providers & Services - 1.9%
Fresenius Medical Care AG & Co. KGaA	9,600		636
McKesson Corp.	21,233		4,027
Patterson Companies, Inc.	25,000		979
Quest Diagnostics, Inc.	41,652		2,495
UnitedHealth Group, Inc.	41,336		3,292
			11,429
Health Care Technology - 0.1%
Quality Systems, Inc.	29,839		465
Life Sciences Tools & Services - 0.0%
Lonza Group AG	2,973		320
Pharmaceuticals - 5.6%
AbbVie, Inc.	56,160		3,051
Astellas Pharma, Inc.	59,100		760
GlaxoSmithKline PLC sponsored ADR (e)	106,909		5,767
Johnson & Johnson	88,901		9,020
Merck & Co., Inc.	74,518		4,312
Novartis AG sponsored ADR	39,001		3,512
Sanofi SA	17,949		1,919
Teva Pharmaceutical Industries Ltd. sponsored ADR	78,674		3,972
Zoetis, Inc. Class A	34,000		1,044
			33,357
TOTAL HEALTH CARE			62,544
INDUSTRIALS - 11.4%
Aerospace & Defense - 2.1%
Meggitt PLC	166,009		1,348
Rolls-Royce Group PLC	68,650		1,197
The Boeing Co.	44,794		6,058
United Technologies Corp.	30,631		3,560
			12,163
Air Freight & Logistics - 1.7%
C.H. Robinson Worldwide, Inc.	35,326		2,115
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - continued
PostNL NV (a)	58,600		$ 287
United Parcel Service, Inc. Class B	73,879		7,675
			10,077
Airlines - 0.0%
Copa Holdings SA Class A	900		129
Commercial Services & Supplies - 0.3%
ADT Corp.	13,183		424
KAR Auction Services, Inc.	39,200		1,197
Ritchie Brothers Auctioneers, Inc.	1,700		39
			1,660
Electrical Equipment - 0.4%
General Cable Corp.	18,509		472
Hubbell, Inc. Class B	17,212		2,014
			2,486
Industrial Conglomerates - 3.1%
General Electric Co.	693,493		18,579
Machinery - 0.3%
Ingersoll-Rand PLC	26,524		1,587
Stanley Black & Decker, Inc.	2,600		227
			1,814
Professional Services - 0.5%
Acacia Research Corp.	39,864		643
Amadeus Fire AG	2,843		242
Bureau Veritas SA	62,918		1,897
Exova Group Ltd. PLC (a)	60,100		247
			3,029
Road & Rail - 2.3%
CSX Corp.	195,733		5,755
J.B. Hunt Transport Services, Inc.	45,620		3,543
Kansas City Southern	7,200		774
Norfolk Southern Corp.	28,108		2,832
TransForce, Inc.	25,500		557
			13,461
Trading Companies & Distributors - 0.7%
Beijer (G&L) AG Series B	4,689		105
Brenntag AG	1,722		322
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - continued
W.W. Grainger, Inc.	7,873		$ 2,034
Watsco, Inc.	15,864		1,596
			4,057
TOTAL INDUSTRIALS			67,455
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.5%
Cisco Systems, Inc.	376,971		9,281
QUALCOMM, Inc.	66,513		5,351
			14,632
Internet Software & Services - 2.8%
Google, Inc.:
Class A (a)	13,058		7,465
Class C (a)	11,958		6,708
Yahoo!, Inc. (a)	77,292		2,678
			16,851
IT Services - 4.9%
Amadeus IT Holding SA Class A	1,400		62
Cognizant Technology Solutions Corp. Class A (a)	51,320		2,495
Computer Sciences Corp.	39,019		2,454
Fidelity National Information Services, Inc.	30,038		1,627
IBM Corp.	10,300		1,899
MasterCard, Inc. Class A	72,990		5,580
Paychex, Inc.	175,209		7,203
Quindell PLC	1,398,500		486
The Western Union Co.	101,161		1,636
Visa, Inc. Class A	27,035		5,808
			29,250
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc.	163,293		3,297
Broadcom Corp. Class A	110,636		3,526
Maxim Integrated Products, Inc.	35,486		1,215
			8,038
Software - 3.3%
Microsoft Corp.	458,873		18,786
Oracle Corp.	16,484		693
			19,479
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.0%
Apple, Inc.	34,554		$ 21,873
EMC Corp.	79,930		2,123
			23,996
TOTAL INFORMATION TECHNOLOGY			112,246
MATERIALS - 3.3%
Chemicals - 2.9%
Airgas, Inc.	28,852		3,068
E.I. du Pont de Nemours & Co.	28,831		1,998
FMC Corp.	18,829		1,442
Johnson Matthey PLC	6,400		345
Monsanto Co.	44,601		5,435
Potash Corp. of Saskatchewan, Inc.	19,900		722
Royal DSM NV (e)	15,813		1,140
Syngenta AG (Switzerland)	6,998		2,694
Tronox Ltd. Class A	16,351		434
			17,278
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc.	69,300		2,360
SunCoke Energy Partners LP	8,410		241
			2,601
TOTAL MATERIALS			19,879
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.	237,109		11,846
UTILITIES - 0.2%
Electric Utilities - 0.1%
ITC Holdings Corp.	14,323		524
Multi-Utilities - 0.1%
Sempra Energy	7,400		743
TOTAL UTILITIES			1,267
TOTAL COMMON STOCKS (Cost $458,616)		587,231
Preferred Stocks - 0.8%
	Shares		Value (000s)
Convertible Preferred Stocks - 0.8%
CONSUMER DISCRETIONARY - 0.0%
Leisure Products - 0.0%
NJOY, Inc. Series D (h)	5,350		$ 91
HEALTH CARE - 0.8%
Health Care Equipment & Supplies - 0.8%
Alere, Inc. 3.00%	14,654		4,601
TOTAL CONVERTIBLE PREFERRED STOCKS			4,692
Nonconvertible Preferred Stocks - 0.0%
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC (C Shares)	7,698,300		13
TOTAL PREFERRED STOCKS (Cost $4,169)		4,705

Convertible Bonds - 0.2%
		Principal Amount (000s)(d)
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Amyris, Inc. 3% 2/27/17		$ 772		629
Peabody Energy Corp. 4.75% 12/15/41		590		459
				1,088
TOTAL CONVERTIBLE BONDS (Cost $1,231)			1,088
Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Baggot Securities Ltd. 10.24% (f)(g) (Cost $353)	EUR	230		352

Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) (Cost $7,000)	7,000,105		$ 7,000
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $471,369)			600,376
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(5,911)
NET ASSETS - 100%		$ 594,465

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

(g) Security is perpetual in nature with no stated maturity date.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Beazer Pre-Owned Rental Homes, Inc.	5/3/12 - 10/23/12	$ 1,350
NJOY, Inc. Series D	2/14/14	$ 91

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ -*
Fidelity Securities Lending Cash Central Fund	27
Total	$ 27

* Amount represents less than $1,000

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 55,212	$ 55,121	$ -	$ 91
Consumer Staples	77,106	75,113	1,993	-
Energy	66,576	66,021	555	-
Financials	113,191	111,173	760	1,258
Health Care	67,145	63,830	3,315	-
Industrials	67,468	67,468	-	-
Information Technology	112,246	112,246	-	-
Materials	19,879	17,185	2,694	-
Telecommunication Services	11,846	11,846	-	-
Utilities	1,267	1,267	-	-
Corporate Bonds	1,088	-	1,088	-
Preferred Securities	352	-	352	-
Money Market Funds	7,000	7,000	-	-
Total Investments in Securities:	$ 600,376	$ 588,270	$ 10,757	$ 1,349

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	86.6%
United Kingdom	6.5%
Canada	2.2%
Switzerland	1.1%
Others (Individually Less Than 1%)	3.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $6,810) - See accompanying schedule: Unaffiliated issuers (cost $464,369)	$ 593,376
Fidelity Central Funds (cost $7,000)	7,000
Total Investments (cost $471,369)		$ 600,376
Receivable for investments sold		3,805
Receivable for fund shares sold		434
Dividends receivable		1,331
Interest receivable		17
Distributions receivable from Fidelity Central Funds		10
Total assets		605,973

Liabilities
Payable to custodian bank	$ 888
Payable for investments purchased	2,173
Payable for fund shares redeemed	838
Accrued management fee	220
Distribution and service plan fees payable	217
Other affiliated payables	127
Other payables and accrued expenses	45
Collateral on securities loaned, at value	7,000
Total liabilities		11,508

Net Assets		$ 594,465
Net Assets consist of:
Paid in capital		$ 443,529
Undistributed net investment income		3,812
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		18,114
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		129,010
Net Assets		$ 594,465

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($269,066 ÷ 9,930.614 shares)		$ 27.09

Maximum offering price per share (100/94.25 of $27.09)		$ 28.74
Class T: Net Asset Value and redemption price per share ($214,806 ÷ 7,929.877 shares)		$ 27.09

Maximum offering price per share (100/96.50 of $27.09)		$ 28.07
Class B: Net Asset Value and offering price per share ($9,866 ÷ 380.738 shares)^A		$ 25.91

Class C: Net Asset Value and offering price per share ($79,586 ÷ 3,080.509 shares)^A		$ 25.84

Institutional Class: Net Asset Value, offering price and redemption price per share ($21,141 ÷ 767.774 shares)		$ 27.54

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 7,242
Interest		29
Income from Fidelity Central Funds		27
Total income		7,298

Expenses
Management fee	$ 1,304
Transfer agent fees	653
Distribution and service plan fees	1,289
Accounting and security lending fees	109
Custodian fees and expenses	33
Independent trustees' compensation	1
Registration fees	48
Audit	44
Legal	2
Miscellaneous	3
Total expenses before reductions	3,486
Expense reductions	(3)	3,483
Net investment income (loss)		3,815
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	22,100
Foreign currency transactions	(5)
Total net realized gain (loss)		22,095
Change in net unrealized appreciation (depreciation) on: Investment securities	7,074
Assets and liabilities in foreign currencies	2
Total change in net unrealized appreciation (depreciation)		7,076
Net gain (loss)		29,171
Net increase (decrease) in net assets resulting from operations		$ 32,986

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,815	$ 14,973
Net realized gain (loss)	22,095	296,421
Change in net unrealized appreciation (depreciation)	7,076	(64,394)
Net increase (decrease) in net assets resulting from operations	32,986	247,000
Distributions to shareholders from net investment income	(1,555)	(2,542)
Distributions to shareholders from net realized gain	(4,023)	-
Total distributions	(5,578)	(2,542)
Share transactions - net increase (decrease)	(12,381)	(1,114,198)
Total increase (decrease) in net assets	15,027	(869,740)

Net Assets
Beginning of period	579,438	1,449,178
End of period (including undistributed net investment income of $3,812 and undistributed net investment income of $1,552, respectively)	$ 594,465	$ 579,438

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 25.87	$ 19.67	$ 17.00	$ 16.05	$ 14.67	$ 11.96
Income from Investment Operations
Net investment income (loss) ^E	.20	.37	.33	.21	.04	.08
Net realized and unrealized gain (loss)	1.31	5.88	2.90	.78	1.41	2.75
Total from investment operations	1.51	6.25	3.23	.99	1.45	2.83
Distributions from net investment income	(.11)	(.05)	(.53)	(.04)	(.07)	(.12)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.29)	(.05)	(.56)	(.04)	(.07)	(.12)
Net asset value, end of period	$ 27.09	$ 25.87	$ 19.67	$ 17.00	$ 16.05	$ 14.67
Total Return^{B, C, D}	5.92%	31.86%	19.20%	6.17%	9.90%	23.96%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.02%^A	1.02%	1.05%	1.06%	1.05%	1.09%
Expenses net of fee waivers, if any	1.02%^A	1.02%	1.05%	1.06%	1.05%	1.09%
Expenses net of all reductions	1.02%^A	1.00%	1.04%	1.05%	1.05%	1.08%
Net investment income (loss)	1.51% ^A	1.61%	1.75%	1.22%	.26%	.60%
Supplemental Data
Net assets, end of period (in millions)	$ 269	$ 255	$ 183	$ 170	$ 232	$ 252
Portfolio turnover rate^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 25.84	$ 19.68	$ 16.97	$ 16.02	$ 14.64	$ 11.90
Income from Investment Operations
Net investment income (loss) ^E	.16	.32	.29	.17	- ^I	.04
Net realized and unrealized gain (loss)	1.32	5.89	2.89	.78	1.41	2.75
Total from investment operations	1.48	6.21	3.18	.95	1.41	2.79
Distributions from net investment income	(.05)	(.05)	(.44)	-	(.03)	(.05)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.23)	(.05)	(.47)	-	(.03)	(.05)
Net asset value, end of period	$ 27.09	$ 25.84	$ 19.68	$ 16.97	$ 16.02	$ 14.64
Total Return^{B, C, D}	5.80%	31.62%	18.93%	5.93%	9.63%	23.57%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.25%^A	1.25%	1.27%	1.29%	1.31%	1.34%
Expenses net of fee waivers, if any	1.25%^A	1.25%	1.27%	1.29%	1.31%	1.34%
Expenses net of all reductions	1.25%^A	1.23%	1.26%	1.28%	1.30%	1.34%
Net investment income (loss)	1.27% ^A	1.38%	1.53%	.99%	.01%	.35%
Supplemental Data
Net assets, end of period (in millions)	$ 215	$ 214	$ 166	$ 158	$ 178	$ 201
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 24.74	$ 18.95	$ 16.24	$ 15.41	$ 14.13	$ 11.49
Income from Investment Operations
Net investment income (loss) ^E	.09	.18	.18	.08	(.07)	(.02)
Net realized and unrealized gain (loss)	1.26	5.65	2.78	.75	1.35	2.66
Total from investment operations	1.35	5.83	2.96	.83	1.28	2.64
Distributions from net investment income	-	(.04)	(.22)	-	-	-
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.04)	(.25)	-	-	-
Net asset value, end of period	$ 25.91	$ 24.74	$ 18.95	$ 16.24	$ 15.41	$ 14.13
Total Return^{B, C, D}	5.50%	30.81%	18.31%	5.39%	9.06%	22.98%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.84%^A	1.81%	1.81%	1.81%	1.82%	1.85%
Expenses net of fee waivers, if any	1.84%^A	1.81%	1.81%	1.81%	1.82%	1.85%
Expenses net of all reductions	1.84%^A	1.80%	1.81%	1.80%	1.81%	1.84%
Net investment income (loss)	.69% ^A	.82%	.99%	.47%	(.51)%	(.16)%
Supplemental Data
Net assets, end of period (in millions)	$ 10	$ 12	$ 11	$ 13	$ 19	$ 27
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 24.66	$ 18.87	$ 16.23	$ 15.39	$ 14.12	$ 11.47
Income from Investment Operations
Net investment income (loss) ^E	.10	.19	.19	.08	(.07)	(.02)
Net realized and unrealized gain (loss)	1.26	5.64	2.77	.76	1.34	2.67
Total from investment operations	1.36	5.83	2.96	.84	1.27	2.65
Distributions from net investment income	-	(.04)	(.29)	-	-	-
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.04)	(.32)	-	-	-
Net asset value, end of period	$ 25.84	$ 24.66	$ 18.87	$ 16.23	$ 15.39	$ 14.12
Total Return^{B, C, D}	5.56%	30.95%	18.33%	5.46%	8.99%	23.10%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.75% ^A	1.74%	1.76%	1.78%	1.80%	1.84%
Expenses net of fee waivers, if any	1.75% ^A	1.74%	1.76%	1.78%	1.80%	1.84%
Expenses net of all reductions	1.75% ^A	1.73%	1.76%	1.77%	1.80%	1.83%
Net investment income (loss)	.78% ^A	.89%	1.04%	.50%	(.49)%	(.15)%
Supplemental Data
Net assets, end of period (in millions)	$ 80	$ 74	$ 58	$ 53	$ 58	$ 63
Portfolio turnover rate ^G	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.13	$ 19.79	$ 17.16	$ 16.19	$ 14.80	$ 12.07
Income from Investment Operations
Net investment income (loss) ^D	.24	.43	.40	.27	.09	.12
Net realized and unrealized gain (loss)	1.35	5.97	2.91	.79	1.41	2.78
Total from investment operations	1.59	6.40	3.31	1.06	1.50	2.90
Distributions from net investment income	-	(.06)	(.65)	(.09)	(.11)	(.17)
Distributions from net realized gain	(.18)	-	(.03)	-	-	-
Total distributions	(.18)	(.06)	(.68)	(.09)	(.11)	(.17)
Net asset value, end of period	$ 27.54	$ 26.13	$ 19.79	$ 17.16	$ 16.19	$ 14.80
Total Return^{B, C}	6.13%	32.41%	19.59%	6.56%	10.23%	24.36%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.71% ^A	.70%	.71%	.72%	.73%	.77%
Expenses net of fee waivers, if any	.71% ^A	.70%	.71%	.72%	.73%	.77%
Expenses net of all reductions	.71% ^A	.68%	.70%	.71%	.72%	.77%
Net investment income (loss)	1.82% ^A	1.93%	2.09%	1.56%	.59%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 21	$ 24	$ 1,031	$ 1,017	$ 870	$ 1,017
Portfolio turnover rate ^F	48% ^A	48%	57%	123%	102%	117%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

distributions are determined in accordance with income tax regulations, which may differ from GAAP.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 131,869
Gross unrealized depreciation	(5,807)
Net unrealized appreciation (depreciation) on securities and other investments	$ 126,062

Tax cost	$ 474,314

Fiscal year of expiration
2016	$ (1,206)

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $139,382 and $153,894, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 323	$ 8
Class T	.25%	.25%	527	7
Class B	.75%	.25%	53	40
Class C	.75%	.25%	386	44
			$ 1,289	$ 99

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 30
Class T	11
Class B*	3
Class C*	2
	$ 46

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 304	.23
Class T	232	.22
Class B	16	.30
Class C	82	.21
Institutional Class	19	.17
	$ 653

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions - continued

(depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $250. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $27, including $4 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 1,111	$ 483
Class T	444	402
Class B	-	21
Class C	-	120
Institutional Class	-	1,516
Total	$ 1,555	$ 2,542
From net realized gain
Class A	$ 1,766	$ -
Class T	1,470	-
Class B	82	-
Class C	550	-
Institutional Class	155	-
Total	$ 4,023	$ -

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	727	2,156	$ 18,840	$ 49,371
Reinvestment of distributions	102	22	2,583	431
Shares redeemed	(756)	(1,607)	(19,637)	(36,195)
Net increase (decrease)	73	571	$ 1,786	$ 13,607
Class T
Shares sold	307	1,319	$ 7,964	$ 30,032
Reinvestment of distributions	73	19	1,855	386
Shares redeemed	(748)	(1,489)	(19,402)	(33,603)
Net increase (decrease)	(368)	(151)	$ (9,583)	$ (3,185)

Semiannual Report

10. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class B
Shares sold	7	84	$ 164	$ 1,875
Reinvestment of distributions	3	1	76	19
Shares redeemed	(98)	(200)	(2,447)	(4,324)
Net increase (decrease)	(88)	(115)	$ (2,207)	$ (2,430)
Class C
Shares sold	329	483	$ 8,125	$ 10,663
Reinvestment of distributions	19	5	475	103
Shares redeemed	(281)	(547)	(6,952)	(11,826)
Net increase (decrease)	67	(59)	$ 1,648	$ (1,060)
Institutional Class
Shares sold	126	3,091	$ 3,316	$ 67,555
Reinvestment of distributions	5	75	137	1,511
Shares redeemed	(283)	(54,343)^A	(7,478)	(1,190,196)^A
Net increase (decrease)	(152)	(51,177)	$ (4,025)	$ (1,121,130)

^A Amount includes in-kind redemptions.

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

(Fidelity Investment logo)(registered trademark)

AGAI-USAN-0714
1.786791.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Growth Opportunities

Fund - Institutional Class

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.11%
Actual		$ 1,000.00	$ 1,038.80	$ 5.64
Hypothetical^A		$ 1,000.00	$ 1,019.40	$ 5.59
Class T	1.33%
Actual		$ 1,000.00	$ 1,037.60	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.69
Class B	1.94%
Actual		$ 1,000.00	$ 1,034.40	$ 9.84
Hypothetical^A		$ 1,000.00	$ 1,015.26	$ 9.75
Class C	1.85%
Actual		$ 1,000.00	$ 1,035.00	$ 9.39
Hypothetical^A		$ 1,000.00	$ 1,015.71	$ 9.30
Institutional Class	.84%
Actual		$ 1,000.00	$ 1,040.00	$ 4.27
Hypothetical^A		$ 1,000.00	$ 1,020.74	$ 4.23
Class Z	.69%
Actual		$ 1,000.00	$ 1,041.10	$ 3.51
Hypothetical^A		$ 1,000.00	$ 1,021.49	$ 3.48

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	4.6	4.1
salesforce.com, Inc.	3.5	3.6
Regeneron Pharmaceuticals, Inc.	2.9	3.0
Google, Inc. Class A	2.6	4.8
Google, Inc. Class C	2.5	0.0
Facebook, Inc. Class A	2.1	2.1
Keurig Green Mountain, Inc.	1.9	1.3
Comcast Corp. Class A	1.7	1.7
Alkermes PLC	1.6	1.5
Seattle Genetics, Inc.	1.6	2.1
	25.0
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	34.3	33.1
Health Care	18.4	19.0
Consumer Discretionary	16.5	18.2
Consumer Staples	10.4	9.9
Industrials	8.1	7.0

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks 99.2%			Stocks 97.5%
	Convertible Securities 0.3%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets (Liabilities) 0.5%			Short-Term Investments and Net Other Assets (Liabilities) 2.2%
* Foreign investments		6.4%	** Foreign investments		6.5%

goi351778

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.5%
Auto Components - 0.2%
Tenneco, Inc. (a)	121,700		$ 7,758
Automobiles - 0.6%
Tesla Motors, Inc. (a)(d)	107,536		22,343
Hotels, Restaurants & Leisure - 2.9%
Arcos Dorados Holdings, Inc. Class A (d)	222,600		1,981
Buffalo Wild Wings, Inc. (a)	64,200		9,278
Chipotle Mexican Grill, Inc. (a)	22,800		12,474
Chuy's Holdings, Inc. (a)	144,000		4,704
Dunkin' Brands Group, Inc.	196,700		8,804
Las Vegas Sands Corp.	133,992		10,253
McDonald's Corp.	135,600		13,754
Panera Bread Co. Class A (a)	62,200		9,555
Starbucks Corp.	315,500		23,107
Starwood Hotels & Resorts Worldwide, Inc.	61,200		4,887
The Cheesecake Factory, Inc.	64,300		2,949
			101,746
Household Durables - 1.2%
Harman International Industries, Inc.	111,000		11,658
Lennar Corp. Class A	368,100		15,055
SodaStream International Ltd. (a)(d)	63,200		2,361
Toll Brothers, Inc. (a)	240,300		8,704
Tupperware Brands Corp.	54,600		4,571
			42,349
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. (a)	116,000		36,256
JD.com, Inc. sponsored ADR	26,000		650
priceline.com, Inc. (a)	13,500		17,262
			54,168
Media - 3.6%
AMC Networks, Inc. Class A (a)	186,300		11,528
Comcast Corp. Class A	1,129,100		58,939
DIRECTV (a)	80,600		6,645
IMAX Corp. (a)	434,100		11,386
Liberty Global PLC Class A (a)	77,400		3,485
Lions Gate Entertainment Corp. (d)	241,100		6,300
News Corp. Class A (a)	39,325		671
The Walt Disney Co.	123,300		10,358
Twenty-First Century Fox, Inc. Class A	475,500		16,837
			126,149
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
Target Corp.	91,300		$ 5,182
Specialty Retail - 2.9%
Abercrombie & Fitch Co. Class A	117,300		4,459
Bed Bath & Beyond, Inc. (a)	64,700		3,937
Cabela's, Inc. Class A (a)(d)	66,000		4,041
CarMax, Inc. (a)	209,700		9,292
DSW, Inc. Class A	133,800		3,352
Five Below, Inc. (a)	120,500		4,362
GNC Holdings, Inc.	143,100		5,283
Home Depot, Inc.	277,200		22,240
Lumber Liquidators Holdings, Inc. (a)(d)	361,200		28,058
TJX Companies, Inc.	275,400		14,996
			100,020
Textiles, Apparel & Luxury Goods - 3.4%
Fossil Group, Inc. (a)	147,100		15,410
Kate Spade & Co. (a)	207,100		7,541
lululemon athletica, Inc. (a)(d)	902,216		40,266
Michael Kors Holdings Ltd. (a)	235,600		22,236
NIKE, Inc. Class B	154,700		11,898
Prada SpA	454,000		3,396
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	130,100		5,789
Steven Madden Ltd. (a)	264,600		8,430
Under Armour, Inc. Class A (sub. vtg.) (a)	97,200		4,937
			119,903
TOTAL CONSUMER DISCRETIONARY			579,618
CONSUMER STAPLES - 10.4%
Beverages - 1.7%
Monster Beverage Corp. (a)	143,100		9,928
PepsiCo, Inc.	178,300		15,749
SABMiller PLC	107,700		5,977
The Coca-Cola Co.	640,800		26,215
			57,869
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.	263,300		30,548
CVS Caremark Corp.	379,800		29,746
Fresh Market, Inc. (a)(d)	56,433		1,730
Wal-Mart Stores, Inc.	242,080		18,584
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Walgreen Co.	298,500		$ 21,465
Whole Foods Market, Inc.	209,900		8,027
			110,100
Food Products - 2.4%
Bunge Ltd.	63,200		4,911
Keurig Green Mountain, Inc.	594,420		67,039
Mead Johnson Nutrition Co. Class A	99,100		8,866
Mondelez International, Inc.	125,000		4,703
			85,519
Household Products - 0.7%
Procter & Gamble Co.	206,000		16,643
Svenska Cellulosa AB (SCA) (B Shares)	334,800		9,316
			25,959
Personal Products - 0.4%
Avon Products, Inc.	100,242		1,432
Herbalife Ltd.	177,900		11,533
			12,965
Tobacco - 2.1%
Altria Group, Inc.	808,500		33,601
Japan Tobacco, Inc.	34,800		1,182
Lorillard, Inc.	186,200		11,576
Philip Morris International, Inc.	319,250		28,266
			74,625
TOTAL CONSUMER STAPLES			367,037
ENERGY - 4.8%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	95,840		5,564
Halliburton Co.	118,300		7,647
National Oilwell Varco, Inc.	83,988		6,876
Schlumberger Ltd.	351,900		36,612
			56,699
Oil, Gas & Consumable Fuels - 3.2%
Anadarko Petroleum Corp.	78,500		8,075
Cabot Oil & Gas Corp.	210,600		7,632
Chesapeake Energy Corp.	165,264		4,746
Concho Resources, Inc. (a)	69,800		9,200
Continental Resources, Inc. (a)	87,800		12,324
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EOG Resources, Inc.	41,200		$ 4,359
Hess Corp.	135,100		12,335
Marathon Petroleum Corp.	32,040		2,864
Noble Energy, Inc.	105,400		7,596
Occidental Petroleum Corp.	166,300		16,578
PDC Energy, Inc. (a)	48,700		3,126
Peabody Energy Corp.	118,100		1,908
Phillips 66 Co.	36,700		3,112
Pioneer Natural Resources Co.	27,400		5,758
Range Resources Corp.	16,300		1,515
Southwestern Energy Co. (a)	85,000		3,865
Valero Energy Corp.	148,600		8,329
			113,322
TOTAL ENERGY			170,021
FINANCIALS - 4.2%
Banks - 0.9%
Bank of America Corp.	297,800		4,509
Citigroup, Inc.	105,700		5,028
JPMorgan Chase & Co.	200,900		11,164
Signature Bank (a)	31,800		3,683
Wells Fargo & Co.	125,000		6,348
			30,732
Capital Markets - 0.6%
BlackRock, Inc. Class A	10,400		3,171
Charles Schwab Corp.	471,800		11,894
Goldman Sachs Group, Inc.	24,591		3,930
T. Rowe Price Group, Inc.	30,300		2,470
			21,465
Consumer Finance - 2.3%
American Express Co.	575,400		52,649
Discover Financial Services	483,633		28,597
			81,246
Diversified Financial Services - 0.2%
BM&F BOVESPA SA	765,958		3,754
CME Group, Inc.	22,000		1,584
			5,338
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	25,978		$ 4,324
Washington Prime Group, Inc. (a)	12,989		258
			4,582
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	100,400		2,363
TOTAL FINANCIALS			145,726
HEALTH CARE - 18.3%
Biotechnology - 13.9%
ACADIA Pharmaceuticals, Inc. (a)	194,600		4,018
Agios Pharmaceuticals, Inc.	63,067		2,217
Alexion Pharmaceuticals, Inc. (a)	41,700		6,936
Alkermes PLC (a)	1,241,000		56,850
Alnylam Pharmaceuticals, Inc. (a)	214,460		12,715
Amarin Corp. PLC ADR (a)(d)	265,000		374
Amgen, Inc.	240,600		27,907
Biogen Idec, Inc. (a)	45,600		14,563
Bluebird Bio, Inc.	110,300		2,550
Celgene Corp. (a)	55,235		8,453
Celldex Therapeutics, Inc. (a)	215,700		3,151
Cepheid, Inc. (a)	136,353		6,143
Clovis Oncology, Inc. (a)	16,500		845
Exelixis, Inc. (a)(d)	2,514,011		8,321
Geron Corp. (a)	1,222,800		2,543
Gilead Sciences, Inc. (a)	529,300		42,984
ImmunoGen, Inc. (a)(d)	1,369,351		16,186
Immunomedics, Inc. (a)(d)	1,354,187		4,509
Insmed, Inc. (a)	330,600		4,344
Intercept Pharmaceuticals, Inc. (a)	5,700		1,349
InterMune, Inc. (a)	110,400		4,374
Ironwood Pharmaceuticals, Inc. Class A (a)	227,500		3,258
Isis Pharmaceuticals, Inc. (a)(d)	1,259,953		36,816
Lexicon Pharmaceuticals, Inc. (a)	8,418,904		11,113
Merrimack Pharmaceuticals, Inc. (a)(d)	591,500		4,596
NPS Pharmaceuticals, Inc. (a)	484,500		15,082
Ophthotech Corp.	62,400		2,540
Prothena Corp. PLC (a)	117,602		2,448
Receptos, Inc.	87,600		2,607
Regeneron Pharmaceuticals, Inc. (a)	332,600		102,095
Regulus Therapeutics, Inc. (a)	337,200		2,269
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Rigel Pharmaceuticals, Inc. (a)	690,248		$ 2,271
Seattle Genetics, Inc. (a)(d)	1,665,767		55,587
Transition Therapeutics, Inc. (a)	1,007,397		5,128
uniQure B.V.	4,600		40
Vertex Pharmaceuticals, Inc. (a)	68,690		4,964
XOMA Corp. (a)	1,576,700		6,528
			488,674
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories	89,300		3,573
Align Technology, Inc. (a)	59,600		3,255
Baxter International, Inc.	38,900		2,895
Cyberonics, Inc. (a)	67,300		4,092
Insulet Corp. (a)	71,646		2,624
Steris Corp.	201,100		10,763
			27,202
Health Care Providers & Services - 0.8%
Accretive Health, Inc. (a)	596,000		4,464
BioScrip, Inc. (a)(d)	792,300		6,220
Catamaran Corp. (a)	30,500		1,344
Express Scripts Holding Co. (a)	125,167		8,946
McKesson Corp.	30,800		5,841
			26,815
Health Care Technology - 0.6%
Allscripts Healthcare Solutions, Inc. (a)	778,000		11,468
athenahealth, Inc. (a)(d)	85,900		10,902
Castlight Health, Inc. Class B (a)(d)	30,200		458
			22,828
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)(d)	98,000		15,509
Pharmaceuticals - 1.8%
AbbVie, Inc.	156,200		8,486
Actavis PLC (a)	44,500		9,414
Allergan, Inc.	84,600		14,167
Auxilium Pharmaceuticals, Inc. (a)	253,700		5,678
Bristol-Myers Squibb Co.	167,300		8,322
Hospira, Inc. (a)	57,200		2,813
Johnson & Johnson	37,800		3,835
Mylan, Inc. (a)	57,768		2,879
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Questcor Pharmaceuticals, Inc. (d)	66,800		$ 6,021
Revance Therapeutics, Inc.	17,500		551
			62,166
TOTAL HEALTH CARE			643,194
INDUSTRIALS - 8.1%
Aerospace & Defense - 0.8%
Honeywell International, Inc.	125,800		11,718
The Boeing Co.	132,500		17,921
			29,639
Air Freight & Logistics - 1.0%
FedEx Corp.	76,400		11,014
United Parcel Service, Inc. Class B	227,400		23,622
			34,636
Airlines - 1.9%
Delta Air Lines, Inc.	169,100		6,749
Southwest Airlines Co.	561,700		14,857
Spirit Airlines, Inc. (a)	330,700		19,534
United Continental Holdings, Inc. (a)	545,100		24,186
			65,326
Construction & Engineering - 0.2%
Quanta Services, Inc. (a)	204,359		6,938
Electrical Equipment - 0.3%
Acuity Brands, Inc.	74,400		9,338
Industrial Conglomerates - 1.3%
3M Co.	69,100		9,850
Danaher Corp.	291,000		22,823
General Electric Co.	263,800		7,067
Roper Industries, Inc.	38,800		5,497
			45,237
Machinery - 0.4%
Caterpillar, Inc.	72,100		7,371
Cummins, Inc.	29,400		4,496
ITT Corp.	24,100		1,053
Xylem, Inc.	63,000		2,350
			15,270
Professional Services - 0.0%
Paylocity Holding Corp. (a)	4,100		80
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 2.2%
CSX Corp.	324,100		$ 9,529
Hertz Global Holdings, Inc. (a)	655,400		19,347
J.B. Hunt Transport Services, Inc.	109,300		8,488
Kansas City Southern	13,600		1,462
Union Pacific Corp.	199,400		39,734
			78,560
TOTAL INDUSTRIALS			285,024
INFORMATION TECHNOLOGY - 34.1%
Communications Equipment - 1.9%
Infinera Corp. (a)	1,483,881		13,503
QUALCOMM, Inc.	582,565		46,867
Riverbed Technology, Inc. (a)	115,800		2,353
ViaSat, Inc. (a)	87,500		4,745
			67,468
Electronic Equipment & Components - 0.5%
IPG Photonics Corp. (a)	94,100		5,938
Trimble Navigation Ltd. (a)	334,700		12,073
			18,011
Internet Software & Services - 10.1%
Akamai Technologies, Inc. (a)	184,900		10,047
Cornerstone OnDemand, Inc. (a)	262,700		10,558
eBay, Inc. (a)	544,200		27,607
Facebook, Inc. Class A (a)	1,187,293		75,156
Google, Inc.:
Class A (a)	157,465		90,015
Class C (a)	157,465		88,335
LinkedIn Corp. (a)	18,800		3,010
Opower, Inc.	5,900		98
Qihoo 360 Technology Co. Ltd. ADR (a)	108,700		9,982
Rackspace Hosting, Inc. (a)	133,802		4,882
Tencent Holdings Ltd.	751,000		10,558
Trulia, Inc. (a)(d)	89,500		3,459
Twitter, Inc. (d)	128,800		4,178
Web.com Group, Inc. (a)	469,200		16,159
Wix.com Ltd. (a)	76,544		1,367
			355,411
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	254,432		$ 12,368
IBM Corp.	117,900		21,736
MasterCard, Inc. Class A	522,000		39,907
Visa, Inc. Class A	243,600		52,333
			126,344
Semiconductors & Semiconductor Equipment - 5.1%
Applied Materials, Inc.	211,300		4,266
Applied Micro Circuits Corp. (a)	1,394,600		12,551
Broadcom Corp. Class A	152,300		4,854
Cavium, Inc. (a)	74,300		3,639
Cree, Inc. (a)(d)	782,900		37,673
Cypress Semiconductor Corp.	1,344,866		13,785
First Solar, Inc. (a)	116,900		7,222
Intel Corp.	101,900		2,784
Mellanox Technologies Ltd. (a)(d)	198,600		6,272
NVIDIA Corp.	2,130,930		40,488
Rambus, Inc. (a)	1,255,300		15,189
Silicon Laboratories, Inc. (a)	625,100		28,205
Xilinx, Inc.	60,800		2,855
			179,783
Software - 8.0%
Adobe Systems, Inc. (a)	81,800		5,279
Citrix Systems, Inc. (a)	35,500		2,200
Concur Technologies, Inc. (a)	113,500		9,689
Interactive Intelligence Group, Inc. (a)	173,000		8,769
Intuit, Inc.	72,200		5,725
Microsoft Corp.	1,103,068		45,160
NetSuite, Inc. (a)	133,800		10,770
Oracle Corp.	338,200		14,211
Qlik Technologies, Inc. (a)	237,774		5,162
Red Hat, Inc. (a)	534,930		26,811
salesforce.com, Inc. (a)	2,357,200		124,059
ServiceNow, Inc. (a)	138,600		7,250
Solera Holdings, Inc.	13,500		881
Splunk, Inc. (a)	41,100		1,720
The Rubicon Project, Inc.	13,861		176
TiVo, Inc. (a)	262,000		3,118
VMware, Inc. Class A (a)	28,700		2,770
Workday, Inc. Class A (a)	62,300		4,882
			278,632
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.9%
3D Systems Corp. (a)(d)	35,700		$ 1,808
Apple, Inc.	254,858		161,328
Fusion-io, Inc. (a)(d)	618,532		4,942
Nimble Storage, Inc. (d)	4,900		124
SanDisk Corp.	49,200		4,754
			172,956
TOTAL INFORMATION TECHNOLOGY			1,198,605
MATERIALS - 2.0%
Chemicals - 1.7%
E.I. du Pont de Nemours & Co.	101,600		7,042
Eastman Chemical Co.	31,200		2,754
Metabolix, Inc. (a)(d)	203,084		167
Monsanto Co.	358,000		43,622
The Mosaic Co.	99,500		4,974
			58,559
Construction Materials - 0.0%
CaesarStone Sdot-Yam Ltd.	36,100		1,631
Metals & Mining - 0.3%
Nucor Corp.	76,800		3,888
U.S. Silica Holdings, Inc.	126,100		6,377
			10,265
TOTAL MATERIALS			70,455
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.4%
Level 3 Communications, Inc. (a)	96,700		4,221
Verizon Communications, Inc.	178,400		8,913
			13,134
Wireless Telecommunication Services - 0.2%
Sprint Corp. (a)	240,987		2,301
T-Mobile U.S., Inc. (a)	194,200		6,667
			8,968
TOTAL TELECOMMUNICATION SERVICES			22,102
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.0%
Ormat Technologies, Inc.	9,500		$ 283
Independent Power Producers & Energy Traders - 0.2%
NRG Energy, Inc.	150,100		5,350
TOTAL UTILITIES			5,633
TOTAL COMMON STOCKS (Cost $2,348,617)		3,487,415
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
aTyr Pharma, Inc. 8.00% (a)(e)	638,618		1,615
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
Cloudera, Inc. Series F (e)	41,786		621
MongoDB, Inc. Series F, 8.00% (e)	515,124		6,377
			6,998
TOTAL CONVERTIBLE PREFERRED STOCKS			8,613
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Equilibrate Asia Therapeutics Series D (a)(e)	676,657		11
Equilibrate Worldwide Therapeutics Series D (a)(e)	676,657		27
Neuropathic Worldwide Therapeutics Series D (a)(e)	676,657		5
Oculus Worldwide Therapeutics Series D (a)(e)	676,657		8
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e)	676,657		12
Orchestrate Worldwide Therapeutics Series D (a)(e)	676,657		21
			84
TOTAL PREFERRED STOCKS (Cost $10,922)		8,697
Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	20,239,853		$ 20,240
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	121,245,712		121,246
TOTAL MONEY MARKET FUNDS (Cost $141,486)		141,486
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025)			3,637,598
NET OTHER ASSETS (LIABILITIES) - (3.5)%			(121,489)
NET ASSETS - 100%		$ 3,516,109

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,697,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
aTyr Pharma, Inc. 8.00%	4/8/13	$ 1,615
Cloudera, Inc. Series F	2/5/14	$ 608
Equilibrate Asia Therapeutics Series D	5/17/13	$ 11
Equilibrate Worldwide Therapeutics Series D	5/17/13	$ 27
MongoDB, Inc. Series F, 8.00%	10/2/13	$ 8,615
Neuropathic Worldwide Therapeutics Series D	5/17/13	$ 5
Security	Acquisition Date	Acquisition Cost (000s)
Oculus Worldwide Therapeutics Series D	5/17/13	$ 8
Orchestrate U.S. Therapeutics, Inc. Series D	5/17/13	$ 12
Orchestrate Worldwide Therapeutics Series D	5/17/13	$ 21

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 29
Fidelity Securities Lending Cash Central Fund	614
Total	$ 643

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 579,618	$ 579,618	$ -	$ -
Consumer Staples	367,037	365,855	1,182	-
Energy	170,021	170,021	-	-
Financials	145,726	145,726	-	-
Health Care	644,893	643,194	-	1,699
Industrials	285,024	285,024	-	-
Information Technology	1,205,603	1,198,605	-	6,998
Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Materials	$ 70,455	$ 70,455	$ -	$ -
Telecommunication Services	22,102	22,102	-	-
Utilities	5,633	5,633	-	-
Money Market Funds	141,486	141,486	-	-
Total Investments in Securities:	$ 3,637,598	$ 3,627,719	$ 1,182	$ 8,697

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539)	$ 3,496,112
Fidelity Central Funds (cost $141,486)	141,486
Total Investments (cost $2,501,025)		$ 3,637,598
Cash		10
Foreign currency held at value (cost $23)		23
Receivable for investments sold		48,389
Receivable for fund shares sold		2,485
Dividends receivable		2,303
Distributions receivable from Fidelity Central Funds		94
Prepaid expenses		2
Other receivables		191
Total assets		3,691,095

Liabilities
Payable for investments purchased	$ 41,673
Payable for fund shares redeemed	8,858
Accrued management fee	1,463
Distribution and service plan fees payable	888
Other affiliated payables	677
Other payables and accrued expenses	181
Collateral on securities loaned, at value	121,246
Total liabilities		174,986

Net Assets		$ 3,516,109
Net Assets consist of:
Paid in capital		$ 2,596,541
Accumulated net investment loss		(10,738)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(206,267)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,136,573
Net Assets		$ 3,516,109

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($646,190.26 ÷ 11,333.628 shares)		$ 57.02

Maximum offering price per share (100/94.25 of $57.02)		$ 60.50
Class T: Net Asset Value and redemption price per share ($1,434,312.93 ÷ 25,116.055 shares)		$ 57.11

Maximum offering price per share (100/96.50 of $57.11)		$ 59.18
Class B: Net Asset Value and offering price per share ($10,272.04 ÷ 195.195 shares)^A		$ 52.62

Class C: Net Asset Value and offering price per share ($198,509.89 ÷ 3,748.592 shares)^A		$ 52.96


Institutional Class: Net Asset Value, offering price and redemption price per share ($1,226,712.23 ÷ 20,625.792 shares)		$ 59.47

Class Z: Net Asset Value, offering price and redemption price per share ($111.72 ÷ 1.876 shares)		$ 59.55

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 14,534
Income from Fidelity Central Funds		643
Total income		15,177

Expenses
Management fee Basic fee	$ 9,641
Performance adjustment	880
Transfer agent fees	3,486
Distribution and service plan fees	5,425
Accounting and security lending fees	520
Custodian fees and expenses	32
Independent trustees' compensation	7
Registration fees	79
Audit	34
Legal	7
Miscellaneous	11
Total expenses before reductions	20,122
Expense reductions	(3)	20,119
Net investment income (loss)		(4,942)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	44,062
Foreign currency transactions	1
Total net realized gain (loss)		44,063
Change in net unrealized appreciation (depreciation) on: Investment securities		83,722
Net gain (loss)		127,785
Net increase (decrease) in net assets resulting from operations		$ 122,843

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (4,942)	$ (6,532)
Net realized gain (loss)	44,063	167,083
Change in net unrealized appreciation (depreciation)	83,722	587,055
Net increase (decrease) in net assets resulting from operations	122,843	747,606
Share transactions - net increase (decrease)	129,170	411,715
Total increase (decrease) in net assets	252,013	1,159,321

Net Assets
Beginning of period	3,264,096	2,104,775
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively)	$ 3,516,109	$ 3,264,096

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30	$ 18.92
Income from Investment Operations
Net investment income (loss) ^E	(.07)	(.10)	(.11)	(.08)	- ^J	.10
Net realized and unrealized gain (loss)	2.20	13.65	6.06	3.17	6.13	7.28
Total from investment operations	2.13	13.55	5.95	3.09	6.13	7.38
Distributions from net investment income	-	-	-	-	(.11)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.13)	-
Net asset value, end of period	$ 57.02	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30
Total Return^{B, C, D}	3.88%	32.78%	16.81%	9.57%	23.42%	39.01%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.11% ^A	1.23%	1.30%	1.08%	.90%	.80%
Expenses net of fee waivers, if any	1.11% ^A	1.23%	1.29%	1.08%	.90%	.80%
Expenses net of all reductions	1.11% ^A	1.23%	1.29%	1.07%	.90%	.80%
Net investment income (loss)	(.24)% ^A	(.20)%	(.29)%	(.23)%	-% ^H	.45%
Supplemental Data
Net assets, end of period (in millions)	$ 646	$ 555	$ 359	$ 267	$ 255	$ 236
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52	$ 19.12
Income from Investment Operations
Net investment income (loss) ^E	(.13)	(.19)	(.19)	(.15)	(.06)	.05
Net realized and unrealized gain (loss)	2.20	13.69	6.11	3.19	6.19	7.35
Total from investment operations	2.07	13.50	5.92	3.04	6.13	7.40
Distributions from net investment income	-	-	-	-	(.05)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.07)	-
Net asset value, end of period	$ 57.11	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52
Total Return^{B, C, D}	3.76%	32.50%	16.62%	9.33%	23.18%	38.70%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of fee waivers, if any	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of all reductions	1.33% ^A	1.43%	1.48%	1.25%	1.09%	1.02%
Net investment income (loss)	(.46)% ^A	(.40)%	(.48)%	(.40)%	(.20)%	.23%
Supplemental Data
Net assets, end of period (in millions)	$ 1,434	$ 1,426	$ 1,187	$ 1,102	$ 1,126	$ 1,051
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01	$ 18.13
Income from Investment Operations
Net investment income (loss) ^E	(.28)	(.44)	(.39)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.03	12.69	5.70	3.00	5.84	6.94
Total from investment operations	1.75	12.25	5.31	2.67	5.63	6.88
Net asset value, end of period	$ 52.62	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01
Total Return ^{B, C, D}	3.44%	31.72%	15.94%	8.71%	22.51%	37.95%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.94% ^A	2.03%	2.07%	1.83%	1.66%	1.56%
Expenses net of fee waivers, if any	1.94% ^A	2.03%	2.05%	1.83%	1.66%	1.56%
Expenses net of all reductions	1.94% ^A	2.03%	2.05%	1.83%	1.65%	1.55%
Net investment income (loss)	(1.08)% ^A	(1.00)%	(1.05)%	(.98)%	(.76)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 10	$ 12	$ 13	$ 14	$ 18	$ 21
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14	$ 18.22
Income from Investment Operations
Net investment income (loss) ^E	(.26)	(.42)	(.38)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.05	12.76	5.73	3.02	5.86	6.98
Total from investment operations	1.79	12.34	5.35	2.69	5.65	6.92
Net asset value, end of period	$ 52.96	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14
Total Return^{B, C, D}	3.50%	31.78%	15.98%	8.74%	22.47%	37.98%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.85% ^A	1.96%	2.04%	1.82%	1.65%	1.56%
Expenses net of fee waivers, if any	1.85% ^A	1.96%	2.03%	1.82%	1.65%	1.56%
Expenses net of all reductions	1.85% ^A	1.96%	2.02%	1.82%	1.65%	1.55%
Net investment income (loss)	(.99)% ^A	(.93)%	(1.02)%	(.97)%	(.75)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 199	$ 159	$ 71	$ 47	$ 41	$ 37
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11	$ 19.43
Income from Investment Operations
Net investment income (loss) ^D	.01	.05	.01	.05	.10	.17
Net realized and unrealized gain (loss)	2.28	14.19	6.30	3.25	6.33	7.51
Total from investment operations	2.29	14.24	6.31	3.30	6.43	7.68
Distributions from net investment income	-	-	-	-	(.19)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.21)	-
Net asset value, end of period	$ 59.47	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11
Total Return^{B, C}	4.00%	33.16%	17.23%	9.90%	23.86%	39.53%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of fee waivers, if any	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of all reductions	.84% ^A	.93%	.97%	.72%	.56%	.46%
Net investment income (loss)	.03% ^A	.09%	.04%	.13%	.33%	.79%
Supplemental Data
Net assets, end of period (in millions)	$ 1,227	$ 1,112	$ 475	$ 215	$ 118	$ 26
Portfolio turnover rate ^F	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 57.20	$ 53.30
Income from Investment Operations
Net investment income (loss) ^D	.05	.02
Net realized and unrealized gain (loss)	2.30	3.88
Total from investment operations	2.35	3.90
Net asset value, end of period	$ 59.55	$ 57.20
Total Return^{B, C}	4.11%	7.32%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.69% ^A	.78% ^A
Expenses net of fee waivers, if any	.69% ^A	.78% ^A
Expenses net of all reductions	.69% ^A	.78% ^A
Net investment income (loss)	.18% ^A	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$112	$ 107
Portfolio turnover rate ^F	7% ^A	17%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,278,156
Gross unrealized depreciation	(143,402)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,134,754

Tax cost	$ 2,502,844

Fiscal year of expiration
2017	$ (246,838)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $295,223 and $117,271, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to its benchmark index, the Russell 1000® Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 780	$ 26
Class T	.25%	.25%	3,648	61
Class B	.75%	.25%	57	43
Class C	.75%	.25%	940	375
			$ 5,425	$ 505

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 134
Class T	28
Class B*	4
Class C*	16
	$ 182

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 689	.22
Class T	1,379	.19
Class B	17	.30
Class C	199	.21
Institutional Class	1,202	.20
Class Z	-**	.04
	$ 3,486

* Annualized

** Amount represents twenty-five dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent

Semiannual Report

7. Security Lending - continued

fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $614, including $2 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by twenty-eight dollars.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013 ^A	Six months ended May 31, 2014	Year ended November 30, 2013 ^A
Class A
Shares sold	2,462	3,550	$ 141,488	$ 172,665
Shares redeemed	(1,243)	(2,123)	(70,288)	(101,685)
Net increase (decrease)	1,219	1,427	$ 71,200	$ 70,980
Class T
Shares sold	1,575	2,633	$ 89,843	$ 126,086
Shares redeemed	(2,365)	(5,298)	(134,620)	(251,560)
Net increase (decrease)	(790)	(2,665)	$ (44,777)	$ (125,474)
Class B
Shares sold	8	20	$ 425	$ 916
Shares redeemed	(53)	(122)	(2,768)	(5,334)
Net increase (decrease)	(45)	(102)	$ (2,343)	$ (4,418)
Class C
Shares sold	1,043	1,606	$ 55,540	$ 73,545
Shares redeemed	(402)	(315)	(20,995)	(13,899)
Net increase (decrease)	641	1,291	$ 34,545	$ 59,646
Institutional Class
Shares sold	3,957	11,525	$ 235,457	$ 569,791
Shares redeemed	(2,774)	(3,146)	(164,912)	(158,910)
Net increase (decrease)	1,183	8,379	$ 70,545	$ 410,881
Class Z
Shares sold	-	2	$ -	$ 100

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

GOI-USAN-0714
1.786794.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Growth Opportunities

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.11%
Actual		$ 1,000.00	$ 1,038.80	$ 5.64
Hypothetical^A		$ 1,000.00	$ 1,019.40	$ 5.59
Class T	1.33%
Actual		$ 1,000.00	$ 1,037.60	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.69
Class B	1.94%
Actual		$ 1,000.00	$ 1,034.40	$ 9.84
Hypothetical^A		$ 1,000.00	$ 1,015.26	$ 9.75
Class C	1.85%
Actual		$ 1,000.00	$ 1,035.00	$ 9.39
Hypothetical^A		$ 1,000.00	$ 1,015.71	$ 9.30
Institutional Class	.84%
Actual		$ 1,000.00	$ 1,040.00	$ 4.27
Hypothetical^A		$ 1,000.00	$ 1,020.74	$ 4.23
Class Z	.69%
Actual		$ 1,000.00	$ 1,041.10	$ 3.51
Hypothetical^A		$ 1,000.00	$ 1,021.49	$ 3.48

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	4.6	4.1
salesforce.com, Inc.	3.5	3.6
Regeneron Pharmaceuticals, Inc.	2.9	3.0
Google, Inc. Class A	2.6	4.8
Google, Inc. Class C	2.5	0.0
Facebook, Inc. Class A	2.1	2.1
Keurig Green Mountain, Inc.	1.9	1.3
Comcast Corp. Class A	1.7	1.7
Alkermes PLC	1.6	1.5
Seattle Genetics, Inc.	1.6	2.1
	25.0
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	34.3	33.1
Health Care	18.4	19.0
Consumer Discretionary	16.5	18.2
Consumer Staples	10.4	9.9
Industrials	8.1	7.0

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks 99.2%			Stocks 97.5%
	Convertible Securities 0.3%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets (Liabilities) 0.5%			Short-Term Investments and Net Other Assets (Liabilities) 2.2%
* Foreign investments		6.4%	** Foreign investments		6.5%

goa491921

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.5%
Auto Components - 0.2%
Tenneco, Inc. (a)	121,700		$ 7,758
Automobiles - 0.6%
Tesla Motors, Inc. (a)(d)	107,536		22,343
Hotels, Restaurants & Leisure - 2.9%
Arcos Dorados Holdings, Inc. Class A (d)	222,600		1,981
Buffalo Wild Wings, Inc. (a)	64,200		9,278
Chipotle Mexican Grill, Inc. (a)	22,800		12,474
Chuy's Holdings, Inc. (a)	144,000		4,704
Dunkin' Brands Group, Inc.	196,700		8,804
Las Vegas Sands Corp.	133,992		10,253
McDonald's Corp.	135,600		13,754
Panera Bread Co. Class A (a)	62,200		9,555
Starbucks Corp.	315,500		23,107
Starwood Hotels & Resorts Worldwide, Inc.	61,200		4,887
The Cheesecake Factory, Inc.	64,300		2,949
			101,746
Household Durables - 1.2%
Harman International Industries, Inc.	111,000		11,658
Lennar Corp. Class A	368,100		15,055
SodaStream International Ltd. (a)(d)	63,200		2,361
Toll Brothers, Inc. (a)	240,300		8,704
Tupperware Brands Corp.	54,600		4,571
			42,349
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. (a)	116,000		36,256
JD.com, Inc. sponsored ADR	26,000		650
priceline.com, Inc. (a)	13,500		17,262
			54,168
Media - 3.6%
AMC Networks, Inc. Class A (a)	186,300		11,528
Comcast Corp. Class A	1,129,100		58,939
DIRECTV (a)	80,600		6,645
IMAX Corp. (a)	434,100		11,386
Liberty Global PLC Class A (a)	77,400		3,485
Lions Gate Entertainment Corp. (d)	241,100		6,300
News Corp. Class A (a)	39,325		671
The Walt Disney Co.	123,300		10,358
Twenty-First Century Fox, Inc. Class A	475,500		16,837
			126,149
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
Target Corp.	91,300		$ 5,182
Specialty Retail - 2.9%
Abercrombie & Fitch Co. Class A	117,300		4,459
Bed Bath & Beyond, Inc. (a)	64,700		3,937
Cabela's, Inc. Class A (a)(d)	66,000		4,041
CarMax, Inc. (a)	209,700		9,292
DSW, Inc. Class A	133,800		3,352
Five Below, Inc. (a)	120,500		4,362
GNC Holdings, Inc.	143,100		5,283
Home Depot, Inc.	277,200		22,240
Lumber Liquidators Holdings, Inc. (a)(d)	361,200		28,058
TJX Companies, Inc.	275,400		14,996
			100,020
Textiles, Apparel & Luxury Goods - 3.4%
Fossil Group, Inc. (a)	147,100		15,410
Kate Spade & Co. (a)	207,100		7,541
lululemon athletica, Inc. (a)(d)	902,216		40,266
Michael Kors Holdings Ltd. (a)	235,600		22,236
NIKE, Inc. Class B	154,700		11,898
Prada SpA	454,000		3,396
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	130,100		5,789
Steven Madden Ltd. (a)	264,600		8,430
Under Armour, Inc. Class A (sub. vtg.) (a)	97,200		4,937
			119,903
TOTAL CONSUMER DISCRETIONARY			579,618
CONSUMER STAPLES - 10.4%
Beverages - 1.7%
Monster Beverage Corp. (a)	143,100		9,928
PepsiCo, Inc.	178,300		15,749
SABMiller PLC	107,700		5,977
The Coca-Cola Co.	640,800		26,215
			57,869
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.	263,300		30,548
CVS Caremark Corp.	379,800		29,746
Fresh Market, Inc. (a)(d)	56,433		1,730
Wal-Mart Stores, Inc.	242,080		18,584
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Walgreen Co.	298,500		$ 21,465
Whole Foods Market, Inc.	209,900		8,027
			110,100
Food Products - 2.4%
Bunge Ltd.	63,200		4,911
Keurig Green Mountain, Inc.	594,420		67,039
Mead Johnson Nutrition Co. Class A	99,100		8,866
Mondelez International, Inc.	125,000		4,703
			85,519
Household Products - 0.7%
Procter & Gamble Co.	206,000		16,643
Svenska Cellulosa AB (SCA) (B Shares)	334,800		9,316
			25,959
Personal Products - 0.4%
Avon Products, Inc.	100,242		1,432
Herbalife Ltd.	177,900		11,533
			12,965
Tobacco - 2.1%
Altria Group, Inc.	808,500		33,601
Japan Tobacco, Inc.	34,800		1,182
Lorillard, Inc.	186,200		11,576
Philip Morris International, Inc.	319,250		28,266
			74,625
TOTAL CONSUMER STAPLES			367,037
ENERGY - 4.8%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	95,840		5,564
Halliburton Co.	118,300		7,647
National Oilwell Varco, Inc.	83,988		6,876
Schlumberger Ltd.	351,900		36,612
			56,699
Oil, Gas & Consumable Fuels - 3.2%
Anadarko Petroleum Corp.	78,500		8,075
Cabot Oil & Gas Corp.	210,600		7,632
Chesapeake Energy Corp.	165,264		4,746
Concho Resources, Inc. (a)	69,800		9,200
Continental Resources, Inc. (a)	87,800		12,324
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EOG Resources, Inc.	41,200		$ 4,359
Hess Corp.	135,100		12,335
Marathon Petroleum Corp.	32,040		2,864
Noble Energy, Inc.	105,400		7,596
Occidental Petroleum Corp.	166,300		16,578
PDC Energy, Inc. (a)	48,700		3,126
Peabody Energy Corp.	118,100		1,908
Phillips 66 Co.	36,700		3,112
Pioneer Natural Resources Co.	27,400		5,758
Range Resources Corp.	16,300		1,515
Southwestern Energy Co. (a)	85,000		3,865
Valero Energy Corp.	148,600		8,329
			113,322
TOTAL ENERGY			170,021
FINANCIALS - 4.2%
Banks - 0.9%
Bank of America Corp.	297,800		4,509
Citigroup, Inc.	105,700		5,028
JPMorgan Chase & Co.	200,900		11,164
Signature Bank (a)	31,800		3,683
Wells Fargo & Co.	125,000		6,348
			30,732
Capital Markets - 0.6%
BlackRock, Inc. Class A	10,400		3,171
Charles Schwab Corp.	471,800		11,894
Goldman Sachs Group, Inc.	24,591		3,930
T. Rowe Price Group, Inc.	30,300		2,470
			21,465
Consumer Finance - 2.3%
American Express Co.	575,400		52,649
Discover Financial Services	483,633		28,597
			81,246
Diversified Financial Services - 0.2%
BM&F BOVESPA SA	765,958		3,754
CME Group, Inc.	22,000		1,584
			5,338
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	25,978		$ 4,324
Washington Prime Group, Inc. (a)	12,989		258
			4,582
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	100,400		2,363
TOTAL FINANCIALS			145,726
HEALTH CARE - 18.3%
Biotechnology - 13.9%
ACADIA Pharmaceuticals, Inc. (a)	194,600		4,018
Agios Pharmaceuticals, Inc.	63,067		2,217
Alexion Pharmaceuticals, Inc. (a)	41,700		6,936
Alkermes PLC (a)	1,241,000		56,850
Alnylam Pharmaceuticals, Inc. (a)	214,460		12,715
Amarin Corp. PLC ADR (a)(d)	265,000		374
Amgen, Inc.	240,600		27,907
Biogen Idec, Inc. (a)	45,600		14,563
Bluebird Bio, Inc.	110,300		2,550
Celgene Corp. (a)	55,235		8,453
Celldex Therapeutics, Inc. (a)	215,700		3,151
Cepheid, Inc. (a)	136,353		6,143
Clovis Oncology, Inc. (a)	16,500		845
Exelixis, Inc. (a)(d)	2,514,011		8,321
Geron Corp. (a)	1,222,800		2,543
Gilead Sciences, Inc. (a)	529,300		42,984
ImmunoGen, Inc. (a)(d)	1,369,351		16,186
Immunomedics, Inc. (a)(d)	1,354,187		4,509
Insmed, Inc. (a)	330,600		4,344
Intercept Pharmaceuticals, Inc. (a)	5,700		1,349
InterMune, Inc. (a)	110,400		4,374
Ironwood Pharmaceuticals, Inc. Class A (a)	227,500		3,258
Isis Pharmaceuticals, Inc. (a)(d)	1,259,953		36,816
Lexicon Pharmaceuticals, Inc. (a)	8,418,904		11,113
Merrimack Pharmaceuticals, Inc. (a)(d)	591,500		4,596
NPS Pharmaceuticals, Inc. (a)	484,500		15,082
Ophthotech Corp.	62,400		2,540
Prothena Corp. PLC (a)	117,602		2,448
Receptos, Inc.	87,600		2,607
Regeneron Pharmaceuticals, Inc. (a)	332,600		102,095
Regulus Therapeutics, Inc. (a)	337,200		2,269
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Rigel Pharmaceuticals, Inc. (a)	690,248		$ 2,271
Seattle Genetics, Inc. (a)(d)	1,665,767		55,587
Transition Therapeutics, Inc. (a)	1,007,397		5,128
uniQure B.V.	4,600		40
Vertex Pharmaceuticals, Inc. (a)	68,690		4,964
XOMA Corp. (a)	1,576,700		6,528
			488,674
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories	89,300		3,573
Align Technology, Inc. (a)	59,600		3,255
Baxter International, Inc.	38,900		2,895
Cyberonics, Inc. (a)	67,300		4,092
Insulet Corp. (a)	71,646		2,624
Steris Corp.	201,100		10,763
			27,202
Health Care Providers & Services - 0.8%
Accretive Health, Inc. (a)	596,000		4,464
BioScrip, Inc. (a)(d)	792,300		6,220
Catamaran Corp. (a)	30,500		1,344
Express Scripts Holding Co. (a)	125,167		8,946
McKesson Corp.	30,800		5,841
			26,815
Health Care Technology - 0.6%
Allscripts Healthcare Solutions, Inc. (a)	778,000		11,468
athenahealth, Inc. (a)(d)	85,900		10,902
Castlight Health, Inc. Class B (a)(d)	30,200		458
			22,828
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)(d)	98,000		15,509
Pharmaceuticals - 1.8%
AbbVie, Inc.	156,200		8,486
Actavis PLC (a)	44,500		9,414
Allergan, Inc.	84,600		14,167
Auxilium Pharmaceuticals, Inc. (a)	253,700		5,678
Bristol-Myers Squibb Co.	167,300		8,322
Hospira, Inc. (a)	57,200		2,813
Johnson & Johnson	37,800		3,835
Mylan, Inc. (a)	57,768		2,879
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Questcor Pharmaceuticals, Inc. (d)	66,800		$ 6,021
Revance Therapeutics, Inc.	17,500		551
			62,166
TOTAL HEALTH CARE			643,194
INDUSTRIALS - 8.1%
Aerospace & Defense - 0.8%
Honeywell International, Inc.	125,800		11,718
The Boeing Co.	132,500		17,921
			29,639
Air Freight & Logistics - 1.0%
FedEx Corp.	76,400		11,014
United Parcel Service, Inc. Class B	227,400		23,622
			34,636
Airlines - 1.9%
Delta Air Lines, Inc.	169,100		6,749
Southwest Airlines Co.	561,700		14,857
Spirit Airlines, Inc. (a)	330,700		19,534
United Continental Holdings, Inc. (a)	545,100		24,186
			65,326
Construction & Engineering - 0.2%
Quanta Services, Inc. (a)	204,359		6,938
Electrical Equipment - 0.3%
Acuity Brands, Inc.	74,400		9,338
Industrial Conglomerates - 1.3%
3M Co.	69,100		9,850
Danaher Corp.	291,000		22,823
General Electric Co.	263,800		7,067
Roper Industries, Inc.	38,800		5,497
			45,237
Machinery - 0.4%
Caterpillar, Inc.	72,100		7,371
Cummins, Inc.	29,400		4,496
ITT Corp.	24,100		1,053
Xylem, Inc.	63,000		2,350
			15,270
Professional Services - 0.0%
Paylocity Holding Corp. (a)	4,100		80
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 2.2%
CSX Corp.	324,100		$ 9,529
Hertz Global Holdings, Inc. (a)	655,400		19,347
J.B. Hunt Transport Services, Inc.	109,300		8,488
Kansas City Southern	13,600		1,462
Union Pacific Corp.	199,400		39,734
			78,560
TOTAL INDUSTRIALS			285,024
INFORMATION TECHNOLOGY - 34.1%
Communications Equipment - 1.9%
Infinera Corp. (a)	1,483,881		13,503
QUALCOMM, Inc.	582,565		46,867
Riverbed Technology, Inc. (a)	115,800		2,353
ViaSat, Inc. (a)	87,500		4,745
			67,468
Electronic Equipment & Components - 0.5%
IPG Photonics Corp. (a)	94,100		5,938
Trimble Navigation Ltd. (a)	334,700		12,073
			18,011
Internet Software & Services - 10.1%
Akamai Technologies, Inc. (a)	184,900		10,047
Cornerstone OnDemand, Inc. (a)	262,700		10,558
eBay, Inc. (a)	544,200		27,607
Facebook, Inc. Class A (a)	1,187,293		75,156
Google, Inc.:
Class A (a)	157,465		90,015
Class C (a)	157,465		88,335
LinkedIn Corp. (a)	18,800		3,010
Opower, Inc.	5,900		98
Qihoo 360 Technology Co. Ltd. ADR (a)	108,700		9,982
Rackspace Hosting, Inc. (a)	133,802		4,882
Tencent Holdings Ltd.	751,000		10,558
Trulia, Inc. (a)(d)	89,500		3,459
Twitter, Inc. (d)	128,800		4,178
Web.com Group, Inc. (a)	469,200		16,159
Wix.com Ltd. (a)	76,544		1,367
			355,411
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	254,432		$ 12,368
IBM Corp.	117,900		21,736
MasterCard, Inc. Class A	522,000		39,907
Visa, Inc. Class A	243,600		52,333
			126,344
Semiconductors & Semiconductor Equipment - 5.1%
Applied Materials, Inc.	211,300		4,266
Applied Micro Circuits Corp. (a)	1,394,600		12,551
Broadcom Corp. Class A	152,300		4,854
Cavium, Inc. (a)	74,300		3,639
Cree, Inc. (a)(d)	782,900		37,673
Cypress Semiconductor Corp.	1,344,866		13,785
First Solar, Inc. (a)	116,900		7,222
Intel Corp.	101,900		2,784
Mellanox Technologies Ltd. (a)(d)	198,600		6,272
NVIDIA Corp.	2,130,930		40,488
Rambus, Inc. (a)	1,255,300		15,189
Silicon Laboratories, Inc. (a)	625,100		28,205
Xilinx, Inc.	60,800		2,855
			179,783
Software - 8.0%
Adobe Systems, Inc. (a)	81,800		5,279
Citrix Systems, Inc. (a)	35,500		2,200
Concur Technologies, Inc. (a)	113,500		9,689
Interactive Intelligence Group, Inc. (a)	173,000		8,769
Intuit, Inc.	72,200		5,725
Microsoft Corp.	1,103,068		45,160
NetSuite, Inc. (a)	133,800		10,770
Oracle Corp.	338,200		14,211
Qlik Technologies, Inc. (a)	237,774		5,162
Red Hat, Inc. (a)	534,930		26,811
salesforce.com, Inc. (a)	2,357,200		124,059
ServiceNow, Inc. (a)	138,600		7,250
Solera Holdings, Inc.	13,500		881
Splunk, Inc. (a)	41,100		1,720
The Rubicon Project, Inc.	13,861		176
TiVo, Inc. (a)	262,000		3,118
VMware, Inc. Class A (a)	28,700		2,770
Workday, Inc. Class A (a)	62,300		4,882
			278,632
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.9%
3D Systems Corp. (a)(d)	35,700		$ 1,808
Apple, Inc.	254,858		161,328
Fusion-io, Inc. (a)(d)	618,532		4,942
Nimble Storage, Inc. (d)	4,900		124
SanDisk Corp.	49,200		4,754
			172,956
TOTAL INFORMATION TECHNOLOGY			1,198,605
MATERIALS - 2.0%
Chemicals - 1.7%
E.I. du Pont de Nemours & Co.	101,600		7,042
Eastman Chemical Co.	31,200		2,754
Metabolix, Inc. (a)(d)	203,084		167
Monsanto Co.	358,000		43,622
The Mosaic Co.	99,500		4,974
			58,559
Construction Materials - 0.0%
CaesarStone Sdot-Yam Ltd.	36,100		1,631
Metals & Mining - 0.3%
Nucor Corp.	76,800		3,888
U.S. Silica Holdings, Inc.	126,100		6,377
			10,265
TOTAL MATERIALS			70,455
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.4%
Level 3 Communications, Inc. (a)	96,700		4,221
Verizon Communications, Inc.	178,400		8,913
			13,134
Wireless Telecommunication Services - 0.2%
Sprint Corp. (a)	240,987		2,301
T-Mobile U.S., Inc. (a)	194,200		6,667
			8,968
TOTAL TELECOMMUNICATION SERVICES			22,102
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.0%
Ormat Technologies, Inc.	9,500		$ 283
Independent Power Producers & Energy Traders - 0.2%
NRG Energy, Inc.	150,100		5,350
TOTAL UTILITIES			5,633
TOTAL COMMON STOCKS (Cost $2,348,617)		3,487,415
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
aTyr Pharma, Inc. 8.00% (a)(e)	638,618		1,615
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
Cloudera, Inc. Series F (e)	41,786		621
MongoDB, Inc. Series F, 8.00% (e)	515,124		6,377
			6,998
TOTAL CONVERTIBLE PREFERRED STOCKS			8,613
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Equilibrate Asia Therapeutics Series D (a)(e)	676,657		11
Equilibrate Worldwide Therapeutics Series D (a)(e)	676,657		27
Neuropathic Worldwide Therapeutics Series D (a)(e)	676,657		5
Oculus Worldwide Therapeutics Series D (a)(e)	676,657		8
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e)	676,657		12
Orchestrate Worldwide Therapeutics Series D (a)(e)	676,657		21
			84
TOTAL PREFERRED STOCKS (Cost $10,922)		8,697
Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	20,239,853		$ 20,240
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	121,245,712		121,246
TOTAL MONEY MARKET FUNDS (Cost $141,486)		141,486
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025)			3,637,598
NET OTHER ASSETS (LIABILITIES) - (3.5)%			(121,489)
NET ASSETS - 100%		$ 3,516,109

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
aTyr Pharma, Inc. 8.00%	4/8/13	$ 1,615
Cloudera, Inc. Series F	2/5/14	$ 608
Equilibrate Asia Therapeutics Series D	5/17/13	$ 11
Equilibrate Worldwide Therapeutics Series D	5/17/13	$ 27
MongoDB, Inc. Series F, 8.00%	10/2/13	$ 8,615
Neuropathic Worldwide Therapeutics Series D	5/17/13	$ 5
Security	Acquisition Date	Acquisition Cost (000s)
Oculus Worldwide Therapeutics Series D	5/17/13	$ 8
Orchestrate U.S. Therapeutics, Inc. Series D	5/17/13	$ 12
Orchestrate Worldwide Therapeutics Series D	5/17/13	$ 21

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 29
Fidelity Securities Lending Cash Central Fund	614
Total	$ 643

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 579,618	$ 579,618	$ -	$ -
Consumer Staples	367,037	365,855	1,182	-
Energy	170,021	170,021	-	-
Financials	145,726	145,726	-	-
Health Care	644,893	643,194	-	1,699
Industrials	285,024	285,024	-	-
Information Technology	1,205,603	1,198,605	-	6,998
Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Materials	$ 70,455	$ 70,455	$ -	$ -
Telecommunication Services	22,102	22,102	-	-
Utilities	5,633	5,633	-	-
Money Market Funds	141,486	141,486	-	-
Total Investments in Securities:	$ 3,637,598	$ 3,627,719	$ 1,182	$ 8,697

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539)	$ 3,496,112
Fidelity Central Funds (cost $141,486)	141,486
Total Investments (cost $2,501,025)		$ 3,637,598
Cash		10
Foreign currency held at value (cost $23)		23
Receivable for investments sold		48,389
Receivable for fund shares sold		2,485
Dividends receivable		2,303
Distributions receivable from Fidelity Central Funds		94
Prepaid expenses		2
Other receivables		191
Total assets		3,691,095

Liabilities
Payable for investments purchased	$ 41,673
Payable for fund shares redeemed	8,858
Accrued management fee	1,463
Distribution and service plan fees payable	888
Other affiliated payables	677
Other payables and accrued expenses	181
Collateral on securities loaned, at value	121,246
Total liabilities		174,986

Net Assets		$ 3,516,109
Net Assets consist of:
Paid in capital		$ 2,596,541
Accumulated net investment loss		(10,738)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(206,267)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,136,573
Net Assets		$ 3,516,109

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($646,190.26 ÷ 11,333.628 shares)		$ 57.02

Maximum offering price per share (100/94.25 of $57.02)		$ 60.50
Class T: Net Asset Value and redemption price per share ($1,434,312.93 ÷ 25,116.055 shares)		$ 57.11

Maximum offering price per share (100/96.50 of $57.11)		$ 59.18
Class B: Net Asset Value and offering price per share ($10,272.04 ÷ 195.195 shares)^A		$ 52.62

Class C: Net Asset Value and offering price per share ($198,509.89 ÷ 3,748.592 shares)^A		$ 52.96


Institutional Class: Net Asset Value, offering price and redemption price per share ($1,226,712.23 ÷ 20,625.792 shares)		$ 59.47

Class Z: Net Asset Value, offering price and redemption price per share ($111.72 ÷ 1.876 shares)		$ 59.55

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 14,534
Income from Fidelity Central Funds		643
Total income		15,177

Expenses
Management fee Basic fee	$ 9,641
Performance adjustment	880
Transfer agent fees	3,486
Distribution and service plan fees	5,425
Accounting and security lending fees	520
Custodian fees and expenses	32
Independent trustees' compensation	7
Registration fees	79
Audit	34
Legal	7
Miscellaneous	11
Total expenses before reductions	20,122
Expense reductions	(3)	20,119
Net investment income (loss)		(4,942)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	44,062
Foreign currency transactions	1
Total net realized gain (loss)		44,063
Change in net unrealized appreciation (depreciation) on: Investment securities		83,722
Net gain (loss)		127,785
Net increase (decrease) in net assets resulting from operations		$ 122,843

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (4,942)	$ (6,532)
Net realized gain (loss)	44,063	167,083
Change in net unrealized appreciation (depreciation)	83,722	587,055
Net increase (decrease) in net assets resulting from operations	122,843	747,606
Share transactions - net increase (decrease)	129,170	411,715
Total increase (decrease) in net assets	252,013	1,159,321

Net Assets
Beginning of period	3,264,096	2,104,775
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively)	$ 3,516,109	$ 3,264,096

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30	$ 18.92
Income from Investment Operations
Net investment income (loss) ^E	(.07)	(.10)	(.11)	(.08)	- ^J	.10
Net realized and unrealized gain (loss)	2.20	13.65	6.06	3.17	6.13	7.28
Total from investment operations	2.13	13.55	5.95	3.09	6.13	7.38
Distributions from net investment income	-	-	-	-	(.11)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.13)	-
Net asset value, end of period	$ 57.02	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30
Total Return^{B, C, D}	3.88%	32.78%	16.81%	9.57%	23.42%	39.01%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.11% ^A	1.23%	1.30%	1.08%	.90%	.80%
Expenses net of fee waivers, if any	1.11% ^A	1.23%	1.29%	1.08%	.90%	.80%
Expenses net of all reductions	1.11% ^A	1.23%	1.29%	1.07%	.90%	.80%
Net investment income (loss)	(.24)% ^A	(.20)%	(.29)%	(.23)%	-% ^H	.45%
Supplemental Data
Net assets, end of period (in millions)	$ 646	$ 555	$ 359	$ 267	$ 255	$ 236
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52	$ 19.12
Income from Investment Operations
Net investment income (loss) ^E	(.13)	(.19)	(.19)	(.15)	(.06)	.05
Net realized and unrealized gain (loss)	2.20	13.69	6.11	3.19	6.19	7.35
Total from investment operations	2.07	13.50	5.92	3.04	6.13	7.40
Distributions from net investment income	-	-	-	-	(.05)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.07)	-
Net asset value, end of period	$ 57.11	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52
Total Return^{B, C, D}	3.76%	32.50%	16.62%	9.33%	23.18%	38.70%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of fee waivers, if any	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of all reductions	1.33% ^A	1.43%	1.48%	1.25%	1.09%	1.02%
Net investment income (loss)	(.46)% ^A	(.40)%	(.48)%	(.40)%	(.20)%	.23%
Supplemental Data
Net assets, end of period (in millions)	$ 1,434	$ 1,426	$ 1,187	$ 1,102	$ 1,126	$ 1,051
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01	$ 18.13
Income from Investment Operations
Net investment income (loss) ^E	(.28)	(.44)	(.39)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.03	12.69	5.70	3.00	5.84	6.94
Total from investment operations	1.75	12.25	5.31	2.67	5.63	6.88
Net asset value, end of period	$ 52.62	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01
Total Return ^{B, C, D}	3.44%	31.72%	15.94%	8.71%	22.51%	37.95%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.94% ^A	2.03%	2.07%	1.83%	1.66%	1.56%
Expenses net of fee waivers, if any	1.94% ^A	2.03%	2.05%	1.83%	1.66%	1.56%
Expenses net of all reductions	1.94% ^A	2.03%	2.05%	1.83%	1.65%	1.55%
Net investment income (loss)	(1.08)% ^A	(1.00)%	(1.05)%	(.98)%	(.76)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 10	$ 12	$ 13	$ 14	$ 18	$ 21
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14	$ 18.22
Income from Investment Operations
Net investment income (loss) ^E	(.26)	(.42)	(.38)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.05	12.76	5.73	3.02	5.86	6.98
Total from investment operations	1.79	12.34	5.35	2.69	5.65	6.92
Net asset value, end of period	$ 52.96	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14
Total Return^{B, C, D}	3.50%	31.78%	15.98%	8.74%	22.47%	37.98%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.85% ^A	1.96%	2.04%	1.82%	1.65%	1.56%
Expenses net of fee waivers, if any	1.85% ^A	1.96%	2.03%	1.82%	1.65%	1.56%
Expenses net of all reductions	1.85% ^A	1.96%	2.02%	1.82%	1.65%	1.55%
Net investment income (loss)	(.99)% ^A	(.93)%	(1.02)%	(.97)%	(.75)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 199	$ 159	$ 71	$ 47	$ 41	$ 37
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11	$ 19.43
Income from Investment Operations
Net investment income (loss) ^D	.01	.05	.01	.05	.10	.17
Net realized and unrealized gain (loss)	2.28	14.19	6.30	3.25	6.33	7.51
Total from investment operations	2.29	14.24	6.31	3.30	6.43	7.68
Distributions from net investment income	-	-	-	-	(.19)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.21)	-
Net asset value, end of period	$ 59.47	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11
Total Return^{B, C}	4.00%	33.16%	17.23%	9.90%	23.86%	39.53%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of fee waivers, if any	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of all reductions	.84% ^A	.93%	.97%	.72%	.56%	.46%
Net investment income (loss)	.03% ^A	.09%	.04%	.13%	.33%	.79%
Supplemental Data
Net assets, end of period (in millions)	$ 1,227	$ 1,112	$ 475	$ 215	$ 118	$ 26
Portfolio turnover rate ^F	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 57.20	$ 53.30
Income from Investment Operations
Net investment income (loss) ^D	.05	.02
Net realized and unrealized gain (loss)	2.30	3.88
Total from investment operations	2.35	3.90
Net asset value, end of period	$ 59.55	$ 57.20
Total Return^{B, C}	4.11%	7.32%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.69% ^A	.78% ^A
Expenses net of fee waivers, if any	.69% ^A	.78% ^A
Expenses net of all reductions	.69% ^A	.78% ^A
Net investment income (loss)	.18% ^A	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$112	$ 107
Portfolio turnover rate ^F	7% ^A	17%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,278,156
Gross unrealized depreciation	(143,402)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,134,754

Tax cost	$ 2,502,844

Fiscal year of expiration
2017	$ (246,838)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $295,223 and $117,271, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 780	$ 26
Class T	.25%	.25%	3,648	61
Class B	.75%	.25%	57	43
Class C	.75%	.25%	940	375
			$ 5,425	$ 505

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 134
Class T	28
Class B*	4
Class C*	16
	$ 182

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 689	.22
Class T	1,379	.19
Class B	17	.30
Class C	199	.21
Institutional Class	1,202	.20
Class Z	-**	.04
	$ 3,486

* Annualized

** Amount represents twenty-five dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent

Semiannual Report

7. Security Lending - continued

8. Expense Reductions.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013 ^A	Six months ended May 31, 2014	Year ended November 30, 2013 ^A
Class A
Shares sold	2,462	3,550	$ 141,488	$ 172,665
Shares redeemed	(1,243)	(2,123)	(70,288)	(101,685)
Net increase (decrease)	1,219	1,427	$ 71,200	$ 70,980
Class T
Shares sold	1,575	2,633	$ 89,843	$ 126,086
Shares redeemed	(2,365)	(5,298)	(134,620)	(251,560)
Net increase (decrease)	(790)	(2,665)	$ (44,777)	$ (125,474)
Class B
Shares sold	8	20	$ 425	$ 916
Shares redeemed	(53)	(122)	(2,768)	(5,334)
Net increase (decrease)	(45)	(102)	$ (2,343)	$ (4,418)
Class C
Shares sold	1,043	1,606	$ 55,540	$ 73,545
Shares redeemed	(402)	(315)	(20,995)	(13,899)
Net increase (decrease)	641	1,291	$ 34,545	$ 59,646
Institutional Class
Shares sold	3,957	11,525	$ 235,457	$ 569,791
Shares redeemed	(2,774)	(3,146)	(164,912)	(158,910)
Net increase (decrease)	1,183	8,379	$ 70,545	$ 410,881
Class Z
Shares sold	-	2	$ -	$ 100

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

GO-USAN-0714
1.786793.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Growth Opportunities

Fund - Class Z

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.11%
Actual		$ 1,000.00	$ 1,038.80	$ 5.64
Hypothetical^A		$ 1,000.00	$ 1,019.40	$ 5.59
Class T	1.33%
Actual		$ 1,000.00	$ 1,037.60	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.30	$ 6.69
Class B	1.94%
Actual		$ 1,000.00	$ 1,034.40	$ 9.84
Hypothetical^A		$ 1,000.00	$ 1,015.26	$ 9.75
Class C	1.85%
Actual		$ 1,000.00	$ 1,035.00	$ 9.39
Hypothetical^A		$ 1,000.00	$ 1,015.71	$ 9.30
Institutional Class	.84%
Actual		$ 1,000.00	$ 1,040.00	$ 4.27
Hypothetical^A		$ 1,000.00	$ 1,020.74	$ 4.23
Class Z	.69%
Actual		$ 1,000.00	$ 1,041.10	$ 3.51
Hypothetical^A		$ 1,000.00	$ 1,021.49	$ 3.48

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	4.6	4.1
salesforce.com, Inc.	3.5	3.6
Regeneron Pharmaceuticals, Inc.	2.9	3.0
Google, Inc. Class A	2.6	4.8
Google, Inc. Class C	2.5	0.0
Facebook, Inc. Class A	2.1	2.1
Keurig Green Mountain, Inc.	1.9	1.3
Comcast Corp. Class A	1.7	1.7
Alkermes PLC	1.6	1.5
Seattle Genetics, Inc.	1.6	2.1
	25.0
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	34.3	33.1
Health Care	18.4	19.0
Consumer Discretionary	16.5	18.2
Consumer Staples	10.4	9.9
Industrials	8.1	7.0

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks 99.2%			Stocks 97.5%
	Convertible Securities 0.3%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets (Liabilities) 0.5%			Short-Term Investments and Net Other Assets (Liabilities) 2.2%
* Foreign investments		6.4%	** Foreign investments		6.5%

goz632123

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.5%
Auto Components - 0.2%
Tenneco, Inc. (a)	121,700		$ 7,758
Automobiles - 0.6%
Tesla Motors, Inc. (a)(d)	107,536		22,343
Hotels, Restaurants & Leisure - 2.9%
Arcos Dorados Holdings, Inc. Class A (d)	222,600		1,981
Buffalo Wild Wings, Inc. (a)	64,200		9,278
Chipotle Mexican Grill, Inc. (a)	22,800		12,474
Chuy's Holdings, Inc. (a)	144,000		4,704
Dunkin' Brands Group, Inc.	196,700		8,804
Las Vegas Sands Corp.	133,992		10,253
McDonald's Corp.	135,600		13,754
Panera Bread Co. Class A (a)	62,200		9,555
Starbucks Corp.	315,500		23,107
Starwood Hotels & Resorts Worldwide, Inc.	61,200		4,887
The Cheesecake Factory, Inc.	64,300		2,949
			101,746
Household Durables - 1.2%
Harman International Industries, Inc.	111,000		11,658
Lennar Corp. Class A	368,100		15,055
SodaStream International Ltd. (a)(d)	63,200		2,361
Toll Brothers, Inc. (a)	240,300		8,704
Tupperware Brands Corp.	54,600		4,571
			42,349
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. (a)	116,000		36,256
JD.com, Inc. sponsored ADR	26,000		650
priceline.com, Inc. (a)	13,500		17,262
			54,168
Media - 3.6%
AMC Networks, Inc. Class A (a)	186,300		11,528
Comcast Corp. Class A	1,129,100		58,939
DIRECTV (a)	80,600		6,645
IMAX Corp. (a)	434,100		11,386
Liberty Global PLC Class A (a)	77,400		3,485
Lions Gate Entertainment Corp. (d)	241,100		6,300
News Corp. Class A (a)	39,325		671
The Walt Disney Co.	123,300		10,358
Twenty-First Century Fox, Inc. Class A	475,500		16,837
			126,149
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
Target Corp.	91,300		$ 5,182
Specialty Retail - 2.9%
Abercrombie & Fitch Co. Class A	117,300		4,459
Bed Bath & Beyond, Inc. (a)	64,700		3,937
Cabela's, Inc. Class A (a)(d)	66,000		4,041
CarMax, Inc. (a)	209,700		9,292
DSW, Inc. Class A	133,800		3,352
Five Below, Inc. (a)	120,500		4,362
GNC Holdings, Inc.	143,100		5,283
Home Depot, Inc.	277,200		22,240
Lumber Liquidators Holdings, Inc. (a)(d)	361,200		28,058
TJX Companies, Inc.	275,400		14,996
			100,020
Textiles, Apparel & Luxury Goods - 3.4%
Fossil Group, Inc. (a)	147,100		15,410
Kate Spade & Co. (a)	207,100		7,541
lululemon athletica, Inc. (a)(d)	902,216		40,266
Michael Kors Holdings Ltd. (a)	235,600		22,236
NIKE, Inc. Class B	154,700		11,898
Prada SpA	454,000		3,396
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	130,100		5,789
Steven Madden Ltd. (a)	264,600		8,430
Under Armour, Inc. Class A (sub. vtg.) (a)	97,200		4,937
			119,903
TOTAL CONSUMER DISCRETIONARY			579,618
CONSUMER STAPLES - 10.4%
Beverages - 1.7%
Monster Beverage Corp. (a)	143,100		9,928
PepsiCo, Inc.	178,300		15,749
SABMiller PLC	107,700		5,977
The Coca-Cola Co.	640,800		26,215
			57,869
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.	263,300		30,548
CVS Caremark Corp.	379,800		29,746
Fresh Market, Inc. (a)(d)	56,433		1,730
Wal-Mart Stores, Inc.	242,080		18,584
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Walgreen Co.	298,500		$ 21,465
Whole Foods Market, Inc.	209,900		8,027
			110,100
Food Products - 2.4%
Bunge Ltd.	63,200		4,911
Keurig Green Mountain, Inc.	594,420		67,039
Mead Johnson Nutrition Co. Class A	99,100		8,866
Mondelez International, Inc.	125,000		4,703
			85,519
Household Products - 0.7%
Procter & Gamble Co.	206,000		16,643
Svenska Cellulosa AB (SCA) (B Shares)	334,800		9,316
			25,959
Personal Products - 0.4%
Avon Products, Inc.	100,242		1,432
Herbalife Ltd.	177,900		11,533
			12,965
Tobacco - 2.1%
Altria Group, Inc.	808,500		33,601
Japan Tobacco, Inc.	34,800		1,182
Lorillard, Inc.	186,200		11,576
Philip Morris International, Inc.	319,250		28,266
			74,625
TOTAL CONSUMER STAPLES			367,037
ENERGY - 4.8%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	95,840		5,564
Halliburton Co.	118,300		7,647
National Oilwell Varco, Inc.	83,988		6,876
Schlumberger Ltd.	351,900		36,612
			56,699
Oil, Gas & Consumable Fuels - 3.2%
Anadarko Petroleum Corp.	78,500		8,075
Cabot Oil & Gas Corp.	210,600		7,632
Chesapeake Energy Corp.	165,264		4,746
Concho Resources, Inc. (a)	69,800		9,200
Continental Resources, Inc. (a)	87,800		12,324
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EOG Resources, Inc.	41,200		$ 4,359
Hess Corp.	135,100		12,335
Marathon Petroleum Corp.	32,040		2,864
Noble Energy, Inc.	105,400		7,596
Occidental Petroleum Corp.	166,300		16,578
PDC Energy, Inc. (a)	48,700		3,126
Peabody Energy Corp.	118,100		1,908
Phillips 66 Co.	36,700		3,112
Pioneer Natural Resources Co.	27,400		5,758
Range Resources Corp.	16,300		1,515
Southwestern Energy Co. (a)	85,000		3,865
Valero Energy Corp.	148,600		8,329
			113,322
TOTAL ENERGY			170,021
FINANCIALS - 4.2%
Banks - 0.9%
Bank of America Corp.	297,800		4,509
Citigroup, Inc.	105,700		5,028
JPMorgan Chase & Co.	200,900		11,164
Signature Bank (a)	31,800		3,683
Wells Fargo & Co.	125,000		6,348
			30,732
Capital Markets - 0.6%
BlackRock, Inc. Class A	10,400		3,171
Charles Schwab Corp.	471,800		11,894
Goldman Sachs Group, Inc.	24,591		3,930
T. Rowe Price Group, Inc.	30,300		2,470
			21,465
Consumer Finance - 2.3%
American Express Co.	575,400		52,649
Discover Financial Services	483,633		28,597
			81,246
Diversified Financial Services - 0.2%
BM&F BOVESPA SA	765,958		3,754
CME Group, Inc.	22,000		1,584
			5,338
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	25,978		$ 4,324
Washington Prime Group, Inc. (a)	12,989		258
			4,582
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	100,400		2,363
TOTAL FINANCIALS			145,726
HEALTH CARE - 18.3%
Biotechnology - 13.9%
ACADIA Pharmaceuticals, Inc. (a)	194,600		4,018
Agios Pharmaceuticals, Inc.	63,067		2,217
Alexion Pharmaceuticals, Inc. (a)	41,700		6,936
Alkermes PLC (a)	1,241,000		56,850
Alnylam Pharmaceuticals, Inc. (a)	214,460		12,715
Amarin Corp. PLC ADR (a)(d)	265,000		374
Amgen, Inc.	240,600		27,907
Biogen Idec, Inc. (a)	45,600		14,563
Bluebird Bio, Inc.	110,300		2,550
Celgene Corp. (a)	55,235		8,453
Celldex Therapeutics, Inc. (a)	215,700		3,151
Cepheid, Inc. (a)	136,353		6,143
Clovis Oncology, Inc. (a)	16,500		845
Exelixis, Inc. (a)(d)	2,514,011		8,321
Geron Corp. (a)	1,222,800		2,543
Gilead Sciences, Inc. (a)	529,300		42,984
ImmunoGen, Inc. (a)(d)	1,369,351		16,186
Immunomedics, Inc. (a)(d)	1,354,187		4,509
Insmed, Inc. (a)	330,600		4,344
Intercept Pharmaceuticals, Inc. (a)	5,700		1,349
InterMune, Inc. (a)	110,400		4,374
Ironwood Pharmaceuticals, Inc. Class A (a)	227,500		3,258
Isis Pharmaceuticals, Inc. (a)(d)	1,259,953		36,816
Lexicon Pharmaceuticals, Inc. (a)	8,418,904		11,113
Merrimack Pharmaceuticals, Inc. (a)(d)	591,500		4,596
NPS Pharmaceuticals, Inc. (a)	484,500		15,082
Ophthotech Corp.	62,400		2,540
Prothena Corp. PLC (a)	117,602		2,448
Receptos, Inc.	87,600		2,607
Regeneron Pharmaceuticals, Inc. (a)	332,600		102,095
Regulus Therapeutics, Inc. (a)	337,200		2,269
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Rigel Pharmaceuticals, Inc. (a)	690,248		$ 2,271
Seattle Genetics, Inc. (a)(d)	1,665,767		55,587
Transition Therapeutics, Inc. (a)	1,007,397		5,128
uniQure B.V.	4,600		40
Vertex Pharmaceuticals, Inc. (a)	68,690		4,964
XOMA Corp. (a)	1,576,700		6,528
			488,674
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories	89,300		3,573
Align Technology, Inc. (a)	59,600		3,255
Baxter International, Inc.	38,900		2,895
Cyberonics, Inc. (a)	67,300		4,092
Insulet Corp. (a)	71,646		2,624
Steris Corp.	201,100		10,763
			27,202
Health Care Providers & Services - 0.8%
Accretive Health, Inc. (a)	596,000		4,464
BioScrip, Inc. (a)(d)	792,300		6,220
Catamaran Corp. (a)	30,500		1,344
Express Scripts Holding Co. (a)	125,167		8,946
McKesson Corp.	30,800		5,841
			26,815
Health Care Technology - 0.6%
Allscripts Healthcare Solutions, Inc. (a)	778,000		11,468
athenahealth, Inc. (a)(d)	85,900		10,902
Castlight Health, Inc. Class B (a)(d)	30,200		458
			22,828
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)(d)	98,000		15,509
Pharmaceuticals - 1.8%
AbbVie, Inc.	156,200		8,486
Actavis PLC (a)	44,500		9,414
Allergan, Inc.	84,600		14,167
Auxilium Pharmaceuticals, Inc. (a)	253,700		5,678
Bristol-Myers Squibb Co.	167,300		8,322
Hospira, Inc. (a)	57,200		2,813
Johnson & Johnson	37,800		3,835
Mylan, Inc. (a)	57,768		2,879
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Questcor Pharmaceuticals, Inc. (d)	66,800		$ 6,021
Revance Therapeutics, Inc.	17,500		551
			62,166
TOTAL HEALTH CARE			643,194
INDUSTRIALS - 8.1%
Aerospace & Defense - 0.8%
Honeywell International, Inc.	125,800		11,718
The Boeing Co.	132,500		17,921
			29,639
Air Freight & Logistics - 1.0%
FedEx Corp.	76,400		11,014
United Parcel Service, Inc. Class B	227,400		23,622
			34,636
Airlines - 1.9%
Delta Air Lines, Inc.	169,100		6,749
Southwest Airlines Co.	561,700		14,857
Spirit Airlines, Inc. (a)	330,700		19,534
United Continental Holdings, Inc. (a)	545,100		24,186
			65,326
Construction & Engineering - 0.2%
Quanta Services, Inc. (a)	204,359		6,938
Electrical Equipment - 0.3%
Acuity Brands, Inc.	74,400		9,338
Industrial Conglomerates - 1.3%
3M Co.	69,100		9,850
Danaher Corp.	291,000		22,823
General Electric Co.	263,800		7,067
Roper Industries, Inc.	38,800		5,497
			45,237
Machinery - 0.4%
Caterpillar, Inc.	72,100		7,371
Cummins, Inc.	29,400		4,496
ITT Corp.	24,100		1,053
Xylem, Inc.	63,000		2,350
			15,270
Professional Services - 0.0%
Paylocity Holding Corp. (a)	4,100		80
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 2.2%
CSX Corp.	324,100		$ 9,529
Hertz Global Holdings, Inc. (a)	655,400		19,347
J.B. Hunt Transport Services, Inc.	109,300		8,488
Kansas City Southern	13,600		1,462
Union Pacific Corp.	199,400		39,734
			78,560
TOTAL INDUSTRIALS			285,024
INFORMATION TECHNOLOGY - 34.1%
Communications Equipment - 1.9%
Infinera Corp. (a)	1,483,881		13,503
QUALCOMM, Inc.	582,565		46,867
Riverbed Technology, Inc. (a)	115,800		2,353
ViaSat, Inc. (a)	87,500		4,745
			67,468
Electronic Equipment & Components - 0.5%
IPG Photonics Corp. (a)	94,100		5,938
Trimble Navigation Ltd. (a)	334,700		12,073
			18,011
Internet Software & Services - 10.1%
Akamai Technologies, Inc. (a)	184,900		10,047
Cornerstone OnDemand, Inc. (a)	262,700		10,558
eBay, Inc. (a)	544,200		27,607
Facebook, Inc. Class A (a)	1,187,293		75,156
Google, Inc.:
Class A (a)	157,465		90,015
Class C (a)	157,465		88,335
LinkedIn Corp. (a)	18,800		3,010
Opower, Inc.	5,900		98
Qihoo 360 Technology Co. Ltd. ADR (a)	108,700		9,982
Rackspace Hosting, Inc. (a)	133,802		4,882
Tencent Holdings Ltd.	751,000		10,558
Trulia, Inc. (a)(d)	89,500		3,459
Twitter, Inc. (d)	128,800		4,178
Web.com Group, Inc. (a)	469,200		16,159
Wix.com Ltd. (a)	76,544		1,367
			355,411
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	254,432		$ 12,368
IBM Corp.	117,900		21,736
MasterCard, Inc. Class A	522,000		39,907
Visa, Inc. Class A	243,600		52,333
			126,344
Semiconductors & Semiconductor Equipment - 5.1%
Applied Materials, Inc.	211,300		4,266
Applied Micro Circuits Corp. (a)	1,394,600		12,551
Broadcom Corp. Class A	152,300		4,854
Cavium, Inc. (a)	74,300		3,639
Cree, Inc. (a)(d)	782,900		37,673
Cypress Semiconductor Corp.	1,344,866		13,785
First Solar, Inc. (a)	116,900		7,222
Intel Corp.	101,900		2,784
Mellanox Technologies Ltd. (a)(d)	198,600		6,272
NVIDIA Corp.	2,130,930		40,488
Rambus, Inc. (a)	1,255,300		15,189
Silicon Laboratories, Inc. (a)	625,100		28,205
Xilinx, Inc.	60,800		2,855
			179,783
Software - 8.0%
Adobe Systems, Inc. (a)	81,800		5,279
Citrix Systems, Inc. (a)	35,500		2,200
Concur Technologies, Inc. (a)	113,500		9,689
Interactive Intelligence Group, Inc. (a)	173,000		8,769
Intuit, Inc.	72,200		5,725
Microsoft Corp.	1,103,068		45,160
NetSuite, Inc. (a)	133,800		10,770
Oracle Corp.	338,200		14,211
Qlik Technologies, Inc. (a)	237,774		5,162
Red Hat, Inc. (a)	534,930		26,811
salesforce.com, Inc. (a)	2,357,200		124,059
ServiceNow, Inc. (a)	138,600		7,250
Solera Holdings, Inc.	13,500		881
Splunk, Inc. (a)	41,100		1,720
The Rubicon Project, Inc.	13,861		176
TiVo, Inc. (a)	262,000		3,118
VMware, Inc. Class A (a)	28,700		2,770
Workday, Inc. Class A (a)	62,300		4,882
			278,632
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.9%
3D Systems Corp. (a)(d)	35,700		$ 1,808
Apple, Inc.	254,858		161,328
Fusion-io, Inc. (a)(d)	618,532		4,942
Nimble Storage, Inc. (d)	4,900		124
SanDisk Corp.	49,200		4,754
			172,956
TOTAL INFORMATION TECHNOLOGY			1,198,605
MATERIALS - 2.0%
Chemicals - 1.7%
E.I. du Pont de Nemours & Co.	101,600		7,042
Eastman Chemical Co.	31,200		2,754
Metabolix, Inc. (a)(d)	203,084		167
Monsanto Co.	358,000		43,622
The Mosaic Co.	99,500		4,974
			58,559
Construction Materials - 0.0%
CaesarStone Sdot-Yam Ltd.	36,100		1,631
Metals & Mining - 0.3%
Nucor Corp.	76,800		3,888
U.S. Silica Holdings, Inc.	126,100		6,377
			10,265
TOTAL MATERIALS			70,455
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.4%
Level 3 Communications, Inc. (a)	96,700		4,221
Verizon Communications, Inc.	178,400		8,913
			13,134
Wireless Telecommunication Services - 0.2%
Sprint Corp. (a)	240,987		2,301
T-Mobile U.S., Inc. (a)	194,200		6,667
			8,968
TOTAL TELECOMMUNICATION SERVICES			22,102
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.0%
Ormat Technologies, Inc.	9,500		$ 283
Independent Power Producers & Energy Traders - 0.2%
NRG Energy, Inc.	150,100		5,350
TOTAL UTILITIES			5,633
TOTAL COMMON STOCKS (Cost $2,348,617)		3,487,415
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.3%
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
aTyr Pharma, Inc. 8.00% (a)(e)	638,618		1,615
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
Cloudera, Inc. Series F (e)	41,786		621
MongoDB, Inc. Series F, 8.00% (e)	515,124		6,377
			6,998
TOTAL CONVERTIBLE PREFERRED STOCKS			8,613
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Equilibrate Asia Therapeutics Series D (a)(e)	676,657		11
Equilibrate Worldwide Therapeutics Series D (a)(e)	676,657		27
Neuropathic Worldwide Therapeutics Series D (a)(e)	676,657		5
Oculus Worldwide Therapeutics Series D (a)(e)	676,657		8
Orchestrate U.S. Therapeutics, Inc. Series D (a)(e)	676,657		12
Orchestrate Worldwide Therapeutics Series D (a)(e)	676,657		21
			84
TOTAL PREFERRED STOCKS (Cost $10,922)		8,697
Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	20,239,853		$ 20,240
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	121,245,712		121,246
TOTAL MONEY MARKET FUNDS (Cost $141,486)		141,486
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,501,025)			3,637,598
NET OTHER ASSETS (LIABILITIES) - (3.5)%			(121,489)
NET ASSETS - 100%		$ 3,516,109

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
aTyr Pharma, Inc. 8.00%	4/8/13	$ 1,615
Cloudera, Inc. Series F	2/5/14	$ 608
Equilibrate Asia Therapeutics Series D	5/17/13	$ 11
Equilibrate Worldwide Therapeutics Series D	5/17/13	$ 27
MongoDB, Inc. Series F, 8.00%	10/2/13	$ 8,615
Neuropathic Worldwide Therapeutics Series D	5/17/13	$ 5
Security	Acquisition Date	Acquisition Cost (000s)
Oculus Worldwide Therapeutics Series D	5/17/13	$ 8
Orchestrate U.S. Therapeutics, Inc. Series D	5/17/13	$ 12
Orchestrate Worldwide Therapeutics Series D	5/17/13	$ 21

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 29
Fidelity Securities Lending Cash Central Fund	614
Total	$ 643

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 579,618	$ 579,618	$ -	$ -
Consumer Staples	367,037	365,855	1,182	-
Energy	170,021	170,021	-	-
Financials	145,726	145,726	-	-
Health Care	644,893	643,194	-	1,699
Industrials	285,024	285,024	-	-
Information Technology	1,205,603	1,198,605	-	6,998
Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Materials	$ 70,455	$ 70,455	$ -	$ -
Telecommunication Services	22,102	22,102	-	-
Utilities	5,633	5,633	-	-
Money Market Funds	141,486	141,486	-	-
Total Investments in Securities:	$ 3,637,598	$ 3,627,719	$ 1,182	$ 8,697

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $116,277) - See accompanying schedule: Unaffiliated issuers (cost $2,359,539)	$ 3,496,112
Fidelity Central Funds (cost $141,486)	141,486
Total Investments (cost $2,501,025)		$ 3,637,598
Cash		10
Foreign currency held at value (cost $23)		23
Receivable for investments sold		48,389
Receivable for fund shares sold		2,485
Dividends receivable		2,303
Distributions receivable from Fidelity Central Funds		94
Prepaid expenses		2
Other receivables		191
Total assets		3,691,095

Liabilities
Payable for investments purchased	$ 41,673
Payable for fund shares redeemed	8,858
Accrued management fee	1,463
Distribution and service plan fees payable	888
Other affiliated payables	677
Other payables and accrued expenses	181
Collateral on securities loaned, at value	121,246
Total liabilities		174,986

Net Assets		$ 3,516,109
Net Assets consist of:
Paid in capital		$ 2,596,541
Accumulated net investment loss		(10,738)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(206,267)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,136,573
Net Assets		$ 3,516,109

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($646,190.26 ÷ 11,333.628 shares)		$ 57.02

Maximum offering price per share (100/94.25 of $57.02)		$ 60.50
Class T: Net Asset Value and redemption price per share ($1,434,312.93 ÷ 25,116.055 shares)		$ 57.11

Maximum offering price per share (100/96.50 of $57.11)		$ 59.18
Class B: Net Asset Value and offering price per share ($10,272.04 ÷ 195.195 shares)^A		$ 52.62

Class C: Net Asset Value and offering price per share ($198,509.89 ÷ 3,748.592 shares)^A		$ 52.96


Institutional Class: Net Asset Value, offering price and redemption price per share ($1,226,712.23 ÷ 20,625.792 shares)		$ 59.47

Class Z: Net Asset Value, offering price and redemption price per share ($111.72 ÷ 1.876 shares)		$ 59.55

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 14,534
Income from Fidelity Central Funds		643
Total income		15,177

Expenses
Management fee Basic fee	$ 9,641
Performance adjustment	880
Transfer agent fees	3,486
Distribution and service plan fees	5,425
Accounting and security lending fees	520
Custodian fees and expenses	32
Independent trustees' compensation	7
Registration fees	79
Audit	34
Legal	7
Miscellaneous	11
Total expenses before reductions	20,122
Expense reductions	(3)	20,119
Net investment income (loss)		(4,942)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	44,062
Foreign currency transactions	1
Total net realized gain (loss)		44,063
Change in net unrealized appreciation (depreciation) on: Investment securities		83,722
Net gain (loss)		127,785
Net increase (decrease) in net assets resulting from operations		$ 122,843

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (4,942)	$ (6,532)
Net realized gain (loss)	44,063	167,083
Change in net unrealized appreciation (depreciation)	83,722	587,055
Net increase (decrease) in net assets resulting from operations	122,843	747,606
Share transactions - net increase (decrease)	129,170	411,715
Total increase (decrease) in net assets	252,013	1,159,321

Net Assets
Beginning of period	3,264,096	2,104,775
End of period (including accumulated net investment loss of $10,738 and accumulated net investment loss of $5,796, respectively)	$ 3,516,109	$ 3,264,096

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30	$ 18.92
Income from Investment Operations
Net investment income (loss) ^E	(.07)	(.10)	(.11)	(.08)	- ^J	.10
Net realized and unrealized gain (loss)	2.20	13.65	6.06	3.17	6.13	7.28
Total from investment operations	2.13	13.55	5.95	3.09	6.13	7.38
Distributions from net investment income	-	-	-	-	(.11)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.13)	-
Net asset value, end of period	$ 57.02	$ 54.89	$ 41.34	$ 35.39	$ 32.30	$ 26.30
Total Return^{B, C, D}	3.88%	32.78%	16.81%	9.57%	23.42%	39.01%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.11% ^A	1.23%	1.30%	1.08%	.90%	.80%
Expenses net of fee waivers, if any	1.11% ^A	1.23%	1.29%	1.08%	.90%	.80%
Expenses net of all reductions	1.11% ^A	1.23%	1.29%	1.07%	.90%	.80%
Net investment income (loss)	(.24)% ^A	(.20)%	(.29)%	(.23)%	-% ^H	.45%
Supplemental Data
Net assets, end of period (in millions)	$ 646	$ 555	$ 359	$ 267	$ 255	$ 236
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52	$ 19.12
Income from Investment Operations
Net investment income (loss) ^E	(.13)	(.19)	(.19)	(.15)	(.06)	.05
Net realized and unrealized gain (loss)	2.20	13.69	6.11	3.19	6.19	7.35
Total from investment operations	2.07	13.50	5.92	3.04	6.13	7.40
Distributions from net investment income	-	-	-	-	(.05)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.07)	-
Net asset value, end of period	$ 57.11	$ 55.04	$ 41.54	$ 35.62	$ 32.58	$ 26.52
Total Return^{B, C, D}	3.76%	32.50%	16.62%	9.33%	23.18%	38.70%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of fee waivers, if any	1.33% ^A	1.43%	1.48%	1.25%	1.10%	1.03%
Expenses net of all reductions	1.33% ^A	1.43%	1.48%	1.25%	1.09%	1.02%
Net investment income (loss)	(.46)% ^A	(.40)%	(.48)%	(.40)%	(.20)%	.23%
Supplemental Data
Net assets, end of period (in millions)	$ 1,434	$ 1,426	$ 1,187	$ 1,102	$ 1,126	$ 1,051
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01	$ 18.13
Income from Investment Operations
Net investment income (loss) ^E	(.28)	(.44)	(.39)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.03	12.69	5.70	3.00	5.84	6.94
Total from investment operations	1.75	12.25	5.31	2.67	5.63	6.88
Net asset value, end of period	$ 52.62	$ 50.87	$ 38.62	$ 33.31	$ 30.64	$ 25.01
Total Return ^{B, C, D}	3.44%	31.72%	15.94%	8.71%	22.51%	37.95%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.94% ^A	2.03%	2.07%	1.83%	1.66%	1.56%
Expenses net of fee waivers, if any	1.94% ^A	2.03%	2.05%	1.83%	1.66%	1.56%
Expenses net of all reductions	1.94% ^A	2.03%	2.05%	1.83%	1.65%	1.55%
Net investment income (loss)	(1.08)% ^A	(1.00)%	(1.05)%	(.98)%	(.76)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 10	$ 12	$ 13	$ 14	$ 18	$ 21
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14	$ 18.22
Income from Investment Operations
Net investment income (loss) ^E	(.26)	(.42)	(.38)	(.33)	(.21)	(.06)
Net realized and unrealized gain (loss)	2.05	12.76	5.73	3.02	5.86	6.98
Total from investment operations	1.79	12.34	5.35	2.69	5.65	6.92
Net asset value, end of period	$ 52.96	$ 51.17	$ 38.83	$ 33.48	$ 30.79	$ 25.14
Total Return^{B, C, D}	3.50%	31.78%	15.98%	8.74%	22.47%	37.98%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.85% ^A	1.96%	2.04%	1.82%	1.65%	1.56%
Expenses net of fee waivers, if any	1.85% ^A	1.96%	2.03%	1.82%	1.65%	1.56%
Expenses net of all reductions	1.85% ^A	1.96%	2.02%	1.82%	1.65%	1.55%
Net investment income (loss)	(.99)% ^A	(.93)%	(1.02)%	(.97)%	(.75)%	(.30)%
Supplemental Data
Net assets, end of period (in millions)	$ 199	$ 159	$ 71	$ 47	$ 41	$ 37
Portfolio turnover rate ^G	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11	$ 19.43
Income from Investment Operations
Net investment income (loss) ^D	.01	.05	.01	.05	.10	.17
Net realized and unrealized gain (loss)	2.28	14.19	6.30	3.25	6.33	7.51
Total from investment operations	2.29	14.24	6.31	3.30	6.43	7.68
Distributions from net investment income	-	-	-	-	(.19)	-
Distributions from net realized gain	-	-	-	-	(.02)	-
Total distributions	-	-	-	-	(.21)	-
Net asset value, end of period	$ 59.47	$ 57.18	$ 42.94	$ 36.63	$ 33.33	$ 27.11
Total Return^{B, C}	4.00%	33.16%	17.23%	9.90%	23.86%	39.53%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of fee waivers, if any	.84% ^A	.93%	.97%	.72%	.57%	.46%
Expenses net of all reductions	.84% ^A	.93%	.97%	.72%	.56%	.46%
Net investment income (loss)	.03% ^A	.09%	.04%	.13%	.33%	.79%
Supplemental Data
Net assets, end of period (in millions)	$ 1,227	$ 1,112	$ 475	$ 215	$ 118	$ 26
Portfolio turnover rate ^F	7% ^A	17%	34%	31%	35%	114%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 57.20	$ 53.30
Income from Investment Operations
Net investment income (loss) ^D	.05	.02
Net realized and unrealized gain (loss)	2.30	3.88
Total from investment operations	2.35	3.90
Net asset value, end of period	$ 59.55	$ 57.20
Total Return^{B, C}	4.11%	7.32%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.69% ^A	.78% ^A
Expenses net of fee waivers, if any	.69% ^A	.78% ^A
Expenses net of all reductions	.69% ^A	.78% ^A
Net investment income (loss)	.18% ^A	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$112	$ 107
Portfolio turnover rate ^F	7% ^A	17%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,278,156
Gross unrealized depreciation	(143,402)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,134,754

Tax cost	$ 2,502,844

Fiscal year of expiration
2017	$ (246,838)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $295,223 and $117,271, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 780	$ 26
Class T	.25%	.25%	3,648	61
Class B	.75%	.25%	57	43
Class C	.75%	.25%	940	375
			$ 5,425	$ 505

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 134
Class T	28
Class B*	4
Class C*	16
	$ 182

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 689	.22
Class T	1,379	.19
Class B	17	.30
Class C	199	.21
Institutional Class	1,202	.20
Class Z	-**	.04
	$ 3,486

* Annualized

** Amount represents twenty-five dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,772. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent

Semiannual Report

7. Security Lending - continued

8. Expense Reductions.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013 ^A	Six months ended May 31, 2014	Year ended November 30, 2013 ^A
Class A
Shares sold	2,462	3,550	$ 141,488	$ 172,665
Shares redeemed	(1,243)	(2,123)	(70,288)	(101,685)
Net increase (decrease)	1,219	1,427	$ 71,200	$ 70,980
Class T
Shares sold	1,575	2,633	$ 89,843	$ 126,086
Shares redeemed	(2,365)	(5,298)	(134,620)	(251,560)
Net increase (decrease)	(790)	(2,665)	$ (44,777)	$ (125,474)
Class B
Shares sold	8	20	$ 425	$ 916
Shares redeemed	(53)	(122)	(2,768)	(5,334)
Net increase (decrease)	(45)	(102)	$ (2,343)	$ (4,418)
Class C
Shares sold	1,043	1,606	$ 55,540	$ 73,545
Shares redeemed	(402)	(315)	(20,995)	(13,899)
Net increase (decrease)	641	1,291	$ 34,545	$ 59,646
Institutional Class
Shares sold	3,957	11,525	$ 235,457	$ 569,791
Shares redeemed	(2,774)	(3,146)	(164,912)	(158,910)
Net increase (decrease)	1,183	8,379	$ 70,545	$ 410,881
Class Z
Shares sold	-	2	$ -	$ 100

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

GOZ-USAN-0714
1.9585499.100

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Large Cap

Fund - Institutional Class

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.25%
Actual		$ 1,000.00	$ 1,071.10	$ 6.45
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class T	1.50%
Actual		$ 1,000.00	$ 1,069.70	$ 7.74
Hypothetical^A		$ 1,000.00	$ 1,017.45	$ 7.54
Class B	2.00%
Actual		$ 1,000.00	$ 1,067.10	$ 10.31
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Class C	2.00%
Actual		$ 1,000.00	$ 1,067.30	$ 10.31
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Institutional Class	1.00%
Actual		$ 1,000.00	$ 1,072.10	$ 5.17
Hypothetical^A		$ 1,000.00	$ 1,019.95	$ 5.04

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	3.9	3.7
Apple, Inc.	3.7	3.8
Microsoft Corp.	2.6	2.5
General Electric Co.	2.4	2.4
Citigroup, Inc.	2.1	2.1
Verizon Communications, Inc.	2.0	0.9
Target Corp.	1.9	1.5
Chevron Corp.	1.8	1.8
Comcast Corp. Class A (special) (non-vtg.)	1.7	1.4
Bank of America Corp.	1.7	1.7
	23.8
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	20.4	20.5
Financials	19.4	20.9
Health Care	13.5	15.2
Energy	11.1	11.7
Consumer Staples	10.8	9.0

Asset Allocation (% of fund's net assets)
As of May 31, 2014*			As of November 30, 2013**
	Stocks 97.5%			Stocks 98.3%
	Convertible Securities 0.1%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 2.4%			Short-Term Investments and Net Other Assets (Liabilities) 1.6%
* Foreign investments		12.4%	** Foreign investments		12.0%

lci127247

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
CONSUMER DISCRETIONARY - 7.5%
Diversified Consumer Services - 0.3%
H&R Block, Inc.	86,217		$ 2,567,542
Hotels, Restaurants & Leisure - 1.0%
McDonald's Corp.	21,200		2,150,316
Yum! Brands, Inc.	94,838		7,331,926
			9,482,242
Leisure Products - 0.2%
NJOY, Inc. (a)(e)	115,947		1,962,531
Media - 2.9%
Comcast Corp. Class A (special) (non-vtg.)	310,337		16,087,870
Discovery Communications, Inc. Class A (a)	3,077		236,806
Time Warner, Inc.	149,559		10,443,705
			26,768,381
Multiline Retail - 1.9%
Target Corp.	318,440		18,074,654
Specialty Retail - 1.2%
Lowe's Companies, Inc.	211,679		9,965,847
Sally Beauty Holdings, Inc. (a)	26,400		676,368
Staples, Inc.	97,209		1,093,601
			11,735,816
TOTAL CONSUMER DISCRETIONARY			70,591,166
CONSUMER STAPLES - 10.8%
Beverages - 3.1%
Diageo PLC	98,300		3,165,081
Molson Coors Brewing Co. Class B	7,100		466,683
Monster Beverage Corp. (a)	18,464		1,281,032
PepsiCo, Inc.	82,940		7,326,090
Pernod Ricard SA	11,800		1,446,861
Remy Cointreau SA	13,350		1,237,468
SABMiller PLC	76,100		4,223,473
The Coca-Cola Co.	254,775		10,422,845
			29,569,533
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	66,711		5,224,806
Walgreen Co.	125,155		8,999,896
			14,224,702
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 0.6%
Kellogg Co.	65,717		$ 4,533,159
Mead Johnson Nutrition Co. Class A	13,100		1,172,057
			5,705,216
Household Products - 1.4%
Procter & Gamble Co.	156,852		12,672,073
Tobacco - 4.2%
British American Tobacco PLC sponsored ADR	115,031		13,948,659
Lorillard, Inc.	188,644		11,727,997
Philip Morris International, Inc.	101,529		8,989,378
Reynolds American, Inc.	78,200		4,663,066
			39,329,100
TOTAL CONSUMER STAPLES			101,500,624
ENERGY - 11.1%
Energy Equipment & Services - 1.8%
Cameron International Corp. (a)	63,445		4,057,308
Dresser-Rand Group, Inc. (a)	28,152		1,722,902
Ensco PLC Class A	55,150		2,904,199
National Oilwell Varco, Inc.	31,632		2,589,712
Oceaneering International, Inc.	10,000		720,500
Schlumberger Ltd.	44,405		4,619,896
			16,614,517
Oil, Gas & Consumable Fuels - 9.3%
Amyris, Inc. (a)(d)	549,073		1,877,830
Anadarko Petroleum Corp.	19,300		1,985,198
Apache Corp.	113,410		10,572,080
BG Group PLC	480,093		9,825,776
Canadian Natural Resources Ltd.	181,050		7,368,566
Chevron Corp.	137,507		16,884,485
Eni SpA	27,500		700,378
Exxon Mobil Corp.	50,598		5,086,617
Imperial Oil Ltd.	109,100		5,371,990
Occidental Petroleum Corp.	115,975		11,561,548
Peabody Energy Corp.	105,832		1,710,245
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Suncor Energy, Inc.	227,100		$ 8,740,093
The Williams Companies, Inc.	117,825		5,533,062
			87,217,868
TOTAL ENERGY			103,832,385
FINANCIALS - 19.4%
Banks - 11.1%
Bank of America Corp.	1,036,800		15,697,152
Citigroup, Inc.	422,097		20,079,154
Comerica, Inc.	14,974		718,303
JPMorgan Chase & Co.	658,673		36,602,458
PNC Financial Services Group, Inc.	40,380		3,443,203
Standard Chartered PLC (United Kingdom)	399,072		8,980,311
SunTrust Banks, Inc.	60,208		2,307,171
U.S. Bancorp	131,265		5,538,070
Wells Fargo & Co.	216,194		10,978,331
			104,344,153
Capital Markets - 3.8%
BlackRock, Inc. Class A	4,300		1,311,070
Charles Schwab Corp.	251,853		6,349,214
E*TRADE Financial Corp. (a)	58,300		1,187,571
Goldman Sachs Group, Inc.	6,100		974,841
KKR & Co. LP	135,536		3,080,733
Morgan Stanley	265,243		8,185,399
Northern Trust Corp.	78,586		4,746,594
State Street Corp.	147,658		9,637,638
			35,473,060
Consumer Finance - 0.1%
Springleaf Holdings, Inc.	38,700		908,289
Diversified Financial Services - 0.5%
KKR Renaissance Co-Invest LP unit (e)	29,500		4,811,155
Insurance - 2.7%
AIA Group Ltd.	12,600		63,139
American International Group, Inc.	117,807		6,369,824
Genworth Financial, Inc. Class A (a)	257,901		4,381,738
Lincoln National Corp.	72,636		3,483,623
MetLife, Inc.	224,785		11,448,300
			25,746,624
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.2%
MGIC Investment Corp. (a)	254,092		$ 2,154,700
Radian Group, Inc. (d)	606,968		8,752,479
			10,907,179
TOTAL FINANCIALS			182,190,460
HEALTH CARE - 13.5%
Biotechnology - 3.0%
Aegerion Pharmaceuticals, Inc. (a)	26,498		870,459
Alnylam Pharmaceuticals, Inc. (a)	11,400		675,906
Amgen, Inc.	68,347		7,927,569
BioCryst Pharmaceuticals, Inc. (a)	96,500		961,140
Biogen Idec, Inc. (a)	12,700		4,055,999
Clovis Oncology, Inc. (a)	35,500		1,817,955
Discovery Laboratories, Inc. (a)	347,968		650,700
Insmed, Inc. (a)	27,564		362,191
Intercept Pharmaceuticals, Inc. (a)	36,831		8,714,583
MEI Pharma, Inc. (a)	167,985		1,033,108
Synageva BioPharma Corp. (a)	7,294		591,908
XOMA Corp. (a)	127,307		527,051
			28,188,569
Health Care Equipment & Supplies - 3.5%
Abbott Laboratories	73,025		2,921,730
Accuray, Inc. (a)(d)	153,801		1,356,525
Alere, Inc. (a)	330,268		11,813,686
Boston Scientific Corp. (a)	579,186		7,430,956
Edwards Lifesciences Corp. (a)	51,360		4,170,432
St. Jude Medical, Inc.	45,800		2,972,420
Stryker Corp.	5,500		464,695
Zimmer Holdings, Inc.	13,200		1,377,420
			32,507,864
Health Care Providers & Services - 3.0%
Aetna, Inc.	29,634		2,298,117
Catamaran Corp. (a)	38,500		1,696,159
China Cord Blood Corp. (a)	86,100		384,867
Community Health Systems, Inc. (a)	44,100		1,842,057
Express Scripts Holding Co. (a)	84,510		6,039,930
McKesson Corp.	36,596		6,940,065
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Quest Diagnostics, Inc.	34,028		$ 2,037,937
UnitedHealth Group, Inc.	86,378		6,878,280
			28,117,412
Health Care Technology - 0.3%
MedAssets, Inc. (a)	142,835		3,345,196
Life Sciences Tools & Services - 0.1%
ICON PLC (a)	13,700		579,099
Pharmaceuticals - 3.6%
AbbVie, Inc.	18,100		983,373
Actavis PLC (a)	15,929		3,369,621
Cardiome Pharma Corp. (a)	82,130		578,690
Flamel Technologies SA sponsored ADR (a)	9,900		110,682
GlaxoSmithKline PLC sponsored ADR (d)	123,639		6,669,088
Jazz Pharmaceuticals PLC (a)	13,807		1,958,661
Johnson & Johnson	41,763		4,237,274
Merck & Co., Inc.	93,061		5,384,509
Novartis AG sponsored ADR	27,911		2,513,665
Teva Pharmaceutical Industries Ltd. sponsored ADR	126,691		6,396,629
The Medicines Company (a)	18,500		516,150
XenoPort, Inc. (a)	210,196		851,294
			33,569,636
TOTAL HEALTH CARE			126,307,776
INDUSTRIALS - 10.0%
Aerospace & Defense - 1.3%
Honeywell International, Inc.	21,380		1,991,547
KEYW Holding Corp. (a)(d)	135,382		1,435,049
Rolls-Royce Group PLC	99,200		1,729,302
The Boeing Co.	48,063		6,500,521
United Technologies Corp.	8,272		961,372
			12,617,791
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	32,858		1,966,880
FedEx Corp.	20,000		2,883,200
United Parcel Service, Inc. Class B	85,275		8,858,367
			13,708,447
Commercial Services & Supplies - 0.1%
ADT Corp. (d)	30,700		988,540
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.5%
AMETEK, Inc.	34,630		$ 1,838,160
Hubbell, Inc. Class B	8,182		957,294
Schneider Electric SA (d)	17,700		1,666,745
			4,462,199
Industrial Conglomerates - 2.9%
Danaher Corp.	46,708		3,663,308
General Electric Co.	822,144		22,025,238
Roper Industries, Inc.	8,835		1,251,743
			26,940,289
Machinery - 0.8%
Caterpillar, Inc.	22,033		2,252,434
Ingersoll-Rand PLC	85,183		5,095,647
Valmont Industries, Inc.	3,796		588,190
			7,936,271
Professional Services - 0.8%
Acacia Research Corp. (d)	187,737		3,030,075
Bureau Veritas SA	57,000		1,718,714
Exova Group Ltd. PLC (a)	89,300		366,727
Michael Page International PLC	102,578		788,694
Verisk Analytics, Inc. (a)	22,000		1,302,180
			7,206,390
Road & Rail - 2.0%
CSX Corp.	325,001		9,555,029
Hertz Global Holdings, Inc. (a)	63,250		1,867,140
J.B. Hunt Transport Services, Inc.	39,600		3,075,336
Kansas City Southern	12,800		1,376,256
Norfolk Southern Corp.	32,458		3,270,144
			19,143,905
Trading Companies & Distributors - 0.1%
WESCO International, Inc. (a)	14,312		1,222,531
TOTAL INDUSTRIALS			94,226,363
INFORMATION TECHNOLOGY - 20.4%
Communications Equipment - 2.3%
Cisco Systems, Inc.	617,154		15,194,331
QUALCOMM, Inc.	83,550		6,721,598
			21,915,929
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.1%
Itron, Inc. (a)	15,400		$ 592,130
Internet Software & Services - 3.4%
Cornerstone OnDemand, Inc. (a)	33,000		1,326,270
Facebook, Inc. Class A (a)	27,360		1,731,888
Google, Inc.:
Class A (a)	22,156		12,665,477
Class C (a)	18,756		10,521,741
Yahoo!, Inc. (a)	159,534		5,527,853
			31,773,229
IT Services - 4.1%
Cognizant Technology Solutions Corp. Class A (a)	113,284		5,506,735
Fidelity National Information Services, Inc.	40,824		2,210,620
IBM Corp.	16,681		3,075,309
MasterCard, Inc. Class A	110,100		8,417,145
Paychex, Inc.	135,122		5,554,865
Quindell PLC	3,847,400		1,338,170
The Western Union Co.	109,912		1,777,277
Unisys Corp. (a)	75,162		1,764,052
Visa, Inc. Class A	42,780		9,190,427
			38,834,600
Semiconductors & Semiconductor Equipment - 1.6%
Applied Materials, Inc.	307,829		6,215,068
Broadcom Corp. Class A	268,525		8,557,892
			14,772,960
Software - 4.6%
Adobe Systems, Inc. (a)	45,910		2,963,031
Autodesk, Inc. (a)	113,181		5,927,289
Concur Technologies, Inc. (a)(d)	15,974		1,363,700
Imperva, Inc. (a)	13,500		281,880
Microsoft Corp.	592,454		24,255,067
Oracle Corp.	100,150		4,208,303
Parametric Technology Corp. (a)	49,482		1,820,938
salesforce.com, Inc. (a)	35,582		1,872,681
			42,692,889
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.3%
Apple, Inc.	54,903		$ 34,753,599
EMC Corp.	227,420		6,040,275
			40,793,874
TOTAL INFORMATION TECHNOLOGY			191,375,611
MATERIALS - 2.7%
Chemicals - 2.1%
Airgas, Inc.	32,237		3,427,438
Chemtura Corp. (a)	32,210		804,606
E.I. du Pont de Nemours & Co.	30,615		2,121,926
Intrepid Potash, Inc. (a)(d)	67,460		1,093,527
Johnson Matthey PLC	12,700		683,762
Monsanto Co.	61,617		7,508,031
Potash Corp. of Saskatchewan, Inc.	40,500		1,469,773
Syngenta AG (Switzerland)	7,033		2,707,028
			19,816,091
Metals & Mining - 0.6%
Freeport-McMoRan Copper & Gold, Inc.	142,400		4,848,720
Walter Energy, Inc. (d)	230,004		1,122,420
			5,971,140
TOTAL MATERIALS			25,787,231
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.	369,584		18,464,417
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC (d)	102,386		1,369,523
TOTAL COMMON STOCKS (Cost $748,766,422)		915,645,556
Preferred Stocks - 0.1%
	Shares		Value
Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Leisure Products - 0.1%
NJOY, Inc. Series C (e)	33,607		$ 568,835
Nonconvertible Preferred Stocks - 0.0%
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC (C Shares)	9,018,200		15,116
TOTAL PREFERRED STOCKS (Cost $286,778)		583,951

Convertible Bonds - 0.0%
	Principal Amount
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Amyris, Inc. 3% 2/27/17 (Cost $605,000)	$ 605,000	493,081

Money Market Funds - 4.4%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	23,026,746		23,026,746
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	18,186,712		18,186,712
TOTAL MONEY MARKET FUNDS (Cost $41,213,458)		41,213,458
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $790,871,658)		957,936,046
NET OTHER ASSETS (LIABILITIES) - (2.0)%		(19,009,499)
NET ASSETS - 100%		$ 938,926,547

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
KKR Renaissance Co-Invest LP unit	7/25/13	$ 3,112,250
NJOY, Inc.	9/11/13 - 10/24/13	$ 936,852
NJOY, Inc. Series C	6/7/13	$ 271,645

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 8,711
Fidelity Securities Lending Cash Central Fund	136,375
Total	$ 145,086

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 71,160,001	$ 68,628,635	$ -	$ 2,531,366
Consumer Staples	101,500,624	98,335,543	3,165,081	-
Energy	103,832,385	103,132,007	700,378	-
Financials	182,190,460	177,379,305	-	4,811,155
Health Care	126,307,776	126,307,776	-	-
Industrials	94,241,479	94,241,479	-	-
Information Technology	191,375,611	191,375,611	-	-
Materials	25,787,231	23,080,203	2,707,028	-
Telecommunication Services	18,464,417	18,464,417	-	-
Utilities	1,369,523	1,369,523	-	-
Corporate Bonds	493,081	-	493,081	-
Money Market Funds	41,213,458	41,213,458	-	-
Total Investments in Securities:	$ 957,936,046	$ 943,527,957	$ 7,065,568	$ 7,342,521

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	87.6%
United Kingdom	5.9%
Canada	2.7%
Ireland	1.2%
Others (Individually Less Than 1%)	2.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $17,431,029) - See accompanying schedule: Unaffiliated issuers (cost $749,658,200)	$ 916,722,588
Fidelity Central Funds (cost $41,213,458)	41,213,458
Total Investments (cost $790,871,658)		$ 957,936,046
Receivable for investments sold		2,249,392
Receivable for fund shares sold		3,292,244
Dividends receivable		1,429,541
Interest receivable		4,739
Distributions receivable from Fidelity Central Funds		29,072
Prepaid expenses		223
Receivable from investment adviser		487,909
Other receivables		1,493
Total assets		965,430,659

Liabilities
Payable for investments purchased	$ 5,004,817
Payable for fund shares redeemed	2,292,857
Accrued management fee	583,769
Distribution and service plan fees payable	208,781
Other affiliated payables	177,552
Other payables and accrued expenses	49,624
Collateral on securities loaned, at value	18,186,712
Total liabilities		26,504,112

Net Assets		$ 938,926,547
Net Assets consist of:
Paid in capital		$ 745,325,875
Undistributed net investment income		2,827,625
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		23,708,769
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		167,064,278
Net Assets		$ 938,926,547

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($286,216,010 ÷ 10,303,248 shares)		$ 27.78

Maximum offering price per share (100/94.25 of $27.78)		$ 29.47
Class T: Net Asset Value and redemption price per share ($140,465,489 ÷ 5,067,403 shares)		$ 27.72

Maximum offering price per share (100/96.50 of $27.72)		$ 28.73
Class B: Net Asset Value and offering price per share ($9,471,435 ÷ 365,443 shares)^A		$ 25.92

Class C: Net Asset Value and offering price per share ($109,288,760 ÷ 4,264,877 shares)^A		$ 25.63

Institutional Class: Net Asset Value, offering price and redemption price per share ($393,484,853 ÷ 13,642,469 shares)		$ 28.84

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 7,719,163
Interest		10,811
Income from Fidelity Central Funds		145,086
Total income		7,875,060

Expenses
Management fee Basic fee	$ 2,165,633
Performance adjustment	1,050,306
Transfer agent fees	849,789
Distribution and service plan fees	1,113,100
Accounting and security lending fees	138,715
Custodian fees and expenses	40,964
Independent trustees' compensation	1,559
Registration fees	90,273
Audit	31,109
Legal	1,961
Miscellaneous	3,922
Total expenses before reductions	5,487,331
Expense reductions	(439,869)	5,047,462
Net investment income (loss)		2,827,598
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	27,435,465
Foreign currency transactions	850
Total net realized gain (loss)		27,436,315
Change in net unrealized appreciation (depreciation) on: Investment securities	23,297,720
Assets and liabilities in foreign currencies	(917)
Total change in net unrealized appreciation (depreciation)		23,296,803
Net gain (loss)		50,733,118
Net increase (decrease) in net assets resulting from operations		$ 53,560,716

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,827,598	$ 8,555,777
Net realized gain (loss)	27,436,315	353,605,404
Change in net unrealized appreciation (depreciation)	23,296,803	(32,408,890)
Net increase (decrease) in net assets resulting from operations	53,560,716	329,752,291
Distributions to shareholders from net investment income	(4,161,826)	(767,567)
Distributions to shareholders from net realized gain	(46,319,909)	(3,062,648)
Total distributions	(50,481,735)	(3,830,215)
Share transactions - net increase (decrease)	285,121,501	(985,531,295)
Total increase (decrease) in net assets	288,200,482	(659,609,219)

Net Assets
Beginning of period	650,726,065	1,310,335,284
End of period (including undistributed net investment income of $2,827,625 and undistributed net investment income of $4,161,853, respectively)	$ 938,926,547	$ 650,726,065

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 28.11	$ 20.43	$ 17.57	$ 16.69	$ 15.19	$ 10.13
Income from Investment Operations
Net investment income (loss)^E	.10	.16	.15	.09	.05	.06
Net realized and unrealized gain (loss)	1.73	7.61	3.30	.87	1.52	5.08
Total from investment operations	1.83	7.77	3.45	.96	1.57	5.14
Distributions from net investment income	(.22)	(.02)	(.18)	(.06)	(.07)	(.08)
Distributions from net realized gain	(1.94)	(.07)	(.41)	(.02)	-	-
Total distributions	(2.16)	(.09)	(.59)	(.08)	(.07)	(.08)
Net asset value, end of period	$ 27.78	$ 28.11	$ 20.43	$ 17.57	$ 16.69	$ 15.19
Total Return^{B, C, D}	7.11%	38.16%	19.69%	5.73%	10.36%	51.10%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.36%^A	1.26%	1.25%	1.29%	1.22%	1.16%
Expenses net of fee waivers, if any	1.25%^A	1.26%	1.25%	1.29%	1.22%	1.16%
Expenses net of all reductions	1.25%^A	1.24%	1.24%	1.28%	1.21%	1.15%
Net investment income (loss)	.75%^A	.68%	.76%	.49%	.31%	.49%
Supplemental Data
Net assets, end of period (000 omitted)	$ 286,216	$ 214,686	$ 123,303	$ 103,670	$ 116,837	$ 112,450
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 28.02	$ 20.41	$ 17.51	$ 16.63	$ 15.14	$ 10.07
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.10	.04	.01	.03
Net realized and unrealized gain (loss)	1.72	7.59	3.29	.87	1.52	5.06
Total from investment operations	1.79	7.69	3.39	.91	1.53	5.09
Distributions from net investment income	(.15)	(.01)	(.10)	-^I	(.04)	(.02)
Distributions from net realized gain	(1.94)	(.07)	(.39)	(.02)	-	-
Total distributions	(2.09)	(.08)	(.49)	(.03)^J	(.04)	(.02)
Net asset value, end of period	$ 27.72	$ 28.02	$ 20.41	$ 17.51	$ 16.63	$ 15.14
Total Return^{B, C, D}	6.97%	37.82%	19.39%	5.44%	10.09%	50.71%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.62%^A	1.51%	1.49%	1.54%	1.47%	1.42%
Expenses net of fee waivers, if any	1.50%^A	1.51%	1.49%	1.54%	1.47%	1.42%
Expenses net of all reductions	1.50%^A	1.49%	1.49%	1.53%	1.47%	1.41%
Net investment income (loss)	.50%^A	.42%	.52%	.24%	.06%	.23%
Supplemental Data
Net assets, end of period (000 omitted)	$ 140,465	$ 114,864	$ 76,151	$ 69,678	$ 76,373	$ 87,009
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

^J Total distributions of $.03 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.021 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.24	$ 19.21	$ 16.49	$ 15.72	$ 14.35	$ 9.57
Income from Investment Operations
Net investment income (loss)^E	-^J	(.03)	-^J	(.05)	(.07)	(.03)
Net realized and unrealized gain (loss)	1.62	7.13	3.10	.82	1.44	4.81
Total from investment operations	1.62	7.10	3.10	.77	1.37	4.78
Distributions from net realized gain	(1.94)	(.07)	(.38)	-	-	-
Net asset value, end of period	$ 25.92	$ 26.24	$ 19.21	$ 16.49	$ 15.72	$ 14.35
Total Return^{B, C, D}	6.71%	37.08%	18.77%	4.90%	9.55%	49.95%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.20%^A	2.06%	2.02%	2.04%	1.98%	1.91%
Expenses net of fee waivers, if any	2.00%^A	2.06%	2.02%	2.04%	1.98%	1.91%
Expenses net of all reductions	2.00%^A	2.05%	2.01%	2.04%	1.97%	1.90%
Net investment income (loss)	-%^A,H	(.13)%	(.01)%	(.26)%	(.45)%	(.26)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,471	$ 10,499	$ 10,535	$ 12,839	$ 17,535	$ 21,907
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.07	$ 19.08	$ 16.41	$ 15.65	$ 14.28	$ 9.53
Income from Investment Operations
Net investment income (loss)^E	-^J	(.02)	-^J	(.04)	(.07)	(.03)
Net realized and unrealized gain (loss)	1.60	7.08	3.09	.80	1.44	4.78
Total from investment operations	1.60	7.06	3.09	.76	1.37	4.75
Distributions from net investment income	(.10)	-^J	(.03)	-	-	-
Distributions from net realized gain	(1.94)	(.07)	(.39)	-	-	-
Total distributions	(2.04)	(.07)	(.42)	-	-	-
Net asset value, end of period	$ 25.63	$ 26.07	$ 19.08	$ 16.41	$ 15.65	$ 14.28
Total Return^{B, C, D}	6.73%	37.14%	18.83%	4.86%	9.59%	49.84%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.11%^A	2.00%	2.00%	2.03%	1.97%	1.91%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.03%	1.97%	1.91%
Expenses net of all reductions	2.00%^A	1.99%	1.99%	2.03%	1.96%	1.90%
Net investment income (loss)	-%^A,H	(.07)%	.01%	(.25)%	(.44)%	(.26)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 109,289	$ 67,780	$ 28,856	$ 24,197	$ 25,162	$ 24,650
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 29.03	$ 21.03	$ 18.13	$ 17.22	$ 15.65	$ 10.48
Income from Investment Operations
Net investment income (loss)^D	.14	.24	.22	.15	.11	.10
Net realized and unrealized gain (loss)	1.79	7.85	3.40	.89	1.57	5.22
Total from investment operations	1.93	8.09	3.62	1.04	1.68	5.32
Distributions from net investment income	(.18)	(.02)	(.31)	(.11)	(.11)	(.15)
Distributions from net realized gain	(1.94)	(.07)	(.41)	(.02)	-	-
Total distributions	(2.12)	(.09)	(.72)	(.13)	(.11)	(.15)
Net asset value, end of period	$ 28.84	$ 29.03	$ 21.03	$ 18.13	$ 17.22	$ 15.65
Total Return^{B, C}	7.21%	38.62%	20.10%	6.03%	10.78%	51.54%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	1.10%^A	.95%	.91%	.95%	.88%	.84%
Expenses net of fee waivers, if any	1.00%^A	.95%	.91%	.95%	.88%	.84%
Expenses net of all reductions	1.00%^A	.94%	.91%	.94%	.87%	.83%
Net investment income (loss)	1.00%^A	.98%	1.10%	.83%	.65%	.82%
Supplemental Data
Net assets, end of period (000 omitted)	$ 393,485	$ 242,897	$ 1,071,491	$ 1,013,999	$ 876,299	$ 924,675
Portfolio turnover rate^F	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

1. Organization.

Fidelity Advisor® Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 183,286,319
Gross unrealized depreciation	(19,035,549)
Net unrealized appreciation (depreciation) on securities and other investments	$ 164,250,770

Tax cost	$ 793,685,276

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $352,334,367 and $126,839,191, respectively.

5. Fees and Other Transactions with Affiliates.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 307,748	$ 9,575
Class T	.25%	.25%	319,244	2,776
Class B	.75%	.25%	50,215	38,238
Class C	.75%	.25%	435,893	159,406
			$ 1,113,100	$ 209,995

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 114,712
Class T	14,385
Class B*	2,170
Class C*	7,294
	$ 138,561

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 265,558	.22
Class T	142,993	.22
Class B	15,224	.30
Class C	94,861	.22
Institutional Class	331,153	.21
	$ 849,789

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Other. During the period the Fund recorded a reimbursement from the investment adviser for an operational error in the amount of $51,786.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $755 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $136,375, including $147 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$ 137,797
Class T	1.50%	77,442
Class B	2.00%	10,228
Class C	2.00%	49,060
Institutional Class	1.00%	161,597
		$ 436,124

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,744 for the period. Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 1,725,368	$ 97,380
Class T	631,390	40,120
Class C	276,822	2,988
Institutional Class	1,528,246	627,079
Total	$ 4,161,826	$ 767,567

Semiannual Report

9. Distributions to Shareholders - continued

	Six months ended May 31, 2014	Year ended November 30, 2013
From net realized gain
Class A	$ 15,247,064	$ 432,999
Class T	8,130,692	258,270
Class B	772,695	37,356
Class C	5,278,091	107,120
Institutional Class	16,891,367	2,226,903
Total	$ 46,319,909	$ 3,062,648

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	3,348,695	3,029,803	$ 90,382,518	$ 76,581,820
Reinvestment of distributions	597,975	23,308	15,576,432	490,518
Shares redeemed	(1,280,174)	(1,452,421)	(34,292,641)	(34,520,330)
Net increase (decrease)	2,666,496	1,600,690	$ 71,666,309	$ 42,552,008
Class T
Shares sold	1,138,229	1,144,172	$ 30,590,300	$ 27,872,295
Reinvestment of distributions	330,308	13,925	8,595,868	292,962
Shares redeemed	(500,885)	(790,235)	(13,514,904)	(18,493,343)
Net increase (decrease)	967,652	367,862	$ 25,671,264	$ 9,671,914
Class B
Shares sold	22,402	44,781	$ 562,810	$ 1,050,694
Reinvestment of distributions	28,643	1,700	699,229	33,725
Shares redeemed	(85,773)	(194,809)	(2,158,008)	(4,361,870)
Net increase (decrease)	(34,728)	(148,328)	$ (895,969)	$ (3,277,451)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class C
Shares sold	1,794,282	1,380,277	$ 44,869,291	$ 31,649,256
Reinvestment of distributions	203,393	5,033	4,910,670	99,148
Shares redeemed	(332,565)	(297,963)	(8,301,761)	(6,636,716)
Net increase (decrease)	1,665,110	1,087,347	$ 41,478,200	$ 25,111,688
Institutional Class
Shares sold	5,807,089	5,489,820	$ 162,667,133	$ 135,166,774
Reinvestment of distributions	653,047	130,311	17,642,167	2,822,578
Shares redeemed	(1,185,320)	(48,206,491)^A	(33,107,603)	(1,197,578,806)^A
Net increase (decrease)	5,274,816	(42,586,360)	$ 147,201,697	$ (1,059,589,454)

^A Amount includes in-kind redemptions.

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

LCI-USAN-0714
1.786796.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Large Cap

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	1.25%
Actual		$ 1,000.00	$ 1,071.10	$ 6.45
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.29
Class T	1.50%
Actual		$ 1,000.00	$ 1,069.70	$ 7.74
Hypothetical^A		$ 1,000.00	$ 1,017.45	$ 7.54
Class B	2.00%
Actual		$ 1,000.00	$ 1,067.10	$ 10.31
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Class C	2.00%
Actual		$ 1,000.00	$ 1,067.30	$ 10.31
Hypothetical^A		$ 1,000.00	$ 1,014.96	$ 10.05
Institutional Class	1.00%
Actual		$ 1,000.00	$ 1,072.10	$ 5.17
Hypothetical^A		$ 1,000.00	$ 1,019.95	$ 5.04

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	3.9	3.7
Apple, Inc.	3.7	3.8
Microsoft Corp.	2.6	2.5
General Electric Co.	2.4	2.4
Citigroup, Inc.	2.1	2.1
Verizon Communications, Inc.	2.0	0.9
Target Corp.	1.9	1.5
Chevron Corp.	1.8	1.8
Comcast Corp. Class A (special) (non-vtg.)	1.7	1.4
Bank of America Corp.	1.7	1.7
	23.8
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	20.4	20.5
Financials	19.4	20.9
Health Care	13.5	15.2
Energy	11.1	11.7
Consumer Staples	10.8	9.0

Asset Allocation (% of fund's net assets)
As of May 31, 2014*			As of November 30, 2013**
	Stocks 97.5%			Stocks 98.3%
	Convertible Securities 0.1%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 2.4%			Short-Term Investments and Net Other Assets (Liabilities) 1.6%
* Foreign investments		12.4%	** Foreign investments		12.0%

lca254280

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
CONSUMER DISCRETIONARY - 7.5%
Diversified Consumer Services - 0.3%
H&R Block, Inc.	86,217		$ 2,567,542
Hotels, Restaurants & Leisure - 1.0%
McDonald's Corp.	21,200		2,150,316
Yum! Brands, Inc.	94,838		7,331,926
			9,482,242
Leisure Products - 0.2%
NJOY, Inc. (a)(e)	115,947		1,962,531
Media - 2.9%
Comcast Corp. Class A (special) (non-vtg.)	310,337		16,087,870
Discovery Communications, Inc. Class A (a)	3,077		236,806
Time Warner, Inc.	149,559		10,443,705
			26,768,381
Multiline Retail - 1.9%
Target Corp.	318,440		18,074,654
Specialty Retail - 1.2%
Lowe's Companies, Inc.	211,679		9,965,847
Sally Beauty Holdings, Inc. (a)	26,400		676,368
Staples, Inc.	97,209		1,093,601
			11,735,816
TOTAL CONSUMER DISCRETIONARY			70,591,166
CONSUMER STAPLES - 10.8%
Beverages - 3.1%
Diageo PLC	98,300		3,165,081
Molson Coors Brewing Co. Class B	7,100		466,683
Monster Beverage Corp. (a)	18,464		1,281,032
PepsiCo, Inc.	82,940		7,326,090
Pernod Ricard SA	11,800		1,446,861
Remy Cointreau SA	13,350		1,237,468
SABMiller PLC	76,100		4,223,473
The Coca-Cola Co.	254,775		10,422,845
			29,569,533
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	66,711		5,224,806
Walgreen Co.	125,155		8,999,896
			14,224,702
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 0.6%
Kellogg Co.	65,717		$ 4,533,159
Mead Johnson Nutrition Co. Class A	13,100		1,172,057
			5,705,216
Household Products - 1.4%
Procter & Gamble Co.	156,852		12,672,073
Tobacco - 4.2%
British American Tobacco PLC sponsored ADR	115,031		13,948,659
Lorillard, Inc.	188,644		11,727,997
Philip Morris International, Inc.	101,529		8,989,378
Reynolds American, Inc.	78,200		4,663,066
			39,329,100
TOTAL CONSUMER STAPLES			101,500,624
ENERGY - 11.1%
Energy Equipment & Services - 1.8%
Cameron International Corp. (a)	63,445		4,057,308
Dresser-Rand Group, Inc. (a)	28,152		1,722,902
Ensco PLC Class A	55,150		2,904,199
National Oilwell Varco, Inc.	31,632		2,589,712
Oceaneering International, Inc.	10,000		720,500
Schlumberger Ltd.	44,405		4,619,896
			16,614,517
Oil, Gas & Consumable Fuels - 9.3%
Amyris, Inc. (a)(d)	549,073		1,877,830
Anadarko Petroleum Corp.	19,300		1,985,198
Apache Corp.	113,410		10,572,080
BG Group PLC	480,093		9,825,776
Canadian Natural Resources Ltd.	181,050		7,368,566
Chevron Corp.	137,507		16,884,485
Eni SpA	27,500		700,378
Exxon Mobil Corp.	50,598		5,086,617
Imperial Oil Ltd.	109,100		5,371,990
Occidental Petroleum Corp.	115,975		11,561,548
Peabody Energy Corp.	105,832		1,710,245
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Suncor Energy, Inc.	227,100		$ 8,740,093
The Williams Companies, Inc.	117,825		5,533,062
			87,217,868
TOTAL ENERGY			103,832,385
FINANCIALS - 19.4%
Banks - 11.1%
Bank of America Corp.	1,036,800		15,697,152
Citigroup, Inc.	422,097		20,079,154
Comerica, Inc.	14,974		718,303
JPMorgan Chase & Co.	658,673		36,602,458
PNC Financial Services Group, Inc.	40,380		3,443,203
Standard Chartered PLC (United Kingdom)	399,072		8,980,311
SunTrust Banks, Inc.	60,208		2,307,171
U.S. Bancorp	131,265		5,538,070
Wells Fargo & Co.	216,194		10,978,331
			104,344,153
Capital Markets - 3.8%
BlackRock, Inc. Class A	4,300		1,311,070
Charles Schwab Corp.	251,853		6,349,214
E*TRADE Financial Corp. (a)	58,300		1,187,571
Goldman Sachs Group, Inc.	6,100		974,841
KKR & Co. LP	135,536		3,080,733
Morgan Stanley	265,243		8,185,399
Northern Trust Corp.	78,586		4,746,594
State Street Corp.	147,658		9,637,638
			35,473,060
Consumer Finance - 0.1%
Springleaf Holdings, Inc.	38,700		908,289
Diversified Financial Services - 0.5%
KKR Renaissance Co-Invest LP unit (e)	29,500		4,811,155
Insurance - 2.7%
AIA Group Ltd.	12,600		63,139
American International Group, Inc.	117,807		6,369,824
Genworth Financial, Inc. Class A (a)	257,901		4,381,738
Lincoln National Corp.	72,636		3,483,623
MetLife, Inc.	224,785		11,448,300
			25,746,624
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.2%
MGIC Investment Corp. (a)	254,092		$ 2,154,700
Radian Group, Inc. (d)	606,968		8,752,479
			10,907,179
TOTAL FINANCIALS			182,190,460
HEALTH CARE - 13.5%
Biotechnology - 3.0%
Aegerion Pharmaceuticals, Inc. (a)	26,498		870,459
Alnylam Pharmaceuticals, Inc. (a)	11,400		675,906
Amgen, Inc.	68,347		7,927,569
BioCryst Pharmaceuticals, Inc. (a)	96,500		961,140
Biogen Idec, Inc. (a)	12,700		4,055,999
Clovis Oncology, Inc. (a)	35,500		1,817,955
Discovery Laboratories, Inc. (a)	347,968		650,700
Insmed, Inc. (a)	27,564		362,191
Intercept Pharmaceuticals, Inc. (a)	36,831		8,714,583
MEI Pharma, Inc. (a)	167,985		1,033,108
Synageva BioPharma Corp. (a)	7,294		591,908
XOMA Corp. (a)	127,307		527,051
			28,188,569
Health Care Equipment & Supplies - 3.5%
Abbott Laboratories	73,025		2,921,730
Accuray, Inc. (a)(d)	153,801		1,356,525
Alere, Inc. (a)	330,268		11,813,686
Boston Scientific Corp. (a)	579,186		7,430,956
Edwards Lifesciences Corp. (a)	51,360		4,170,432
St. Jude Medical, Inc.	45,800		2,972,420
Stryker Corp.	5,500		464,695
Zimmer Holdings, Inc.	13,200		1,377,420
			32,507,864
Health Care Providers & Services - 3.0%
Aetna, Inc.	29,634		2,298,117
Catamaran Corp. (a)	38,500		1,696,159
China Cord Blood Corp. (a)	86,100		384,867
Community Health Systems, Inc. (a)	44,100		1,842,057
Express Scripts Holding Co. (a)	84,510		6,039,930
McKesson Corp.	36,596		6,940,065
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Quest Diagnostics, Inc.	34,028		$ 2,037,937
UnitedHealth Group, Inc.	86,378		6,878,280
			28,117,412
Health Care Technology - 0.3%
MedAssets, Inc. (a)	142,835		3,345,196
Life Sciences Tools & Services - 0.1%
ICON PLC (a)	13,700		579,099
Pharmaceuticals - 3.6%
AbbVie, Inc.	18,100		983,373
Actavis PLC (a)	15,929		3,369,621
Cardiome Pharma Corp. (a)	82,130		578,690
Flamel Technologies SA sponsored ADR (a)	9,900		110,682
GlaxoSmithKline PLC sponsored ADR (d)	123,639		6,669,088
Jazz Pharmaceuticals PLC (a)	13,807		1,958,661
Johnson & Johnson	41,763		4,237,274
Merck & Co., Inc.	93,061		5,384,509
Novartis AG sponsored ADR	27,911		2,513,665
Teva Pharmaceutical Industries Ltd. sponsored ADR	126,691		6,396,629
The Medicines Company (a)	18,500		516,150
XenoPort, Inc. (a)	210,196		851,294
			33,569,636
TOTAL HEALTH CARE			126,307,776
INDUSTRIALS - 10.0%
Aerospace & Defense - 1.3%
Honeywell International, Inc.	21,380		1,991,547
KEYW Holding Corp. (a)(d)	135,382		1,435,049
Rolls-Royce Group PLC	99,200		1,729,302
The Boeing Co.	48,063		6,500,521
United Technologies Corp.	8,272		961,372
			12,617,791
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	32,858		1,966,880
FedEx Corp.	20,000		2,883,200
United Parcel Service, Inc. Class B	85,275		8,858,367
			13,708,447
Commercial Services & Supplies - 0.1%
ADT Corp. (d)	30,700		988,540
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.5%
AMETEK, Inc.	34,630		$ 1,838,160
Hubbell, Inc. Class B	8,182		957,294
Schneider Electric SA (d)	17,700		1,666,745
			4,462,199
Industrial Conglomerates - 2.9%
Danaher Corp.	46,708		3,663,308
General Electric Co.	822,144		22,025,238
Roper Industries, Inc.	8,835		1,251,743
			26,940,289
Machinery - 0.8%
Caterpillar, Inc.	22,033		2,252,434
Ingersoll-Rand PLC	85,183		5,095,647
Valmont Industries, Inc.	3,796		588,190
			7,936,271
Professional Services - 0.8%
Acacia Research Corp. (d)	187,737		3,030,075
Bureau Veritas SA	57,000		1,718,714
Exova Group Ltd. PLC (a)	89,300		366,727
Michael Page International PLC	102,578		788,694
Verisk Analytics, Inc. (a)	22,000		1,302,180
			7,206,390
Road & Rail - 2.0%
CSX Corp.	325,001		9,555,029
Hertz Global Holdings, Inc. (a)	63,250		1,867,140
J.B. Hunt Transport Services, Inc.	39,600		3,075,336
Kansas City Southern	12,800		1,376,256
Norfolk Southern Corp.	32,458		3,270,144
			19,143,905
Trading Companies & Distributors - 0.1%
WESCO International, Inc. (a)	14,312		1,222,531
TOTAL INDUSTRIALS			94,226,363
INFORMATION TECHNOLOGY - 20.4%
Communications Equipment - 2.3%
Cisco Systems, Inc.	617,154		15,194,331
QUALCOMM, Inc.	83,550		6,721,598
			21,915,929
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.1%
Itron, Inc. (a)	15,400		$ 592,130
Internet Software & Services - 3.4%
Cornerstone OnDemand, Inc. (a)	33,000		1,326,270
Facebook, Inc. Class A (a)	27,360		1,731,888
Google, Inc.:
Class A (a)	22,156		12,665,477
Class C (a)	18,756		10,521,741
Yahoo!, Inc. (a)	159,534		5,527,853
			31,773,229
IT Services - 4.1%
Cognizant Technology Solutions Corp. Class A (a)	113,284		5,506,735
Fidelity National Information Services, Inc.	40,824		2,210,620
IBM Corp.	16,681		3,075,309
MasterCard, Inc. Class A	110,100		8,417,145
Paychex, Inc.	135,122		5,554,865
Quindell PLC	3,847,400		1,338,170
The Western Union Co.	109,912		1,777,277
Unisys Corp. (a)	75,162		1,764,052
Visa, Inc. Class A	42,780		9,190,427
			38,834,600
Semiconductors & Semiconductor Equipment - 1.6%
Applied Materials, Inc.	307,829		6,215,068
Broadcom Corp. Class A	268,525		8,557,892
			14,772,960
Software - 4.6%
Adobe Systems, Inc. (a)	45,910		2,963,031
Autodesk, Inc. (a)	113,181		5,927,289
Concur Technologies, Inc. (a)(d)	15,974		1,363,700
Imperva, Inc. (a)	13,500		281,880
Microsoft Corp.	592,454		24,255,067
Oracle Corp.	100,150		4,208,303
Parametric Technology Corp. (a)	49,482		1,820,938
salesforce.com, Inc. (a)	35,582		1,872,681
			42,692,889
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 4.3%
Apple, Inc.	54,903		$ 34,753,599
EMC Corp.	227,420		6,040,275
			40,793,874
TOTAL INFORMATION TECHNOLOGY			191,375,611
MATERIALS - 2.7%
Chemicals - 2.1%
Airgas, Inc.	32,237		3,427,438
Chemtura Corp. (a)	32,210		804,606
E.I. du Pont de Nemours & Co.	30,615		2,121,926
Intrepid Potash, Inc. (a)(d)	67,460		1,093,527
Johnson Matthey PLC	12,700		683,762
Monsanto Co.	61,617		7,508,031
Potash Corp. of Saskatchewan, Inc.	40,500		1,469,773
Syngenta AG (Switzerland)	7,033		2,707,028
			19,816,091
Metals & Mining - 0.6%
Freeport-McMoRan Copper & Gold, Inc.	142,400		4,848,720
Walter Energy, Inc. (d)	230,004		1,122,420
			5,971,140
TOTAL MATERIALS			25,787,231
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 2.0%
Verizon Communications, Inc.	369,584		18,464,417
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC (d)	102,386		1,369,523
TOTAL COMMON STOCKS (Cost $748,766,422)		915,645,556
Preferred Stocks - 0.1%
	Shares		Value
Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Leisure Products - 0.1%
NJOY, Inc. Series C (e)	33,607		$ 568,835
Nonconvertible Preferred Stocks - 0.0%
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC (C Shares)	9,018,200		15,116
TOTAL PREFERRED STOCKS (Cost $286,778)		583,951

Convertible Bonds - 0.0%
	Principal Amount
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Amyris, Inc. 3% 2/27/17 (Cost $605,000)	$ 605,000	493,081

Money Market Funds - 4.4%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	23,026,746		23,026,746
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	18,186,712		18,186,712
TOTAL MONEY MARKET FUNDS (Cost $41,213,458)		41,213,458
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $790,871,658)		957,936,046
NET OTHER ASSETS (LIABILITIES) - (2.0)%		(19,009,499)
NET ASSETS - 100%		$ 938,926,547

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
KKR Renaissance Co-Invest LP unit	7/25/13	$ 3,112,250
NJOY, Inc.	9/11/13 - 10/24/13	$ 936,852
NJOY, Inc. Series C	6/7/13	$ 271,645

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 8,711
Fidelity Securities Lending Cash Central Fund	136,375
Total	$ 145,086

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 71,160,001	$ 68,628,635	$ -	$ 2,531,366
Consumer Staples	101,500,624	98,335,543	3,165,081	-
Energy	103,832,385	103,132,007	700,378	-
Financials	182,190,460	177,379,305	-	4,811,155
Health Care	126,307,776	126,307,776	-	-
Industrials	94,241,479	94,241,479	-	-
Information Technology	191,375,611	191,375,611	-	-
Materials	25,787,231	23,080,203	2,707,028	-
Telecommunication Services	18,464,417	18,464,417	-	-
Utilities	1,369,523	1,369,523	-	-
Corporate Bonds	493,081	-	493,081	-
Money Market Funds	41,213,458	41,213,458	-	-
Total Investments in Securities:	$ 957,936,046	$ 943,527,957	$ 7,065,568	$ 7,342,521

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	87.6%
United Kingdom	5.9%
Canada	2.7%
Ireland	1.2%
Others (Individually Less Than 1%)	2.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $17,431,029) - See accompanying schedule: Unaffiliated issuers (cost $749,658,200)	$ 916,722,588
Fidelity Central Funds (cost $41,213,458)	41,213,458
Total Investments (cost $790,871,658)		$ 957,936,046
Receivable for investments sold		2,249,392
Receivable for fund shares sold		3,292,244
Dividends receivable		1,429,541
Interest receivable		4,739
Distributions receivable from Fidelity Central Funds		29,072
Prepaid expenses		223
Receivable from investment adviser		487,909
Other receivables		1,493
Total assets		965,430,659

Liabilities
Payable for investments purchased	$ 5,004,817
Payable for fund shares redeemed	2,292,857
Accrued management fee	583,769
Distribution and service plan fees payable	208,781
Other affiliated payables	177,552
Other payables and accrued expenses	49,624
Collateral on securities loaned, at value	18,186,712
Total liabilities		26,504,112

Net Assets		$ 938,926,547
Net Assets consist of:
Paid in capital		$ 745,325,875
Undistributed net investment income		2,827,625
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		23,708,769
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		167,064,278
Net Assets		$ 938,926,547

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($286,216,010 ÷ 10,303,248 shares)		$ 27.78

Maximum offering price per share (100/94.25 of $27.78)		$ 29.47
Class T: Net Asset Value and redemption price per share ($140,465,489 ÷ 5,067,403 shares)		$ 27.72

Maximum offering price per share (100/96.50 of $27.72)		$ 28.73
Class B: Net Asset Value and offering price per share ($9,471,435 ÷ 365,443 shares)^A		$ 25.92

Class C: Net Asset Value and offering price per share ($109,288,760 ÷ 4,264,877 shares)^A		$ 25.63

Institutional Class: Net Asset Value, offering price and redemption price per share ($393,484,853 ÷ 13,642,469 shares)		$ 28.84

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends		$ 7,719,163
Interest		10,811
Income from Fidelity Central Funds		145,086
Total income		7,875,060

Expenses
Management fee Basic fee	$ 2,165,633
Performance adjustment	1,050,306
Transfer agent fees	849,789
Distribution and service plan fees	1,113,100
Accounting and security lending fees	138,715
Custodian fees and expenses	40,964
Independent trustees' compensation	1,559
Registration fees	90,273
Audit	31,109
Legal	1,961
Miscellaneous	3,922
Total expenses before reductions	5,487,331
Expense reductions	(439,869)	5,047,462
Net investment income (loss)		2,827,598
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	27,435,465
Foreign currency transactions	850
Total net realized gain (loss)		27,436,315
Change in net unrealized appreciation (depreciation) on: Investment securities	23,297,720
Assets and liabilities in foreign currencies	(917)
Total change in net unrealized appreciation (depreciation)		23,296,803
Net gain (loss)		50,733,118
Net increase (decrease) in net assets resulting from operations		$ 53,560,716

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,827,598	$ 8,555,777
Net realized gain (loss)	27,436,315	353,605,404
Change in net unrealized appreciation (depreciation)	23,296,803	(32,408,890)
Net increase (decrease) in net assets resulting from operations	53,560,716	329,752,291
Distributions to shareholders from net investment income	(4,161,826)	(767,567)
Distributions to shareholders from net realized gain	(46,319,909)	(3,062,648)
Total distributions	(50,481,735)	(3,830,215)
Share transactions - net increase (decrease)	285,121,501	(985,531,295)
Total increase (decrease) in net assets	288,200,482	(659,609,219)

Net Assets
Beginning of period	650,726,065	1,310,335,284
End of period (including undistributed net investment income of $2,827,625 and undistributed net investment income of $4,161,853, respectively)	$ 938,926,547	$ 650,726,065

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 28.11	$ 20.43	$ 17.57	$ 16.69	$ 15.19	$ 10.13
Income from Investment Operations
Net investment income (loss)^E	.10	.16	.15	.09	.05	.06
Net realized and unrealized gain (loss)	1.73	7.61	3.30	.87	1.52	5.08
Total from investment operations	1.83	7.77	3.45	.96	1.57	5.14
Distributions from net investment income	(.22)	(.02)	(.18)	(.06)	(.07)	(.08)
Distributions from net realized gain	(1.94)	(.07)	(.41)	(.02)	-	-
Total distributions	(2.16)	(.09)	(.59)	(.08)	(.07)	(.08)
Net asset value, end of period	$ 27.78	$ 28.11	$ 20.43	$ 17.57	$ 16.69	$ 15.19
Total Return^{B, C, D}	7.11%	38.16%	19.69%	5.73%	10.36%	51.10%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.36%^A	1.26%	1.25%	1.29%	1.22%	1.16%
Expenses net of fee waivers, if any	1.25%^A	1.26%	1.25%	1.29%	1.22%	1.16%
Expenses net of all reductions	1.25%^A	1.24%	1.24%	1.28%	1.21%	1.15%
Net investment income (loss)	.75%^A	.68%	.76%	.49%	.31%	.49%
Supplemental Data
Net assets, end of period (000 omitted)	$ 286,216	$ 214,686	$ 123,303	$ 103,670	$ 116,837	$ 112,450
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 28.02	$ 20.41	$ 17.51	$ 16.63	$ 15.14	$ 10.07
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.10	.04	.01	.03
Net realized and unrealized gain (loss)	1.72	7.59	3.29	.87	1.52	5.06
Total from investment operations	1.79	7.69	3.39	.91	1.53	5.09
Distributions from net investment income	(.15)	(.01)	(.10)	-^I	(.04)	(.02)
Distributions from net realized gain	(1.94)	(.07)	(.39)	(.02)	-	-
Total distributions	(2.09)	(.08)	(.49)	(.03)^J	(.04)	(.02)
Net asset value, end of period	$ 27.72	$ 28.02	$ 20.41	$ 17.51	$ 16.63	$ 15.14
Total Return^{B, C, D}	6.97%	37.82%	19.39%	5.44%	10.09%	50.71%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.62%^A	1.51%	1.49%	1.54%	1.47%	1.42%
Expenses net of fee waivers, if any	1.50%^A	1.51%	1.49%	1.54%	1.47%	1.42%
Expenses net of all reductions	1.50%^A	1.49%	1.49%	1.53%	1.47%	1.41%
Net investment income (loss)	.50%^A	.42%	.52%	.24%	.06%	.23%
Supplemental Data
Net assets, end of period (000 omitted)	$ 140,465	$ 114,864	$ 76,151	$ 69,678	$ 76,373	$ 87,009
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

^J Total distributions of $.03 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.021 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.24	$ 19.21	$ 16.49	$ 15.72	$ 14.35	$ 9.57
Income from Investment Operations
Net investment income (loss)^E	-^J	(.03)	-^J	(.05)	(.07)	(.03)
Net realized and unrealized gain (loss)	1.62	7.13	3.10	.82	1.44	4.81
Total from investment operations	1.62	7.10	3.10	.77	1.37	4.78
Distributions from net realized gain	(1.94)	(.07)	(.38)	-	-	-
Net asset value, end of period	$ 25.92	$ 26.24	$ 19.21	$ 16.49	$ 15.72	$ 14.35
Total Return^{B, C, D}	6.71%	37.08%	18.77%	4.90%	9.55%	49.95%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.20%^A	2.06%	2.02%	2.04%	1.98%	1.91%
Expenses net of fee waivers, if any	2.00%^A	2.06%	2.02%	2.04%	1.98%	1.91%
Expenses net of all reductions	2.00%^A	2.05%	2.01%	2.04%	1.97%	1.90%
Net investment income (loss)	-%^A,H	(.13)%	(.01)%	(.26)%	(.45)%	(.26)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,471	$ 10,499	$ 10,535	$ 12,839	$ 17,535	$ 21,907
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.07	$ 19.08	$ 16.41	$ 15.65	$ 14.28	$ 9.53
Income from Investment Operations
Net investment income (loss)^E	-^J	(.02)	-^J	(.04)	(.07)	(.03)
Net realized and unrealized gain (loss)	1.60	7.08	3.09	.80	1.44	4.78
Total from investment operations	1.60	7.06	3.09	.76	1.37	4.75
Distributions from net investment income	(.10)	-^J	(.03)	-	-	-
Distributions from net realized gain	(1.94)	(.07)	(.39)	-	-	-
Total distributions	(2.04)	(.07)	(.42)	-	-	-
Net asset value, end of period	$ 25.63	$ 26.07	$ 19.08	$ 16.41	$ 15.65	$ 14.28
Total Return^{B, C, D}	6.73%	37.14%	18.83%	4.86%	9.59%	49.84%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.11%^A	2.00%	2.00%	2.03%	1.97%	1.91%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.03%	1.97%	1.91%
Expenses net of all reductions	2.00%^A	1.99%	1.99%	2.03%	1.96%	1.90%
Net investment income (loss)	-%^A,H	(.07)%	.01%	(.25)%	(.44)%	(.26)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 109,289	$ 67,780	$ 28,856	$ 24,197	$ 25,162	$ 24,650
Portfolio turnover rate^G	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 29.03	$ 21.03	$ 18.13	$ 17.22	$ 15.65	$ 10.48
Income from Investment Operations
Net investment income (loss)^D	.14	.24	.22	.15	.11	.10
Net realized and unrealized gain (loss)	1.79	7.85	3.40	.89	1.57	5.22
Total from investment operations	1.93	8.09	3.62	1.04	1.68	5.32
Distributions from net investment income	(.18)	(.02)	(.31)	(.11)	(.11)	(.15)
Distributions from net realized gain	(1.94)	(.07)	(.41)	(.02)	-	-
Total distributions	(2.12)	(.09)	(.72)	(.13)	(.11)	(.15)
Net asset value, end of period	$ 28.84	$ 29.03	$ 21.03	$ 18.13	$ 17.22	$ 15.65
Total Return^{B, C}	7.21%	38.62%	20.10%	6.03%	10.78%	51.54%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	1.10%^A	.95%	.91%	.95%	.88%	.84%
Expenses net of fee waivers, if any	1.00%^A	.95%	.91%	.95%	.88%	.84%
Expenses net of all reductions	1.00%^A	.94%	.91%	.94%	.87%	.83%
Net investment income (loss)	1.00%^A	.98%	1.10%	.83%	.65%	.82%
Supplemental Data
Net assets, end of period (000 omitted)	$ 393,485	$ 242,897	$ 1,071,491	$ 1,013,999	$ 876,299	$ 924,675
Portfolio turnover rate^F	33%^A	54%	59%	83%	146%	185%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

distributions are determined in accordance with income tax regulations, which may differ from GAAP.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 183,286,319
Gross unrealized depreciation	(19,035,549)
Net unrealized appreciation (depreciation) on securities and other investments	$ 164,250,770

Tax cost	$ 793,685,276

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $352,334,367 and $126,839,191, respectively.

5. Fees and Other Transactions with Affiliates.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 307,748	$ 9,575
Class T	.25%	.25%	319,244	2,776
Class B	.75%	.25%	50,215	38,238
Class C	.75%	.25%	435,893	159,406
			$ 1,113,100	$ 209,995

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 114,712
Class T	14,385
Class B*	2,170
Class C*	7,294
	$ 138,561

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 265,558	.22
Class T	142,993	.22
Class B	15,224	.30
Class C	94,861	.22
Institutional Class	331,153	.21
	$ 849,789

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Other. During the period the Fund recorded a reimbursement from the investment adviser for an operational error in the amount of $51,786.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $755 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $136,375, including $147 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$ 137,797
Class T	1.50%	77,442
Class B	2.00%	10,228
Class C	2.00%	49,060
Institutional Class	1.00%	161,597
		$ 436,124

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,744 for the period. Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 1,725,368	$ 97,380
Class T	631,390	40,120
Class C	276,822	2,988
Institutional Class	1,528,246	627,079
Total	$ 4,161,826	$ 767,567

Semiannual Report

9. Distributions to Shareholders - continued

	Six months ended May 31, 2014	Year ended November 30, 2013
From net realized gain
Class A	$ 15,247,064	$ 432,999
Class T	8,130,692	258,270
Class B	772,695	37,356
Class C	5,278,091	107,120
Institutional Class	16,891,367	2,226,903
Total	$ 46,319,909	$ 3,062,648

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class A
Shares sold	3,348,695	3,029,803	$ 90,382,518	$ 76,581,820
Reinvestment of distributions	597,975	23,308	15,576,432	490,518
Shares redeemed	(1,280,174)	(1,452,421)	(34,292,641)	(34,520,330)
Net increase (decrease)	2,666,496	1,600,690	$ 71,666,309	$ 42,552,008
Class T
Shares sold	1,138,229	1,144,172	$ 30,590,300	$ 27,872,295
Reinvestment of distributions	330,308	13,925	8,595,868	292,962
Shares redeemed	(500,885)	(790,235)	(13,514,904)	(18,493,343)
Net increase (decrease)	967,652	367,862	$ 25,671,264	$ 9,671,914
Class B
Shares sold	22,402	44,781	$ 562,810	$ 1,050,694
Reinvestment of distributions	28,643	1,700	699,229	33,725
Shares redeemed	(85,773)	(194,809)	(2,158,008)	(4,361,870)
Net increase (decrease)	(34,728)	(148,328)	$ (895,969)	$ (3,277,451)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013	Six months ended May 31, 2014	Year ended November 30, 2013
Class C
Shares sold	1,794,282	1,380,277	$ 44,869,291	$ 31,649,256
Reinvestment of distributions	203,393	5,033	4,910,670	99,148
Shares redeemed	(332,565)	(297,963)	(8,301,761)	(6,636,716)
Net increase (decrease)	1,665,110	1,087,347	$ 41,478,200	$ 25,111,688
Institutional Class
Shares sold	5,807,089	5,489,820	$ 162,667,133	$ 135,166,774
Reinvestment of distributions	653,047	130,311	17,642,167	2,822,578
Shares redeemed	(1,185,320)	(48,206,491)^A	(33,107,603)	(1,197,578,806)^A
Net increase (decrease)	5,274,816	(42,586,360)	$ 147,201,697	$ (1,059,589,454)

^A Amount includes in-kind redemptions.

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

LC-USAN-0714
1.786795.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Small Cap

Fund - Institutional Class

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	.97%
Actual		$ 1,000.00	$ 1,035.10	$ 4.92
Hypothetical^A		$ 1,000.00	$ 1,020.09	$ 4.89
Class T	1.19%
Actual		$ 1,000.00	$ 1,033.90	$ 6.03
Hypothetical^A		$ 1,000.00	$ 1,019.00	$ 5.99
Class B	1.80%
Actual		$ 1,000.00	$ 1,030.80	$ 9.11
Hypothetical^A		$ 1,000.00	$ 1,015.96	$ 9.05
Class C	1.73%
Actual		$ 1,000.00	$ 1,031.20	$ 8.76
Hypothetical^A		$ 1,000.00	$ 1,016.31	$ 8.70
Institutional Class	.70%
Actual		$ 1,000.00	$ 1,036.30	$ 3.55
Hypothetical^A		$ 1,000.00	$ 1,021.44	$ 3.53
Class Z	.54%
Actual		$ 1,000.00	$ 1,037.30	$ 2.74
Hypothetical^A		$ 1,000.00	$ 1,022.24	$ 2.72

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Community Health Systems, Inc.	2.1	0.9
Darling International, Inc.	2.0	1.0
VeriFone Systems, Inc.	2.0	0.8
Global Payments, Inc.	2.0	1.8
Primerica, Inc.	1.9	1.7
Office Depot, Inc.	1.8	1.7
The Ensign Group, Inc.	1.8	1.6
WESCO International, Inc.	1.7	1.5
CDW Corp.	1.7	1.1
RenaissanceRe Holdings Ltd.	1.7	0.8
	18.7
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.2	19.2
Information Technology	18.7	16.7
Industrials	16.8	14.7
Consumer Discretionary	15.6	16.3
Health Care	12.1	11.3

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks and Equity Futures 99.1%			Stocks and Equity Futures 99.7%
	Other Investments 0.6%			Other Investments 0.0%
	Short-Term Investments and Net Other Assets (Liabilities) 0.3%			Short-Term Investments and Net Other Assets (Liabilities) 0.3%
* Foreign investments		18.3%	** Foreign investments		19.7%

cfi378634

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.6%
Diversified Consumer Services - 1.6%
Best Bridal, Inc. (e)(f)	2,800,000		$ 16,719
Grand Canyon Education, Inc. (a)	350,000		15,418
Meiko Network Japan Co. Ltd. (f)	1,577,900		18,464
			50,601
Hotels, Restaurants & Leisure - 1.3%
Bally Technologies, Inc. (a)	400,000		23,600
Texas Roadhouse, Inc. Class A	650,000		16,432
			40,032
Household Durables - 1.7%
Iida Group Holdings Co. Ltd.	1,100,000		16,638
Tupperware Brands Corp.	440,000		36,837
			53,475
Leisure Products - 1.0%
Smith & Wesson Holding Corp. (a)(e)	2,000,000		31,760
Media - 1.1%
Harte-Hanks, Inc.	3,100,000		22,041
John Wiley & Sons, Inc. Class A	234,800		12,862
			34,903
Multiline Retail - 1.0%
Big Lots, Inc. (a)	700,000		29,708
Specialty Retail - 4.5%
Aarons, Inc. Class A	1,100,000		36,124
Genesco, Inc. (a)	500,000		37,445
Jumbo SA (a)	840,909		12,540
Office Depot, Inc. (a)	11,000,000		56,320
			142,429
Textiles, Apparel & Luxury Goods - 3.4%
Crocs, Inc. (a)	1,500,000		22,395
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	800,000		35,600
Steven Madden Ltd. (a)	1,100,000		35,046
Wolverine World Wide, Inc.	500,000		12,935
			105,976
TOTAL CONSUMER DISCRETIONARY			488,884
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 1.9%
Ain Pharmaciez, Inc.	100,000		4,563
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Sundrug Co. Ltd.	600,000		$ 26,991
Tsuruha Holdings, Inc.	500,000		26,877
			58,431
Food Products - 2.0%
Darling International, Inc. (a)	3,200,000		63,968
TOTAL CONSUMER STAPLES			122,399
ENERGY - 6.6%
Energy Equipment & Services - 5.0%
Cathedral Energy Services Ltd. (f)	3,141,600		14,226
Key Energy Services, Inc. (a)	4,400,000		35,420
McDermott International, Inc. (a)(e)	2,000,000		14,520
Oil States International, Inc. (a)	320,000		34,426
Oil States International, Inc. (a)(i)	200,000		12,170
Pason Systems, Inc.	1,300,000		35,428
Western Energy Services Corp. (a)(g)	1,080,720		10,844
			157,034
Oil, Gas & Consumable Fuels - 1.6%
World Fuel Services Corp.	1,100,000		50,996
TOTAL ENERGY			208,030
FINANCIALS - 20.6%
Banks - 5.2%
Bank of the Ozarks, Inc.	250,000		14,760
East West Bancorp, Inc.	1,000,000		33,480
Investors Bancorp, Inc.	3,316,300		35,816
Prosperity Bancshares, Inc.	300,000		17,439
Square 1 Financial, Inc. Class A	930,652		17,580
Umpqua Holdings Corp.	1,357,724		22,497
Wilshire Bancorp, Inc.	2,200,000		22,198
			163,770
Consumer Finance - 0.9%
EZCORP, Inc. (non-vtg.) Class A (a)	1,765,700		21,577
Portfolio Recovery Associates, Inc. (a)	113,728		6,345
			27,922
Insurance - 7.8%
CNO Financial Group, Inc.	2,200,000		35,486
Enstar Group Ltd. (a)	180,000		25,362
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
HCC Insurance Holdings, Inc.	750,000		$ 35,235
Primerica, Inc.	1,300,000		58,552
Reinsurance Group of America, Inc.	500,000		39,080
RenaissanceRe Holdings Ltd.	500,000		52,085
			245,800
Real Estate Investment Trusts - 6.3%
Corrections Corp. of America	1,150,000		37,410
EPR Properties	750,000		40,440
Equity Lifestyle Properties, Inc.	350,000		15,309
MFA Financial, Inc.	3,900,000		32,097
National Health Investors, Inc.	550,000		34,496
Rouse Properties, Inc.	1,400,000		22,848
Sovran Self Storage, Inc.	200,000		15,360
			197,960
Real Estate Management & Development - 0.4%
Relo Holdings Corp.	200,000		11,562
TOTAL FINANCIALS			647,014
HEALTH CARE - 12.1%
Biotechnology - 1.1%
United Therapeutics Corp. (a)	350,000		33,509
Health Care Equipment & Supplies - 1.1%
The Cooper Companies, Inc.	270,000		34,835
Health Care Providers & Services - 7.1%
AmSurg Corp. (a)	713,000		32,285
Community Health Systems, Inc. (a)	1,600,000		66,829
Health Net, Inc. (a)	700,000		27,986
MEDNAX, Inc. (a)	300,000		17,289
Providence Service Corp. (a)	600,000		24,120
The Ensign Group, Inc. (f)	1,200,000		56,280
			224,789
Pharmaceuticals - 2.8%
Jazz Pharmaceuticals PLC (a)	150,000		21,279
Phibro Animal Health Corp. Class A	1,301,400		24,766
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Prestige Brands Holdings, Inc. (a)	650,000		$ 22,230
Sawai Pharmaceutical Co. Ltd.	300,000		18,706
			86,981
TOTAL HEALTH CARE			380,114
INDUSTRIALS - 16.8%
Aerospace & Defense - 2.8%
Engility Holdings, Inc. (a)	600,000		23,190
Moog, Inc. Class A (a)	400,000		28,824
Teledyne Technologies, Inc. (a)	400,000		37,908
			89,922
Commercial Services & Supplies - 3.9%
Deluxe Corp.	500,000		28,045
Mitie Group PLC	5,600,000		31,474
UniFirst Corp.	250,000		24,738
West Corp.	1,500,000		40,200
			124,457
Construction & Engineering - 0.9%
Badger Daylighting Ltd.	900,000		29,051
Machinery - 4.5%
Federal Signal Corp.	1,800,000		24,696
Hy-Lok Corp. (f)	699,000		20,956
Standex International Corp.	450,000		33,228
TriMas Corp. (a)	900,000		31,599
Valmont Industries, Inc.	200,000		30,990
			141,469
Marine - 0.3%
SITC International Holdings Co. Ltd.	19,000,000		8,308
Professional Services - 0.4%
Benefit One, Inc.	1,500,000		11,325
Trading Companies & Distributors - 3.3%
Aceto Corp.	1,200,000		20,916
Textainer Group Holdings Ltd.	750,000		29,055
WESCO International, Inc. (a)	620,000		52,960
			102,931
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Transportation Infrastructure - 0.7%
Wesco Aircraft Holdings, Inc. (a)	1,000,000		$ 21,740
TOTAL INDUSTRIALS			529,203
INFORMATION TECHNOLOGY - 18.7%
Electronic Equipment & Components - 6.0%
Belden, Inc.	400,000		28,796
CDW Corp.	1,800,000		52,938
Insight Enterprises, Inc. (a)	900,000		24,462
ScanSource, Inc. (a)	350,000		12,985
SYNNEX Corp. (a)	500,000		33,055
Zebra Technologies Corp. Class A (a)	500,000		37,150
			189,386
Internet Software & Services - 2.3%
Conversant, Inc. (a)(e)	1,300,000		30,654
Perficient, Inc. (a)	800,000		14,112
Stamps.com, Inc. (a)(f)	850,000		27,472
			72,238
IT Services - 7.5%
EPAM Systems, Inc. (a)	1,000,000		42,070
Genpact Ltd. (a)	1,300,000		21,905
Global Payments, Inc.	900,000		61,704
Syntel, Inc. (a)	350,000		28,315
VeriFone Systems, Inc. (a)	1,900,000		62,339
WEX, Inc. (a)	200,000		19,258
			235,591
Software - 2.9%
NIIT Technologies Ltd. (f)	3,800,000		25,126
Sword Group (f)	587,339		15,933
Verint Systems, Inc. (a)	620,000		28,725
Zensar Technologies Ltd. (f)	3,500,000		21,602
			91,386
TOTAL INFORMATION TECHNOLOGY			588,601
MATERIALS - 1.8%
Chemicals - 0.9%
PolyOne Corp.	700,000		28,091
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.9%
Sealed Air Corp.	900,000		$ 29,637
TOTAL MATERIALS			57,728
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Amcom Telecommunications Ltd.	1,700,000		3,449
Asia Satellite Telecommunications Holdings Ltd.	800,000		3,230
iiNet Ltd.	500,000		3,453
			10,132
UTILITIES - 0.5%
Gas Utilities - 0.5%
New Jersey Resources Corp.	300,000		16,503
TOTAL COMMON STOCKS (Cost $2,363,126)		3,048,608

U.S. Treasury Obligations - 0.1%
		Principal Amount (000s)(d)
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) (Cost $3,230)		$ 3,230	3,230
Preferred Securities - 0.6%

FINANCIALS - 0.6%
Diversified Financial Services - 0.6%
Baggot Securities Ltd. 10.24% (g)(h) (Cost $18,643)	EUR	12,000	18,349

Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	91,089,172		$ 91,089
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	34,652,403		34,652
TOTAL MONEY MARKET FUNDS (Cost $125,741)		125,741
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740)			3,195,928
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(51,432)
NET ASSETS - 100%		$ 3,144,496

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
601 ICE Russell 2000 Index Contracts (United States)	June 2014	$ 68,105	$ 785

The face value of futures purchased as a percentage of net assets is 2.2%

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,193,000 or 0.9% of net assets.

(h) Security is perpetual in nature with no stated maturity date.

(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 52
Fidelity Securities Lending Cash Central Fund	450
Total	$ 502

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Atrium Innovations, Inc.	$ 46,147	$ -	$ 44,191	$ -	$ -
Badger Daylighting Ltd.	60,809	365	39,687	179	-
Best Bridal, Inc.	18,568	69	-	120	16,719
Cathedral Energy Services Ltd.	14,931	-	-	407	14,226
Hy-Lok Corp.	10,584	7,747	-	110	20,956
Meiko Network Japan Co. Ltd.	16,280	-	-	222	18,464
NIIT Technologies Ltd.	19,396	-	-	-	25,126
Stamps.com, Inc.	40,385	-	1,143	-	27,472
Sword Group	12,673	-	-	693	15,933
The Ensign Group, Inc.	55,437	-	1,216	168	56,280
Zensar Technologies Ltd.	18,120	-	-	224	21,602
Total	$ 313,330	$ 8,181	$ 86,237	$ 2,123	$ 216,778

Other Information

The following is a summary of the inputs used, as of May 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 488,884	$ 437,063	$ 51,821	$ -
Consumer Staples	122,399	63,968	58,431	-
Energy	208,030	208,030	-	-
Financials	647,014	635,452	11,562	-
Health Care	380,114	361,408	18,706	-
Industrials	529,203	517,878	11,325	-
Information Technology	588,601	588,601	-	-
Materials	57,728	57,728	-	-
Telecommunication Services	10,132	10,132	-	-
Utilities	16,503	16,503	-	-
U.S. Government and Government Agency Obligations	3,230	-	3,230	-
Preferred Securities	18,349	-	18,349	-
Money Market Funds	125,741	125,741	-	-
Total Investments in Securities:	$ 3,195,928	$ 3,022,504	$ 173,424	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 785	$ 785	$ -	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2014. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers	Total (000s)
Level 1 to Level 2	$ 142,028
Level 2 to Level 1	$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2014. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type (Amounts in thousands)	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 785	$ -
Total Value of Derivatives	$ 785	$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	81.7%
Japan	4.9%
Bermuda	4.2%
Canada	2.8%
India	1.5%
Ireland	1.3%
United Kingdom	1.0%
Others (Individually Less Than 1%)	2.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958)	$ 2,853,409
Fidelity Central Funds (cost $125,741)	125,741
Other affiliated issuers (cost $167,041)	216,778
Total Investments (cost $2,510,740)		$ 3,195,928
Cash		1,161
Receivable for investments sold		7,064
Receivable for fund shares sold		2,120
Dividends receivable		1,982
Distributions receivable from Fidelity Central Funds		61
Prepaid expenses		1
Other receivables		20
Total assets		3,208,337

Liabilities
Payable for investments purchased Regular delivery	$ 10,503
Delayed delivery	8,025
Payable for fund shares redeemed	7,437
Accrued management fee	1,166
Distribution and service plan fees payable	957
Payable for daily variation margin for derivative instruments	397
Other affiliated payables	640
Other payables and accrued expenses	64
Collateral on securities loaned, at value	34,652
Total liabilities		63,841

Net Assets		$ 3,144,496
Net Assets consist of:
Paid in capital		$ 2,156,674
Undistributed net investment income		446
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		301,403
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		685,973
Net Assets		$ 3,144,496

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,163,937 ÷ 41,081.09 shares)		$ 28.33

Maximum offering price per share (100/94.25 of $28.33)		$ 30.06
Class T: Net Asset Value and redemption price per share ($1,018,055 ÷ 37,723.85 shares)		$ 26.99

Maximum offering price per share (100/96.50 of $26.99)		$ 27.97
Class B: Net Asset Value and offering price per share ($34,661 ÷ 1,470.86 shares)^A		$ 23.57

Class C: Net Asset Value and offering price per share ($320,040 ÷ 13,385.45 shares)^A		$ 23.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($601,049 ÷ 19,939.56 shares)		$ 30.14

Class Z: Net Asset Value, offering price and redemption price per share ($6,754 ÷ 224.54 shares)		$ 30.08

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends (including $2,123 earned from other affiliated issuers)		$ 18,443
Income from Fidelity Central Funds		502
Total income		18,945

Expenses
Management fee Basic fee	$ 11,384
Performance adjustment	(4,040)
Transfer agent fees	3,477
Distribution and service plan fees	5,892
Accounting and security lending fees	483
Custodian fees and expenses	64
Independent trustees' compensation	7
Registration fees	80
Audit	41
Legal	5
Miscellaneous	14
Total expenses before reductions	17,407
Expense reductions	(66)	17,341
Net investment income (loss)		1,604
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	270,300
Other affiliated issuers	41,108
Foreign currency transactions	(673)
Futures contracts	4,698
Total net realized gain (loss)		315,433
Change in net unrealized appreciation (depreciation) on: Investment securities	(202,925)
Assets and liabilities in foreign currencies	13
Futures contracts	(6,553)
Total change in net unrealized appreciation (depreciation)		(209,465)
Net gain (loss)		105,968
Net increase (decrease) in net assets resulting from operations		$ 107,572

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,604	$ 15,726
Net realized gain (loss)	315,433	686,475
Change in net unrealized appreciation (depreciation)	(209,465)	501,751
Net increase (decrease) in net assets resulting from operations	107,572	1,203,952
Distributions to shareholders from net investment income	(1,611)	(9,250)
Distributions to shareholders from net realized gain	(400,187)	(2,080)
Total distributions	(401,798)	(11,330)
Share transactions - net increase (decrease)	(34,544)	(1,450,861)
Total increase (decrease) in net assets	(328,770)	(258,239)

Net Assets
Beginning of period	3,473,266	3,731,505
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively)	$ 3,144,496	$ 3,473,266

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00	$ 17.69
Income from Investment Operations
Net investment income (loss)^E	.03	.12^H	(.03)	(.09)^I	(.13)	(.03)
Net realized and unrealized gain (loss)	.85	8.45	.79	.67	3.48	4.09
Total from investment operations	.88	8.57	.76	.58	3.35	4.06
Distributions from net investment income	(.01)	(.05)	-	-	-	(.03)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.51)	(.06)	(1.91)	(1.33)	-	(.75)
Net asset value, end of period	$ 28.33	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00
Total Return^{B, C, D}	3.51%	38.30%	3.87%	2.17%	15.95%	24.04%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.97%^A	1.01%	1.06%	1.31%	1.44%	1.53%
Expenses net of fee waivers, if any	.97%^A	1.01%	1.06%	1.31%	1.40%	1.40%
Expenses net of all reductions	.97%^A	1.00%	1.06%	1.31%	1.40%	1.40%
Net investment income (loss)	.20%^A	.46%^H	(.13)%	(.35)%^I	(.58)%	(.16)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,164	$ 1,263	$ 1,212	$ 1,461	$ 1,501	$ 1,223
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.

^I Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.50)%.

^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37	$ 17.20
Income from Investment Operations
Net investment income (loss)^E	-^K	.06^H	(.07)	(.13)^I	(.18)	(.07)
Net realized and unrealized gain (loss)	.80	8.13	.75	.64	3.38	3.96
Total from investment operations	.80	8.19	.68	.51	3.20	3.89
Distributions from net investment income	-	(.01)	-	-	-	-
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.50)	(.02)	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 26.99	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37
Total Return^{B, C, D}	3.39%	38.11%	3.64%	1.94%	15.71%	23.69%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.74%
Expenses net of fee waivers, if any	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.65%
Expenses net of all reductions	1.19%^A	1.21%	1.25%	1.51%	1.63%	1.65%
Net investment income (loss)	(.02)%^A	.25%^H	(.33)%	(.55)%^I	(.81)%	(.41)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,018	$ 1,113	$ 1,054	$ 1,244	$ 1,356	$ 1,277
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82	$ 16.02
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.08)^H	(.18)	(.25)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.69	7.26	.67	.61	3.11	3.67
Total from investment operations	.62	7.18	.49	.36	2.84	3.52
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.57	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82
Total Return^{B, C, D}	3.08%	37.26%	3.03%	1.39%	15.09%	23.10%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.80%^A	1.81%	1.85%	2.10%	2.22%	2.31%
Expenses net of fee waivers, if any	1.80%^A	1.81%	1.85%	2.10%	2.15%	2.15%
Expenses net of all reductions	1.79%^A	1.80%	1.84%	2.10%	2.14%	2.15%
Net investment income (loss)	(.63)%^A	(.34)%^H	(.92)%	(1.14)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 35	$ 40	$ 40	$ 55	$ 76	$ 89
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.29)%.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00	$ 16.16
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.07)^H	(.17)	(.24)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.71	7.34	.68	.60	3.14	3.71
Total from investment operations	.64	7.27	.51	.36	2.87	3.56
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.91	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00
Total Return^{B, C, D}	3.12%	37.28%	3.10%	1.37%	15.11%	23.15%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.73%^A	1.76%	1.81%	2.06%	2.18%	2.28%
Expenses net of fee waivers, if any	1.73%^A	1.76%	1.81%	2.06%	2.15%	2.15%
Expenses net of all reductions	1.72%^A	1.75%	1.80%	2.05%	2.14%	2.15%
Net investment income (loss)	(.56)%^A	(.29)%^H	(.88)%	(1.10)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 320	$ 334	$ 284	$ 328	$ 336	$ 299
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86	$ 18.42
Income from Investment Operations
Net investment income (loss)^D	.07	.21^G	.04	(.01)^H	(.07)	.02
Net realized and unrealized gain (loss)	.90	8.94	.83	.69	3.63	4.24
Total from investment operations	.97	9.15	.87	.68	3.56	4.26
Distributions from net investment income	(.06)	(.13)	-	-	-	(.10)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.56)	(.15)^J	(1.91)	(1.33)	-	(.82)
Net asset value, end of period	$ 30.14	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86
Total Return^{B, C}	3.63%	38.79%	4.15%	2.49%	16.29%	24.31%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.70%^A	.71%	.75%	1.01%	1.12%	1.21%
Expenses net of fee waivers, if any	.70%^A	.71%	.75%	1.01%	1.12%	1.15%
Expenses net of all reductions	.69%^A	.70%	.74%	1.00%	1.12%	1.15%
Net investment income (loss)	.47%^A	.76%^G	.18%	(.05)%^H	(.30)%	.09%
Supplemental Data
Net assets, end of period (in millions)	$ 601	$ 718	$ 1,141	$ 1,314	$ 1,165	$ 977
Portfolio turnover rate^F	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013^H
Selected Per-Share Data
Net asset value, beginning of period	$ 32.74	$ 29.79
Income from Investment Operations
Net investment income (loss)^D	.09	.02^G
Net realized and unrealized gain (loss)	.91	2.93
Total from investment operations	1.00	2.95
Distributions from net investment income	(.16)	-
Distributions from net realized gain	(3.50)	-
Total distributions	(3.66)	-
Net asset value, end of period	$ 30.08	$ 32.74
Total Return^{B, C}	3.73%	9.90%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.54%^A	.56%^A
Expenses net of fee waivers, if any	.54%^A	.56%^A
Expenses net of all reductions	.54%^A	.55%^A
Net investment income (loss)	.63%^A	.26%^{A, G}
Supplemental Data
Net assets, end of period (in millions)	$ 7	$ 5
Portfolio turnover rate^F	51%^A	34%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been .09%.

^H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 762,749
Gross unrealized depreciation	(77,561)
Net unrealized appreciation (depreciation) on securities and other investments	$ 685,188

Tax cost	$ 2,510,740

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and

Semiannual Report

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $4,698 and a change in net unrealized appreciation (depreciation) of $(6,553) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment advisor)and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 1,492	$ 17
Class T	.25%	.25%	2,607	15
Class B	.75%	.25%	184	138
Class C	.75%	.25%	1,609	123
			$ 5,892	$ 293

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 83
Class T	14
Class B*	17
Class C*	7
	$ 121

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,361	.23
Class T	1,031	.20
Class B	55	.30
Class C	371	.23
Institutional Class	658	.20
Class Z	1	.05
	$ 3,477

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $450, including three hundred and twenty-two dollars from securities loaned to FCM.

Semiannual Report

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 284	$ 2,598
Class T	-	386
Institutional Class	1,305	6,266
Class Z	22	-
Total	$ 1,611	$ 9,250
From net realized gain
Class A	$ 142,771	$ 743
Class T	131,370	678
Class B	5,267	-
Class C	43,783	-
Institutional Class	76,492	659
Class Z	504	-
Total	$ 400,187	$ 2,080

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class A
Shares sold	3,113	8,347	$ 86,167	$ 219,693
Reinvestment of distributions	4,985	140	134,212	3,122
Shares redeemed	(7,818)	(21,663)	(216,800)	(562,269)
Net increase (decrease)	280	(13,176)	$ 3,579	$ (339,454)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class T
Shares sold	3,171	7,343	$ 83,720	$ 185,578
Reinvestment of distributions	4,931	47	126,639	1,017
Shares redeemed	(7,885)	(18,873)	(208,168)	(469,350)
Net increase (decrease)	217	(11,483)	$ 2,191	$ (282,755)
Class B
Shares sold	11	15	$ 258	$ 339
Reinvestment of distributions	220	-	4,958	-
Shares redeemed	(267)	(591)	(6,178)	(13,025)
Net increase (decrease)	(36)	(576)	$ (962)	$ (12,686)
Class C
Shares sold	801	1,802	$ 18,785	$ 41,461
Reinvestment of distributions	1,754	-	40,042	-
Shares redeemed	(1,637)	(3,914)	(38,396)	(89,461)
Net increase (decrease)	918	(2,112)	$ 20,431	$ (48,000)
Institutional Class
Shares sold	2,765	9,471	$ 81,272	$ 253,670
Reinvestment of distributions	2,348	264	67,135	6,205
Shares redeemed	(7,115)	(35,873)^B	(210,479)	(1,032,519)^B
Net increase (decrease)	(2,002)	(26,138)	$ (62,072)	$ (772,644)
Class Z
Shares sold	94	146	$ 2,725	$ 4,691
Reinvestment of distributions	18	-	526	-
Shares redeemed	(33)	-*	(962)	(13)
Net increase (decrease)	79	146	$ 2,289	$ 4,678

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^B Amount includes in-kind redemptions.

* Amount represents three hundred eighty eight.

Semiannual Report

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCFI-USAN-0714
1.786802.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Small Cap

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	.97%
Actual		$ 1,000.00	$ 1,035.10	$ 4.92
Hypothetical^A		$ 1,000.00	$ 1,020.09	$ 4.89
Class T	1.19%
Actual		$ 1,000.00	$ 1,033.90	$ 6.03
Hypothetical^A		$ 1,000.00	$ 1,019.00	$ 5.99
Class B	1.80%
Actual		$ 1,000.00	$ 1,030.80	$ 9.11
Hypothetical^A		$ 1,000.00	$ 1,015.96	$ 9.05
Class C	1.73%
Actual		$ 1,000.00	$ 1,031.20	$ 8.76
Hypothetical^A		$ 1,000.00	$ 1,016.31	$ 8.70
Institutional Class	.70%
Actual		$ 1,000.00	$ 1,036.30	$ 3.55
Hypothetical^A		$ 1,000.00	$ 1,021.44	$ 3.53
Class Z	.54%
Actual		$ 1,000.00	$ 1,037.30	$ 2.74
Hypothetical^A		$ 1,000.00	$ 1,022.24	$ 2.72

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Community Health Systems, Inc.	2.1	0.9
Darling International, Inc.	2.0	1.0
VeriFone Systems, Inc.	2.0	0.8
Global Payments, Inc.	2.0	1.8
Primerica, Inc.	1.9	1.7
Office Depot, Inc.	1.8	1.7
The Ensign Group, Inc.	1.8	1.6
WESCO International, Inc.	1.7	1.5
CDW Corp.	1.7	1.1
RenaissanceRe Holdings Ltd.	1.7	0.8
	18.7
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.2	19.2
Information Technology	18.7	16.7
Industrials	16.8	14.7
Consumer Discretionary	15.6	16.3
Health Care	12.1	11.3

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks and Equity Futures 99.1%			Stocks and Equity Futures 99.7%
	Other Investments 0.6%			Other Investments 0.0%
	Short-Term Investments and Net Other Assets (Liabilities) 0.3%			Short-Term Investments and Net Other Assets (Liabilities) 0.3%
* Foreign investments		18.3%	** Foreign investments		19.7%

asc503005

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.6%
Diversified Consumer Services - 1.6%
Best Bridal, Inc. (e)(f)	2,800,000		$ 16,719
Grand Canyon Education, Inc. (a)	350,000		15,418
Meiko Network Japan Co. Ltd. (f)	1,577,900		18,464
			50,601
Hotels, Restaurants & Leisure - 1.3%
Bally Technologies, Inc. (a)	400,000		23,600
Texas Roadhouse, Inc. Class A	650,000		16,432
			40,032
Household Durables - 1.7%
Iida Group Holdings Co. Ltd.	1,100,000		16,638
Tupperware Brands Corp.	440,000		36,837
			53,475
Leisure Products - 1.0%
Smith & Wesson Holding Corp. (a)(e)	2,000,000		31,760
Media - 1.1%
Harte-Hanks, Inc.	3,100,000		22,041
John Wiley & Sons, Inc. Class A	234,800		12,862
			34,903
Multiline Retail - 1.0%
Big Lots, Inc. (a)	700,000		29,708
Specialty Retail - 4.5%
Aarons, Inc. Class A	1,100,000		36,124
Genesco, Inc. (a)	500,000		37,445
Jumbo SA (a)	840,909		12,540
Office Depot, Inc. (a)	11,000,000		56,320
			142,429
Textiles, Apparel & Luxury Goods - 3.4%
Crocs, Inc. (a)	1,500,000		22,395
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	800,000		35,600
Steven Madden Ltd. (a)	1,100,000		35,046
Wolverine World Wide, Inc.	500,000		12,935
			105,976
TOTAL CONSUMER DISCRETIONARY			488,884
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 1.9%
Ain Pharmaciez, Inc.	100,000		4,563
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Sundrug Co. Ltd.	600,000		$ 26,991
Tsuruha Holdings, Inc.	500,000		26,877
			58,431
Food Products - 2.0%
Darling International, Inc. (a)	3,200,000		63,968
TOTAL CONSUMER STAPLES			122,399
ENERGY - 6.6%
Energy Equipment & Services - 5.0%
Cathedral Energy Services Ltd. (f)	3,141,600		14,226
Key Energy Services, Inc. (a)	4,400,000		35,420
McDermott International, Inc. (a)(e)	2,000,000		14,520
Oil States International, Inc. (a)	320,000		34,426
Oil States International, Inc. (a)(i)	200,000		12,170
Pason Systems, Inc.	1,300,000		35,428
Western Energy Services Corp. (a)(g)	1,080,720		10,844
			157,034
Oil, Gas & Consumable Fuels - 1.6%
World Fuel Services Corp.	1,100,000		50,996
TOTAL ENERGY			208,030
FINANCIALS - 20.6%
Banks - 5.2%
Bank of the Ozarks, Inc.	250,000		14,760
East West Bancorp, Inc.	1,000,000		33,480
Investors Bancorp, Inc.	3,316,300		35,816
Prosperity Bancshares, Inc.	300,000		17,439
Square 1 Financial, Inc. Class A	930,652		17,580
Umpqua Holdings Corp.	1,357,724		22,497
Wilshire Bancorp, Inc.	2,200,000		22,198
			163,770
Consumer Finance - 0.9%
EZCORP, Inc. (non-vtg.) Class A (a)	1,765,700		21,577
Portfolio Recovery Associates, Inc. (a)	113,728		6,345
			27,922
Insurance - 7.8%
CNO Financial Group, Inc.	2,200,000		35,486
Enstar Group Ltd. (a)	180,000		25,362
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
HCC Insurance Holdings, Inc.	750,000		$ 35,235
Primerica, Inc.	1,300,000		58,552
Reinsurance Group of America, Inc.	500,000		39,080
RenaissanceRe Holdings Ltd.	500,000		52,085
			245,800
Real Estate Investment Trusts - 6.3%
Corrections Corp. of America	1,150,000		37,410
EPR Properties	750,000		40,440
Equity Lifestyle Properties, Inc.	350,000		15,309
MFA Financial, Inc.	3,900,000		32,097
National Health Investors, Inc.	550,000		34,496
Rouse Properties, Inc.	1,400,000		22,848
Sovran Self Storage, Inc.	200,000		15,360
			197,960
Real Estate Management & Development - 0.4%
Relo Holdings Corp.	200,000		11,562
TOTAL FINANCIALS			647,014
HEALTH CARE - 12.1%
Biotechnology - 1.1%
United Therapeutics Corp. (a)	350,000		33,509
Health Care Equipment & Supplies - 1.1%
The Cooper Companies, Inc.	270,000		34,835
Health Care Providers & Services - 7.1%
AmSurg Corp. (a)	713,000		32,285
Community Health Systems, Inc. (a)	1,600,000		66,829
Health Net, Inc. (a)	700,000		27,986
MEDNAX, Inc. (a)	300,000		17,289
Providence Service Corp. (a)	600,000		24,120
The Ensign Group, Inc. (f)	1,200,000		56,280
			224,789
Pharmaceuticals - 2.8%
Jazz Pharmaceuticals PLC (a)	150,000		21,279
Phibro Animal Health Corp. Class A	1,301,400		24,766
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Prestige Brands Holdings, Inc. (a)	650,000		$ 22,230
Sawai Pharmaceutical Co. Ltd.	300,000		18,706
			86,981
TOTAL HEALTH CARE			380,114
INDUSTRIALS - 16.8%
Aerospace & Defense - 2.8%
Engility Holdings, Inc. (a)	600,000		23,190
Moog, Inc. Class A (a)	400,000		28,824
Teledyne Technologies, Inc. (a)	400,000		37,908
			89,922
Commercial Services & Supplies - 3.9%
Deluxe Corp.	500,000		28,045
Mitie Group PLC	5,600,000		31,474
UniFirst Corp.	250,000		24,738
West Corp.	1,500,000		40,200
			124,457
Construction & Engineering - 0.9%
Badger Daylighting Ltd.	900,000		29,051
Machinery - 4.5%
Federal Signal Corp.	1,800,000		24,696
Hy-Lok Corp. (f)	699,000		20,956
Standex International Corp.	450,000		33,228
TriMas Corp. (a)	900,000		31,599
Valmont Industries, Inc.	200,000		30,990
			141,469
Marine - 0.3%
SITC International Holdings Co. Ltd.	19,000,000		8,308
Professional Services - 0.4%
Benefit One, Inc.	1,500,000		11,325
Trading Companies & Distributors - 3.3%
Aceto Corp.	1,200,000		20,916
Textainer Group Holdings Ltd.	750,000		29,055
WESCO International, Inc. (a)	620,000		52,960
			102,931
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Transportation Infrastructure - 0.7%
Wesco Aircraft Holdings, Inc. (a)	1,000,000		$ 21,740
TOTAL INDUSTRIALS			529,203
INFORMATION TECHNOLOGY - 18.7%
Electronic Equipment & Components - 6.0%
Belden, Inc.	400,000		28,796
CDW Corp.	1,800,000		52,938
Insight Enterprises, Inc. (a)	900,000		24,462
ScanSource, Inc. (a)	350,000		12,985
SYNNEX Corp. (a)	500,000		33,055
Zebra Technologies Corp. Class A (a)	500,000		37,150
			189,386
Internet Software & Services - 2.3%
Conversant, Inc. (a)(e)	1,300,000		30,654
Perficient, Inc. (a)	800,000		14,112
Stamps.com, Inc. (a)(f)	850,000		27,472
			72,238
IT Services - 7.5%
EPAM Systems, Inc. (a)	1,000,000		42,070
Genpact Ltd. (a)	1,300,000		21,905
Global Payments, Inc.	900,000		61,704
Syntel, Inc. (a)	350,000		28,315
VeriFone Systems, Inc. (a)	1,900,000		62,339
WEX, Inc. (a)	200,000		19,258
			235,591
Software - 2.9%
NIIT Technologies Ltd. (f)	3,800,000		25,126
Sword Group (f)	587,339		15,933
Verint Systems, Inc. (a)	620,000		28,725
Zensar Technologies Ltd. (f)	3,500,000		21,602
			91,386
TOTAL INFORMATION TECHNOLOGY			588,601
MATERIALS - 1.8%
Chemicals - 0.9%
PolyOne Corp.	700,000		28,091
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.9%
Sealed Air Corp.	900,000		$ 29,637
TOTAL MATERIALS			57,728
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Amcom Telecommunications Ltd.	1,700,000		3,449
Asia Satellite Telecommunications Holdings Ltd.	800,000		3,230
iiNet Ltd.	500,000		3,453
			10,132
UTILITIES - 0.5%
Gas Utilities - 0.5%
New Jersey Resources Corp.	300,000		16,503
TOTAL COMMON STOCKS (Cost $2,363,126)		3,048,608

U.S. Treasury Obligations - 0.1%
		Principal Amount (000s)(d)
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) (Cost $3,230)		$ 3,230	3,230
Preferred Securities - 0.6%

FINANCIALS - 0.6%
Diversified Financial Services - 0.6%
Baggot Securities Ltd. 10.24% (g)(h) (Cost $18,643)	EUR	12,000	18,349

Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	91,089,172		$ 91,089
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	34,652,403		34,652
TOTAL MONEY MARKET FUNDS (Cost $125,741)		125,741
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740)			3,195,928
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(51,432)
NET ASSETS - 100%		$ 3,144,496

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
601 ICE Russell 2000 Index Contracts (United States)	June 2014	$ 68,105	$ 785

The face value of futures purchased as a percentage of net assets is 2.2%

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(h) Security is perpetual in nature with no stated maturity date.

(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 52
Fidelity Securities Lending Cash Central Fund	450
Total	$ 502

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Atrium Innovations, Inc.	$ 46,147	$ -	$ 44,191	$ -	$ -
Badger Daylighting Ltd.	60,809	365	39,687	179	-
Best Bridal, Inc.	18,568	69	-	120	16,719
Cathedral Energy Services Ltd.	14,931	-	-	407	14,226
Hy-Lok Corp.	10,584	7,747	-	110	20,956
Meiko Network Japan Co. Ltd.	16,280	-	-	222	18,464
NIIT Technologies Ltd.	19,396	-	-	-	25,126
Stamps.com, Inc.	40,385	-	1,143	-	27,472
Sword Group	12,673	-	-	693	15,933
The Ensign Group, Inc.	55,437	-	1,216	168	56,280
Zensar Technologies Ltd.	18,120	-	-	224	21,602
Total	$ 313,330	$ 8,181	$ 86,237	$ 2,123	$ 216,778

Other Information

The following is a summary of the inputs used, as of May 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 488,884	$ 437,063	$ 51,821	$ -
Consumer Staples	122,399	63,968	58,431	-
Energy	208,030	208,030	-	-
Financials	647,014	635,452	11,562	-
Health Care	380,114	361,408	18,706	-
Industrials	529,203	517,878	11,325	-
Information Technology	588,601	588,601	-	-
Materials	57,728	57,728	-	-
Telecommunication Services	10,132	10,132	-	-
Utilities	16,503	16,503	-	-
U.S. Government and Government Agency Obligations	3,230	-	3,230	-
Preferred Securities	18,349	-	18,349	-
Money Market Funds	125,741	125,741	-	-
Total Investments in Securities:	$ 3,195,928	$ 3,022,504	$ 173,424	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 785	$ 785	$ -	$ -

Transfers	Total (000s)
Level 1 to Level 2	$ 142,028
Level 2 to Level 1	$ -

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type (Amounts in thousands)	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 785	$ -
Total Value of Derivatives	$ 785	$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	81.7%
Japan	4.9%
Bermuda	4.2%
Canada	2.8%
India	1.5%
Ireland	1.3%
United Kingdom	1.0%
Others (Individually Less Than 1%)	2.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958)	$ 2,853,409
Fidelity Central Funds (cost $125,741)	125,741
Other affiliated issuers (cost $167,041)	216,778
Total Investments (cost $2,510,740)		$ 3,195,928
Cash		1,161
Receivable for investments sold		7,064
Receivable for fund shares sold		2,120
Dividends receivable		1,982
Distributions receivable from Fidelity Central Funds		61
Prepaid expenses		1
Other receivables		20
Total assets		3,208,337

Liabilities
Payable for investments purchased Regular delivery	$ 10,503
Delayed delivery	8,025
Payable for fund shares redeemed	7,437
Accrued management fee	1,166
Distribution and service plan fees payable	957
Payable for daily variation margin for derivative instruments	397
Other affiliated payables	640
Other payables and accrued expenses	64
Collateral on securities loaned, at value	34,652
Total liabilities		63,841

Net Assets		$ 3,144,496
Net Assets consist of:
Paid in capital		$ 2,156,674
Undistributed net investment income		446
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		301,403
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		685,973
Net Assets		$ 3,144,496

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,163,937 ÷ 41,081.09 shares)		$ 28.33

Maximum offering price per share (100/94.25 of $28.33)		$ 30.06
Class T: Net Asset Value and redemption price per share ($1,018,055 ÷ 37,723.85 shares)		$ 26.99

Maximum offering price per share (100/96.50 of $26.99)		$ 27.97
Class B: Net Asset Value and offering price per share ($34,661 ÷ 1,470.86 shares)^A		$ 23.57

Class C: Net Asset Value and offering price per share ($320,040 ÷ 13,385.45 shares)^A		$ 23.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($601,049 ÷ 19,939.56 shares)		$ 30.14

Class Z: Net Asset Value, offering price and redemption price per share ($6,754 ÷ 224.54 shares)		$ 30.08

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends (including $2,123 earned from other affiliated issuers)		$ 18,443
Income from Fidelity Central Funds		502
Total income		18,945

Expenses
Management fee Basic fee	$ 11,384
Performance adjustment	(4,040)
Transfer agent fees	3,477
Distribution and service plan fees	5,892
Accounting and security lending fees	483
Custodian fees and expenses	64
Independent trustees' compensation	7
Registration fees	80
Audit	41
Legal	5
Miscellaneous	14
Total expenses before reductions	17,407
Expense reductions	(66)	17,341
Net investment income (loss)		1,604
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	270,300
Other affiliated issuers	41,108
Foreign currency transactions	(673)
Futures contracts	4,698
Total net realized gain (loss)		315,433
Change in net unrealized appreciation (depreciation) on: Investment securities	(202,925)
Assets and liabilities in foreign currencies	13
Futures contracts	(6,553)
Total change in net unrealized appreciation (depreciation)		(209,465)
Net gain (loss)		105,968
Net increase (decrease) in net assets resulting from operations		$ 107,572

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,604	$ 15,726
Net realized gain (loss)	315,433	686,475
Change in net unrealized appreciation (depreciation)	(209,465)	501,751
Net increase (decrease) in net assets resulting from operations	107,572	1,203,952
Distributions to shareholders from net investment income	(1,611)	(9,250)
Distributions to shareholders from net realized gain	(400,187)	(2,080)
Total distributions	(401,798)	(11,330)
Share transactions - net increase (decrease)	(34,544)	(1,450,861)
Total increase (decrease) in net assets	(328,770)	(258,239)

Net Assets
Beginning of period	3,473,266	3,731,505
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively)	$ 3,144,496	$ 3,473,266

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00	$ 17.69
Income from Investment Operations
Net investment income (loss)^E	.03	.12^H	(.03)	(.09)^I	(.13)	(.03)
Net realized and unrealized gain (loss)	.85	8.45	.79	.67	3.48	4.09
Total from investment operations	.88	8.57	.76	.58	3.35	4.06
Distributions from net investment income	(.01)	(.05)	-	-	-	(.03)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.51)	(.06)	(1.91)	(1.33)	-	(.75)
Net asset value, end of period	$ 28.33	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00
Total Return^{B, C, D}	3.51%	38.30%	3.87%	2.17%	15.95%	24.04%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.97%^A	1.01%	1.06%	1.31%	1.44%	1.53%
Expenses net of fee waivers, if any	.97%^A	1.01%	1.06%	1.31%	1.40%	1.40%
Expenses net of all reductions	.97%^A	1.00%	1.06%	1.31%	1.40%	1.40%
Net investment income (loss)	.20%^A	.46%^H	(.13)%	(.35)%^I	(.58)%	(.16)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,164	$ 1,263	$ 1,212	$ 1,461	$ 1,501	$ 1,223
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37	$ 17.20
Income from Investment Operations
Net investment income (loss)^E	-^K	.06^H	(.07)	(.13)^I	(.18)	(.07)
Net realized and unrealized gain (loss)	.80	8.13	.75	.64	3.38	3.96
Total from investment operations	.80	8.19	.68	.51	3.20	3.89
Distributions from net investment income	-	(.01)	-	-	-	-
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.50)	(.02)	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 26.99	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37
Total Return^{B, C, D}	3.39%	38.11%	3.64%	1.94%	15.71%	23.69%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.74%
Expenses net of fee waivers, if any	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.65%
Expenses net of all reductions	1.19%^A	1.21%	1.25%	1.51%	1.63%	1.65%
Net investment income (loss)	(.02)%^A	.25%^H	(.33)%	(.55)%^I	(.81)%	(.41)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,018	$ 1,113	$ 1,054	$ 1,244	$ 1,356	$ 1,277
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82	$ 16.02
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.08)^H	(.18)	(.25)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.69	7.26	.67	.61	3.11	3.67
Total from investment operations	.62	7.18	.49	.36	2.84	3.52
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.57	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82
Total Return^{B, C, D}	3.08%	37.26%	3.03%	1.39%	15.09%	23.10%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.80%^A	1.81%	1.85%	2.10%	2.22%	2.31%
Expenses net of fee waivers, if any	1.80%^A	1.81%	1.85%	2.10%	2.15%	2.15%
Expenses net of all reductions	1.79%^A	1.80%	1.84%	2.10%	2.14%	2.15%
Net investment income (loss)	(.63)%^A	(.34)%^H	(.92)%	(1.14)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 35	$ 40	$ 40	$ 55	$ 76	$ 89
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00	$ 16.16
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.07)^H	(.17)	(.24)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.71	7.34	.68	.60	3.14	3.71
Total from investment operations	.64	7.27	.51	.36	2.87	3.56
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.91	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00
Total Return^{B, C, D}	3.12%	37.28%	3.10%	1.37%	15.11%	23.15%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.73%^A	1.76%	1.81%	2.06%	2.18%	2.28%
Expenses net of fee waivers, if any	1.73%^A	1.76%	1.81%	2.06%	2.15%	2.15%
Expenses net of all reductions	1.72%^A	1.75%	1.80%	2.05%	2.14%	2.15%
Net investment income (loss)	(.56)%^A	(.29)%^H	(.88)%	(1.10)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 320	$ 334	$ 284	$ 328	$ 336	$ 299
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86	$ 18.42
Income from Investment Operations
Net investment income (loss)^D	.07	.21^G	.04	(.01)^H	(.07)	.02
Net realized and unrealized gain (loss)	.90	8.94	.83	.69	3.63	4.24
Total from investment operations	.97	9.15	.87	.68	3.56	4.26
Distributions from net investment income	(.06)	(.13)	-	-	-	(.10)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.56)	(.15)^J	(1.91)	(1.33)	-	(.82)
Net asset value, end of period	$ 30.14	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86
Total Return^{B, C}	3.63%	38.79%	4.15%	2.49%	16.29%	24.31%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.70%^A	.71%	.75%	1.01%	1.12%	1.21%
Expenses net of fee waivers, if any	.70%^A	.71%	.75%	1.01%	1.12%	1.15%
Expenses net of all reductions	.69%^A	.70%	.74%	1.00%	1.12%	1.15%
Net investment income (loss)	.47%^A	.76%^G	.18%	(.05)%^H	(.30)%	.09%
Supplemental Data
Net assets, end of period (in millions)	$ 601	$ 718	$ 1,141	$ 1,314	$ 1,165	$ 977
Portfolio turnover rate^F	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013^H
Selected Per-Share Data
Net asset value, beginning of period	$ 32.74	$ 29.79
Income from Investment Operations
Net investment income (loss)^D	.09	.02^G
Net realized and unrealized gain (loss)	.91	2.93
Total from investment operations	1.00	2.95
Distributions from net investment income	(.16)	-
Distributions from net realized gain	(3.50)	-
Total distributions	(3.66)	-
Net asset value, end of period	$ 30.08	$ 32.74
Total Return^{B, C}	3.73%	9.90%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.54%^A	.56%^A
Expenses net of fee waivers, if any	.54%^A	.56%^A
Expenses net of all reductions	.54%^A	.55%^A
Net investment income (loss)	.63%^A	.26%^{A, G}
Supplemental Data
Net assets, end of period (in millions)	$ 7	$ 5
Portfolio turnover rate^F	51%^A	34%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 762,749
Gross unrealized depreciation	(77,561)
Net unrealized appreciation (depreciation) on securities and other investments	$ 685,188

Tax cost	$ 2,510,740

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Semiannual Report

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 1,492	$ 17
Class T	.25%	.25%	2,607	15
Class B	.75%	.25%	184	138
Class C	.75%	.25%	1,609	123
			$ 5,892	$ 293

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 83
Class T	14
Class B*	17
Class C*	7
	$ 121

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,361	.23
Class T	1,031	.20
Class B	55	.30
Class C	371	.23
Institutional Class	658	.20
Class Z	1	.05
	$ 3,477

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $450, including three hundred and twenty-two dollars from securities loaned to FCM.

Semiannual Report

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 284	$ 2,598
Class T	-	386
Institutional Class	1,305	6,266
Class Z	22	-
Total	$ 1,611	$ 9,250
From net realized gain
Class A	$ 142,771	$ 743
Class T	131,370	678
Class B	5,267	-
Class C	43,783	-
Institutional Class	76,492	659
Class Z	504	-
Total	$ 400,187	$ 2,080

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class A
Shares sold	3,113	8,347	$ 86,167	$ 219,693
Reinvestment of distributions	4,985	140	134,212	3,122
Shares redeemed	(7,818)	(21,663)	(216,800)	(562,269)
Net increase (decrease)	280	(13,176)	$ 3,579	$ (339,454)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class T
Shares sold	3,171	7,343	$ 83,720	$ 185,578
Reinvestment of distributions	4,931	47	126,639	1,017
Shares redeemed	(7,885)	(18,873)	(208,168)	(469,350)
Net increase (decrease)	217	(11,483)	$ 2,191	$ (282,755)
Class B
Shares sold	11	15	$ 258	$ 339
Reinvestment of distributions	220	-	4,958	-
Shares redeemed	(267)	(591)	(6,178)	(13,025)
Net increase (decrease)	(36)	(576)	$ (962)	$ (12,686)
Class C
Shares sold	801	1,802	$ 18,785	$ 41,461
Reinvestment of distributions	1,754	-	40,042	-
Shares redeemed	(1,637)	(3,914)	(38,396)	(89,461)
Net increase (decrease)	918	(2,112)	$ 20,431	$ (48,000)
Institutional Class
Shares sold	2,765	9,471	$ 81,272	$ 253,670
Reinvestment of distributions	2,348	264	67,135	6,205
Shares redeemed	(7,115)	(35,873)^B	(210,479)	(1,032,519)^B
Net increase (decrease)	(2,002)	(26,138)	$ (62,072)	$ (772,644)
Class Z
Shares sold	94	146	$ 2,725	$ 4,691
Reinvestment of distributions	18	-	526	-
Shares redeemed	(33)	-*	(962)	(13)
Net increase (decrease)	79	146	$ 2,289	$ 4,678

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^B Amount includes in-kind redemptions.

* Amount represents three hundred eighty eight.

Semiannual Report

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCF-USAN-0714
1.786801.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Small Cap

Fund - Class Z

Semiannual Report

May 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2013 to May 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value December 1, 2013	Ending Account Value May 31, 2014	Expenses Paid During Period* December 1, 2013 to May 31, 2014
Class A	.97%
Actual		$ 1,000.00	$ 1,035.10	$ 4.92
Hypothetical^A		$ 1,000.00	$ 1,020.09	$ 4.89
Class T	1.19%
Actual		$ 1,000.00	$ 1,033.90	$ 6.03
Hypothetical^A		$ 1,000.00	$ 1,019.00	$ 5.99
Class B	1.80%
Actual		$ 1,000.00	$ 1,030.80	$ 9.11
Hypothetical^A		$ 1,000.00	$ 1,015.96	$ 9.05
Class C	1.73%
Actual		$ 1,000.00	$ 1,031.20	$ 8.76
Hypothetical^A		$ 1,000.00	$ 1,016.31	$ 8.70
Institutional Class	.70%
Actual		$ 1,000.00	$ 1,036.30	$ 3.55
Hypothetical^A		$ 1,000.00	$ 1,021.44	$ 3.53
Class Z	.54%
Actual		$ 1,000.00	$ 1,037.30	$ 2.74
Hypothetical^A		$ 1,000.00	$ 1,022.24	$ 2.72

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Community Health Systems, Inc.	2.1	0.9
Darling International, Inc.	2.0	1.0
VeriFone Systems, Inc.	2.0	0.8
Global Payments, Inc.	2.0	1.8
Primerica, Inc.	1.9	1.7
Office Depot, Inc.	1.8	1.7
The Ensign Group, Inc.	1.8	1.6
WESCO International, Inc.	1.7	1.5
CDW Corp.	1.7	1.1
RenaissanceRe Holdings Ltd.	1.7	0.8
	18.7
Top Five Market Sectors as of May 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.2	19.2
Information Technology	18.7	16.7
Industrials	16.8	14.7
Consumer Discretionary	15.6	16.3
Health Care	12.1	11.3

Asset Allocation (% of fund's net assets)
As of May 31, 2014 *			As of November 30, 2013 **
	Stocks and Equity Futures 99.1%			Stocks and Equity Futures 99.7%
	Other Investments 0.6%			Other Investments 0.0%
	Short-Term Investments and Net Other Assets (Liabilities) 0.3%			Short-Term Investments and Net Other Assets (Liabilities) 0.3%
* Foreign investments		18.3%	** Foreign investments		19.7%

cfz627358

Semiannual Report

Investments May 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.6%
Diversified Consumer Services - 1.6%
Best Bridal, Inc. (e)(f)	2,800,000		$ 16,719
Grand Canyon Education, Inc. (a)	350,000		15,418
Meiko Network Japan Co. Ltd. (f)	1,577,900		18,464
			50,601
Hotels, Restaurants & Leisure - 1.3%
Bally Technologies, Inc. (a)	400,000		23,600
Texas Roadhouse, Inc. Class A	650,000		16,432
			40,032
Household Durables - 1.7%
Iida Group Holdings Co. Ltd.	1,100,000		16,638
Tupperware Brands Corp.	440,000		36,837
			53,475
Leisure Products - 1.0%
Smith & Wesson Holding Corp. (a)(e)	2,000,000		31,760
Media - 1.1%
Harte-Hanks, Inc.	3,100,000		22,041
John Wiley & Sons, Inc. Class A	234,800		12,862
			34,903
Multiline Retail - 1.0%
Big Lots, Inc. (a)	700,000		29,708
Specialty Retail - 4.5%
Aarons, Inc. Class A	1,100,000		36,124
Genesco, Inc. (a)	500,000		37,445
Jumbo SA (a)	840,909		12,540
Office Depot, Inc. (a)	11,000,000		56,320
			142,429
Textiles, Apparel & Luxury Goods - 3.4%
Crocs, Inc. (a)	1,500,000		22,395
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	800,000		35,600
Steven Madden Ltd. (a)	1,100,000		35,046
Wolverine World Wide, Inc.	500,000		12,935
			105,976
TOTAL CONSUMER DISCRETIONARY			488,884
CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 1.9%
Ain Pharmaciez, Inc.	100,000		4,563
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Sundrug Co. Ltd.	600,000		$ 26,991
Tsuruha Holdings, Inc.	500,000		26,877
			58,431
Food Products - 2.0%
Darling International, Inc. (a)	3,200,000		63,968
TOTAL CONSUMER STAPLES			122,399
ENERGY - 6.6%
Energy Equipment & Services - 5.0%
Cathedral Energy Services Ltd. (f)	3,141,600		14,226
Key Energy Services, Inc. (a)	4,400,000		35,420
McDermott International, Inc. (a)(e)	2,000,000		14,520
Oil States International, Inc. (a)	320,000		34,426
Oil States International, Inc. (a)(i)	200,000		12,170
Pason Systems, Inc.	1,300,000		35,428
Western Energy Services Corp. (a)(g)	1,080,720		10,844
			157,034
Oil, Gas & Consumable Fuels - 1.6%
World Fuel Services Corp.	1,100,000		50,996
TOTAL ENERGY			208,030
FINANCIALS - 20.6%
Banks - 5.2%
Bank of the Ozarks, Inc.	250,000		14,760
East West Bancorp, Inc.	1,000,000		33,480
Investors Bancorp, Inc.	3,316,300		35,816
Prosperity Bancshares, Inc.	300,000		17,439
Square 1 Financial, Inc. Class A	930,652		17,580
Umpqua Holdings Corp.	1,357,724		22,497
Wilshire Bancorp, Inc.	2,200,000		22,198
			163,770
Consumer Finance - 0.9%
EZCORP, Inc. (non-vtg.) Class A (a)	1,765,700		21,577
Portfolio Recovery Associates, Inc. (a)	113,728		6,345
			27,922
Insurance - 7.8%
CNO Financial Group, Inc.	2,200,000		35,486
Enstar Group Ltd. (a)	180,000		25,362
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
HCC Insurance Holdings, Inc.	750,000		$ 35,235
Primerica, Inc.	1,300,000		58,552
Reinsurance Group of America, Inc.	500,000		39,080
RenaissanceRe Holdings Ltd.	500,000		52,085
			245,800
Real Estate Investment Trusts - 6.3%
Corrections Corp. of America	1,150,000		37,410
EPR Properties	750,000		40,440
Equity Lifestyle Properties, Inc.	350,000		15,309
MFA Financial, Inc.	3,900,000		32,097
National Health Investors, Inc.	550,000		34,496
Rouse Properties, Inc.	1,400,000		22,848
Sovran Self Storage, Inc.	200,000		15,360
			197,960
Real Estate Management & Development - 0.4%
Relo Holdings Corp.	200,000		11,562
TOTAL FINANCIALS			647,014
HEALTH CARE - 12.1%
Biotechnology - 1.1%
United Therapeutics Corp. (a)	350,000		33,509
Health Care Equipment & Supplies - 1.1%
The Cooper Companies, Inc.	270,000		34,835
Health Care Providers & Services - 7.1%
AmSurg Corp. (a)	713,000		32,285
Community Health Systems, Inc. (a)	1,600,000		66,829
Health Net, Inc. (a)	700,000		27,986
MEDNAX, Inc. (a)	300,000		17,289
Providence Service Corp. (a)	600,000		24,120
The Ensign Group, Inc. (f)	1,200,000		56,280
			224,789
Pharmaceuticals - 2.8%
Jazz Pharmaceuticals PLC (a)	150,000		21,279
Phibro Animal Health Corp. Class A	1,301,400		24,766
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Prestige Brands Holdings, Inc. (a)	650,000		$ 22,230
Sawai Pharmaceutical Co. Ltd.	300,000		18,706
			86,981
TOTAL HEALTH CARE			380,114
INDUSTRIALS - 16.8%
Aerospace & Defense - 2.8%
Engility Holdings, Inc. (a)	600,000		23,190
Moog, Inc. Class A (a)	400,000		28,824
Teledyne Technologies, Inc. (a)	400,000		37,908
			89,922
Commercial Services & Supplies - 3.9%
Deluxe Corp.	500,000		28,045
Mitie Group PLC	5,600,000		31,474
UniFirst Corp.	250,000		24,738
West Corp.	1,500,000		40,200
			124,457
Construction & Engineering - 0.9%
Badger Daylighting Ltd.	900,000		29,051
Machinery - 4.5%
Federal Signal Corp.	1,800,000		24,696
Hy-Lok Corp. (f)	699,000		20,956
Standex International Corp.	450,000		33,228
TriMas Corp. (a)	900,000		31,599
Valmont Industries, Inc.	200,000		30,990
			141,469
Marine - 0.3%
SITC International Holdings Co. Ltd.	19,000,000		8,308
Professional Services - 0.4%
Benefit One, Inc.	1,500,000		11,325
Trading Companies & Distributors - 3.3%
Aceto Corp.	1,200,000		20,916
Textainer Group Holdings Ltd.	750,000		29,055
WESCO International, Inc. (a)	620,000		52,960
			102,931
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Transportation Infrastructure - 0.7%
Wesco Aircraft Holdings, Inc. (a)	1,000,000		$ 21,740
TOTAL INDUSTRIALS			529,203
INFORMATION TECHNOLOGY - 18.7%
Electronic Equipment & Components - 6.0%
Belden, Inc.	400,000		28,796
CDW Corp.	1,800,000		52,938
Insight Enterprises, Inc. (a)	900,000		24,462
ScanSource, Inc. (a)	350,000		12,985
SYNNEX Corp. (a)	500,000		33,055
Zebra Technologies Corp. Class A (a)	500,000		37,150
			189,386
Internet Software & Services - 2.3%
Conversant, Inc. (a)(e)	1,300,000		30,654
Perficient, Inc. (a)	800,000		14,112
Stamps.com, Inc. (a)(f)	850,000		27,472
			72,238
IT Services - 7.5%
EPAM Systems, Inc. (a)	1,000,000		42,070
Genpact Ltd. (a)	1,300,000		21,905
Global Payments, Inc.	900,000		61,704
Syntel, Inc. (a)	350,000		28,315
VeriFone Systems, Inc. (a)	1,900,000		62,339
WEX, Inc. (a)	200,000		19,258
			235,591
Software - 2.9%
NIIT Technologies Ltd. (f)	3,800,000		25,126
Sword Group (f)	587,339		15,933
Verint Systems, Inc. (a)	620,000		28,725
Zensar Technologies Ltd. (f)	3,500,000		21,602
			91,386
TOTAL INFORMATION TECHNOLOGY			588,601
MATERIALS - 1.8%
Chemicals - 0.9%
PolyOne Corp.	700,000		28,091
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.9%
Sealed Air Corp.	900,000		$ 29,637
TOTAL MATERIALS			57,728
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Amcom Telecommunications Ltd.	1,700,000		3,449
Asia Satellite Telecommunications Holdings Ltd.	800,000		3,230
iiNet Ltd.	500,000		3,453
			10,132
UTILITIES - 0.5%
Gas Utilities - 0.5%
New Jersey Resources Corp.	300,000		16,503
TOTAL COMMON STOCKS (Cost $2,363,126)		3,048,608

U.S. Treasury Obligations - 0.1%
		Principal Amount (000s)(d)
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 7/17/14 to 8/21/14 (j) (Cost $3,230)		$ 3,230	3,230
Preferred Securities - 0.6%

FINANCIALS - 0.6%
Diversified Financial Services - 0.6%
Baggot Securities Ltd. 10.24% (g)(h) (Cost $18,643)	EUR	12,000	18,349

Money Market Funds - 4.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.10% (b)	91,089,172		$ 91,089
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	34,652,403		34,652
TOTAL MONEY MARKET FUNDS (Cost $125,741)		125,741
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $2,510,740)			3,195,928
NET OTHER ASSETS (LIABILITIES) - (1.6)%			(51,432)
NET ASSETS - 100%		$ 3,144,496

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
601 ICE Russell 2000 Index Contracts (United States)	June 2014	$ 68,105	$ 785

The face value of futures purchased as a percentage of net assets is 2.2%

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(h) Security is perpetual in nature with no stated maturity date.

(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,230,000.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 52
Fidelity Securities Lending Cash Central Fund	450
Total	$ 502

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Atrium Innovations, Inc.	$ 46,147	$ -	$ 44,191	$ -	$ -
Badger Daylighting Ltd.	60,809	365	39,687	179	-
Best Bridal, Inc.	18,568	69	-	120	16,719
Cathedral Energy Services Ltd.	14,931	-	-	407	14,226
Hy-Lok Corp.	10,584	7,747	-	110	20,956
Meiko Network Japan Co. Ltd.	16,280	-	-	222	18,464
NIIT Technologies Ltd.	19,396	-	-	-	25,126
Stamps.com, Inc.	40,385	-	1,143	-	27,472
Sword Group	12,673	-	-	693	15,933
The Ensign Group, Inc.	55,437	-	1,216	168	56,280
Zensar Technologies Ltd.	18,120	-	-	224	21,602
Total	$ 313,330	$ 8,181	$ 86,237	$ 2,123	$ 216,778

Other Information

The following is a summary of the inputs used, as of May 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 488,884	$ 437,063	$ 51,821	$ -
Consumer Staples	122,399	63,968	58,431	-
Energy	208,030	208,030	-	-
Financials	647,014	635,452	11,562	-
Health Care	380,114	361,408	18,706	-
Industrials	529,203	517,878	11,325	-
Information Technology	588,601	588,601	-	-
Materials	57,728	57,728	-	-
Telecommunication Services	10,132	10,132	-	-
Utilities	16,503	16,503	-	-
U.S. Government and Government Agency Obligations	3,230	-	3,230	-
Preferred Securities	18,349	-	18,349	-
Money Market Funds	125,741	125,741	-	-
Total Investments in Securities:	$ 3,195,928	$ 3,022,504	$ 173,424	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 785	$ 785	$ -	$ -

Transfers	Total (000s)
Level 1 to Level 2	$ 142,028
Level 2 to Level 1	$ -

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type (Amounts in thousands)	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 785	$ -
Total Value of Derivatives	$ 785	$ -

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	81.7%
Japan	4.9%
Bermuda	4.2%
Canada	2.8%
India	1.5%
Ireland	1.3%
United Kingdom	1.0%
Others (Individually Less Than 1%)	2.6%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $33,273) - See accompanying schedule: Unaffiliated issuers (cost $2,217,958)	$ 2,853,409
Fidelity Central Funds (cost $125,741)	125,741
Other affiliated issuers (cost $167,041)	216,778
Total Investments (cost $2,510,740)		$ 3,195,928
Cash		1,161
Receivable for investments sold		7,064
Receivable for fund shares sold		2,120
Dividends receivable		1,982
Distributions receivable from Fidelity Central Funds		61
Prepaid expenses		1
Other receivables		20
Total assets		3,208,337

Liabilities
Payable for investments purchased Regular delivery	$ 10,503
Delayed delivery	8,025
Payable for fund shares redeemed	7,437
Accrued management fee	1,166
Distribution and service plan fees payable	957
Payable for daily variation margin for derivative instruments	397
Other affiliated payables	640
Other payables and accrued expenses	64
Collateral on securities loaned, at value	34,652
Total liabilities		63,841

Net Assets		$ 3,144,496
Net Assets consist of:
Paid in capital		$ 2,156,674
Undistributed net investment income		446
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		301,403
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		685,973
Net Assets		$ 3,144,496

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2014 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,163,937 ÷ 41,081.09 shares)		$ 28.33

Maximum offering price per share (100/94.25 of $28.33)		$ 30.06
Class T: Net Asset Value and redemption price per share ($1,018,055 ÷ 37,723.85 shares)		$ 26.99

Maximum offering price per share (100/96.50 of $26.99)		$ 27.97
Class B: Net Asset Value and offering price per share ($34,661 ÷ 1,470.86 shares)^A		$ 23.57

Class C: Net Asset Value and offering price per share ($320,040 ÷ 13,385.45 shares)^A		$ 23.91

Institutional Class: Net Asset Value, offering price and redemption price per share ($601,049 ÷ 19,939.56 shares)		$ 30.14

Class Z: Net Asset Value, offering price and redemption price per share ($6,754 ÷ 224.54 shares)		$ 30.08

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended May 31, 2014 (Unaudited)

Investment Income
Dividends (including $2,123 earned from other affiliated issuers)		$ 18,443
Income from Fidelity Central Funds		502
Total income		18,945

Expenses
Management fee Basic fee	$ 11,384
Performance adjustment	(4,040)
Transfer agent fees	3,477
Distribution and service plan fees	5,892
Accounting and security lending fees	483
Custodian fees and expenses	64
Independent trustees' compensation	7
Registration fees	80
Audit	41
Legal	5
Miscellaneous	14
Total expenses before reductions	17,407
Expense reductions	(66)	17,341
Net investment income (loss)		1,604
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	270,300
Other affiliated issuers	41,108
Foreign currency transactions	(673)
Futures contracts	4,698
Total net realized gain (loss)		315,433
Change in net unrealized appreciation (depreciation) on: Investment securities	(202,925)
Assets and liabilities in foreign currencies	13
Futures contracts	(6,553)
Total change in net unrealized appreciation (depreciation)		(209,465)
Net gain (loss)		105,968
Net increase (decrease) in net assets resulting from operations		$ 107,572

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2014 (Unaudited)	Year ended November 30, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,604	$ 15,726
Net realized gain (loss)	315,433	686,475
Change in net unrealized appreciation (depreciation)	(209,465)	501,751
Net increase (decrease) in net assets resulting from operations	107,572	1,203,952
Distributions to shareholders from net investment income	(1,611)	(9,250)
Distributions to shareholders from net realized gain	(400,187)	(2,080)
Total distributions	(401,798)	(11,330)
Share transactions - net increase (decrease)	(34,544)	(1,450,861)
Total increase (decrease) in net assets	(328,770)	(258,239)

Net Assets
Beginning of period	3,473,266	3,731,505
End of period (including undistributed net investment income of $446 and undistributed net investment income of $453, respectively)	$ 3,144,496	$ 3,473,266

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00	$ 17.69
Income from Investment Operations
Net investment income (loss)^E	.03	.12^H	(.03)	(.09)^I	(.13)	(.03)
Net realized and unrealized gain (loss)	.85	8.45	.79	.67	3.48	4.09
Total from investment operations	.88	8.57	.76	.58	3.35	4.06
Distributions from net investment income	(.01)	(.05)	-	-	-	(.03)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.51)	(.06)	(1.91)	(1.33)	-	(.75)
Net asset value, end of period	$ 28.33	$ 30.96	$ 22.45	$ 23.60	$ 24.35	$ 21.00
Total Return^{B, C, D}	3.51%	38.30%	3.87%	2.17%	15.95%	24.04%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	.97%^A	1.01%	1.06%	1.31%	1.44%	1.53%
Expenses net of fee waivers, if any	.97%^A	1.01%	1.06%	1.31%	1.40%	1.40%
Expenses net of all reductions	.97%^A	1.00%	1.06%	1.31%	1.40%	1.40%
Net investment income (loss)	.20%^A	.46%^H	(.13)%	(.35)%^I	(.58)%	(.16)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,164	$ 1,263	$ 1,212	$ 1,461	$ 1,501	$ 1,223
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37	$ 17.20
Income from Investment Operations
Net investment income (loss)^E	-^K	.06^H	(.07)	(.13)^I	(.18)	(.07)
Net realized and unrealized gain (loss)	.80	8.13	.75	.64	3.38	3.96
Total from investment operations	.80	8.19	.68	.51	3.20	3.89
Distributions from net investment income	-	(.01)	-	-	-	-
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.50)	(.02)	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 26.99	$ 29.69	$ 21.52	$ 22.75	$ 23.57	$ 20.37
Total Return^{B, C, D}	3.39%	38.11%	3.64%	1.94%	15.71%	23.69%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.74%
Expenses net of fee waivers, if any	1.19%^A	1.22%	1.26%	1.51%	1.63%	1.65%
Expenses net of all reductions	1.19%^A	1.21%	1.25%	1.51%	1.63%	1.65%
Net investment income (loss)	(.02)%^A	.25%^H	(.33)%	(.55)%^I	(.81)%	(.41)%
Supplemental Data
Net assets, end of period (in millions)	$ 1,018	$ 1,113	$ 1,054	$ 1,244	$ 1,356	$ 1,277
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82	$ 16.02
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.08)^H	(.18)	(.25)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.69	7.26	.67	.61	3.11	3.67
Total from investment operations	.62	7.18	.49	.36	2.84	3.52
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.57	$ 26.45	$ 19.27	$ 20.69	$ 21.66	$ 18.82
Total Return^{B, C, D}	3.08%	37.26%	3.03%	1.39%	15.09%	23.10%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.80%^A	1.81%	1.85%	2.10%	2.22%	2.31%
Expenses net of fee waivers, if any	1.80%^A	1.81%	1.85%	2.10%	2.15%	2.15%
Expenses net of all reductions	1.79%^A	1.80%	1.84%	2.10%	2.14%	2.15%
Net investment income (loss)	(.63)%^A	(.34)%^H	(.92)%	(1.14)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 35	$ 40	$ 40	$ 55	$ 76	$ 89
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00	$ 16.16
Income from Investment Operations
Net investment income (loss)^E	(.07)	(.07)^H	(.17)	(.24)^I	(.27)	(.15)
Net realized and unrealized gain (loss)	.71	7.34	.68	.60	3.14	3.71
Total from investment operations	.64	7.27	.51	.36	2.87	3.56
Distributions from net realized gain	(3.50)	-	(1.91)	(1.33)	-	(.72)
Net asset value, end of period	$ 23.91	$ 26.77	$ 19.50	$ 20.90	$ 21.87	$ 19.00
Total Return^{B, C, D}	3.12%	37.28%	3.10%	1.37%	15.11%	23.15%
Ratios to Average Net Assets^{F, J}
Expenses before reductions	1.73%^A	1.76%	1.81%	2.06%	2.18%	2.28%
Expenses net of fee waivers, if any	1.73%^A	1.76%	1.81%	2.06%	2.15%	2.15%
Expenses net of all reductions	1.72%^A	1.75%	1.80%	2.05%	2.14%	2.15%
Net investment income (loss)	(.56)%^A	(.29)%^H	(.88)%	(1.10)%^I	(1.33)%	(.91)%
Supplemental Data
Net assets, end of period (in millions)	$ 320	$ 334	$ 284	$ 328	$ 336	$ 299
Portfolio turnover rate^G	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2014	Years ended November 30,
	(Unaudited)	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86	$ 18.42
Income from Investment Operations
Net investment income (loss)^D	.07	.21^G	.04	(.01)^H	(.07)	.02
Net realized and unrealized gain (loss)	.90	8.94	.83	.69	3.63	4.24
Total from investment operations	.97	9.15	.87	.68	3.56	4.26
Distributions from net investment income	(.06)	(.13)	-	-	-	(.10)
Distributions from net realized gain	(3.50)	(.01)	(1.91)	(1.33)	-	(.72)
Total distributions	(3.56)	(.15)^J	(1.91)	(1.33)	-	(.82)
Net asset value, end of period	$ 30.14	$ 32.73	$ 23.73	$ 24.77	$ 25.42	$ 21.86
Total Return^{B, C}	3.63%	38.79%	4.15%	2.49%	16.29%	24.31%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.70%^A	.71%	.75%	1.01%	1.12%	1.21%
Expenses net of fee waivers, if any	.70%^A	.71%	.75%	1.01%	1.12%	1.15%
Expenses net of all reductions	.69%^A	.70%	.74%	1.00%	1.12%	1.15%
Net investment income (loss)	.47%^A	.76%^G	.18%	(.05)%^H	(.30)%	.09%
Supplemental Data
Net assets, end of period (in millions)	$ 601	$ 718	$ 1,141	$ 1,314	$ 1,165	$ 977
Portfolio turnover rate^F	51%^A	34%	69%	38%	43%	46%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Total distributions of $.15 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.014 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class Z

	Six months ended May 31, 2014	Year ended November 30,
	(Unaudited)	2013^H
Selected Per-Share Data
Net asset value, beginning of period	$ 32.74	$ 29.79
Income from Investment Operations
Net investment income (loss)^D	.09	.02^G
Net realized and unrealized gain (loss)	.91	2.93
Total from investment operations	1.00	2.95
Distributions from net investment income	(.16)	-
Distributions from net realized gain	(3.50)	-
Total distributions	(3.66)	-
Net asset value, end of period	$ 30.08	$ 32.74
Total Return^{B, C}	3.73%	9.90%
Ratios to Average Net Assets^{E, I}
Expenses before reductions	.54%^A	.56%^A
Expenses net of fee waivers, if any	.54%^A	.56%^A
Expenses net of all reductions	.54%^A	.55%^A
Net investment income (loss)	.63%^A	.26%^{A, G}
Supplemental Data
Net assets, end of period (in millions)	$ 7	$ 5
Portfolio turnover rate^F	51%^A	34%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of long-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2014, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 762,749
Gross unrealized depreciation	(77,561)
Net unrealized appreciation (depreciation) on securities and other investments	$ 685,188

Tax cost	$ 2,510,740

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Semiannual Report

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $795,959 and $1,043,311, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 1,492	$ 17
Class T	.25%	.25%	2,607	15
Class B	.75%	.25%	184	138
Class C	.75%	.25%	1,609	123
			$ 5,892	$ 293

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 83
Class T	14
Class B*	17
Class C*	7
	$ 121

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,361	.23
Class T	1,031	.20
Class B	55	.30
Class C	371	.23
Institutional Class	658	.20
Class Z	1	.05
	$ 3,477

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $450, including three hundred and twenty-two dollars from securities loaned to FCM.

Semiannual Report

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2014	Year ended November 30, 2013
From net investment income
Class A	$ 284	$ 2,598
Class T	-	386
Institutional Class	1,305	6,266
Class Z	22	-
Total	$ 1,611	$ 9,250
From net realized gain
Class A	$ 142,771	$ 743
Class T	131,370	678
Class B	5,267	-
Class C	43,783	-
Institutional Class	76,492	659
Class Z	504	-
Total	$ 400,187	$ 2,080

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class A
Shares sold	3,113	8,347	$ 86,167	$ 219,693
Reinvestment of distributions	4,985	140	134,212	3,122
Shares redeemed	(7,818)	(21,663)	(216,800)	(562,269)
Net increase (decrease)	280	(13,176)	$ 3,579	$ (339,454)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2014	Year ended November 30, 2013^A	Six months ended May 31, 2014	Year ended November 30, 2013^A
Class T
Shares sold	3,171	7,343	$ 83,720	$ 185,578
Reinvestment of distributions	4,931	47	126,639	1,017
Shares redeemed	(7,885)	(18,873)	(208,168)	(469,350)
Net increase (decrease)	217	(11,483)	$ 2,191	$ (282,755)
Class B
Shares sold	11	15	$ 258	$ 339
Reinvestment of distributions	220	-	4,958	-
Shares redeemed	(267)	(591)	(6,178)	(13,025)
Net increase (decrease)	(36)	(576)	$ (962)	$ (12,686)
Class C
Shares sold	801	1,802	$ 18,785	$ 41,461
Reinvestment of distributions	1,754	-	40,042	-
Shares redeemed	(1,637)	(3,914)	(38,396)	(89,461)
Net increase (decrease)	918	(2,112)	$ 20,431	$ (48,000)
Institutional Class
Shares sold	2,765	9,471	$ 81,272	$ 253,670
Reinvestment of distributions	2,348	264	67,135	6,205
Shares redeemed	(7,115)	(35,873)^B	(210,479)	(1,032,519)^B
Net increase (decrease)	(2,002)	(26,138)	$ (62,072)	$ (772,644)
Class Z
Shares sold	94	146	$ 2,725	$ 4,691
Reinvestment of distributions	18	-	526	-
Shares redeemed	(33)	-*	(962)	(13)
Net increase (decrease)	79	146	$ 2,289	$ 4,678

^A Share transactions for Class Z are for the period August 13, 2013 (commencement of sale of shares) to November 30, 2013.

^B Amount includes in-kind redemptions.

* Amount represents three hundred eighty eight.

Semiannual Report

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCFZ-USAN-0714
1.9585489.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 24, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 24, 2014
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	July 24, 2014

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - Institutional Class

Financial Highlights - Class Z

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments May 31, 2014 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A