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 Street, Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer Street

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, 2015

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

Item 1. Reports to Stockholders

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Dividend Growth

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.10

$ 5.05

HypotheticalA

 

$ 1,000.00

$ 1,019.95

$ 5.04

Class T

1.24%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.90

$ 6.26

HypotheticalA

 

$ 1,000.00

$ 1,018.75

$ 6.24

Class B

1.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 9.27

HypotheticalA

 

$ 1,000.00

$ 1,015.76

$ 9.25

Class C

1.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 8.87

HypotheticalA

 

$ 1,000.00

$ 1,016.16

$ 8.85

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.70

$ 3.84

HypotheticalA

 

$ 1,000.00

$ 1,021.14

$ 3.83

Class Z

.59%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ 2.98

HypotheticalA

 

$ 1,000.00

$ 1,021.99

$ 2.97

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

4.6

4.4

JPMorgan Chase & Co.

2.6

2.4

Johnson & Johnson

2.5

2.4

Microsoft Corp.

2.4

2.6

Wells Fargo & Co.

2.3

2.2

Google, Inc. Class C

2.2

2.2

Medtronic PLC

2.2

2.2

Exxon Mobil Corp.

2.2

1.9

Chevron Corp.

2.2

2.0

General Electric Co.

2.1

2.2

 

25.3

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.8

21.1

Health Care

16.4

14.9

Financials

16.0

15.2

Consumer Discretionary

11.8

8.7

Consumer Staples

10.5

13.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

adg3568031

Stocks 97.8%

 

adg3568033

Stocks 95.0%

 

adg3568035

Convertible
Securities 0.1%

 

adg3568037

Convertible
Securities 0.1%

 

adg3568039

Short-Term
Investments and
Net Other Assets (Liabilities) 2.1%

 

adg3568041

Short-Term
Investments and
Net Other Assets (Liabilities) 4.9%

 

* Foreign investments

16.3%

 

** Foreign investments

13.0%

 

adg3568043

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.8%

Diversified Consumer Services - 0.7%

H&R Block, Inc.

241,164

$ 7,652

Hotels, Restaurants & Leisure - 2.0%

ARAMARK Holdings Corp.

72,800

2,282

Interval Leisure Group, Inc.

107,000

2,784

Las Vegas Sands Corp.

10,100

513

McDonald's Corp.

87,500

8,394

Wyndham Worldwide Corp.

100,052

8,495

 

22,468

Leisure Products - 0.4%

Mattel, Inc.

72,100

1,861

Vista Outdoor, Inc. (a)

55,800

2,572

 

4,433

Media - 3.1%

Altice SA (a)

65,100

8,473

Comcast Corp. Class A

275,225

16,090

Corus Entertainment, Inc. Class B (non-vtg.) (d)

69,600

987

MDC Partners, Inc. Class A (sub. vtg.)

100,901

2,139

Time Warner Cable, Inc.

34,700

6,277

 

33,966

Multiline Retail - 1.6%

Dillard's, Inc. Class A

60,400

7,007

Target Corp.

140,800

11,168

 

18,175

Specialty Retail - 1.9%

AutoZone, Inc. (a)

16,500

11,115

Foot Locker, Inc.

156,391

9,884

Kingfisher PLC

3,905

22

 

21,021

Textiles, Apparel & Luxury Goods - 2.1%

Deckers Outdoor Corp. (a)

47,100

3,210

Fossil Group, Inc. (a)

66,700

4,736

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Japan Tobacco, Inc.

289,600

$ 10,510

VF Corp.

73,600

5,184

 

23,640

TOTAL CONSUMER DISCRETIONARY

131,355

CONSUMER STAPLES - 10.5%

Beverages - 3.6%

C&C Group PLC

269,600

1,041

Constellation Brands, Inc. Class A (sub. vtg.)

56,400

6,649

Dr. Pepper Snapple Group, Inc.

62,011

4,753

PepsiCo, Inc.

129,700

12,507

The Coca-Cola Co.

373,410

15,295

 

40,245

Food & Staples Retailing - 3.5%

CVS Health Corp.

189,100

19,360

Kroger Co.

59,360

4,321

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

60,793

2,435

Tesco PLC

160,200

522

Tsuruha Holdings, Inc.

23,200

1,739

Walgreens Boots Alliance, Inc.

117,223

10,062

 

38,439

Food Products - 1.2%

Bunge Ltd.

19,460

1,801

Greencore Group PLC

787,205

3,961

Hilton Food Group PLC

240,044

1,688

Kellogg Co.

97,200

6,101

 

13,551

Household Products - 1.9%

Energizer Holdings, Inc.

19,800

2,805

Procter & Gamble Co.

229,600

17,998

 

20,803

Tobacco - 0.3%

British American Tobacco PLC (United Kingdom)

69,657

3,848

TOTAL CONSUMER STAPLES

116,886

Common Stocks - continued

Shares

Value (000s)

ENERGY - 7.2%

Energy Equipment & Services - 0.0%

Aspen Aerogels, Inc.

56,042

$ 387

Oil, Gas & Consumable Fuels - 7.2%

Chevron Corp.

234,990

24,204

Emerald Oil, Inc. warrants 2/4/16 (a)

16,536

0

EQT Midstream Partners LP

31,100

2,602

Exxon Mobil Corp.

284,222

24,216

Imperial Oil Ltd.

62,100

2,436

Kinder Morgan, Inc.

228,700

9,489

MPLX LP

39,808

2,906

Northern Oil & Gas, Inc. (a)

128,694

879

Phillips 66 Partners LP

40,245

2,927

PrairieSky Royalty Ltd. (d)

121,700

3,269

Suncor Energy, Inc. (d)

236,480

6,912

 

79,840

TOTAL ENERGY

80,227

FINANCIALS - 16.0%

Banks - 10.6%

Bank of America Corp.

1,157,703

19,102

Citigroup, Inc.

286,723

15,506

JPMorgan Chase & Co.

444,593

29,245

PacWest Bancorp

159,000

7,138

SunTrust Banks, Inc.

165,600

7,068

U.S. Bancorp

329,117

14,188

Wells Fargo & Co.

456,390

25,540

 

117,787

Capital Markets - 1.8%

Ameriprise Financial, Inc.

62,500

7,787

Diamond Hill Investment Group, Inc.

6,600

1,263

Franklin Resources, Inc.

56,300

2,866

The Blackstone Group LP

186,290

8,160

 

20,076

Consumer Finance - 1.1%

Capital One Financial Corp.

146,582

12,248

Imperial Holdings, Inc. warrants 4/11/19 (a)

4,481

1

 

12,249

Diversified Financial Services - 1.1%

McGraw Hill Financial, Inc.

116,000

12,035

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.9%

MetLife, Inc.

110,900

$ 5,796

The Chubb Corp.

40,600

3,959

 

9,755

Real Estate Investment Trusts - 0.5%

American Tower Corp.

66,000

6,124

TOTAL FINANCIALS

178,026

HEALTH CARE - 16.4%

Biotechnology - 1.5%

Amgen, Inc.

106,737

16,679

Health Care Equipment & Supplies - 2.9%

Medtronic PLC

317,702

24,247

The Cooper Companies, Inc.

46,102

8,380

 

32,627

Health Care Providers & Services - 2.5%

Cardinal Health, Inc.

144,542

12,744

McKesson Corp.

63,132

14,977

 

27,721

Health Care Technology - 0.2%

CompuGroup Medical AG

60,379

2,002

Life Sciences Tools & Services - 0.6%

Lonza Group AG

45,054

6,328

Pharmaceuticals - 8.7%

AbbVie, Inc.

184,900

12,312

Actavis PLC (a)

42,200

12,947

Astellas Pharma, Inc.

355,300

5,157

Johnson & Johnson

278,602

27,899

Sanofi SA sponsored ADR

150,100

7,416

Shire PLC

193,600

16,745

Teva Pharmaceutical Industries Ltd. sponsored ADR

237,300

14,262

 

96,738

TOTAL HEALTH CARE

182,095

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 8.6%

Aerospace & Defense - 1.9%

The Boeing Co.

50,800

$ 7,138

United Technologies Corp.

118,801

13,920

 

21,058

Air Freight & Logistics - 1.3%

FedEx Corp.

80,406

13,928

Airlines - 0.1%

Copa Holdings SA Class A

17,800

1,518

Construction & Engineering - 0.1%

Astaldi SpA

83,600

729

Electrical Equipment - 0.4%

Babcock & Wilcox Co.

120,700

4,018

Industrial Conglomerates - 3.7%

Danaher Corp.

124,294

10,729

General Electric Co.

869,800

23,719

Roper Industries, Inc.

39,196

6,858

 

41,306

Machinery - 0.8%

Deere & Co.

82,100

7,691

Manitowoc Co., Inc.

80,403

1,516

 

9,207

Road & Rail - 0.3%

CSX Corp.

89,900

3,064

Trading Companies & Distributors - 0.0%

Now, Inc. (d)

17,720

410

TOTAL INDUSTRIALS

95,238

INFORMATION TECHNOLOGY - 21.8%

Communications Equipment - 3.4%

Cisco Systems, Inc.

635,579

18,629

QUALCOMM, Inc.

274,978

19,160

 

37,789

Electronic Equipment & Components - 0.9%

TE Connectivity Ltd.

147,943

10,208

Internet Software & Services - 2.2%

Google, Inc. Class C

45,728

24,332

IT Services - 3.1%

ASAC II LP (a)(e)

298,480

5,070

Fidelity National Information Services, Inc.

165,198

10,358

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

IBM Corp.

90,500

$ 15,353

Leidos Holdings, Inc.

54,200

2,304

Science Applications International Corp.

21,900

1,161

 

34,246

Software - 4.9%

Activision Blizzard, Inc.

207,867

5,251

Micro Focus International PLC

93,100

1,884

Microsoft Corp.

573,563

26,877

Oracle Corp.

470,228

20,450

 

54,462

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

396,324

51,632

EMC Corp.

411,200

10,831

Hewlett-Packard Co.

283,200

9,459

Samsung Electronics Co. Ltd.

3,771

4,424

Western Digital Corp.

40,900

3,982

 

80,328

TOTAL INFORMATION TECHNOLOGY

241,365

MATERIALS - 3.5%

Chemicals - 3.2%

CF Industries Holdings, Inc.

27,600

8,718

E.I. du Pont de Nemours & Co.

131,900

9,366

LyondellBasell Industries NV Class A

52,800

5,338

Monsanto Co.

42,700

4,995

Potash Corp. of Saskatchewan, Inc.

232,600

7,321

 

35,738

Containers & Packaging - 0.3%

Ball Corp.

39,100

2,776

TOTAL MATERIALS

38,514

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

167,800

6,549

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 1.4%

Electric Utilities - 0.8%

Edison International

67,300

$ 4,093

Xcel Energy, Inc.

119,364

4,064

 

8,157

Multi-Utilities - 0.6%

NiSource, Inc.

147,500

6,959

TOTAL UTILITIES

15,116

TOTAL COMMON STOCKS

(Cost $900,606)


1,085,371

Convertible Bonds - 0.1%

 

Principal Amount (000s)

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $791)

$ 791

693

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

23,164,002

23,164

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

11,712,810

11,713

TOTAL MONEY MARKET FUNDS

(Cost $34,877)


34,877

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $936,274)

1,120,941

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(10,641)

NET ASSETS - 100%

$ 1,110,300

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $5,070,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

ASAC II LP

10/10/13

$ 2,985

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

$ 26

Fidelity Securities Lending Cash Central Fund

65

Total

$ 91

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 131,355

$ 120,823

$ 10,532

$ -

Consumer Staples

116,886

110,777

6,109

-

Energy

80,227

80,227

-

-

Financials

178,026

178,025

1

-

Health Care

182,095

160,193

21,902

-

Industrials

95,238

95,238

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Information Technology

$ 241,365

$ 236,295

$ -

$ 5,070

Materials

38,514

38,514

-

-

Telecommunication Services

6,549

6,549

-

-

Utilities

15,116

15,116

-

-

Corporate Bonds

693

-

693

-

Money Market Funds

34,877

34,877

-

-

Total Investments in Securities:

$ 1,120,941

$ 1,076,634

$ 39,237

$ 5,070

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 14,007

Level 2 to Level 1

$ 0

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

United States of America

83.7%

Ireland

3.9%

Canada

2.1%

Japan

1.5%

Bailiwick of Jersey

1.5%

Israel

1.5%

Switzerland

1.5%

United Kingdom

1.3%

Others (Individually Less Than 1%)

3.0%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $11,263) - See accompanying schedule:

Unaffiliated issuers (cost $901,397)

$ 1,086,064

 

Fidelity Central Funds (cost $34,877)

34,877

 

Total Investments (cost $936,274)

 

$ 1,120,941

Foreign currency held at value (cost $1)

1

Receivable for fund shares sold

482

Dividends receivable

2,470

Interest receivable

6

Distributions receivable from Fidelity Central Funds

9

Other receivables

3

Total assets

1,123,912

 

 

 

Liabilities

Payable for investments purchased

$ 10

Payable for fund shares redeemed

696

Accrued management fee

523

Distribution and service plan fees payable

407

Other affiliated payables

220

Other payables and accrued expenses

43

Collateral on securities loaned, at value

11,713

Total liabilities

13,612

 

 

 

Net Assets

$ 1,110,300

Net Assets consist of:

 

Paid in capital

$ 872,862

Undistributed net investment income

5,169

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

47,607

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

184,662

Net Assets

$ 1,110,300

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($377,217 ÷ 21,120.489 shares)

$ 17.86

 

 

 

Maximum offering price per share (100/94.25 of $17.86)

$ 18.95

Class T:
Net Asset Value and redemption price per share ($405,001 ÷ 22,779.274 shares)

$ 17.78

 

 

 

Maximum offering price per share (100/96.50 of $17.78)

$ 18.42

Class B:
Net Asset Value and offering price per share ($8,856 ÷ 516.196 shares)A

$ 17.16

 

 

 

Class C:
Net Asset Value and offering price per share ($179,379 ÷ 10,503.007 shares)A

$ 17.08

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($133,317 ÷ 7,157.291 shares)

$ 18.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($6,530 ÷ 346.276 shares)

$ 18.86

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 11,639

Interest

 

12

Income from Fidelity Central Funds

 

91

Total income

 

11,742

 

 

 

Expenses

Management fee
Basic fee

$ 3,039

Performance adjustment

(322)

Transfer agent fees

1,150

Distribution and service plan fees

2,428

Accounting and security lending fees

182

Custodian fees and expenses

23

Independent trustees' compensation

2

Registration fees

48

Audit

29

Legal

2

Miscellaneous

5

Total expenses before reductions

6,586

Expense reductions

(13)

6,573

Net investment income (loss)

5,169

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

48,048

Foreign currency transactions

(37)

Total net realized gain (loss)

 

48,011

Change in net unrealized appreciation (depreciation) on:

Investment securities

(26,798)

Assets and liabilities in foreign currencies

7

Total change in net unrealized appreciation (depreciation)

 

(26,791)

Net gain (loss)

21,220

Net increase (decrease) in net assets resulting from operations

$ 26,389

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, 2015 (Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,169

$ 11,692

Net realized gain (loss)

48,011

133,433

Change in net unrealized appreciation (depreciation)

(26,791)

(1,155)

Net increase (decrease) in net assets resulting from operations

26,389

143,970

Distributions to shareholders from net investment income

(9,131)

(4,242)

Distributions to shareholders from net realized gain

(113,106)

(420)

Total distributions

(122,237)

(4,662)

Share transactions - net increase (decrease)

86,428

(80,124)

Total increase (decrease) in net assets

(9,420)

59,184

 

 

 

Net Assets

Beginning of period

1,119,720

1,060,536

End of period (including undistributed net investment income of $5,169 and undistributed net investment income of $9,131, respectively)

$ 1,110,300

$ 1,119,720

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

$ 9.95

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .10

  .23H

  .13

  .07

  .02

  .03I

Net realized and unrealized gain (loss)

  .27

  2.29

  3.87

  1.81

  (.09)

  1.66

Total from investment operations

  .37

  2.52

  4.00

  1.88

  (.07)

  1.69

Distributions from net investment income

  (.19)

  (.09)

  (.10)

  -

  -

  (.02)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.06)

  (.05)

Total distributions

  (2.16) L

  (.10)

  (.10)

  -

  (.06)

  (.06) K

Net asset value, end of period

$ 17.86

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

Total ReturnB, C, D

  2.51%

  14.70%

  30.26%

  16.42%

  (.63)%

  17.09%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.00%A

  .94%

  .98%

  1.21%

  1.36%

  1.36%

Expenses net of fee waivers, if any

  1.00%A

  .94%

  .98%

  1.21%

  1.33%

  1.25%

Expenses net of all reductions

  1.00%A

  .94%

  .97%

  1.20%

  1.33%

  1.24%

Net investment income (loss)

  1.12%A

  1.29%H

  .87%

  .53%

  .16%

  .24% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 377

$ 386

$ 369

$ 301

$ 295

$ 285

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. 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. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.045 per share. L Total distributions of $2.16 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

$ 9.92

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .08

  .19H

  .10

  .04

  (.01)

  -I, K

Net realized and unrealized gain (loss)

  .26

  2.27

  3.86

  1.80

  (.09)

  1.67

Total from investment operations

  .34

  2.46

  3.96

  1.84

  (.10)

  1.67

Distributions from net investment income

  (.15)

  (.06)

  (.07)

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.03)

  (.04)

Total distributions

  (2.11)

  (.06) L

  (.07)

  -

  (.03)

  (.04)

Net asset value, end of period

$ 17.78

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

Total ReturnB, C, D

  2.39%

  14.41%

  30.05%

  16.11%

  (.90)%

  16.88%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.24%A

  1.18%

  1.20%

  1.42%

  1.57%

  1.57%

Expenses net of fee waivers, if any

  1.24%A

  1.18%

  1.20%

  1.42%

  1.55%

  1.50%

Expenses net of all reductions

  1.24%A

  1.17%

  1.19%

  1.42%

  1.54%

  1.49%

Net investment income (loss)

  .88%A

  1.05%H

  .65%

  .32%

  (.06)%

  (.01)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 405

$ 412

$ 375

$ 304

$ 294

$ 322

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .83%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%. 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. K Amount represents less than $.01 per share. L Total distributions of $.06 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.007 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

$ 9.68

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .02

  .08H

  .01

  (.03)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .27

  2.20

  3.74

  1.74

  (.08)

  1.63

Total from investment operations

  .29

  2.28

  3.75

  1.71

  (.15)

  1.58

Distributions from net investment income

  (.01)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  -

Total distributions

  (1.97)

  (.01)

  -

  -

  -

  -

Net asset value, end of period

$ 17.16

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

Total ReturnB, C, D

  2.13%

  13.75%

  29.25%

  15.39%

  (1.33)%

  16.32%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.84%A

  1.78%

  1.79%

  1.99%

  2.14%

  2.13%

Expenses net of fee waivers, if any

  1.84%A

  1.78%

  1.79%

  1.99%

  2.09%

  2.00%

Expenses net of all reductions

  1.83%A

  1.78%

  1.78%

  1.99%

  2.09%

  2.00%

Net investment income (loss)

  .28%A

  .45%H

  .06%

  (.25)%

  (.61)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 9

$ 11

$ 15

$ 17

$ 22

$ 43

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .23%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.66)%. 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

$ 9.65

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03

  .09H

  .02

  (.02)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .26

  2.20

  3.73

  1.74

  (.08)

  1.62

Total from investment operations

  .29

  2.29

  3.75

  1.72

  (.15)

  1.57

Distributions from net investment income

  (.06)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  - K

Total distributions

  (2.03) L

  (.01)

  -

  -

  -

  - K

Net asset value, end of period

$ 17.08

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

Total ReturnB, C, D

  2.13%

  13.83%

  29.36%

  15.54%

  (1.34)%

  16.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.76%A

  1.69%

  1.72%

  1.94%

  2.08%

  2.08%

Expenses net of fee waivers, if any

  1.76%A

  1.69%

  1.72%

  1.94%

  2.06%

  2.00%

Expenses net of all reductions

  1.76%A

  1.69%

  1.71%

  1.93%

  2.05%

  1.99%

Net investment income (loss)

  .36%A

  .54%H

  .13%

  (.20)%

  (.57)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 179

$ 179

$ 160

$ 123

$ 124

$ 129

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .32%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.65)%. 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. K Amount represents less than $.01 per share. L Total distributions of $2.03 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

$ 10.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .13

  .29G

  .18

  .11

  .06

  .05H

Net realized and unrealized gain (loss)

  .28

  2.37

  4.02

  1.87

  (.09)

  1.74

Total from investment operations

  .41

  2.66

  4.20

  1.98

  (.03)

  1.79

Distributions from net investment income

  (.24)

  (.14)

  (.15)

  -

  (.02)

  (.06)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.07)

  (.04)

Total distributions

  (2.20)

  (.15)

  (.15)

  -

  (.09)

  (.10)

Net asset value, end of period

$ 18.63

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

Total ReturnB, C

  2.67%

  14.99%

  30.63%

  16.67%

  (.33)%

  17.47%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .76%A

  .69%

  .70%

  .91%

  1.04%

  1.03%

Expenses net of fee waivers, if any

  .76%A

  .69%

  .70%

  .91%

  1.03%

  1.00%

Expenses net of all reductions

  .76%A

  .69%

  .69%

  .90%

  1.02%

  .99%

Net investment income (loss)

  1.36%A

  1.54%G

  1.15%

  .83%

  .46%

  .49%H

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 133

$ 131

$ 135

$ 103

$ 83

$ 73

Portfolio turnover rateF

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.32%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%. 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 Z

 

Six months ended May 31, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 20.44

$ 17.92

$ 16.59

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .14

  .31G

  .06

Net realized and unrealized gain (loss)

  .29

  2.38

  1.27

Total from investment operations

  .43

  2.69

  1.33

Distributions from net investment income

  (.05)

  (.17)

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

Total distributions

  (2.01)

  (.17) J

  -

Net asset value, end of period

$ 18.86

$ 20.44

$ 17.92

Total ReturnB, C

  2.72%

  15.20%

  8.02%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .59%A

  .52%

  .54%A

Expenses net of fee waivers, if any

  .59%A

  .52%

  .54%A

Expenses net of all reductions

  .59%A

  .52%

  .52%A

Net investment income (loss)

  1.53%A

  1.71%G

  1.26%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 6,530

$ 118

$ 7,394

Portfolio turnover rateF

  62% A

  106%

  70%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.49%. 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. 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. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.007 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Dividend Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

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.

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

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.

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, partnerships 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

$ 205,307

Gross unrealized depreciation

(22,077)

Net unrealized appreciation (depreciation) on securities

$ 183,230

 

 

Tax cost

$ 937,711

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $332,061 and $330,705, respectively.

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 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 .49% 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%

$ 473

$ 8

Class T

.25%

.25%

1,017

14

Class B

.75%

.25%

50

38

Class C

.75%

.25%

888

73

 

 

 

$ 2,428

$ 133

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

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.

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

 

Retained
by FDC

Class A

$ 56

Class T

10

Class B*

2

Class C*

6

 

$ 74

* 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
Class-Level
Average
Net Assets*

Class A

$ 398

.21

Class T

402

.20

Class B

15

.29

Class C

191

.22

Institutional Class

143

.22

Class Z

1

.05

 

$ 1,150

 

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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 $5 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, the Fund did not borrow 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

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 $65, including four hundred and thirty-one dollars 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 $13 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ 3,806

$ 1,902

Class T

3,175

1,201

Class B

5

-

Class C

609

-

Institutional Class

1,536

1,071

Class Z

-

68

Total

$ 9,131

$ 4,242

From net realized gain

 

 

Class A

$ 38,921

$ 147

Class T

41,529

152

Class B

1,164

6

Class C

18,788

68

Institutional Class

12,693

44

Class Z

11

3

Total

$ 113,106

$ 420

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,581

2,553

$ 27,952

$ 46,007

Reinvestment of distributions

2,322

107

39,381

1,806

Shares redeemed

(2,433)

(4,408)

(42,859)

(79,256)

Net increase (decrease)

1,470

(1,748)

$ 24,474

$ (31,443)

Class T

 

 

 

 

Shares sold

2,344

3,910

$ 41,158

$ 70,377

Reinvestment of distributions

2,576

77

43,556

1,302

Shares redeemed

(3,211)

(4,771)

(56,479)

(85,489)

Net increase (decrease)

1,709

(784)

$ 28,235

$ (13,810)

Class B

 

 

 

 

Shares sold

11

29

$ 197

$ 480

Reinvestment of distributions

68

0

1,105

5

Shares redeemed

(161)

(319)

(2,723)

(5,509)

Net increase (decrease)

(82)

(290)

$ (1,421)

$ (5,024)

Class C

 

 

 

 

Shares sold

808

1,183

$ 13,566

$ 20,503

Reinvestment of distributions

1,033

3

16,812

58

Shares redeemed

(857)

(1,331)

(14,447)

(23,161)

Net increase (decrease)

984

(145)

$ 15,931

$ (2,600)

Institutional Class

 

 

 

 

Shares sold

1,106

1,479

$ 20,405

$ 27,537

Reinvestment of distributions

752

59

13,280

1,027

Shares redeemed

(1,126)

(2,664)

(20,883)

(48,359)

Net increase (decrease)

732

(1,126)

$ 12,802

$ (19,795)

Class Z

 

 

 

 

Shares sold

351

23

$ 6,617

$ 420

Reinvestment of distributions

1

4

11

71

Shares redeemed

(12)

(434)

(221)

(7,943)

Net increase (decrease)

340

(407)

$ 6,407

$ (7,452)

Semiannual Report

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ADGF-USAN-0715
1.786779.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Dividend Growth

Fund - Institutional Class

(To be renamed Class I
effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.10

$ 5.05

HypotheticalA

 

$ 1,000.00

$ 1,019.95

$ 5.04

Class T

1.24%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.90

$ 6.26

HypotheticalA

 

$ 1,000.00

$ 1,018.75

$ 6.24

Class B

1.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 9.27

HypotheticalA

 

$ 1,000.00

$ 1,015.76

$ 9.25

Class C

1.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 8.87

HypotheticalA

 

$ 1,000.00

$ 1,016.16

$ 8.85

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.70

$ 3.84

HypotheticalA

 

$ 1,000.00

$ 1,021.14

$ 3.83

Class Z

.59%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ 2.98

HypotheticalA

 

$ 1,000.00

$ 1,021.99

$ 2.97

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

4.6

4.4

JPMorgan Chase & Co.

2.6

2.4

Johnson & Johnson

2.5

2.4

Microsoft Corp.

2.4

2.6

Wells Fargo & Co.

2.3

2.2

Google, Inc. Class C

2.2

2.2

Medtronic PLC

2.2

2.2

Exxon Mobil Corp.

2.2

1.9

Chevron Corp.

2.2

2.0

General Electric Co.

2.1

2.2

 

25.3

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.8

21.1

Health Care

16.4

14.9

Financials

16.0

15.2

Consumer Discretionary

11.8

8.7

Consumer Staples

10.5

13.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

gfi195

Stocks 97.8%

 

gfi197

Stocks 95.0%

 

gfi199

Convertible
Securities 0.1%

 

gfi201

Convertible
Securities 0.1%

 

gfi203

Short-Term
Investments and
Net Other Assets (Liabilities) 2.1%

 

gfi205

Short-Term
Investments and
Net Other Assets (Liabilities) 4.9%

 

* Foreign investments

16.3%

 

** Foreign investments

13.0%

 

gfi207

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.8%

Diversified Consumer Services - 0.7%

H&R Block, Inc.

241,164

$ 7,652

Hotels, Restaurants & Leisure - 2.0%

ARAMARK Holdings Corp.

72,800

2,282

Interval Leisure Group, Inc.

107,000

2,784

Las Vegas Sands Corp.

10,100

513

McDonald's Corp.

87,500

8,394

Wyndham Worldwide Corp.

100,052

8,495

 

22,468

Leisure Products - 0.4%

Mattel, Inc.

72,100

1,861

Vista Outdoor, Inc. (a)

55,800

2,572

 

4,433

Media - 3.1%

Altice SA (a)

65,100

8,473

Comcast Corp. Class A

275,225

16,090

Corus Entertainment, Inc. Class B (non-vtg.) (d)

69,600

987

MDC Partners, Inc. Class A (sub. vtg.)

100,901

2,139

Time Warner Cable, Inc.

34,700

6,277

 

33,966

Multiline Retail - 1.6%

Dillard's, Inc. Class A

60,400

7,007

Target Corp.

140,800

11,168

 

18,175

Specialty Retail - 1.9%

AutoZone, Inc. (a)

16,500

11,115

Foot Locker, Inc.

156,391

9,884

Kingfisher PLC

3,905

22

 

21,021

Textiles, Apparel & Luxury Goods - 2.1%

Deckers Outdoor Corp. (a)

47,100

3,210

Fossil Group, Inc. (a)

66,700

4,736

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Japan Tobacco, Inc.

289,600

$ 10,510

VF Corp.

73,600

5,184

 

23,640

TOTAL CONSUMER DISCRETIONARY

131,355

CONSUMER STAPLES - 10.5%

Beverages - 3.6%

C&C Group PLC

269,600

1,041

Constellation Brands, Inc. Class A (sub. vtg.)

56,400

6,649

Dr. Pepper Snapple Group, Inc.

62,011

4,753

PepsiCo, Inc.

129,700

12,507

The Coca-Cola Co.

373,410

15,295

 

40,245

Food & Staples Retailing - 3.5%

CVS Health Corp.

189,100

19,360

Kroger Co.

59,360

4,321

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

60,793

2,435

Tesco PLC

160,200

522

Tsuruha Holdings, Inc.

23,200

1,739

Walgreens Boots Alliance, Inc.

117,223

10,062

 

38,439

Food Products - 1.2%

Bunge Ltd.

19,460

1,801

Greencore Group PLC

787,205

3,961

Hilton Food Group PLC

240,044

1,688

Kellogg Co.

97,200

6,101

 

13,551

Household Products - 1.9%

Energizer Holdings, Inc.

19,800

2,805

Procter & Gamble Co.

229,600

17,998

 

20,803

Tobacco - 0.3%

British American Tobacco PLC (United Kingdom)

69,657

3,848

TOTAL CONSUMER STAPLES

116,886

Common Stocks - continued

Shares

Value (000s)

ENERGY - 7.2%

Energy Equipment & Services - 0.0%

Aspen Aerogels, Inc.

56,042

$ 387

Oil, Gas & Consumable Fuels - 7.2%

Chevron Corp.

234,990

24,204

Emerald Oil, Inc. warrants 2/4/16 (a)

16,536

0

EQT Midstream Partners LP

31,100

2,602

Exxon Mobil Corp.

284,222

24,216

Imperial Oil Ltd.

62,100

2,436

Kinder Morgan, Inc.

228,700

9,489

MPLX LP

39,808

2,906

Northern Oil & Gas, Inc. (a)

128,694

879

Phillips 66 Partners LP

40,245

2,927

PrairieSky Royalty Ltd. (d)

121,700

3,269

Suncor Energy, Inc. (d)

236,480

6,912

 

79,840

TOTAL ENERGY

80,227

FINANCIALS - 16.0%

Banks - 10.6%

Bank of America Corp.

1,157,703

19,102

Citigroup, Inc.

286,723

15,506

JPMorgan Chase & Co.

444,593

29,245

PacWest Bancorp

159,000

7,138

SunTrust Banks, Inc.

165,600

7,068

U.S. Bancorp

329,117

14,188

Wells Fargo & Co.

456,390

25,540

 

117,787

Capital Markets - 1.8%

Ameriprise Financial, Inc.

62,500

7,787

Diamond Hill Investment Group, Inc.

6,600

1,263

Franklin Resources, Inc.

56,300

2,866

The Blackstone Group LP

186,290

8,160

 

20,076

Consumer Finance - 1.1%

Capital One Financial Corp.

146,582

12,248

Imperial Holdings, Inc. warrants 4/11/19 (a)

4,481

1

 

12,249

Diversified Financial Services - 1.1%

McGraw Hill Financial, Inc.

116,000

12,035

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.9%

MetLife, Inc.

110,900

$ 5,796

The Chubb Corp.

40,600

3,959

 

9,755

Real Estate Investment Trusts - 0.5%

American Tower Corp.

66,000

6,124

TOTAL FINANCIALS

178,026

HEALTH CARE - 16.4%

Biotechnology - 1.5%

Amgen, Inc.

106,737

16,679

Health Care Equipment & Supplies - 2.9%

Medtronic PLC

317,702

24,247

The Cooper Companies, Inc.

46,102

8,380

 

32,627

Health Care Providers & Services - 2.5%

Cardinal Health, Inc.

144,542

12,744

McKesson Corp.

63,132

14,977

 

27,721

Health Care Technology - 0.2%

CompuGroup Medical AG

60,379

2,002

Life Sciences Tools & Services - 0.6%

Lonza Group AG

45,054

6,328

Pharmaceuticals - 8.7%

AbbVie, Inc.

184,900

12,312

Actavis PLC (a)

42,200

12,947

Astellas Pharma, Inc.

355,300

5,157

Johnson & Johnson

278,602

27,899

Sanofi SA sponsored ADR

150,100

7,416

Shire PLC

193,600

16,745

Teva Pharmaceutical Industries Ltd. sponsored ADR

237,300

14,262

 

96,738

TOTAL HEALTH CARE

182,095

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 8.6%

Aerospace & Defense - 1.9%

The Boeing Co.

50,800

$ 7,138

United Technologies Corp.

118,801

13,920

 

21,058

Air Freight & Logistics - 1.3%

FedEx Corp.

80,406

13,928

Airlines - 0.1%

Copa Holdings SA Class A

17,800

1,518

Construction & Engineering - 0.1%

Astaldi SpA

83,600

729

Electrical Equipment - 0.4%

Babcock & Wilcox Co.

120,700

4,018

Industrial Conglomerates - 3.7%

Danaher Corp.

124,294

10,729

General Electric Co.

869,800

23,719

Roper Industries, Inc.

39,196

6,858

 

41,306

Machinery - 0.8%

Deere & Co.

82,100

7,691

Manitowoc Co., Inc.

80,403

1,516

 

9,207

Road & Rail - 0.3%

CSX Corp.

89,900

3,064

Trading Companies & Distributors - 0.0%

Now, Inc. (d)

17,720

410

TOTAL INDUSTRIALS

95,238

INFORMATION TECHNOLOGY - 21.8%

Communications Equipment - 3.4%

Cisco Systems, Inc.

635,579

18,629

QUALCOMM, Inc.

274,978

19,160

 

37,789

Electronic Equipment & Components - 0.9%

TE Connectivity Ltd.

147,943

10,208

Internet Software & Services - 2.2%

Google, Inc. Class C

45,728

24,332

IT Services - 3.1%

ASAC II LP (a)(e)

298,480

5,070

Fidelity National Information Services, Inc.

165,198

10,358

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

IBM Corp.

90,500

$ 15,353

Leidos Holdings, Inc.

54,200

2,304

Science Applications International Corp.

21,900

1,161

 

34,246

Software - 4.9%

Activision Blizzard, Inc.

207,867

5,251

Micro Focus International PLC

93,100

1,884

Microsoft Corp.

573,563

26,877

Oracle Corp.

470,228

20,450

 

54,462

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

396,324

51,632

EMC Corp.

411,200

10,831

Hewlett-Packard Co.

283,200

9,459

Samsung Electronics Co. Ltd.

3,771

4,424

Western Digital Corp.

40,900

3,982

 

80,328

TOTAL INFORMATION TECHNOLOGY

241,365

MATERIALS - 3.5%

Chemicals - 3.2%

CF Industries Holdings, Inc.

27,600

8,718

E.I. du Pont de Nemours & Co.

131,900

9,366

LyondellBasell Industries NV Class A

52,800

5,338

Monsanto Co.

42,700

4,995

Potash Corp. of Saskatchewan, Inc.

232,600

7,321

 

35,738

Containers & Packaging - 0.3%

Ball Corp.

39,100

2,776

TOTAL MATERIALS

38,514

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

167,800

6,549

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 1.4%

Electric Utilities - 0.8%

Edison International

67,300

$ 4,093

Xcel Energy, Inc.

119,364

4,064

 

8,157

Multi-Utilities - 0.6%

NiSource, Inc.

147,500

6,959

TOTAL UTILITIES

15,116

TOTAL COMMON STOCKS

(Cost $900,606)


1,085,371

Convertible Bonds - 0.1%

 

Principal Amount (000s)

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $791)

$ 791

693

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

23,164,002

23,164

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

11,712,810

11,713

TOTAL MONEY MARKET FUNDS

(Cost $34,877)


34,877

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $936,274)

1,120,941

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(10,641)

NET ASSETS - 100%

$ 1,110,300

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $5,070,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

ASAC II LP

10/10/13

$ 2,985

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

$ 26

Fidelity Securities Lending Cash Central Fund

65

Total

$ 91

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 131,355

$ 120,823

$ 10,532

$ -

Consumer Staples

116,886

110,777

6,109

-

Energy

80,227

80,227

-

-

Financials

178,026

178,025

1

-

Health Care

182,095

160,193

21,902

-

Industrials

95,238

95,238

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Information Technology

$ 241,365

$ 236,295

$ -

$ 5,070

Materials

38,514

38,514

-

-

Telecommunication Services

6,549

6,549

-

-

Utilities

15,116

15,116

-

-

Corporate Bonds

693

-

693

-

Money Market Funds

34,877

34,877

-

-

Total Investments in Securities:

$ 1,120,941

$ 1,076,634

$ 39,237

$ 5,070

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 14,007

Level 2 to Level 1

$ 0

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

United States of America

83.7%

Ireland

3.9%

Canada

2.1%

Japan

1.5%

Bailiwick of Jersey

1.5%

Israel

1.5%

Switzerland

1.5%

United Kingdom

1.3%

Others (Individually Less Than 1%)

3.0%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $11,263) - See accompanying schedule:

Unaffiliated issuers (cost $901,397)

$ 1,086,064

 

Fidelity Central Funds (cost $34,877)

34,877

 

Total Investments (cost $936,274)

 

$ 1,120,941

Foreign currency held at value (cost $1)

1

Receivable for fund shares sold

482

Dividends receivable

2,470

Interest receivable

6

Distributions receivable from Fidelity Central Funds

9

Other receivables

3

Total assets

1,123,912

 

 

 

Liabilities

Payable for investments purchased

$ 10

Payable for fund shares redeemed

696

Accrued management fee

523

Distribution and service plan fees payable

407

Other affiliated payables

220

Other payables and accrued expenses

43

Collateral on securities loaned, at value

11,713

Total liabilities

13,612

 

 

 

Net Assets

$ 1,110,300

Net Assets consist of:

 

Paid in capital

$ 872,862

Undistributed net investment income

5,169

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

47,607

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

184,662

Net Assets

$ 1,110,300

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($377,217 ÷ 21,120.489 shares)

$ 17.86

 

 

 

Maximum offering price per share (100/94.25 of $17.86)

$ 18.95

Class T:
Net Asset Value and redemption price per share ($405,001 ÷ 22,779.274 shares)

$ 17.78

 

 

 

Maximum offering price per share (100/96.50 of $17.78)

$ 18.42

Class B:
Net Asset Value and offering price per share ($8,856 ÷ 516.196 shares)A

$ 17.16

 

 

 

Class C:
Net Asset Value and offering price per share ($179,379 ÷ 10,503.007 shares)A

$ 17.08

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($133,317 ÷ 7,157.291 shares)

$ 18.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($6,530 ÷ 346.276 shares)

$ 18.86

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 11,639

Interest

 

12

Income from Fidelity Central Funds

 

91

Total income

 

11,742

 

 

 

Expenses

Management fee
Basic fee

$ 3,039

Performance adjustment

(322)

Transfer agent fees

1,150

Distribution and service plan fees

2,428

Accounting and security lending fees

182

Custodian fees and expenses

23

Independent trustees' compensation

2

Registration fees

48

Audit

29

Legal

2

Miscellaneous

5

Total expenses before reductions

6,586

Expense reductions

(13)

6,573

Net investment income (loss)

5,169

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

48,048

Foreign currency transactions

(37)

Total net realized gain (loss)

 

48,011

Change in net unrealized appreciation (depreciation) on:

Investment securities

(26,798)

Assets and liabilities in foreign currencies

7

Total change in net unrealized appreciation (depreciation)

 

(26,791)

Net gain (loss)

21,220

Net increase (decrease) in net assets resulting from operations

$ 26,389

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, 2015 (Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,169

$ 11,692

Net realized gain (loss)

48,011

133,433

Change in net unrealized appreciation (depreciation)

(26,791)

(1,155)

Net increase (decrease) in net assets resulting from operations

26,389

143,970

Distributions to shareholders from net investment income

(9,131)

(4,242)

Distributions to shareholders from net realized gain

(113,106)

(420)

Total distributions

(122,237)

(4,662)

Share transactions - net increase (decrease)

86,428

(80,124)

Total increase (decrease) in net assets

(9,420)

59,184

 

 

 

Net Assets

Beginning of period

1,119,720

1,060,536

End of period (including undistributed net investment income of $5,169 and undistributed net investment income of $9,131, respectively)

$ 1,110,300

$ 1,119,720

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

$ 9.95

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .10

  .23H

  .13

  .07

  .02

  .03I

Net realized and unrealized gain (loss)

  .27

  2.29

  3.87

  1.81

  (.09)

  1.66

Total from investment operations

  .37

  2.52

  4.00

  1.88

  (.07)

  1.69

Distributions from net investment income

  (.19)

  (.09)

  (.10)

  -

  -

  (.02)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.06)

  (.05)

Total distributions

  (2.16) L

  (.10)

  (.10)

  -

  (.06)

  (.06) K

Net asset value, end of period

$ 17.86

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

Total ReturnB, C, D

  2.51%

  14.70%

  30.26%

  16.42%

  (.63)%

  17.09%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.00%A

  .94%

  .98%

  1.21%

  1.36%

  1.36%

Expenses net of fee waivers, if any

  1.00%A

  .94%

  .98%

  1.21%

  1.33%

  1.25%

Expenses net of all reductions

  1.00%A

  .94%

  .97%

  1.20%

  1.33%

  1.24%

Net investment income (loss)

  1.12%A

  1.29%H

  .87%

  .53%

  .16%

  .24% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 377

$ 386

$ 369

$ 301

$ 295

$ 285

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. 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. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.045 per share. L Total distributions of $2.16 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

$ 9.92

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .08

  .19H

  .10

  .04

  (.01)

  -I, K

Net realized and unrealized gain (loss)

  .26

  2.27

  3.86

  1.80

  (.09)

  1.67

Total from investment operations

  .34

  2.46

  3.96

  1.84

  (.10)

  1.67

Distributions from net investment income

  (.15)

  (.06)

  (.07)

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.03)

  (.04)

Total distributions

  (2.11)

  (.06) L

  (.07)

  -

  (.03)

  (.04)

Net asset value, end of period

$ 17.78

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

Total ReturnB, C, D

  2.39%

  14.41%

  30.05%

  16.11%

  (.90)%

  16.88%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.24%A

  1.18%

  1.20%

  1.42%

  1.57%

  1.57%

Expenses net of fee waivers, if any

  1.24%A

  1.18%

  1.20%

  1.42%

  1.55%

  1.50%

Expenses net of all reductions

  1.24%A

  1.17%

  1.19%

  1.42%

  1.54%

  1.49%

Net investment income (loss)

  .88%A

  1.05%H

  .65%

  .32%

  (.06)%

  (.01)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 405

$ 412

$ 375

$ 304

$ 294

$ 322

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .83%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%. 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. K Amount represents less than $.01 per share. L Total distributions of $.06 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.007 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

$ 9.68

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .02

  .08H

  .01

  (.03)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .27

  2.20

  3.74

  1.74

  (.08)

  1.63

Total from investment operations

  .29

  2.28

  3.75

  1.71

  (.15)

  1.58

Distributions from net investment income

  (.01)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  -

Total distributions

  (1.97)

  (.01)

  -

  -

  -

  -

Net asset value, end of period

$ 17.16

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

Total ReturnB, C, D

  2.13%

  13.75%

  29.25%

  15.39%

  (1.33)%

  16.32%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.84%A

  1.78%

  1.79%

  1.99%

  2.14%

  2.13%

Expenses net of fee waivers, if any

  1.84%A

  1.78%

  1.79%

  1.99%

  2.09%

  2.00%

Expenses net of all reductions

  1.83%A

  1.78%

  1.78%

  1.99%

  2.09%

  2.00%

Net investment income (loss)

  .28%A

  .45%H

  .06%

  (.25)%

  (.61)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 9

$ 11

$ 15

$ 17

$ 22

$ 43

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .23%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.66)%. 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

$ 9.65

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03

  .09H

  .02

  (.02)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .26

  2.20

  3.73

  1.74

  (.08)

  1.62

Total from investment operations

  .29

  2.29

  3.75

  1.72

  (.15)

  1.57

Distributions from net investment income

  (.06)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  - K

Total distributions

  (2.03) L

  (.01)

  -

  -

  -

  - K

Net asset value, end of period

$ 17.08

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

Total ReturnB, C, D

  2.13%

  13.83%

  29.36%

  15.54%

  (1.34)%

  16.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.76%A

  1.69%

  1.72%

  1.94%

  2.08%

  2.08%

Expenses net of fee waivers, if any

  1.76%A

  1.69%

  1.72%

  1.94%

  2.06%

  2.00%

Expenses net of all reductions

  1.76%A

  1.69%

  1.71%

  1.93%

  2.05%

  1.99%

Net investment income (loss)

  .36%A

  .54%H

  .13%

  (.20)%

  (.57)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 179

$ 179

$ 160

$ 123

$ 124

$ 129

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .32%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.65)%. 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. K Amount represents less than $.01 per share. L Total distributions of $2.03 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

$ 10.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .13

  .29G

  .18

  .11

  .06

  .05H

Net realized and unrealized gain (loss)

  .28

  2.37

  4.02

  1.87

  (.09)

  1.74

Total from investment operations

  .41

  2.66

  4.20

  1.98

  (.03)

  1.79

Distributions from net investment income

  (.24)

  (.14)

  (.15)

  -

  (.02)

  (.06)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.07)

  (.04)

Total distributions

  (2.20)

  (.15)

  (.15)

  -

  (.09)

  (.10)

Net asset value, end of period

$ 18.63

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

Total ReturnB, C

  2.67%

  14.99%

  30.63%

  16.67%

  (.33)%

  17.47%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .76%A

  .69%

  .70%

  .91%

  1.04%

  1.03%

Expenses net of fee waivers, if any

  .76%A

  .69%

  .70%

  .91%

  1.03%

  1.00%

Expenses net of all reductions

  .76%A

  .69%

  .69%

  .90%

  1.02%

  .99%

Net investment income (loss)

  1.36%A

  1.54%G

  1.15%

  .83%

  .46%

  .49%H

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 133

$ 131

$ 135

$ 103

$ 83

$ 73

Portfolio turnover rateF

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.32%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%. 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 Z

 

Six months ended May 31, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 20.44

$ 17.92

$ 16.59

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .14

  .31G

  .06

Net realized and unrealized gain (loss)

  .29

  2.38

  1.27

Total from investment operations

  .43

  2.69

  1.33

Distributions from net investment income

  (.05)

  (.17)

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

Total distributions

  (2.01)

  (.17) J

  -

Net asset value, end of period

$ 18.86

$ 20.44

$ 17.92

Total ReturnB, C

  2.72%

  15.20%

  8.02%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .59%A

  .52%

  .54%A

Expenses net of fee waivers, if any

  .59%A

  .52%

  .54%A

Expenses net of all reductions

  .59%A

  .52%

  .52%A

Net investment income (loss)

  1.53%A

  1.71%G

  1.26%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 6,530

$ 118

$ 7,394

Portfolio turnover rateF

  62% A

  106%

  70%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.49%. 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. 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. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.007 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Dividend Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

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.

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

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.

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, partnerships 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

$ 205,307

Gross unrealized depreciation

(22,077)

Net unrealized appreciation (depreciation) on securities

$ 183,230

 

 

Tax cost

$ 937,711

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $332,061 and $330,705, respectively.

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 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 .49% 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%

$ 473

$ 8

Class T

.25%

.25%

1,017

14

Class B

.75%

.25%

50

38

Class C

.75%

.25%

888

73

 

 

 

$ 2,428

$ 133

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

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.

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

 

Retained
by FDC

Class A

$ 56

Class T

10

Class B*

2

Class C*

6

 

$ 74

* 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
Class-Level
Average
Net Assets*

Class A

$ 398

.21

Class T

402

.20

Class B

15

.29

Class C

191

.22

Institutional Class

143

.22

Class Z

1

.05

 

$ 1,150

 

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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 $5 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, the Fund did not borrow 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

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 $65, including four hundred and thirty-one dollars 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 $13 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ 3,806

$ 1,902

Class T

3,175

1,201

Class B

5

-

Class C

609

-

Institutional Class

1,536

1,071

Class Z

-

68

Total

$ 9,131

$ 4,242

From net realized gain

 

 

Class A

$ 38,921

$ 147

Class T

41,529

152

Class B

1,164

6

Class C

18,788

68

Institutional Class

12,693

44

Class Z

11

3

Total

$ 113,106

$ 420

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,581

2,553

$ 27,952

$ 46,007

Reinvestment of distributions

2,322

107

39,381

1,806

Shares redeemed

(2,433)

(4,408)

(42,859)

(79,256)

Net increase (decrease)

1,470

(1,748)

$ 24,474

$ (31,443)

Class T

 

 

 

 

Shares sold

2,344

3,910

$ 41,158

$ 70,377

Reinvestment of distributions

2,576

77

43,556

1,302

Shares redeemed

(3,211)

(4,771)

(56,479)

(85,489)

Net increase (decrease)

1,709

(784)

$ 28,235

$ (13,810)

Class B

 

 

 

 

Shares sold

11

29

$ 197

$ 480

Reinvestment of distributions

68

0

1,105

5

Shares redeemed

(161)

(319)

(2,723)

(5,509)

Net increase (decrease)

(82)

(290)

$ (1,421)

$ (5,024)

Class C

 

 

 

 

Shares sold

808

1,183

$ 13,566

$ 20,503

Reinvestment of distributions

1,033

3

16,812

58

Shares redeemed

(857)

(1,331)

(14,447)

(23,161)

Net increase (decrease)

984

(145)

$ 15,931

$ (2,600)

Institutional Class

 

 

 

 

Shares sold

1,106

1,479

$ 20,405

$ 27,537

Reinvestment of distributions

752

59

13,280

1,027

Shares redeemed

(1,126)

(2,664)

(20,883)

(48,359)

Net increase (decrease)

732

(1,126)

$ 12,802

$ (19,795)

Class Z

 

 

 

 

Shares sold

351

23

$ 6,617

$ 420

Reinvestment of distributions

1

4

11

71

Shares redeemed

(12)

(434)

(221)

(7,943)

Net increase (decrease)

340

(407)

$ 6,407

$ (7,452)

Semiannual Report

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ADGFI-USAN-0715
1.786780.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Dividend Growth

Fund - Class Z

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,025.10

$ 5.05

HypotheticalA

 

$ 1,000.00

$ 1,019.95

$ 5.04

Class T

1.24%

 

 

 

Actual

 

$ 1,000.00

$ 1,023.90

$ 6.26

HypotheticalA

 

$ 1,000.00

$ 1,018.75

$ 6.24

Class B

1.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 9.27

HypotheticalA

 

$ 1,000.00

$ 1,015.76

$ 9.25

Class C

1.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.30

$ 8.87

HypotheticalA

 

$ 1,000.00

$ 1,016.16

$ 8.85

Institutional Class

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.70

$ 3.84

HypotheticalA

 

$ 1,000.00

$ 1,021.14

$ 3.83

Class Z

.59%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ 2.98

HypotheticalA

 

$ 1,000.00

$ 1,021.99

$ 2.97

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

4.6

4.4

JPMorgan Chase & Co.

2.6

2.4

Johnson & Johnson

2.5

2.4

Microsoft Corp.

2.4

2.6

Wells Fargo & Co.

2.3

2.2

Google, Inc. Class C

2.2

2.2

Medtronic PLC

2.2

2.2

Exxon Mobil Corp.

2.2

1.9

Chevron Corp.

2.2

2.0

General Electric Co.

2.1

2.2

 

25.3

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.8

21.1

Health Care

16.4

14.9

Financials

16.0

15.2

Consumer Discretionary

11.8

8.7

Consumer Staples

10.5

13.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

gfz112084

Stocks 97.8%

 

gfz112086

Stocks 95.0%

 

gfz112088

Convertible
Securities 0.1%

 

gfz112090

Convertible
Securities 0.1%

 

gfz112092

Short-Term
Investments and
Net Other Assets (Liabilities) 2.1%

 

gfz112094

Short-Term
Investments and
Net Other Assets (Liabilities) 4.9%

 

* Foreign investments

16.3%

 

** Foreign investments

13.0%

 

gfz112096

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.8%

Diversified Consumer Services - 0.7%

H&R Block, Inc.

241,164

$ 7,652

Hotels, Restaurants & Leisure - 2.0%

ARAMARK Holdings Corp.

72,800

2,282

Interval Leisure Group, Inc.

107,000

2,784

Las Vegas Sands Corp.

10,100

513

McDonald's Corp.

87,500

8,394

Wyndham Worldwide Corp.

100,052

8,495

 

22,468

Leisure Products - 0.4%

Mattel, Inc.

72,100

1,861

Vista Outdoor, Inc. (a)

55,800

2,572

 

4,433

Media - 3.1%

Altice SA (a)

65,100

8,473

Comcast Corp. Class A

275,225

16,090

Corus Entertainment, Inc. Class B (non-vtg.) (d)

69,600

987

MDC Partners, Inc. Class A (sub. vtg.)

100,901

2,139

Time Warner Cable, Inc.

34,700

6,277

 

33,966

Multiline Retail - 1.6%

Dillard's, Inc. Class A

60,400

7,007

Target Corp.

140,800

11,168

 

18,175

Specialty Retail - 1.9%

AutoZone, Inc. (a)

16,500

11,115

Foot Locker, Inc.

156,391

9,884

Kingfisher PLC

3,905

22

 

21,021

Textiles, Apparel & Luxury Goods - 2.1%

Deckers Outdoor Corp. (a)

47,100

3,210

Fossil Group, Inc. (a)

66,700

4,736

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Japan Tobacco, Inc.

289,600

$ 10,510

VF Corp.

73,600

5,184

 

23,640

TOTAL CONSUMER DISCRETIONARY

131,355

CONSUMER STAPLES - 10.5%

Beverages - 3.6%

C&C Group PLC

269,600

1,041

Constellation Brands, Inc. Class A (sub. vtg.)

56,400

6,649

Dr. Pepper Snapple Group, Inc.

62,011

4,753

PepsiCo, Inc.

129,700

12,507

The Coca-Cola Co.

373,410

15,295

 

40,245

Food & Staples Retailing - 3.5%

CVS Health Corp.

189,100

19,360

Kroger Co.

59,360

4,321

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

60,793

2,435

Tesco PLC

160,200

522

Tsuruha Holdings, Inc.

23,200

1,739

Walgreens Boots Alliance, Inc.

117,223

10,062

 

38,439

Food Products - 1.2%

Bunge Ltd.

19,460

1,801

Greencore Group PLC

787,205

3,961

Hilton Food Group PLC

240,044

1,688

Kellogg Co.

97,200

6,101

 

13,551

Household Products - 1.9%

Energizer Holdings, Inc.

19,800

2,805

Procter & Gamble Co.

229,600

17,998

 

20,803

Tobacco - 0.3%

British American Tobacco PLC (United Kingdom)

69,657

3,848

TOTAL CONSUMER STAPLES

116,886

Common Stocks - continued

Shares

Value (000s)

ENERGY - 7.2%

Energy Equipment & Services - 0.0%

Aspen Aerogels, Inc.

56,042

$ 387

Oil, Gas & Consumable Fuels - 7.2%

Chevron Corp.

234,990

24,204

Emerald Oil, Inc. warrants 2/4/16 (a)

16,536

0

EQT Midstream Partners LP

31,100

2,602

Exxon Mobil Corp.

284,222

24,216

Imperial Oil Ltd.

62,100

2,436

Kinder Morgan, Inc.

228,700

9,489

MPLX LP

39,808

2,906

Northern Oil & Gas, Inc. (a)

128,694

879

Phillips 66 Partners LP

40,245

2,927

PrairieSky Royalty Ltd. (d)

121,700

3,269

Suncor Energy, Inc. (d)

236,480

6,912

 

79,840

TOTAL ENERGY

80,227

FINANCIALS - 16.0%

Banks - 10.6%

Bank of America Corp.

1,157,703

19,102

Citigroup, Inc.

286,723

15,506

JPMorgan Chase & Co.

444,593

29,245

PacWest Bancorp

159,000

7,138

SunTrust Banks, Inc.

165,600

7,068

U.S. Bancorp

329,117

14,188

Wells Fargo & Co.

456,390

25,540

 

117,787

Capital Markets - 1.8%

Ameriprise Financial, Inc.

62,500

7,787

Diamond Hill Investment Group, Inc.

6,600

1,263

Franklin Resources, Inc.

56,300

2,866

The Blackstone Group LP

186,290

8,160

 

20,076

Consumer Finance - 1.1%

Capital One Financial Corp.

146,582

12,248

Imperial Holdings, Inc. warrants 4/11/19 (a)

4,481

1

 

12,249

Diversified Financial Services - 1.1%

McGraw Hill Financial, Inc.

116,000

12,035

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.9%

MetLife, Inc.

110,900

$ 5,796

The Chubb Corp.

40,600

3,959

 

9,755

Real Estate Investment Trusts - 0.5%

American Tower Corp.

66,000

6,124

TOTAL FINANCIALS

178,026

HEALTH CARE - 16.4%

Biotechnology - 1.5%

Amgen, Inc.

106,737

16,679

Health Care Equipment & Supplies - 2.9%

Medtronic PLC

317,702

24,247

The Cooper Companies, Inc.

46,102

8,380

 

32,627

Health Care Providers & Services - 2.5%

Cardinal Health, Inc.

144,542

12,744

McKesson Corp.

63,132

14,977

 

27,721

Health Care Technology - 0.2%

CompuGroup Medical AG

60,379

2,002

Life Sciences Tools & Services - 0.6%

Lonza Group AG

45,054

6,328

Pharmaceuticals - 8.7%

AbbVie, Inc.

184,900

12,312

Actavis PLC (a)

42,200

12,947

Astellas Pharma, Inc.

355,300

5,157

Johnson & Johnson

278,602

27,899

Sanofi SA sponsored ADR

150,100

7,416

Shire PLC

193,600

16,745

Teva Pharmaceutical Industries Ltd. sponsored ADR

237,300

14,262

 

96,738

TOTAL HEALTH CARE

182,095

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 8.6%

Aerospace & Defense - 1.9%

The Boeing Co.

50,800

$ 7,138

United Technologies Corp.

118,801

13,920

 

21,058

Air Freight & Logistics - 1.3%

FedEx Corp.

80,406

13,928

Airlines - 0.1%

Copa Holdings SA Class A

17,800

1,518

Construction & Engineering - 0.1%

Astaldi SpA

83,600

729

Electrical Equipment - 0.4%

Babcock & Wilcox Co.

120,700

4,018

Industrial Conglomerates - 3.7%

Danaher Corp.

124,294

10,729

General Electric Co.

869,800

23,719

Roper Industries, Inc.

39,196

6,858

 

41,306

Machinery - 0.8%

Deere & Co.

82,100

7,691

Manitowoc Co., Inc.

80,403

1,516

 

9,207

Road & Rail - 0.3%

CSX Corp.

89,900

3,064

Trading Companies & Distributors - 0.0%

Now, Inc. (d)

17,720

410

TOTAL INDUSTRIALS

95,238

INFORMATION TECHNOLOGY - 21.8%

Communications Equipment - 3.4%

Cisco Systems, Inc.

635,579

18,629

QUALCOMM, Inc.

274,978

19,160

 

37,789

Electronic Equipment & Components - 0.9%

TE Connectivity Ltd.

147,943

10,208

Internet Software & Services - 2.2%

Google, Inc. Class C

45,728

24,332

IT Services - 3.1%

ASAC II LP (a)(e)

298,480

5,070

Fidelity National Information Services, Inc.

165,198

10,358

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

IBM Corp.

90,500

$ 15,353

Leidos Holdings, Inc.

54,200

2,304

Science Applications International Corp.

21,900

1,161

 

34,246

Software - 4.9%

Activision Blizzard, Inc.

207,867

5,251

Micro Focus International PLC

93,100

1,884

Microsoft Corp.

573,563

26,877

Oracle Corp.

470,228

20,450

 

54,462

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

396,324

51,632

EMC Corp.

411,200

10,831

Hewlett-Packard Co.

283,200

9,459

Samsung Electronics Co. Ltd.

3,771

4,424

Western Digital Corp.

40,900

3,982

 

80,328

TOTAL INFORMATION TECHNOLOGY

241,365

MATERIALS - 3.5%

Chemicals - 3.2%

CF Industries Holdings, Inc.

27,600

8,718

E.I. du Pont de Nemours & Co.

131,900

9,366

LyondellBasell Industries NV Class A

52,800

5,338

Monsanto Co.

42,700

4,995

Potash Corp. of Saskatchewan, Inc.

232,600

7,321

 

35,738

Containers & Packaging - 0.3%

Ball Corp.

39,100

2,776

TOTAL MATERIALS

38,514

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

167,800

6,549

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 1.4%

Electric Utilities - 0.8%

Edison International

67,300

$ 4,093

Xcel Energy, Inc.

119,364

4,064

 

8,157

Multi-Utilities - 0.6%

NiSource, Inc.

147,500

6,959

TOTAL UTILITIES

15,116

TOTAL COMMON STOCKS

(Cost $900,606)


1,085,371

Convertible Bonds - 0.1%

 

Principal Amount (000s)

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

(Cost $791)

$ 791

693

Money Market Funds - 3.1%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

23,164,002

23,164

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

11,712,810

11,713

TOTAL MONEY MARKET FUNDS

(Cost $34,877)


34,877

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $936,274)

1,120,941

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(10,641)

NET ASSETS - 100%

$ 1,110,300

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $5,070,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

ASAC II LP

10/10/13

$ 2,985

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

$ 26

Fidelity Securities Lending Cash Central Fund

65

Total

$ 91

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 131,355

$ 120,823

$ 10,532

$ -

Consumer Staples

116,886

110,777

6,109

-

Energy

80,227

80,227

-

-

Financials

178,026

178,025

1

-

Health Care

182,095

160,193

21,902

-

Industrials

95,238

95,238

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Information Technology

$ 241,365

$ 236,295

$ -

$ 5,070

Materials

38,514

38,514

-

-

Telecommunication Services

6,549

6,549

-

-

Utilities

15,116

15,116

-

-

Corporate Bonds

693

-

693

-

Money Market Funds

34,877

34,877

-

-

Total Investments in Securities:

$ 1,120,941

$ 1,076,634

$ 39,237

$ 5,070

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 14,007

Level 2 to Level 1

$ 0

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

United States of America

83.7%

Ireland

3.9%

Canada

2.1%

Japan

1.5%

Bailiwick of Jersey

1.5%

Israel

1.5%

Switzerland

1.5%

United Kingdom

1.3%

Others (Individually Less Than 1%)

3.0%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $11,263) - See accompanying schedule:

Unaffiliated issuers (cost $901,397)

$ 1,086,064

 

Fidelity Central Funds (cost $34,877)

34,877

 

Total Investments (cost $936,274)

 

$ 1,120,941

Foreign currency held at value (cost $1)

1

Receivable for fund shares sold

482

Dividends receivable

2,470

Interest receivable

6

Distributions receivable from Fidelity Central Funds

9

Other receivables

3

Total assets

1,123,912

 

 

 

Liabilities

Payable for investments purchased

$ 10

Payable for fund shares redeemed

696

Accrued management fee

523

Distribution and service plan fees payable

407

Other affiliated payables

220

Other payables and accrued expenses

43

Collateral on securities loaned, at value

11,713

Total liabilities

13,612

 

 

 

Net Assets

$ 1,110,300

Net Assets consist of:

 

Paid in capital

$ 872,862

Undistributed net investment income

5,169

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

47,607

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

184,662

Net Assets

$ 1,110,300

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($377,217 ÷ 21,120.489 shares)

$ 17.86

 

 

 

Maximum offering price per share (100/94.25 of $17.86)

$ 18.95

Class T:
Net Asset Value and redemption price per share ($405,001 ÷ 22,779.274 shares)

$ 17.78

 

 

 

Maximum offering price per share (100/96.50 of $17.78)

$ 18.42

Class B:
Net Asset Value and offering price per share ($8,856 ÷ 516.196 shares)A

$ 17.16

 

 

 

Class C:
Net Asset Value and offering price per share ($179,379 ÷ 10,503.007 shares)A

$ 17.08

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($133,317 ÷ 7,157.291 shares)

$ 18.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($6,530 ÷ 346.276 shares)

$ 18.86

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 11,639

Interest

 

12

Income from Fidelity Central Funds

 

91

Total income

 

11,742

 

 

 

Expenses

Management fee
Basic fee

$ 3,039

Performance adjustment

(322)

Transfer agent fees

1,150

Distribution and service plan fees

2,428

Accounting and security lending fees

182

Custodian fees and expenses

23

Independent trustees' compensation

2

Registration fees

48

Audit

29

Legal

2

Miscellaneous

5

Total expenses before reductions

6,586

Expense reductions

(13)

6,573

Net investment income (loss)

5,169

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

48,048

Foreign currency transactions

(37)

Total net realized gain (loss)

 

48,011

Change in net unrealized appreciation (depreciation) on:

Investment securities

(26,798)

Assets and liabilities in foreign currencies

7

Total change in net unrealized appreciation (depreciation)

 

(26,791)

Net gain (loss)

21,220

Net increase (decrease) in net assets resulting from operations

$ 26,389

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, 2015 (Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,169

$ 11,692

Net realized gain (loss)

48,011

133,433

Change in net unrealized appreciation (depreciation)

(26,791)

(1,155)

Net increase (decrease) in net assets resulting from operations

26,389

143,970

Distributions to shareholders from net investment income

(9,131)

(4,242)

Distributions to shareholders from net realized gain

(113,106)

(420)

Total distributions

(122,237)

(4,662)

Share transactions - net increase (decrease)

86,428

(80,124)

Total increase (decrease) in net assets

(9,420)

59,184

 

 

 

Net Assets

Beginning of period

1,119,720

1,060,536

End of period (including undistributed net investment income of $5,169 and undistributed net investment income of $9,131, respectively)

$ 1,110,300

$ 1,119,720

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

$ 9.95

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .10

  .23H

  .13

  .07

  .02

  .03I

Net realized and unrealized gain (loss)

  .27

  2.29

  3.87

  1.81

  (.09)

  1.66

Total from investment operations

  .37

  2.52

  4.00

  1.88

  (.07)

  1.69

Distributions from net investment income

  (.19)

  (.09)

  (.10)

  -

  -

  (.02)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.06)

  (.05)

Total distributions

  (2.16) L

  (.10)

  (.10)

  -

  (.06)

  (.06) K

Net asset value, end of period

$ 17.86

$ 19.65

$ 17.23

$ 13.33

$ 11.45

$ 11.58

Total ReturnB, C, D

  2.51%

  14.70%

  30.26%

  16.42%

  (.63)%

  17.09%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.00%A

  .94%

  .98%

  1.21%

  1.36%

  1.36%

Expenses net of fee waivers, if any

  1.00%A

  .94%

  .98%

  1.21%

  1.33%

  1.25%

Expenses net of all reductions

  1.00%A

  .94%

  .97%

  1.20%

  1.33%

  1.24%

Net investment income (loss)

  1.12%A

  1.29%H

  .87%

  .53%

  .16%

  .24% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 377

$ 386

$ 369

$ 301

$ 295

$ 285

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%. 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. K Total distributions of $.06 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.045 per share. L Total distributions of $2.16 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

$ 9.92

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .08

  .19H

  .10

  .04

  (.01)

  -I, K

Net realized and unrealized gain (loss)

  .26

  2.27

  3.86

  1.80

  (.09)

  1.67

Total from investment operations

  .34

  2.46

  3.96

  1.84

  (.10)

  1.67

Distributions from net investment income

  (.15)

  (.06)

  (.07)

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.03)

  (.04)

Total distributions

  (2.11)

  (.06) L

  (.07)

  -

  (.03)

  (.04)

Net asset value, end of period

$ 17.78

$ 19.55

$ 17.15

$ 13.26

$ 11.42

$ 11.55

Total ReturnB, C, D

  2.39%

  14.41%

  30.05%

  16.11%

  (.90)%

  16.88%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.24%A

  1.18%

  1.20%

  1.42%

  1.57%

  1.57%

Expenses net of fee waivers, if any

  1.24%A

  1.18%

  1.20%

  1.42%

  1.55%

  1.50%

Expenses net of all reductions

  1.24%A

  1.17%

  1.19%

  1.42%

  1.54%

  1.49%

Net investment income (loss)

  .88%A

  1.05%H

  .65%

  .32%

  (.06)%

  (.01)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 405

$ 412

$ 375

$ 304

$ 294

$ 322

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .83%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%. 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. K Amount represents less than $.01 per share. L Total distributions of $.06 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.007 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

$ 9.68

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .02

  .08H

  .01

  (.03)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .27

  2.20

  3.74

  1.74

  (.08)

  1.63

Total from investment operations

  .29

  2.28

  3.75

  1.71

  (.15)

  1.58

Distributions from net investment income

  (.01)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  -

Total distributions

  (1.97)

  (.01)

  -

  -

  -

  -

Net asset value, end of period

$ 17.16

$ 18.84

$ 16.57

$ 12.82

$ 11.11

$ 11.26

Total ReturnB, C, D

  2.13%

  13.75%

  29.25%

  15.39%

  (1.33)%

  16.32%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.84%A

  1.78%

  1.79%

  1.99%

  2.14%

  2.13%

Expenses net of fee waivers, if any

  1.84%A

  1.78%

  1.79%

  1.99%

  2.09%

  2.00%

Expenses net of all reductions

  1.83%A

  1.78%

  1.78%

  1.99%

  2.09%

  2.00%

Net investment income (loss)

  .28%A

  .45%H

  .06%

  (.25)%

  (.61)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 9

$ 11

$ 15

$ 17

$ 22

$ 43

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .23%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.66)%. 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

$ 9.65

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03

  .09H

  .02

  (.02)

  (.07)

  (.05) I

Net realized and unrealized gain (loss)

  .26

  2.20

  3.73

  1.74

  (.08)

  1.62

Total from investment operations

  .29

  2.29

  3.75

  1.72

  (.15)

  1.57

Distributions from net investment income

  (.06)

  -

  -

  -

  -

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  -

  - K

Total distributions

  (2.03) L

  (.01)

  -

  -

  -

  - K

Net asset value, end of period

$ 17.08

$ 18.82

$ 16.54

$ 12.79

$ 11.07

$ 11.22

Total ReturnB, C, D

  2.13%

  13.83%

  29.36%

  15.54%

  (1.34)%

  16.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.76%A

  1.69%

  1.72%

  1.94%

  2.08%

  2.08%

Expenses net of fee waivers, if any

  1.76%A

  1.69%

  1.72%

  1.94%

  2.06%

  2.00%

Expenses net of all reductions

  1.76%A

  1.69%

  1.71%

  1.93%

  2.05%

  1.99%

Net investment income (loss)

  .36%A

  .54%H

  .13%

  (.20)%

  (.57)%

  (.51)%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 179

$ 179

$ 160

$ 123

$ 124

$ 129

Portfolio turnover rateG

  62% A

  106%

  70%

  64%

  68%

  80%

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. 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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .32%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.65)%. 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. K Amount represents less than $.01 per share. L Total distributions of $2.03 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.962 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

$ 10.31

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .13

  .29G

  .18

  .11

  .06

  .05H

Net realized and unrealized gain (loss)

  .28

  2.37

  4.02

  1.87

  (.09)

  1.74

Total from investment operations

  .41

  2.66

  4.20

  1.98

  (.03)

  1.79

Distributions from net investment income

  (.24)

  (.14)

  (.15)

  -

  (.02)

  (.06)

Distributions from net realized gain

  (1.96)

  (.01)

  -

  -

  (.07)

  (.04)

Total distributions

  (2.20)

  (.15)

  (.15)

  -

  (.09)

  (.10)

Net asset value, end of period

$ 18.63

$ 20.42

$ 17.91

$ 13.86

$ 11.88

$ 12.00

Total ReturnB, C

  2.67%

  14.99%

  30.63%

  16.67%

  (.33)%

  17.47%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .76%A

  .69%

  .70%

  .91%

  1.04%

  1.03%

Expenses net of fee waivers, if any

  .76%A

  .69%

  .70%

  .91%

  1.03%

  1.00%

Expenses net of all reductions

  .76%A

  .69%

  .69%

  .90%

  1.02%

  .99%

Net investment income (loss)

  1.36%A

  1.54%G

  1.15%

  .83%

  .46%

  .49%H

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 133

$ 131

$ 135

$ 103

$ 83

$ 73

Portfolio turnover rateF

  62% A

  106%

  70%

  64%

  68%

  80%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.32%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%. 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 Z

 

Six months ended May 31, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 20.44

$ 17.92

$ 16.59

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .14

  .31G

  .06

Net realized and unrealized gain (loss)

  .29

  2.38

  1.27

Total from investment operations

  .43

  2.69

  1.33

Distributions from net investment income

  (.05)

  (.17)

  -

Distributions from net realized gain

  (1.96)

  (.01)

  -

Total distributions

  (2.01)

  (.17) J

  -

Net asset value, end of period

$ 18.86

$ 20.44

$ 17.92

Total ReturnB, C

  2.72%

  15.20%

  8.02%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .59%A

  .52%

  .54%A

Expenses net of fee waivers, if any

  .59%A

  .52%

  .54%A

Expenses net of all reductions

  .59%A

  .52%

  .52%A

Net investment income (loss)

  1.53%A

  1.71%G

  1.26%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 6,530

$ 118

$ 7,394

Portfolio turnover rateF

  62% A

  106%

  70%

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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.49%. 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. 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. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.007 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Dividend Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

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.

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

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.

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, partnerships 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

$ 205,307

Gross unrealized depreciation

(22,077)

Net unrealized appreciation (depreciation) on securities

$ 183,230

 

 

Tax cost

$ 937,711

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $332,061 and $330,705, respectively.

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 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 .49% 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%

$ 473

$ 8

Class T

.25%

.25%

1,017

14

Class B

.75%

.25%

50

38

Class C

.75%

.25%

888

73

 

 

 

$ 2,428

$ 133

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

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.

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

 

Retained
by FDC

Class A

$ 56

Class T

10

Class B*

2

Class C*

6

 

$ 74

* 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
Class-Level
Average
Net Assets*

Class A

$ 398

.21

Class T

402

.20

Class B

15

.29

Class C

191

.22

Institutional Class

143

.22

Class Z

1

.05

 

$ 1,150

 

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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 $5 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, the Fund did not borrow 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

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 $65, including four hundred and thirty-one dollars 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 $13 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ 3,806

$ 1,902

Class T

3,175

1,201

Class B

5

-

Class C

609

-

Institutional Class

1,536

1,071

Class Z

-

68

Total

$ 9,131

$ 4,242

From net realized gain

 

 

Class A

$ 38,921

$ 147

Class T

41,529

152

Class B

1,164

6

Class C

18,788

68

Institutional Class

12,693

44

Class Z

11

3

Total

$ 113,106

$ 420

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,581

2,553

$ 27,952

$ 46,007

Reinvestment of distributions

2,322

107

39,381

1,806

Shares redeemed

(2,433)

(4,408)

(42,859)

(79,256)

Net increase (decrease)

1,470

(1,748)

$ 24,474

$ (31,443)

Class T

 

 

 

 

Shares sold

2,344

3,910

$ 41,158

$ 70,377

Reinvestment of distributions

2,576

77

43,556

1,302

Shares redeemed

(3,211)

(4,771)

(56,479)

(85,489)

Net increase (decrease)

1,709

(784)

$ 28,235

$ (13,810)

Class B

 

 

 

 

Shares sold

11

29

$ 197

$ 480

Reinvestment of distributions

68

0

1,105

5

Shares redeemed

(161)

(319)

(2,723)

(5,509)

Net increase (decrease)

(82)

(290)

$ (1,421)

$ (5,024)

Class C

 

 

 

 

Shares sold

808

1,183

$ 13,566

$ 20,503

Reinvestment of distributions

1,033

3

16,812

58

Shares redeemed

(857)

(1,331)

(14,447)

(23,161)

Net increase (decrease)

984

(145)

$ 15,931

$ (2,600)

Institutional Class

 

 

 

 

Shares sold

1,106

1,479

$ 20,405

$ 27,537

Reinvestment of distributions

752

59

13,280

1,027

Shares redeemed

(1,126)

(2,664)

(20,883)

(48,359)

Net increase (decrease)

732

(1,126)

$ 12,802

$ (19,795)

Class Z

 

 

 

 

Shares sold

351

23

$ 6,617

$ 420

Reinvestment of distributions

1

4

11

71

Shares redeemed

(12)

(434)

(221)

(7,943)

Net increase (decrease)

340

(407)

$ 6,407

$ (7,452)

Semiannual Report

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ADGFZ-USAN-0715
1.9585504.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Equity Growth

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to May 31, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,040.10

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.70

$ 5.29

Class T

1.28%

 

 

 

Actual

 

$ 1,000.00

$ 1,038.90

$ 6.51

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.44

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,035.80

$ 9.59

HypotheticalA

 

$ 1,000.00

$ 1,015.51

$ 9.50

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,036.20

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.91

$ 9.10

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.50

$ 3.97

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.20

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.74

$ 3.23

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Facebook, Inc. Class A

8.5

8.4

Apple, Inc.

6.9

6.4

Gilead Sciences, Inc.

5.8

5.0

Google, Inc. Class A

3.3

2.2

Actavis PLC

2.6

2.3

Salesforce.com, Inc.

2.1

1.7

The Blackstone Group LP

1.9

1.9

United Technologies Corp.

1.9

1.8

Starbucks Corp.

1.9

1.3

Danaher Corp.

1.8

2.0

 

36.7

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.2

30.6

Health Care

18.5

17.8

Consumer Discretionary

15.0

11.9

Industrials

11.7

12.5

Financials

7.6

8.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

epg112106

Stocks 96.5%

 

epg112108

Stocks 97.2%

 

epg112110

Convertible
Securities 0.9%

 

epg112112

Convertible
Securities 0.8%

 

epg112114

Short-Term
Investments and
Net Other Assets (Liabilities) 2.6%

 

epg112116

Short-Term
Investments and
Net Other Assets (Liabilities) 2.0%

 

* Foreign investments

14.1%

 

** Foreign investments

13.0%

 

epg112118

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.8%

Automobiles - 0.9%

Harley-Davidson, Inc.

58,254

$ 3,116

Tesla Motors, Inc. (a)(d)

93,863

23,541

 

26,657

Diversified Consumer Services - 0.9%

Bright Horizons Family Solutions, Inc. (a)

159,400

8,874

Houghton Mifflin Harcourt Co. (a)

212,300

5,600

ServiceMaster Global Holdings, Inc.

308,000

10,346

 

24,820

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

27,285

16,794

Domino's Pizza, Inc.

170,000

18,472

Dunkin' Brands Group, Inc.

52,936

2,825

Jubilant Foodworks Ltd. (a)

13,615

382

Starbucks Corp.

1,018,202

52,906

Yum! Brands, Inc.

148,179

13,352

 

104,731

Household Durables - 0.7%

Harman International Industries, Inc.

112,800

13,595

Toll Brothers, Inc. (a)

196,900

7,122

 

20,717

Internet & Catalog Retail - 1.0%

Amazon.com, Inc. (a)

34,000

14,594

Ctrip.com International Ltd. sponsored ADR (a)

161,100

12,867

 

27,461

Leisure Products - 0.0%

NJOY, Inc. (a)(e)

202,642

1,635

Media - 1.8%

Comcast Corp. Class A (special) (non-vtg.)

278,238

16,138

The Walt Disney Co.

318,100

35,109

 

51,247

Specialty Retail - 4.1%

AutoZone, Inc. (a)

10,600

7,140

Five Below, Inc. (a)

320,600

10,660

Home Depot, Inc.

454,344

50,623

L Brands, Inc.

49,000

4,239

Lowe's Companies, Inc.

146,100

10,224

MarineMax, Inc. (a)

200,300

4,791

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Restoration Hardware Holdings, Inc. (a)

2,200

$ 200

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

190,002

28,998

 

116,875

Textiles, Apparel & Luxury Goods - 1.7%

ECLAT Textile Co. Ltd.

34,862

511

Kate Spade & Co. (a)

644,720

15,976

Michael Kors Holdings Ltd. (a)

157,200

7,310

NIKE, Inc. Class B

242,857

24,691

 

48,488

TOTAL CONSUMER DISCRETIONARY

422,631

CONSUMER STAPLES - 5.5%

Beverages - 1.0%

Kweichow Moutai Co. Ltd.

58,300

2,482

SABMiller PLC

265,034

14,153

The Coca-Cola Co.

303,826

12,445

 

29,080

Food & Staples Retailing - 0.4%

Sprouts Farmers Market LLC (a)

99,400

2,981

Whole Foods Market, Inc.

231,183

9,534

 

12,515

Food Products - 2.4%

Keurig Green Mountain, Inc.

559,491

48,251

Mead Johnson Nutrition Co. Class A

63,185

6,148

The Hershey Co.

142,159

13,201

 

67,600

Household Products - 0.6%

Procter & Gamble Co.

233,191

18,280

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

96,800

8,463

Herbalife Ltd. (a)

428,966

22,319

 

30,782

TOTAL CONSUMER STAPLES

158,257

ENERGY - 1.4%

Energy Equipment & Services - 0.2%

Pason Systems, Inc.

291,750

5,220

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 1.2%

Cheniere Energy, Inc. (a)

151,800

$ 11,511

EOG Resources, Inc.

51,300

4,550

Golar LNG Ltd.

346,348

16,455

Tanker Investments Ltd. (a)(d)

62,100

783

Teekay Tankers Ltd.

132,424

894

 

34,193

TOTAL ENERGY

39,413

FINANCIALS - 7.6%

Banks - 0.7%

First Republic Bank

289,700

17,541

HDFC Bank Ltd.

68,446

1,326

M&T Bank Corp.

24,300

2,937

 

21,804

Capital Markets - 4.8%

BlackRock, Inc. Class A

68,200

24,946

E*TRADE Financial Corp. (a)

892,445

26,291

HFF, Inc.

191,000

7,686

Invesco Ltd.

371,023

14,778

JMP Group, Inc.

141,100

1,054

The Blackstone Group LP

1,231,833

53,954

Virtus Investment Partners, Inc.

76,600

9,530

 

138,239

Diversified Financial Services - 1.1%

Berkshire Hathaway, Inc. Class B (a)

53,400

7,636

McGraw Hill Financial, Inc.

227,175

23,569

 

31,205

Real Estate Management & Development - 0.8%

Leopalace21 Corp. (a)

179,400

1,033

Realogy Holdings Corp. (a)

449,033

21,082

 

22,115

Thrifts & Mortgage Finance - 0.2%

Essent Group Ltd. (a)

219,400

5,597

TOTAL FINANCIALS

218,960

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 18.5%

Biotechnology - 11.3%

Amgen, Inc.

185,000

$ 28,908

Biogen, Inc. (a)

97,716

38,792

BioMarin Pharmaceutical, Inc. (a)

124,179

15,593

Celgene Corp. (a)

58,200

6,660

Cytokinetics, Inc. warrants 6/25/17 (a)

856,620

326

Gilead Sciences, Inc.

1,475,247

165,626

Insmed, Inc. (a)

744,220

16,328

Medivation, Inc. (a)

157,200

20,758

Ophthotech Corp. (a)

110,016

5,503

Vertex Pharmaceuticals, Inc. (a)

203,100

26,056

 

324,550

Health Care Equipment & Supplies - 0.4%

Medtronic PLC

94,600

7,220

Novadaq Technologies, Inc. (a)

426,800

4,272

 

11,492

Health Care Providers & Services - 0.6%

Express Scripts Holding Co. (a)

181,400

15,807

Pharmaceuticals - 6.2%

Actavis PLC (a)

242,757

74,480

Astellas Pharma, Inc.

2,577,800

37,413

Shire PLC

290,700

25,143

Teva Pharmaceutical Industries Ltd. sponsored ADR

348,300

20,933

Valeant Pharmaceuticals International (Canada) (a)

82,600

19,690

 

177,659

TOTAL HEALTH CARE

529,508

INDUSTRIALS - 11.7%

Aerospace & Defense - 3.6%

Textron, Inc.

325,500

14,719

TransDigm Group, Inc.

154,677

34,963

United Technologies Corp.

455,411

53,361

 

103,043

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

70,600

7,005

Airlines - 0.6%

Ryanair Holdings PLC sponsored ADR

247,280

16,469

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Building Products - 1.2%

A.O. Smith Corp.

268,538

$ 19,168

Caesarstone Sdot-Yam Ltd.

236,300

14,608

 

33,776

Construction & Engineering - 0.2%

Jacobs Engineering Group, Inc. (a)

119,715

5,179

Electrical Equipment - 0.4%

AMETEK, Inc.

191,255

10,282

Industrial Conglomerates - 2.5%

Danaher Corp.

591,014

51,016

Roper Industries, Inc.

116,069

20,307

 

71,323

Machinery - 0.2%

Manitowoc Co., Inc.

179,648

3,388

Sarine Technologies Ltd.

1,229,000

1,805

Sun Hydraulics Corp.

32,500

1,215

 

6,408

Professional Services - 1.7%

CEB, Inc.

116,400

9,846

Equifax, Inc.

46,800

4,695

On Assignment, Inc. (a)

54,158

2,030

Resources Connection, Inc.

269,900

4,235

Robert Half International, Inc.

164,100

9,250

Verisk Analytics, Inc. (a)

109,129

7,921

WageWorks, Inc. (a)

282,300

12,105

 

50,082

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

295,312

24,812

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

86,800

2,817

Summit Ascent Holdings Ltd. (a)

5,330,000

3,698

 

6,515

TOTAL INDUSTRIALS

334,894

INFORMATION TECHNOLOGY - 35.5%

Communications Equipment - 0.3%

QUALCOMM, Inc.

119,200

8,306

Electronic Equipment & Components - 0.8%

TE Connectivity Ltd.

319,723

22,061

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 13.1%

Cvent, Inc. (a)(d)

324,878

$ 8,564

Facebook, Inc. Class A (a)

3,078,900

243,822

Google, Inc.:

Class A (a)

171,550

93,550

Class C

13,436

7,149

JUST EAT Ltd. (a)

440,400

3,101

JUST EAT Ltd. rights 6/8/15

81,555

44

Shopify, Inc. Class A

3,600

97

Textura Corp. (a)(d)

621,889

18,103

 

374,430

IT Services - 1.7%

Cardtronics, Inc. (a)

73,500

2,683

Cognizant Technology Solutions Corp. Class A (a)

89,000

5,760

Visa, Inc. Class A

589,632

40,496

 

48,939

Semiconductors & Semiconductor Equipment - 2.7%

Avago Technologies Ltd.

20,400

3,021

Cirrus Logic, Inc. (a)

73,500

2,775

Maxim Integrated Products, Inc.

976,400

34,242

Monolithic Power Systems, Inc.

155,432

8,487

Qorvo, Inc. (a)

197,000

16,184

Skyworks Solutions, Inc.

103,600

11,330

 

76,039

Software - 9.6%

Activision Blizzard, Inc.

246,600

6,229

Adobe Systems, Inc. (a)

322,900

25,538

Computer Modelling Group Ltd.

625,600

6,927

CyberArk Software Ltd. (a)

48,700

3,029

Electronic Arts, Inc. (a)

672,945

42,231

Fleetmatics Group PLC (a)

211,100

8,826

Intuit, Inc.

27,800

2,895

Mobileye NV (a)(d)

445,200

20,960

Oracle Corp.

785,700

34,170

Red Hat, Inc. (a)

258,400

19,967

Salesforce.com, Inc. (a)

813,792

59,203

ServiceNow, Inc. (a)

205,800

15,766

SolarWinds, Inc. (a)

534,481

25,361

SS&C Technologies Holdings, Inc.

76,746

4,523

 

275,625

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

1,524,827

$ 198,654

Nimble Storage, Inc. (a)(d)

423,500

10,960

 

209,614

TOTAL INFORMATION TECHNOLOGY

1,015,014

MATERIALS - 1.5%

Chemicals - 1.2%

CF Industries Holdings, Inc.

37,000

11,688

Monsanto Co.

122,000

14,272

Potash Corp. of Saskatchewan, Inc.

85,600

2,694

Sherwin-Williams Co.

21,845

6,295

 

34,949

Construction Materials - 0.3%

Eagle Materials, Inc.

30,250

2,525

James Hardie Industries PLC sponsored ADR

73,073

4,933

 

7,458

TOTAL MATERIALS

42,407

TOTAL COMMON STOCKS

(Cost $2,138,653)


2,761,084

Convertible Preferred Stocks - 0.9%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Household Durables - 0.2%

Blu Homes, Inc. Series A, 5.00% (a)(e)

875,350

5,839

INFORMATION TECHNOLOGY - 0.7%

Internet Software & Services - 0.6%

Uber Technologies, Inc. Series D, 8.00% (e)

485,012

16,159

IT Services - 0.1%

AppNexus, Inc. Series E (e)

105,425

2,706

TOTAL INFORMATION TECHNOLOGY

18,865

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $13,680)


24,704

Money Market Funds - 3.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.15% (b)

100,909,085

$ 100,909

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

9,569,807

9,570

TOTAL MONEY MARKET FUNDS

(Cost $110,479)


110,479

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,262,812)

2,896,267

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(36,641)

NET ASSETS - 100%

$ 2,859,626

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $26,340,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AppNexus, Inc. Series E

8/1/14

$ 2,112

Blu Homes, Inc. Series A, 5.00%

6/21/13

$ 4,044

NJOY, Inc.

9/11/13

$ 1,637

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 7,524

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

$ 89

Fidelity Securities Lending Cash Central Fund

284

Total

$ 373

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 428,470

$ 420,996

$ -

$ 7,474

Consumer Staples

158,257

158,257

-

-

Energy

39,413

39,413

-

-

Financials

218,960

216,601

2,359

-

Health Care

529,508

466,626

62,882

-

Industrials

334,894

334,894

-

-

Information Technology

1,033,879

1,014,970

44

18,865

Materials

42,407

42,407

-

-

Money Market Funds

110,479

110,479

-

-

Total Investments in Securities:

$ 2,896,267

$ 2,804,643

$ 65,285

$ 26,339

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

United States of America

85.9%

Ireland

4.0%

Bermuda

1.4%

Israel

1.4%

Canada

1.3%

Japan

1.3%

Cayman Islands

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $9,348) - See accompanying schedule:

Unaffiliated issuers (cost $2,152,333)

$ 2,785,788

 

Fidelity Central Funds (cost $110,479)

110,479

 

Total Investments (cost $2,262,812)

 

$ 2,896,267

Receivable for investments sold

14,636

Receivable for fund shares sold

1,347

Dividends receivable

1,720

Distributions receivable from Fidelity Central Funds

37

Prepaid expenses

1

Other receivables

164

Total assets

2,914,172

 

 

 

Liabilities

Payable for investments purchased

$ 39,029

Payable for fund shares redeemed

2,994

Accrued management fee

1,311

Distribution and service plan fees payable

912

Other affiliated payables

540

Other payables and accrued expenses

190

Collateral on securities loaned, at value

9,570

Total liabilities

54,546

 

 

 

Net Assets

$ 2,859,626

Net Assets consist of:

 

Paid in capital

$ 2,285,849

Accumulated net investment loss

(10,647)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(49,020)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

633,444

Net Assets

$ 2,859,626

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($876,309 ÷ 8,983.98 shares)

$ 97.54

 

 

 

Maximum offering price per share (100/94.25 of $97.54)

$ 103.49

Class T:
Net Asset Value and redemption price per share ($1,358,975 ÷ 14,074.30 shares)

$ 96.56

 

 

 

Maximum offering price per share (100/96.50 of $96.56)

$ 100.06

Class B:
Net Asset Value and offering price per share ($14,021 ÷ 163.67 shares)A

$ 85.67

 

 

 

Class C:
Net Asset Value and offering price per share ($181,044 ÷ 2,075.53 shares)A

$ 87.23

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($407,910 ÷ 3,900.72 shares)

$ 104.57

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($21,367 ÷ 203.82 shares)

$ 104.83

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 13,470

Income from Fidelity Central Funds

 

373

Total income

 

13,843

 

 

 

Expenses

Management fee

$ 7,798

Transfer agent fees

2,799

Distribution and service plan fees

5,435

Accounting and security lending fees

422

Custodian fees and expenses

27

Independent trustees' compensation

6

Registration fees

76

Audit

41

Legal

7

Miscellaneous

12

Total expenses before reductions

16,623

Expense reductions

(49)

16,574

Net investment income (loss)

(2,731)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

91,275

Foreign currency transactions

(37)

Total net realized gain (loss)

 

91,238

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,858

Assets and liabilities in foreign currencies

(4)

Total change in net unrealized appreciation (depreciation)

 

20,854

Net gain (loss)

112,092

Net increase (decrease) in net assets resulting from operations

$ 109,361

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (2,731)

$ (4,201)

Net realized gain (loss)

91,238

701,406

Change in net unrealized appreciation (depreciation)

20,854

(219,078)

Net increase (decrease) in net assets resulting
from operations

109,361

478,127

Share transactions - net increase (decrease)

(95,830)

(1,134,005)

Total increase (decrease) in net assets

13,531

(655,878)

 

 

 

Net Assets

Beginning of period

2,846,095

3,501,973

End of period (including accumulated net investment loss of $10,647 and accumulated net investment loss of $7,916, respectively)

$ 2,859,626

$ 2,846,095

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

$ 42.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.04)

  (.07)

  (.05)

  .02

  (.04)

  (.14)

Net realized and unrealized gain (loss)

  3.80

  12.98

  19.15

  7.30

  3.90

  8.82

Total from investment operations

  3.76

  12.91

  19.10

  7.32

  3.86

  8.68

Distributions from net realized gain

  -

  -

  -

  (.11)

  (.05)

  -

Net asset value, end of period

$ 97.54

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

Total ReturnB, C, D

  4.01%

  15.96%

  30.92%

  13.45%

  7.61%

  20.63%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of all reductions

  1.05%A

  1.07%

  1.10%

  1.14%

  1.14%

  1.15%

Net investment income (loss)

  (.08)%A

  (.08)%

  (.07)%

  .04%

  (.08)%

  (.31)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 876

$ 853

$ 772

$ 632

$ 609

$ 636

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

$ 41.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.14)

  (.25)

  (.17)

  (.08)

  (.14)

  (.22)

Net realized and unrealized gain (loss)

  3.76

  12.88

  19.03

  7.27

  3.89

  8.79

Total from investment operations

  3.62

  12.63

  18.86

  7.19

  3.75

  8.57

Net asset value, end of period

$ 96.56

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

Total ReturnB, C, D

  3.89%

  15.73%

  30.69%

  13.25%

  7.42%

  20.43%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of fee waivers, if any

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of all reductions

  1.27%A

  1.28%

  1.28%

  1.31%

  1.31%

  1.33%

Net investment income (loss)

  (.30)%A

  (.29)%

  (.25)%

  (.13)%

  (.25)%

  (.48)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,359

$ 1,368

$ 1,283

$ 1,108

$ 1,139

$ 1,246

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

$ 38.45

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.38)

  (.70)

  (.52)

  (.39)

  (.42)

  (.44)

Net realized and unrealized gain (loss)

  3.33

  11.51

  17.07

  6.58

  3.55

  8.03

Total from investment operations

  2.95

  10.81

  16.55

  6.19

  3.13

  7.59

Net asset value, end of period

$ 85.67

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

Total ReturnB, C, D

  3.58%

  15.02%

  29.90%

  12.59%

  6.80%

  19.74%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.88%

  1.90%

  1.90%

  1.91%

Net investment income (loss)

  (.92)%A

  (.91)%

  (.85)%

  (.72)%

  (.83)%

  (1.06)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 14

$ 18

$ 23

$ 26

$ 35

$ 54

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

$ 39.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.36)

  (.66)

  (.50)

  (.37)

  (.41)

  (.44)

Net realized and unrealized gain (loss)

  3.41

  11.71

  17.36

  6.68

  3.60

  8.16

Total from investment operations

  3.05

  11.05

  16.86

  6.31

  3.19

  7.72

Net asset value, end of period

$ 87.23

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

Total ReturnB, C, D

  3.62%

  15.11%

  29.96%

  12.63%

  6.82%

  19.77%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of fee waivers, if any

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of all reductions

  1.81%A

  1.81%

  1.83%

  1.86%

  1.87%

  1.90%

Net investment income (loss)

  (.83)%A

  (.83)%

  (.79)%

  (.68)%

  (.81)%

  (1.05)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 181

$ 175

$ 157

$ 133

$ 136

$ 143

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

$ 44.71

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .10

  .20

  .20

  .25

  .16

  .02

Net realized and unrealized gain (loss)

  4.07

  13.88

  20.40

  7.75

  4.16

  9.41

Total from investment operations

  4.17

  14.08

  20.60

  8.00

  4.32

  9.43

Distributions from net investment income

  -

  -

  (.20)

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  (.32)

  (.22)

  -

Total distributions

  -

  -

  (.20)

  (.32)

  (.22)

  -

Net asset value, end of period

$ 104.57

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

Total ReturnB, C

  4.15%

  16.31%

  31.36%

  13.83%

  7.99%

  21.09%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of fee waivers, if any

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of all reductions

  .77%A

  .77%

  .77%

  .79%

  .79%

  .80%

Net investment income (loss)

  .20%A

  .21%

  .27%

  .39%

  .27%

  .05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 408

$ 432

$ 1,266

$ 1,063

$ 897

$ 973

Portfolio turnover rateF

  60% A

  49%H

  81%

  73%

  70%

  71%

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 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.

H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class Z

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 100.59

$ 86.36

$ 78.49

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .17

  .33

  .09

Net realized and unrealized gain (loss)

  4.07

  13.90

  7.78

Total from investment operations

  4.24

  14.23

  7.87

Net asset value, end of period

$ 104.83

$ 100.59

$ 86.36

Total ReturnB, C

  4.22%

  16.48%

  10.03%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .64%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .64%A

Expenses net of all reductions

  .63%A

  .64%

  .63%A

Net investment income (loss)

  .34%A

  .35%

  .38%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 21,367

$ 122

$ 110

Portfolio turnover rateF

  60% A

  49%I

  81%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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, redemptions in kind, partnerships, deferred trustees compensation, 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

$ 680,089

Gross unrealized depreciation

(49,212)

Net unrealized appreciation (depreciation) on securities

$ 630,877

 

 

Tax cost

$ 2,265,390

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

$ (138,003)

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

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $811,444 and $924,474, respectively.

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. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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:

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,069

$ 24

Class T

.25%

.25%

3,399

50

Class B

.75%

.25%

79

60

Class C

.75%

.25%

888

68

 

 

 

$ 5,435

$ 202

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.

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

 

Retained
by FDC

Class A

$ 53

Class T

21

Class B*

2

Class C*

5

 

$ 81

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 912

.21

Class T

1,267

.19

Class B

24

.30

Class C

195

.22

Institutional Class

399

.19

Class Z

2

.05

 

$ 2,799

 

* 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 $11 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

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 $284. During the period, there were no 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 $49 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of three dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

869

1,501

$ 83,285

$ 132,626

Shares redeemed

(983)

(1,946)

(93,743)

(170,230)

Net increase (decrease)

(114)

(445)

$ (10,458)

$ (37,604)

Class T

 

 

 

 

Shares sold

798

1,656

$ 75,022

$ 144,112

Shares redeemed

(1,440)

(2,920)

(135,543)

(253,312)

Net increase (decrease)

(642)

(1,264)

$ (60,521)

$ (109,200)

Class B

 

 

 

 

Shares sold

2

3

$ 86

$ 258

Shares redeemed

(55)

(107)

(4,575)

(8,283)

Net increase (decrease)

(53)

(104)

$ (4,489)

$ (8,025)

Class C

 

 

 

 

Shares sold

153

262

$ 13,044

$ 20,995

Shares redeemed

(151)

(341)

(12,874)

(26,719)

Net increase (decrease)

2

(79)

$ 170

$ (5,724)

Institutional Class

 

 

 

 

Shares sold

581

2,450

$ 59,323

$ 230,126

Shares redeemed

(987)

(12,811)A

(101,061)

(1,203,573)A

Net increase (decrease)

(406)

(10,361)

$ (41,738)

$ (973,447)

Class Z

 

 

 

 

Shares sold

208

-

$ 21,768

$ -

Shares redeemed

(5)

-B

(562)

(6)

Net increase (decrease)

203

-B

$ 21,206

$ (6)

A Amount includes in-kind redemptions.

B Amount represents sixty-one shares.

10. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPG-USAN-0715
1.786783.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Equity Growth

Fund - Institutional Class

(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to May 31, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,040.10

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.70

$ 5.29

Class T

1.28%

 

 

 

Actual

 

$ 1,000.00

$ 1,038.90

$ 6.51

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.44

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,035.80

$ 9.59

HypotheticalA

 

$ 1,000.00

$ 1,015.51

$ 9.50

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,036.20

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.91

$ 9.10

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.50

$ 3.97

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.20

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.74

$ 3.23

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Facebook, Inc. Class A

8.5

8.4

Apple, Inc.

6.9

6.4

Gilead Sciences, Inc.

5.8

5.0

Google, Inc. Class A

3.3

2.2

Actavis PLC

2.6

2.3

Salesforce.com, Inc.

2.1

1.7

The Blackstone Group LP

1.9

1.9

United Technologies Corp.

1.9

1.8

Starbucks Corp.

1.9

1.3

Danaher Corp.

1.8

2.0

 

36.7

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.2

30.6

Health Care

18.5

17.8

Consumer Discretionary

15.0

11.9

Industrials

11.7

12.5

Financials

7.6

8.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

pgi112128

Stocks 96.5%

 

pgi112130

Stocks 97.2%

 

pgi112132

Convertible
Securities 0.9%

 

pgi112134

Convertible
Securities 0.8%

 

pgi112136

Short-Term
Investments and
Net Other Assets (Liabilities) 2.6%

 

pgi112138

Short-Term
Investments and
Net Other Assets (Liabilities) 2.0%

 

* Foreign investments

14.1%

 

** Foreign investments

13.0%

 

pgi112140

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.8%

Automobiles - 0.9%

Harley-Davidson, Inc.

58,254

$ 3,116

Tesla Motors, Inc. (a)(d)

93,863

23,541

 

26,657

Diversified Consumer Services - 0.9%

Bright Horizons Family Solutions, Inc. (a)

159,400

8,874

Houghton Mifflin Harcourt Co. (a)

212,300

5,600

ServiceMaster Global Holdings, Inc.

308,000

10,346

 

24,820

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

27,285

16,794

Domino's Pizza, Inc.

170,000

18,472

Dunkin' Brands Group, Inc.

52,936

2,825

Jubilant Foodworks Ltd. (a)

13,615

382

Starbucks Corp.

1,018,202

52,906

Yum! Brands, Inc.

148,179

13,352

 

104,731

Household Durables - 0.7%

Harman International Industries, Inc.

112,800

13,595

Toll Brothers, Inc. (a)

196,900

7,122

 

20,717

Internet & Catalog Retail - 1.0%

Amazon.com, Inc. (a)

34,000

14,594

Ctrip.com International Ltd. sponsored ADR (a)

161,100

12,867

 

27,461

Leisure Products - 0.0%

NJOY, Inc. (a)(e)

202,642

1,635

Media - 1.8%

Comcast Corp. Class A (special) (non-vtg.)

278,238

16,138

The Walt Disney Co.

318,100

35,109

 

51,247

Specialty Retail - 4.1%

AutoZone, Inc. (a)

10,600

7,140

Five Below, Inc. (a)

320,600

10,660

Home Depot, Inc.

454,344

50,623

L Brands, Inc.

49,000

4,239

Lowe's Companies, Inc.

146,100

10,224

MarineMax, Inc. (a)

200,300

4,791

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Restoration Hardware Holdings, Inc. (a)

2,200

$ 200

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

190,002

28,998

 

116,875

Textiles, Apparel & Luxury Goods - 1.7%

ECLAT Textile Co. Ltd.

34,862

511

Kate Spade & Co. (a)

644,720

15,976

Michael Kors Holdings Ltd. (a)

157,200

7,310

NIKE, Inc. Class B

242,857

24,691

 

48,488

TOTAL CONSUMER DISCRETIONARY

422,631

CONSUMER STAPLES - 5.5%

Beverages - 1.0%

Kweichow Moutai Co. Ltd.

58,300

2,482

SABMiller PLC

265,034

14,153

The Coca-Cola Co.

303,826

12,445

 

29,080

Food & Staples Retailing - 0.4%

Sprouts Farmers Market LLC (a)

99,400

2,981

Whole Foods Market, Inc.

231,183

9,534

 

12,515

Food Products - 2.4%

Keurig Green Mountain, Inc.

559,491

48,251

Mead Johnson Nutrition Co. Class A

63,185

6,148

The Hershey Co.

142,159

13,201

 

67,600

Household Products - 0.6%

Procter & Gamble Co.

233,191

18,280

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

96,800

8,463

Herbalife Ltd. (a)

428,966

22,319

 

30,782

TOTAL CONSUMER STAPLES

158,257

ENERGY - 1.4%

Energy Equipment & Services - 0.2%

Pason Systems, Inc.

291,750

5,220

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 1.2%

Cheniere Energy, Inc. (a)

151,800

$ 11,511

EOG Resources, Inc.

51,300

4,550

Golar LNG Ltd.

346,348

16,455

Tanker Investments Ltd. (a)(d)

62,100

783

Teekay Tankers Ltd.

132,424

894

 

34,193

TOTAL ENERGY

39,413

FINANCIALS - 7.6%

Banks - 0.7%

First Republic Bank

289,700

17,541

HDFC Bank Ltd.

68,446

1,326

M&T Bank Corp.

24,300

2,937

 

21,804

Capital Markets - 4.8%

BlackRock, Inc. Class A

68,200

24,946

E*TRADE Financial Corp. (a)

892,445

26,291

HFF, Inc.

191,000

7,686

Invesco Ltd.

371,023

14,778

JMP Group, Inc.

141,100

1,054

The Blackstone Group LP

1,231,833

53,954

Virtus Investment Partners, Inc.

76,600

9,530

 

138,239

Diversified Financial Services - 1.1%

Berkshire Hathaway, Inc. Class B (a)

53,400

7,636

McGraw Hill Financial, Inc.

227,175

23,569

 

31,205

Real Estate Management & Development - 0.8%

Leopalace21 Corp. (a)

179,400

1,033

Realogy Holdings Corp. (a)

449,033

21,082

 

22,115

Thrifts & Mortgage Finance - 0.2%

Essent Group Ltd. (a)

219,400

5,597

TOTAL FINANCIALS

218,960

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 18.5%

Biotechnology - 11.3%

Amgen, Inc.

185,000

$ 28,908

Biogen, Inc. (a)

97,716

38,792

BioMarin Pharmaceutical, Inc. (a)

124,179

15,593

Celgene Corp. (a)

58,200

6,660

Cytokinetics, Inc. warrants 6/25/17 (a)

856,620

326

Gilead Sciences, Inc.

1,475,247

165,626

Insmed, Inc. (a)

744,220

16,328

Medivation, Inc. (a)

157,200

20,758

Ophthotech Corp. (a)

110,016

5,503

Vertex Pharmaceuticals, Inc. (a)

203,100

26,056

 

324,550

Health Care Equipment & Supplies - 0.4%

Medtronic PLC

94,600

7,220

Novadaq Technologies, Inc. (a)

426,800

4,272

 

11,492

Health Care Providers & Services - 0.6%

Express Scripts Holding Co. (a)

181,400

15,807

Pharmaceuticals - 6.2%

Actavis PLC (a)

242,757

74,480

Astellas Pharma, Inc.

2,577,800

37,413

Shire PLC

290,700

25,143

Teva Pharmaceutical Industries Ltd. sponsored ADR

348,300

20,933

Valeant Pharmaceuticals International (Canada) (a)

82,600

19,690

 

177,659

TOTAL HEALTH CARE

529,508

INDUSTRIALS - 11.7%

Aerospace & Defense - 3.6%

Textron, Inc.

325,500

14,719

TransDigm Group, Inc.

154,677

34,963

United Technologies Corp.

455,411

53,361

 

103,043

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

70,600

7,005

Airlines - 0.6%

Ryanair Holdings PLC sponsored ADR

247,280

16,469

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Building Products - 1.2%

A.O. Smith Corp.

268,538

$ 19,168

Caesarstone Sdot-Yam Ltd.

236,300

14,608

 

33,776

Construction & Engineering - 0.2%

Jacobs Engineering Group, Inc. (a)

119,715

5,179

Electrical Equipment - 0.4%

AMETEK, Inc.

191,255

10,282

Industrial Conglomerates - 2.5%

Danaher Corp.

591,014

51,016

Roper Industries, Inc.

116,069

20,307

 

71,323

Machinery - 0.2%

Manitowoc Co., Inc.

179,648

3,388

Sarine Technologies Ltd.

1,229,000

1,805

Sun Hydraulics Corp.

32,500

1,215

 

6,408

Professional Services - 1.7%

CEB, Inc.

116,400

9,846

Equifax, Inc.

46,800

4,695

On Assignment, Inc. (a)

54,158

2,030

Resources Connection, Inc.

269,900

4,235

Robert Half International, Inc.

164,100

9,250

Verisk Analytics, Inc. (a)

109,129

7,921

WageWorks, Inc. (a)

282,300

12,105

 

50,082

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

295,312

24,812

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

86,800

2,817

Summit Ascent Holdings Ltd. (a)

5,330,000

3,698

 

6,515

TOTAL INDUSTRIALS

334,894

INFORMATION TECHNOLOGY - 35.5%

Communications Equipment - 0.3%

QUALCOMM, Inc.

119,200

8,306

Electronic Equipment & Components - 0.8%

TE Connectivity Ltd.

319,723

22,061

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 13.1%

Cvent, Inc. (a)(d)

324,878

$ 8,564

Facebook, Inc. Class A (a)

3,078,900

243,822

Google, Inc.:

Class A (a)

171,550

93,550

Class C

13,436

7,149

JUST EAT Ltd. (a)

440,400

3,101

JUST EAT Ltd. rights 6/8/15

81,555

44

Shopify, Inc. Class A

3,600

97

Textura Corp. (a)(d)

621,889

18,103

 

374,430

IT Services - 1.7%

Cardtronics, Inc. (a)

73,500

2,683

Cognizant Technology Solutions Corp. Class A (a)

89,000

5,760

Visa, Inc. Class A

589,632

40,496

 

48,939

Semiconductors & Semiconductor Equipment - 2.7%

Avago Technologies Ltd.

20,400

3,021

Cirrus Logic, Inc. (a)

73,500

2,775

Maxim Integrated Products, Inc.

976,400

34,242

Monolithic Power Systems, Inc.

155,432

8,487

Qorvo, Inc. (a)

197,000

16,184

Skyworks Solutions, Inc.

103,600

11,330

 

76,039

Software - 9.6%

Activision Blizzard, Inc.

246,600

6,229

Adobe Systems, Inc. (a)

322,900

25,538

Computer Modelling Group Ltd.

625,600

6,927

CyberArk Software Ltd. (a)

48,700

3,029

Electronic Arts, Inc. (a)

672,945

42,231

Fleetmatics Group PLC (a)

211,100

8,826

Intuit, Inc.

27,800

2,895

Mobileye NV (a)(d)

445,200

20,960

Oracle Corp.

785,700

34,170

Red Hat, Inc. (a)

258,400

19,967

Salesforce.com, Inc. (a)

813,792

59,203

ServiceNow, Inc. (a)

205,800

15,766

SolarWinds, Inc. (a)

534,481

25,361

SS&C Technologies Holdings, Inc.

76,746

4,523

 

275,625

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

1,524,827

$ 198,654

Nimble Storage, Inc. (a)(d)

423,500

10,960

 

209,614

TOTAL INFORMATION TECHNOLOGY

1,015,014

MATERIALS - 1.5%

Chemicals - 1.2%

CF Industries Holdings, Inc.

37,000

11,688

Monsanto Co.

122,000

14,272

Potash Corp. of Saskatchewan, Inc.

85,600

2,694

Sherwin-Williams Co.

21,845

6,295

 

34,949

Construction Materials - 0.3%

Eagle Materials, Inc.

30,250

2,525

James Hardie Industries PLC sponsored ADR

73,073

4,933

 

7,458

TOTAL MATERIALS

42,407

TOTAL COMMON STOCKS

(Cost $2,138,653)


2,761,084

Convertible Preferred Stocks - 0.9%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Household Durables - 0.2%

Blu Homes, Inc. Series A, 5.00% (a)(e)

875,350

5,839

INFORMATION TECHNOLOGY - 0.7%

Internet Software & Services - 0.6%

Uber Technologies, Inc. Series D, 8.00% (e)

485,012

16,159

IT Services - 0.1%

AppNexus, Inc. Series E (e)

105,425

2,706

TOTAL INFORMATION TECHNOLOGY

18,865

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $13,680)


24,704

Money Market Funds - 3.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.15% (b)

100,909,085

$ 100,909

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

9,569,807

9,570

TOTAL MONEY MARKET FUNDS

(Cost $110,479)


110,479

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,262,812)

2,896,267

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(36,641)

NET ASSETS - 100%

$ 2,859,626

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $26,340,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AppNexus, Inc. Series E

8/1/14

$ 2,112

Blu Homes, Inc. Series A, 5.00%

6/21/13

$ 4,044

NJOY, Inc.

9/11/13

$ 1,637

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 7,524

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

$ 89

Fidelity Securities Lending Cash Central Fund

284

Total

$ 373

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 428,470

$ 420,996

$ -

$ 7,474

Consumer Staples

158,257

158,257

-

-

Energy

39,413

39,413

-

-

Financials

218,960

216,601

2,359

-

Health Care

529,508

466,626

62,882

-

Industrials

334,894

334,894

-

-

Information Technology

1,033,879

1,014,970

44

18,865

Materials

42,407

42,407

-

-

Money Market Funds

110,479

110,479

-

-

Total Investments in Securities:

$ 2,896,267

$ 2,804,643

$ 65,285

$ 26,339

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

United States of America

85.9%

Ireland

4.0%

Bermuda

1.4%

Israel

1.4%

Canada

1.3%

Japan

1.3%

Cayman Islands

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $9,348) - See accompanying schedule:

Unaffiliated issuers (cost $2,152,333)

$ 2,785,788

 

Fidelity Central Funds (cost $110,479)

110,479

 

Total Investments (cost $2,262,812)

 

$ 2,896,267

Receivable for investments sold

14,636

Receivable for fund shares sold

1,347

Dividends receivable

1,720

Distributions receivable from Fidelity Central Funds

37

Prepaid expenses

1

Other receivables

164

Total assets

2,914,172

 

 

 

Liabilities

Payable for investments purchased

$ 39,029

Payable for fund shares redeemed

2,994

Accrued management fee

1,311

Distribution and service plan fees payable

912

Other affiliated payables

540

Other payables and accrued expenses

190

Collateral on securities loaned, at value

9,570

Total liabilities

54,546

 

 

 

Net Assets

$ 2,859,626

Net Assets consist of:

 

Paid in capital

$ 2,285,849

Accumulated net investment loss

(10,647)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(49,020)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

633,444

Net Assets

$ 2,859,626

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($876,309 ÷ 8,983.98 shares)

$ 97.54

 

 

 

Maximum offering price per share (100/94.25 of $97.54)

$ 103.49

Class T:
Net Asset Value and redemption price per share ($1,358,975 ÷ 14,074.30 shares)

$ 96.56

 

 

 

Maximum offering price per share (100/96.50 of $96.56)

$ 100.06

Class B:
Net Asset Value and offering price per share ($14,021 ÷ 163.67 shares)A

$ 85.67

 

 

 

Class C:
Net Asset Value and offering price per share ($181,044 ÷ 2,075.53 shares)A

$ 87.23

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($407,910 ÷ 3,900.72 shares)

$ 104.57

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($21,367 ÷ 203.82 shares)

$ 104.83

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 13,470

Income from Fidelity Central Funds

 

373

Total income

 

13,843

 

 

 

Expenses

Management fee

$ 7,798

Transfer agent fees

2,799

Distribution and service plan fees

5,435

Accounting and security lending fees

422

Custodian fees and expenses

27

Independent trustees' compensation

6

Registration fees

76

Audit

41

Legal

7

Miscellaneous

12

Total expenses before reductions

16,623

Expense reductions

(49)

16,574

Net investment income (loss)

(2,731)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

91,275

Foreign currency transactions

(37)

Total net realized gain (loss)

 

91,238

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,858

Assets and liabilities in foreign currencies

(4)

Total change in net unrealized appreciation (depreciation)

 

20,854

Net gain (loss)

112,092

Net increase (decrease) in net assets resulting from operations

$ 109,361

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (2,731)

$ (4,201)

Net realized gain (loss)

91,238

701,406

Change in net unrealized appreciation (depreciation)

20,854

(219,078)

Net increase (decrease) in net assets resulting
from operations

109,361

478,127

Share transactions - net increase (decrease)

(95,830)

(1,134,005)

Total increase (decrease) in net assets

13,531

(655,878)

 

 

 

Net Assets

Beginning of period

2,846,095

3,501,973

End of period (including accumulated net investment loss of $10,647 and accumulated net investment loss of $7,916, respectively)

$ 2,859,626

$ 2,846,095

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

$ 42.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.04)

  (.07)

  (.05)

  .02

  (.04)

  (.14)

Net realized and unrealized gain (loss)

  3.80

  12.98

  19.15

  7.30

  3.90

  8.82

Total from investment operations

  3.76

  12.91

  19.10

  7.32

  3.86

  8.68

Distributions from net realized gain

  -

  -

  -

  (.11)

  (.05)

  -

Net asset value, end of period

$ 97.54

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

Total ReturnB, C, D

  4.01%

  15.96%

  30.92%

  13.45%

  7.61%

  20.63%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of all reductions

  1.05%A

  1.07%

  1.10%

  1.14%

  1.14%

  1.15%

Net investment income (loss)

  (.08)%A

  (.08)%

  (.07)%

  .04%

  (.08)%

  (.31)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 876

$ 853

$ 772

$ 632

$ 609

$ 636

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

$ 41.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.14)

  (.25)

  (.17)

  (.08)

  (.14)

  (.22)

Net realized and unrealized gain (loss)

  3.76

  12.88

  19.03

  7.27

  3.89

  8.79

Total from investment operations

  3.62

  12.63

  18.86

  7.19

  3.75

  8.57

Net asset value, end of period

$ 96.56

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

Total ReturnB, C, D

  3.89%

  15.73%

  30.69%

  13.25%

  7.42%

  20.43%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of fee waivers, if any

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of all reductions

  1.27%A

  1.28%

  1.28%

  1.31%

  1.31%

  1.33%

Net investment income (loss)

  (.30)%A

  (.29)%

  (.25)%

  (.13)%

  (.25)%

  (.48)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,359

$ 1,368

$ 1,283

$ 1,108

$ 1,139

$ 1,246

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

$ 38.45

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.38)

  (.70)

  (.52)

  (.39)

  (.42)

  (.44)

Net realized and unrealized gain (loss)

  3.33

  11.51

  17.07

  6.58

  3.55

  8.03

Total from investment operations

  2.95

  10.81

  16.55

  6.19

  3.13

  7.59

Net asset value, end of period

$ 85.67

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

Total ReturnB, C, D

  3.58%

  15.02%

  29.90%

  12.59%

  6.80%

  19.74%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.88%

  1.90%

  1.90%

  1.91%

Net investment income (loss)

  (.92)%A

  (.91)%

  (.85)%

  (.72)%

  (.83)%

  (1.06)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 14

$ 18

$ 23

$ 26

$ 35

$ 54

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

$ 39.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.36)

  (.66)

  (.50)

  (.37)

  (.41)

  (.44)

Net realized and unrealized gain (loss)

  3.41

  11.71

  17.36

  6.68

  3.60

  8.16

Total from investment operations

  3.05

  11.05

  16.86

  6.31

  3.19

  7.72

Net asset value, end of period

$ 87.23

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

Total ReturnB, C, D

  3.62%

  15.11%

  29.96%

  12.63%

  6.82%

  19.77%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of fee waivers, if any

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of all reductions

  1.81%A

  1.81%

  1.83%

  1.86%

  1.87%

  1.90%

Net investment income (loss)

  (.83)%A

  (.83)%

  (.79)%

  (.68)%

  (.81)%

  (1.05)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 181

$ 175

$ 157

$ 133

$ 136

$ 143

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

$ 44.71

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .10

  .20

  .20

  .25

  .16

  .02

Net realized and unrealized gain (loss)

  4.07

  13.88

  20.40

  7.75

  4.16

  9.41

Total from investment operations

  4.17

  14.08

  20.60

  8.00

  4.32

  9.43

Distributions from net investment income

  -

  -

  (.20)

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  (.32)

  (.22)

  -

Total distributions

  -

  -

  (.20)

  (.32)

  (.22)

  -

Net asset value, end of period

$ 104.57

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

Total ReturnB, C

  4.15%

  16.31%

  31.36%

  13.83%

  7.99%

  21.09%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of fee waivers, if any

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of all reductions

  .77%A

  .77%

  .77%

  .79%

  .79%

  .80%

Net investment income (loss)

  .20%A

  .21%

  .27%

  .39%

  .27%

  .05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 408

$ 432

$ 1,266

$ 1,063

$ 897

$ 973

Portfolio turnover rateF

  60% A

  49%H

  81%

  73%

  70%

  71%

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 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.

H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class Z

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 100.59

$ 86.36

$ 78.49

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .17

  .33

  .09

Net realized and unrealized gain (loss)

  4.07

  13.90

  7.78

Total from investment operations

  4.24

  14.23

  7.87

Net asset value, end of period

$ 104.83

$ 100.59

$ 86.36

Total ReturnB, C

  4.22%

  16.48%

  10.03%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .64%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .64%A

Expenses net of all reductions

  .63%A

  .64%

  .63%A

Net investment income (loss)

  .34%A

  .35%

  .38%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 21,367

$ 122

$ 110

Portfolio turnover rateF

  60% A

  49%I

  81%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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, redemptions in kind, partnerships, deferred trustees compensation, 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

$ 680,089

Gross unrealized depreciation

(49,212)

Net unrealized appreciation (depreciation) on securities

$ 630,877

 

 

Tax cost

$ 2,265,390

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

$ (138,003)

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

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $811,444 and $924,474, respectively.

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. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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:

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,069

$ 24

Class T

.25%

.25%

3,399

50

Class B

.75%

.25%

79

60

Class C

.75%

.25%

888

68

 

 

 

$ 5,435

$ 202

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.

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

 

Retained
by FDC

Class A

$ 53

Class T

21

Class B*

2

Class C*

5

 

$ 81

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 912

.21

Class T

1,267

.19

Class B

24

.30

Class C

195

.22

Institutional Class

399

.19

Class Z

2

.05

 

$ 2,799

 

* 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 $11 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

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 $284. During the period, there were no 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 $49 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of three dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

869

1,501

$ 83,285

$ 132,626

Shares redeemed

(983)

(1,946)

(93,743)

(170,230)

Net increase (decrease)

(114)

(445)

$ (10,458)

$ (37,604)

Class T

 

 

 

 

Shares sold

798

1,656

$ 75,022

$ 144,112

Shares redeemed

(1,440)

(2,920)

(135,543)

(253,312)

Net increase (decrease)

(642)

(1,264)

$ (60,521)

$ (109,200)

Class B

 

 

 

 

Shares sold

2

3

$ 86

$ 258

Shares redeemed

(55)

(107)

(4,575)

(8,283)

Net increase (decrease)

(53)

(104)

$ (4,489)

$ (8,025)

Class C

 

 

 

 

Shares sold

153

262

$ 13,044

$ 20,995

Shares redeemed

(151)

(341)

(12,874)

(26,719)

Net increase (decrease)

2

(79)

$ 170

$ (5,724)

Institutional Class

 

 

 

 

Shares sold

581

2,450

$ 59,323

$ 230,126

Shares redeemed

(987)

(12,811)A

(101,061)

(1,203,573)A

Net increase (decrease)

(406)

(10,361)

$ (41,738)

$ (973,447)

Class Z

 

 

 

 

Shares sold

208

-

$ 21,768

$ -

Shares redeemed

(5)

-B

(562)

(6)

Net increase (decrease)

203

-B

$ 21,206

$ (6)

A Amount includes in-kind redemptions.

B Amount represents sixty-one shares.

10. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPGI-USAN-0715
1.786784.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Equity Growth

Fund - Class Z

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to May 31, 2015

Class A

1.05%

 

 

 

Actual

 

$ 1,000.00

$ 1,040.10

$ 5.34

HypotheticalA

 

$ 1,000.00

$ 1,019.70

$ 5.29

Class T

1.28%

 

 

 

Actual

 

$ 1,000.00

$ 1,038.90

$ 6.51

HypotheticalA

 

$ 1,000.00

$ 1,018.55

$ 6.44

Class B

1.89%

 

 

 

Actual

 

$ 1,000.00

$ 1,035.80

$ 9.59

HypotheticalA

 

$ 1,000.00

$ 1,015.51

$ 9.50

Class C

1.81%

 

 

 

Actual

 

$ 1,000.00

$ 1,036.20

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.91

$ 9.10

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,041.50

$ 3.97

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.64%

 

 

 

Actual

 

$ 1,000.00

$ 1,042.20

$ 3.26

HypotheticalA

 

$ 1,000.00

$ 1,021.74

$ 3.23

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Facebook, Inc. Class A

8.5

8.4

Apple, Inc.

6.9

6.4

Gilead Sciences, Inc.

5.8

5.0

Google, Inc. Class A

3.3

2.2

Actavis PLC

2.6

2.3

Salesforce.com, Inc.

2.1

1.7

The Blackstone Group LP

1.9

1.9

United Technologies Corp.

1.9

1.8

Starbucks Corp.

1.9

1.3

Danaher Corp.

1.8

2.0

 

36.7

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.2

30.6

Health Care

18.5

17.8

Consumer Discretionary

15.0

11.9

Industrials

11.7

12.5

Financials

7.6

8.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

pgz194

Stocks 96.5%

 

pgz196

Stocks 97.2%

 

pgz198

Convertible
Securities 0.9%

 

pgz200

Convertible
Securities 0.8%

 

pgz202

Short-Term
Investments and
Net Other Assets (Liabilities) 2.6%

 

pgz204

Short-Term
Investments and
Net Other Assets (Liabilities) 2.0%

 

* Foreign investments

14.1%

 

** Foreign investments

13.0%

 

pgz206

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.8%

Automobiles - 0.9%

Harley-Davidson, Inc.

58,254

$ 3,116

Tesla Motors, Inc. (a)(d)

93,863

23,541

 

26,657

Diversified Consumer Services - 0.9%

Bright Horizons Family Solutions, Inc. (a)

159,400

8,874

Houghton Mifflin Harcourt Co. (a)

212,300

5,600

ServiceMaster Global Holdings, Inc.

308,000

10,346

 

24,820

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

27,285

16,794

Domino's Pizza, Inc.

170,000

18,472

Dunkin' Brands Group, Inc.

52,936

2,825

Jubilant Foodworks Ltd. (a)

13,615

382

Starbucks Corp.

1,018,202

52,906

Yum! Brands, Inc.

148,179

13,352

 

104,731

Household Durables - 0.7%

Harman International Industries, Inc.

112,800

13,595

Toll Brothers, Inc. (a)

196,900

7,122

 

20,717

Internet & Catalog Retail - 1.0%

Amazon.com, Inc. (a)

34,000

14,594

Ctrip.com International Ltd. sponsored ADR (a)

161,100

12,867

 

27,461

Leisure Products - 0.0%

NJOY, Inc. (a)(e)

202,642

1,635

Media - 1.8%

Comcast Corp. Class A (special) (non-vtg.)

278,238

16,138

The Walt Disney Co.

318,100

35,109

 

51,247

Specialty Retail - 4.1%

AutoZone, Inc. (a)

10,600

7,140

Five Below, Inc. (a)

320,600

10,660

Home Depot, Inc.

454,344

50,623

L Brands, Inc.

49,000

4,239

Lowe's Companies, Inc.

146,100

10,224

MarineMax, Inc. (a)

200,300

4,791

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Restoration Hardware Holdings, Inc. (a)

2,200

$ 200

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

190,002

28,998

 

116,875

Textiles, Apparel & Luxury Goods - 1.7%

ECLAT Textile Co. Ltd.

34,862

511

Kate Spade & Co. (a)

644,720

15,976

Michael Kors Holdings Ltd. (a)

157,200

7,310

NIKE, Inc. Class B

242,857

24,691

 

48,488

TOTAL CONSUMER DISCRETIONARY

422,631

CONSUMER STAPLES - 5.5%

Beverages - 1.0%

Kweichow Moutai Co. Ltd.

58,300

2,482

SABMiller PLC

265,034

14,153

The Coca-Cola Co.

303,826

12,445

 

29,080

Food & Staples Retailing - 0.4%

Sprouts Farmers Market LLC (a)

99,400

2,981

Whole Foods Market, Inc.

231,183

9,534

 

12,515

Food Products - 2.4%

Keurig Green Mountain, Inc.

559,491

48,251

Mead Johnson Nutrition Co. Class A

63,185

6,148

The Hershey Co.

142,159

13,201

 

67,600

Household Products - 0.6%

Procter & Gamble Co.

233,191

18,280

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

96,800

8,463

Herbalife Ltd. (a)

428,966

22,319

 

30,782

TOTAL CONSUMER STAPLES

158,257

ENERGY - 1.4%

Energy Equipment & Services - 0.2%

Pason Systems, Inc.

291,750

5,220

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 1.2%

Cheniere Energy, Inc. (a)

151,800

$ 11,511

EOG Resources, Inc.

51,300

4,550

Golar LNG Ltd.

346,348

16,455

Tanker Investments Ltd. (a)(d)

62,100

783

Teekay Tankers Ltd.

132,424

894

 

34,193

TOTAL ENERGY

39,413

FINANCIALS - 7.6%

Banks - 0.7%

First Republic Bank

289,700

17,541

HDFC Bank Ltd.

68,446

1,326

M&T Bank Corp.

24,300

2,937

 

21,804

Capital Markets - 4.8%

BlackRock, Inc. Class A

68,200

24,946

E*TRADE Financial Corp. (a)

892,445

26,291

HFF, Inc.

191,000

7,686

Invesco Ltd.

371,023

14,778

JMP Group, Inc.

141,100

1,054

The Blackstone Group LP

1,231,833

53,954

Virtus Investment Partners, Inc.

76,600

9,530

 

138,239

Diversified Financial Services - 1.1%

Berkshire Hathaway, Inc. Class B (a)

53,400

7,636

McGraw Hill Financial, Inc.

227,175

23,569

 

31,205

Real Estate Management & Development - 0.8%

Leopalace21 Corp. (a)

179,400

1,033

Realogy Holdings Corp. (a)

449,033

21,082

 

22,115

Thrifts & Mortgage Finance - 0.2%

Essent Group Ltd. (a)

219,400

5,597

TOTAL FINANCIALS

218,960

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 18.5%

Biotechnology - 11.3%

Amgen, Inc.

185,000

$ 28,908

Biogen, Inc. (a)

97,716

38,792

BioMarin Pharmaceutical, Inc. (a)

124,179

15,593

Celgene Corp. (a)

58,200

6,660

Cytokinetics, Inc. warrants 6/25/17 (a)

856,620

326

Gilead Sciences, Inc.

1,475,247

165,626

Insmed, Inc. (a)

744,220

16,328

Medivation, Inc. (a)

157,200

20,758

Ophthotech Corp. (a)

110,016

5,503

Vertex Pharmaceuticals, Inc. (a)

203,100

26,056

 

324,550

Health Care Equipment & Supplies - 0.4%

Medtronic PLC

94,600

7,220

Novadaq Technologies, Inc. (a)

426,800

4,272

 

11,492

Health Care Providers & Services - 0.6%

Express Scripts Holding Co. (a)

181,400

15,807

Pharmaceuticals - 6.2%

Actavis PLC (a)

242,757

74,480

Astellas Pharma, Inc.

2,577,800

37,413

Shire PLC

290,700

25,143

Teva Pharmaceutical Industries Ltd. sponsored ADR

348,300

20,933

Valeant Pharmaceuticals International (Canada) (a)

82,600

19,690

 

177,659

TOTAL HEALTH CARE

529,508

INDUSTRIALS - 11.7%

Aerospace & Defense - 3.6%

Textron, Inc.

325,500

14,719

TransDigm Group, Inc.

154,677

34,963

United Technologies Corp.

455,411

53,361

 

103,043

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

70,600

7,005

Airlines - 0.6%

Ryanair Holdings PLC sponsored ADR

247,280

16,469

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Building Products - 1.2%

A.O. Smith Corp.

268,538

$ 19,168

Caesarstone Sdot-Yam Ltd.

236,300

14,608

 

33,776

Construction & Engineering - 0.2%

Jacobs Engineering Group, Inc. (a)

119,715

5,179

Electrical Equipment - 0.4%

AMETEK, Inc.

191,255

10,282

Industrial Conglomerates - 2.5%

Danaher Corp.

591,014

51,016

Roper Industries, Inc.

116,069

20,307

 

71,323

Machinery - 0.2%

Manitowoc Co., Inc.

179,648

3,388

Sarine Technologies Ltd.

1,229,000

1,805

Sun Hydraulics Corp.

32,500

1,215

 

6,408

Professional Services - 1.7%

CEB, Inc.

116,400

9,846

Equifax, Inc.

46,800

4,695

On Assignment, Inc. (a)

54,158

2,030

Resources Connection, Inc.

269,900

4,235

Robert Half International, Inc.

164,100

9,250

Verisk Analytics, Inc. (a)

109,129

7,921

WageWorks, Inc. (a)

282,300

12,105

 

50,082

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

295,312

24,812

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

86,800

2,817

Summit Ascent Holdings Ltd. (a)

5,330,000

3,698

 

6,515

TOTAL INDUSTRIALS

334,894

INFORMATION TECHNOLOGY - 35.5%

Communications Equipment - 0.3%

QUALCOMM, Inc.

119,200

8,306

Electronic Equipment & Components - 0.8%

TE Connectivity Ltd.

319,723

22,061

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 13.1%

Cvent, Inc. (a)(d)

324,878

$ 8,564

Facebook, Inc. Class A (a)

3,078,900

243,822

Google, Inc.:

Class A (a)

171,550

93,550

Class C

13,436

7,149

JUST EAT Ltd. (a)

440,400

3,101

JUST EAT Ltd. rights 6/8/15

81,555

44

Shopify, Inc. Class A

3,600

97

Textura Corp. (a)(d)

621,889

18,103

 

374,430

IT Services - 1.7%

Cardtronics, Inc. (a)

73,500

2,683

Cognizant Technology Solutions Corp. Class A (a)

89,000

5,760

Visa, Inc. Class A

589,632

40,496

 

48,939

Semiconductors & Semiconductor Equipment - 2.7%

Avago Technologies Ltd.

20,400

3,021

Cirrus Logic, Inc. (a)

73,500

2,775

Maxim Integrated Products, Inc.

976,400

34,242

Monolithic Power Systems, Inc.

155,432

8,487

Qorvo, Inc. (a)

197,000

16,184

Skyworks Solutions, Inc.

103,600

11,330

 

76,039

Software - 9.6%

Activision Blizzard, Inc.

246,600

6,229

Adobe Systems, Inc. (a)

322,900

25,538

Computer Modelling Group Ltd.

625,600

6,927

CyberArk Software Ltd. (a)

48,700

3,029

Electronic Arts, Inc. (a)

672,945

42,231

Fleetmatics Group PLC (a)

211,100

8,826

Intuit, Inc.

27,800

2,895

Mobileye NV (a)(d)

445,200

20,960

Oracle Corp.

785,700

34,170

Red Hat, Inc. (a)

258,400

19,967

Salesforce.com, Inc. (a)

813,792

59,203

ServiceNow, Inc. (a)

205,800

15,766

SolarWinds, Inc. (a)

534,481

25,361

SS&C Technologies Holdings, Inc.

76,746

4,523

 

275,625

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

1,524,827

$ 198,654

Nimble Storage, Inc. (a)(d)

423,500

10,960

 

209,614

TOTAL INFORMATION TECHNOLOGY

1,015,014

MATERIALS - 1.5%

Chemicals - 1.2%

CF Industries Holdings, Inc.

37,000

11,688

Monsanto Co.

122,000

14,272

Potash Corp. of Saskatchewan, Inc.

85,600

2,694

Sherwin-Williams Co.

21,845

6,295

 

34,949

Construction Materials - 0.3%

Eagle Materials, Inc.

30,250

2,525

James Hardie Industries PLC sponsored ADR

73,073

4,933

 

7,458

TOTAL MATERIALS

42,407

TOTAL COMMON STOCKS

(Cost $2,138,653)


2,761,084

Convertible Preferred Stocks - 0.9%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Household Durables - 0.2%

Blu Homes, Inc. Series A, 5.00% (a)(e)

875,350

5,839

INFORMATION TECHNOLOGY - 0.7%

Internet Software & Services - 0.6%

Uber Technologies, Inc. Series D, 8.00% (e)

485,012

16,159

IT Services - 0.1%

AppNexus, Inc. Series E (e)

105,425

2,706

TOTAL INFORMATION TECHNOLOGY

18,865

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $13,680)


24,704

Money Market Funds - 3.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.15% (b)

100,909,085

$ 100,909

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

9,569,807

9,570

TOTAL MONEY MARKET FUNDS

(Cost $110,479)


110,479

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,262,812)

2,896,267

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(36,641)

NET ASSETS - 100%

$ 2,859,626

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $26,340,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AppNexus, Inc. Series E

8/1/14

$ 2,112

Blu Homes, Inc. Series A, 5.00%

6/21/13

$ 4,044

NJOY, Inc.

9/11/13

$ 1,637

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 7,524

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

$ 89

Fidelity Securities Lending Cash Central Fund

284

Total

$ 373

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 428,470

$ 420,996

$ -

$ 7,474

Consumer Staples

158,257

158,257

-

-

Energy

39,413

39,413

-

-

Financials

218,960

216,601

2,359

-

Health Care

529,508

466,626

62,882

-

Industrials

334,894

334,894

-

-

Information Technology

1,033,879

1,014,970

44

18,865

Materials

42,407

42,407

-

-

Money Market Funds

110,479

110,479

-

-

Total Investments in Securities:

$ 2,896,267

$ 2,804,643

$ 65,285

$ 26,339

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

United States of America

85.9%

Ireland

4.0%

Bermuda

1.4%

Israel

1.4%

Canada

1.3%

Japan

1.3%

Cayman Islands

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $9,348) - See accompanying schedule:

Unaffiliated issuers (cost $2,152,333)

$ 2,785,788

 

Fidelity Central Funds (cost $110,479)

110,479

 

Total Investments (cost $2,262,812)

 

$ 2,896,267

Receivable for investments sold

14,636

Receivable for fund shares sold

1,347

Dividends receivable

1,720

Distributions receivable from Fidelity Central Funds

37

Prepaid expenses

1

Other receivables

164

Total assets

2,914,172

 

 

 

Liabilities

Payable for investments purchased

$ 39,029

Payable for fund shares redeemed

2,994

Accrued management fee

1,311

Distribution and service plan fees payable

912

Other affiliated payables

540

Other payables and accrued expenses

190

Collateral on securities loaned, at value

9,570

Total liabilities

54,546

 

 

 

Net Assets

$ 2,859,626

Net Assets consist of:

 

Paid in capital

$ 2,285,849

Accumulated net investment loss

(10,647)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(49,020)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

633,444

Net Assets

$ 2,859,626

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($876,309 ÷ 8,983.98 shares)

$ 97.54

 

 

 

Maximum offering price per share (100/94.25 of $97.54)

$ 103.49

Class T:
Net Asset Value and redemption price per share ($1,358,975 ÷ 14,074.30 shares)

$ 96.56

 

 

 

Maximum offering price per share (100/96.50 of $96.56)

$ 100.06

Class B:
Net Asset Value and offering price per share ($14,021 ÷ 163.67 shares)A

$ 85.67

 

 

 

Class C:
Net Asset Value and offering price per share ($181,044 ÷ 2,075.53 shares)A

$ 87.23

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($407,910 ÷ 3,900.72 shares)

$ 104.57

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($21,367 ÷ 203.82 shares)

$ 104.83

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 13,470

Income from Fidelity Central Funds

 

373

Total income

 

13,843

 

 

 

Expenses

Management fee

$ 7,798

Transfer agent fees

2,799

Distribution and service plan fees

5,435

Accounting and security lending fees

422

Custodian fees and expenses

27

Independent trustees' compensation

6

Registration fees

76

Audit

41

Legal

7

Miscellaneous

12

Total expenses before reductions

16,623

Expense reductions

(49)

16,574

Net investment income (loss)

(2,731)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

91,275

Foreign currency transactions

(37)

Total net realized gain (loss)

 

91,238

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,858

Assets and liabilities in foreign currencies

(4)

Total change in net unrealized appreciation (depreciation)

 

20,854

Net gain (loss)

112,092

Net increase (decrease) in net assets resulting from operations

$ 109,361

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (2,731)

$ (4,201)

Net realized gain (loss)

91,238

701,406

Change in net unrealized appreciation (depreciation)

20,854

(219,078)

Net increase (decrease) in net assets resulting
from operations

109,361

478,127

Share transactions - net increase (decrease)

(95,830)

(1,134,005)

Total increase (decrease) in net assets

13,531

(655,878)

 

 

 

Net Assets

Beginning of period

2,846,095

3,501,973

End of period (including accumulated net investment loss of $10,647 and accumulated net investment loss of $7,916, respectively)

$ 2,859,626

$ 2,846,095

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

$ 42.07

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.04)

  (.07)

  (.05)

  .02

  (.04)

  (.14)

Net realized and unrealized gain (loss)

  3.80

  12.98

  19.15

  7.30

  3.90

  8.82

Total from investment operations

  3.76

  12.91

  19.10

  7.32

  3.86

  8.68

Distributions from net realized gain

  -

  -

  -

  (.11)

  (.05)

  -

Net asset value, end of period

$ 97.54

$ 93.78

$ 80.87

$ 61.77

$ 54.56

$ 50.75

Total ReturnB, C, D

  4.01%

  15.96%

  30.92%

  13.45%

  7.61%

  20.63%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of fee waivers, if any

  1.05%A

  1.07%

  1.11%

  1.14%

  1.15%

  1.16%

Expenses net of all reductions

  1.05%A

  1.07%

  1.10%

  1.14%

  1.14%

  1.15%

Net investment income (loss)

  (.08)%A

  (.08)%

  (.07)%

  .04%

  (.08)%

  (.31)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 876

$ 853

$ 772

$ 632

$ 609

$ 636

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

$ 41.94

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.14)

  (.25)

  (.17)

  (.08)

  (.14)

  (.22)

Net realized and unrealized gain (loss)

  3.76

  12.88

  19.03

  7.27

  3.89

  8.79

Total from investment operations

  3.62

  12.63

  18.86

  7.19

  3.75

  8.57

Net asset value, end of period

$ 96.56

$ 92.94

$ 80.31

$ 61.45

$ 54.26

$ 50.51

Total ReturnB, C, D

  3.89%

  15.73%

  30.69%

  13.25%

  7.42%

  20.43%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of fee waivers, if any

  1.28%A

  1.28%

  1.29%

  1.31%

  1.32%

  1.34%

Expenses net of all reductions

  1.27%A

  1.28%

  1.28%

  1.31%

  1.31%

  1.33%

Net investment income (loss)

  (.30)%A

  (.29)%

  (.25)%

  (.13)%

  (.25)%

  (.48)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,359

$ 1,368

$ 1,283

$ 1,108

$ 1,139

$ 1,246

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

$ 38.45

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.38)

  (.70)

  (.52)

  (.39)

  (.42)

  (.44)

Net realized and unrealized gain (loss)

  3.33

  11.51

  17.07

  6.58

  3.55

  8.03

Total from investment operations

  2.95

  10.81

  16.55

  6.19

  3.13

  7.59

Net asset value, end of period

$ 85.67

$ 82.72

$ 71.91

$ 55.36

$ 49.17

$ 46.04

Total ReturnB, C, D

  3.58%

  15.02%

  29.90%

  12.59%

  6.80%

  19.74%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of fee waivers, if any

  1.89%A

  1.89%

  1.89%

  1.90%

  1.90%

  1.91%

Expenses net of all reductions

  1.89%A

  1.89%

  1.88%

  1.90%

  1.90%

  1.91%

Net investment income (loss)

  (.92)%A

  (.91)%

  (.85)%

  (.72)%

  (.83)%

  (1.06)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 14

$ 18

$ 23

$ 26

$ 35

$ 54

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

$ 39.05

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.36)

  (.66)

  (.50)

  (.37)

  (.41)

  (.44)

Net realized and unrealized gain (loss)

  3.41

  11.71

  17.36

  6.68

  3.60

  8.16

Total from investment operations

  3.05

  11.05

  16.86

  6.31

  3.19

  7.72

Net asset value, end of period

$ 87.23

$ 84.18

$ 73.13

$ 56.27

$ 49.96

$ 46.77

Total ReturnB, C, D

  3.62%

  15.11%

  29.96%

  12.63%

  6.82%

  19.77%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of fee waivers, if any

  1.81%A

  1.81%

  1.84%

  1.86%

  1.88%

  1.90%

Expenses net of all reductions

  1.81%A

  1.81%

  1.83%

  1.86%

  1.87%

  1.90%

Net investment income (loss)

  (.83)%A

  (.83)%

  (.79)%

  (.68)%

  (.81)%

  (1.05)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 181

$ 175

$ 157

$ 133

$ 136

$ 143

Portfolio turnover rateG

  60% A

  49%I

  81%

  73%

  70%

  71%

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.

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

$ 44.71

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .10

  .20

  .20

  .25

  .16

  .02

Net realized and unrealized gain (loss)

  4.07

  13.88

  20.40

  7.75

  4.16

  9.41

Total from investment operations

  4.17

  14.08

  20.60

  8.00

  4.32

  9.43

Distributions from net investment income

  -

  -

  (.20)

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  (.32)

  (.22)

  -

Total distributions

  -

  -

  (.20)

  (.32)

  (.22)

  -

Net asset value, end of period

$ 104.57

$ 100.40

$ 86.32

$ 65.92

$ 58.24

$ 54.14

Total ReturnB, C

  4.15%

  16.31%

  31.36%

  13.83%

  7.99%

  21.09%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of fee waivers, if any

  .78%A

  .77%

  .78%

  .80%

  .80%

  .80%

Expenses net of all reductions

  .77%A

  .77%

  .77%

  .79%

  .79%

  .80%

Net investment income (loss)

  .20%A

  .21%

  .27%

  .39%

  .27%

  .05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 408

$ 432

$ 1,266

$ 1,063

$ 897

$ 973

Portfolio turnover rateF

  60% A

  49%H

  81%

  73%

  70%

  71%

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 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.

H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Financial Highlights - Class Z

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 100.59

$ 86.36

$ 78.49

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .17

  .33

  .09

Net realized and unrealized gain (loss)

  4.07

  13.90

  7.78

Total from investment operations

  4.24

  14.23

  7.87

Net asset value, end of period

$ 104.83

$ 100.59

$ 86.36

Total ReturnB, C

  4.22%

  16.48%

  10.03%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .64%A

  .64%

  .64%A

Expenses net of fee waivers, if any

  .64%A

  .64%

  .64%A

Expenses net of all reductions

  .63%A

  .64%

  .63%A

Net investment income (loss)

  .34%A

  .35%

  .38%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 21,367

$ 122

$ 110

Portfolio turnover rateF

  60% A

  49%I

  81%

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 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.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity Growth 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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, redemptions in kind, partnerships, deferred trustees compensation, 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

$ 680,089

Gross unrealized depreciation

(49,212)

Net unrealized appreciation (depreciation) on securities

$ 630,877

 

 

Tax cost

$ 2,265,390

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

$ (138,003)

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

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $811,444 and $924,474, respectively.

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. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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:

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 1,069

$ 24

Class T

.25%

.25%

3,399

50

Class B

.75%

.25%

79

60

Class C

.75%

.25%

888

68

 

 

 

$ 5,435

$ 202

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.

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

 

Retained
by FDC

Class A

$ 53

Class T

21

Class B*

2

Class C*

5

 

$ 81

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 912

.21

Class T

1,267

.19

Class B

24

.30

Class C

195

.22

Institutional Class

399

.19

Class Z

2

.05

 

$ 2,799

 

* 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 $11 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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

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 $284. During the period, there were no 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 $49 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of three dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

869

1,501

$ 83,285

$ 132,626

Shares redeemed

(983)

(1,946)

(93,743)

(170,230)

Net increase (decrease)

(114)

(445)

$ (10,458)

$ (37,604)

Class T

 

 

 

 

Shares sold

798

1,656

$ 75,022

$ 144,112

Shares redeemed

(1,440)

(2,920)

(135,543)

(253,312)

Net increase (decrease)

(642)

(1,264)

$ (60,521)

$ (109,200)

Class B

 

 

 

 

Shares sold

2

3

$ 86

$ 258

Shares redeemed

(55)

(107)

(4,575)

(8,283)

Net increase (decrease)

(53)

(104)

$ (4,489)

$ (8,025)

Class C

 

 

 

 

Shares sold

153

262

$ 13,044

$ 20,995

Shares redeemed

(151)

(341)

(12,874)

(26,719)

Net increase (decrease)

2

(79)

$ 170

$ (5,724)

Institutional Class

 

 

 

 

Shares sold

581

2,450

$ 59,323

$ 230,126

Shares redeemed

(987)

(12,811)A

(101,061)

(1,203,573)A

Net increase (decrease)

(406)

(10,361)

$ (41,738)

$ (973,447)

Class Z

 

 

 

 

Shares sold

208

-

$ 21,768

$ -

Shares redeemed

(5)

-B

(562)

(6)

Net increase (decrease)

203

-B

$ 21,206

$ (6)

A Amount includes in-kind redemptions.

B Amount represents sixty-one shares.

10. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPGZ-USAN-0715
1.9585494.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,020.90

$ 4.79

HypotheticalA

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.80

$ 5.94

HypotheticalA

 

$ 1,000.00

$ 1,019.05

$ 5.94

Class B

1.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.80

$ 9.00

HypotheticalA

 

$ 1,000.00

$ 1,016.01

$ 9.00

Class C

1.72%

 

 

 

Actual

 

$ 1,000.00

$ 1,017.30

$ 8.65

HypotheticalA

 

$ 1,000.00

$ 1,016.36

$ 8.65

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.30

$ 3.53

HypotheticalA

 

$ 1,000.00

$ 1,021.44

$ 3.53

Class Z

.54%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.90

$ 2.72

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.5

4.0

Johnson & Johnson*

4.3

2.6

General Electric Co.

3.8

2.9

Chevron Corp.*

2.8

2.6

Procter & Gamble Co.

2.4

2.4

The Blackstone Group LP

2.1

1.4

Wells Fargo & Co.

2.1

1.9

United Parcel Service, Inc. Class B

2.1

1.8

Cisco Systems, Inc.

2.0

2.8

IBM Corp.

1.8

1.5

 

27.9

* Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

27.4

24.2

Information Technology

12.5

12.2

Industrials

11.8

10.3

Energy

10.2

12.2

Health Care

9.9

8.5

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

epi216

Stocks 93.8%

 

epi218

Stocks 88.8%

 

epi220

Bonds 0.2%

 

epi222

Bonds 0.3%

 

epi224

Convertible
Securities 1.5%

 

epi226

Convertible
Securities 3.6%

 

epi228

Other Investments 0.1%

 

epi230

Other Investments 0.2%

 

epi232

Short-Term
Investments and
Net Other Assets
(Liabilities) 4.4%

 

epi234

Short-Term
Investments and
Net Other Assets
(Liabilities) 7.1%

 

* Foreign investments

10.4%

 

** Foreign investments

8.8%

 

* Written Options

0.0%

 

** Written Options

(0.1%)

 

epi236

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.8%

Hotels, Restaurants & Leisure - 1.7%

Darden Restaurants, Inc.

65,600

$ 4,299

Dunkin' Brands Group, Inc.

104,500

5,576

McDonald's Corp.

185,417

17,787

Yum! Brands, Inc.

147,321

13,275

 

40,937

Household Durables - 0.5%

M.D.C. Holdings, Inc. (f)

168,800

4,720

Tupperware Brands Corp.

92,400

6,074

 

10,794

Leisure Products - 0.8%

Mattel, Inc.

400,000

10,324

New Academy Holding Co. LLC unit (a)(g)(l)

52,800

9,972

 

20,296

Media - 1.3%

Comcast Corp. Class A

549,474

32,122

Multiline Retail - 1.8%

Kohl's Corp.

76,048

4,980

Macy's, Inc.

184,500

12,352

Target Corp.

313,955

24,903

 

42,235

Specialty Retail - 0.7%

Foot Locker, Inc.

158,531

10,019

GNC Holdings, Inc.

170,500

7,594

 

17,613

TOTAL CONSUMER DISCRETIONARY

163,997

CONSUMER STAPLES - 8.1%

Beverages - 1.0%

Anheuser-Busch InBev SA NV ADR

53,000

6,390

Molson Coors Brewing Co. Class B

169,205

12,416

The Coca-Cola Co.

112,700

4,616

 

23,422

Food & Staples Retailing - 2.3%

CVS Health Corp.

321,000

32,864

Tesco PLC

747,300

2,437

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

152,750

$ 11,345

Walgreens Boots Alliance, Inc.

98,744

8,476

 

55,122

Food Products - 0.8%

B&G Foods, Inc. Class A

111,554

3,451

Kellogg Co.

225,852

14,177

Sanderson Farms, Inc. (f)

20,100

1,639

 

19,267

Household Products - 2.4%

Procter & Gamble Co.

716,917

56,199

Personal Products - 0.2%

Avon Products, Inc. (f)

801,000

5,383

Tobacco - 1.4%

Lorillard, Inc.

210,353

15,246

Philip Morris International, Inc.

170,912

14,198

Reynolds American, Inc. (j)

63,100

4,843

 

34,287

TOTAL CONSUMER STAPLES

193,680

ENERGY - 10.0%

Energy Equipment & Services - 0.8%

Ensco PLC Class A

255,824

6,012

National Oilwell Varco, Inc.

87,349

4,297

Oceaneering International, Inc.

61,100

3,104

Schlumberger Ltd.

63,700

5,782

 

19,195

Oil, Gas & Consumable Fuels - 9.2%

Anadarko Petroleum Corp.

177,645

14,853

Apache Corp.

254,327

15,219

BG Group PLC

560,000

9,761

Cameco Corp.

123,900

1,857

Chevron Corp. (j)

652,669

67,225

CONSOL Energy, Inc.

215,475

5,999

Foresight Energy LP

180,500

2,525

Kinder Morgan, Inc.

283,400

11,758

Legacy Reserves LP

407,699

4,093

Markwest Energy Partners LP

240,991

15,575

Noble Energy, Inc.

53,500

2,342

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Suncor Energy, Inc. (f)

769,400

$ 22,489

The Williams Companies, Inc.

661,750

33,815

Williams Partners LP

252,115

14,088

 

221,599

TOTAL ENERGY

240,794

FINANCIALS - 27.2%

Banks - 13.7%

Bank of America Corp.

1,248,600

20,602

BB&T Corp.

68,100

2,688

CIT Group, Inc.

72,362

3,347

Comerica, Inc.

251,680

12,320

First Niagara Financial Group, Inc.

689,900

6,147

FirstMerit Corp.

449,140

8,821

JPMorgan Chase & Co.

1,653,057

108,739

KeyCorp

578,900

8,440

Lloyds Banking Group PLC

1,703,700

2,291

M&T Bank Corp. (f)

227,717

27,526

PNC Financial Services Group, Inc.

74,600

7,138

Regions Financial Corp.

1,246,600

12,578

Standard Chartered PLC (United Kingdom)

446,342

7,136

SunTrust Banks, Inc.

474,900

20,269

U.S. Bancorp

725,500

31,276

Wells Fargo & Co.

902,950

50,529

 

329,847

Capital Markets - 6.5%

Apollo Investment Corp. (f)

1,027,457

8,066

Ares Capital Corp.

598,842

10,031

Ares Management LP

257,200

5,013

Carlyle Group LP

102,800

3,169

Greenhill & Co., Inc.

71,623

2,789

KKR & Co. LP

1,665,196

38,216

Morgan Stanley

270,042

10,316

Pershing Square Holdings Ltd. (a)

43,289

1,168

State Street Corp.

293,899

22,904

The Blackstone Group LP

1,157,703

50,707

TPG Specialty Lending, Inc.

156,400

2,836

 

155,215

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 4.7%

ACE Ltd.

200,611

$ 21,361

Allied World Assurance Co.

139,700

5,936

MetLife, Inc.

697,557

36,454

Prudential Financial, Inc.

144,698

12,243

The Chubb Corp.

211,667

20,638

The Travelers Companies, Inc.

147,549

14,920

 

111,552

Real Estate Investment Trusts - 2.2%

American Capital Agency Corp.

477,280

9,956

American Homes 4 Rent (h)

97,613

1,629

Annaly Capital Management, Inc.

868,094

9,063

Coresite Realty Corp.

44,420

2,097

Cousins Properties, Inc.

330,100

3,185

Duke Realty LP

254,500

4,978

First Potomac Realty Trust

496,577

5,015

Home Properties, Inc.

27,730

2,061

Piedmont Office Realty Trust, Inc. Class A

190,335

3,272

Retail Properties America, Inc.

258,997

3,885

Sabra Health Care REIT, Inc.

69,800

1,850

Two Harbors Investment Corp.

339,041

3,624

Ventas, Inc.

32,794

2,181

 

52,796

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

180,890

3,242

TOTAL FINANCIALS

652,652

HEALTH CARE - 9.5%

Biotechnology - 0.3%

Amgen, Inc. (j)

49,349

7,711

Health Care Equipment & Supplies - 1.6%

Baxter International, Inc.

140,400

9,352

DENTSPLY International, Inc.

81,300

4,230

Medtronic PLC

243,782

18,605

Meridian Bioscience, Inc.

21,716

395

St. Jude Medical, Inc.

66,462

4,902

 

37,484

Health Care Providers & Services - 0.0%

Anthem, Inc. 

44

7

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 7.6%

AbbVie, Inc.

98,700

$ 6,572

GlaxoSmithKline PLC

797,700

17,724

Johnson & Johnson (j)

1,025,718

102,715

Merck & Co., Inc.

154,768

9,424

Pfizer, Inc. (j)

1,022,513

35,532

Sanofi SA

73,234

7,212

Teva Pharmaceutical Industries Ltd. sponsored ADR

77,400

4,652

 

183,831

TOTAL HEALTH CARE

229,033

INDUSTRIALS - 11.7%

Aerospace & Defense - 1.8%

The Boeing Co.

115,500

16,230

United Technologies Corp.

239,407

28,051

 

44,281

Air Freight & Logistics - 2.7%

C.H. Robinson Worldwide, Inc.

82,579

5,098

PostNL NV (a)

1,871,900

8,532

United Parcel Service, Inc. Class B

508,790

50,482

 

64,112

Airlines - 0.2%

Copa Holdings SA Class A

48,500

4,137

Commercial Services & Supplies - 0.4%

KAR Auction Services, Inc.

215,104

8,015

Republic Services, Inc.

60,089

2,421

 

10,436

Electrical Equipment - 1.2%

Eaton Corp. PLC

199,300

14,268

Emerson Electric Co.

236,370

14,255

 

28,523

Industrial Conglomerates - 3.8%

General Electric Co.

3,336,233

90,979

Machinery - 1.0%

Cummins, Inc.

31,200

4,229

Deere & Co.

114,000

10,680

Stanley Black & Decker, Inc.

84,826

8,690

 

23,599

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - 0.2%

Acacia Research Corp. (f)

254,660

$ 2,600

Bureau Veritas SA

106,473

2,440

 

5,040

Trading Companies & Distributors - 0.4%

Watsco, Inc.

79,200

9,973

TOTAL INDUSTRIALS

281,080

INFORMATION TECHNOLOGY - 12.3%

Communications Equipment - 3.1%

Cisco Systems, Inc.

1,644,453

48,199

QUALCOMM, Inc.

374,489

26,094

 

74,293

Electronic Equipment & Components - 0.5%

Hitachi Ltd.

536,000

3,649

TE Connectivity Ltd.

131,430

9,069

 

12,718

Internet Software & Services - 0.7%

Google, Inc. Class A (a)

11,200

6,108

Yahoo!, Inc. (a)

261,700

11,236

 

17,344

IT Services - 2.8%

IBM Corp.

251,823

42,722

Paychex, Inc. (j)

492,578

24,338

 

67,060

Semiconductors & Semiconductor Equipment - 1.6%

Applied Materials, Inc.

658,777

13,261

Broadcom Corp. Class A

288,329

16,392

GT Advanced Technologies, Inc. rights 5/15/15 (a)

803,340

0

Maxim Integrated Products, Inc.

223,200

7,828

Xilinx, Inc.

31,500

1,494

 

38,975

Software - 1.3%

Microsoft Corp. (j)

674,038

31,585

Technology Hardware, Storage & Peripherals - 2.3%

EMC Corp.

1,254,300

33,038

First Data Holdings, Inc. Class B (l)

2,464,780

12,102

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - continued

Hewlett-Packard Co.

173,100

$ 5,782

Seagate Technology LLC

51,300

2,854

 

53,776

TOTAL INFORMATION TECHNOLOGY

295,751

MATERIALS - 1.3%

Chemicals - 0.8%

LyondellBasell Industries NV Class A

67,300

6,804

Potash Corp. of Saskatchewan, Inc.

291,100

9,162

Tronox Ltd. Class A

177,965

3,000

 

18,966

Metals & Mining - 0.5%

Freeport-McMoRan, Inc.

344,314

6,766

Nucor Corp.

103,100

4,877

SunCoke Energy Partners LP

16,582

357

 

12,000

TOTAL MATERIALS

30,966

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.3%

AT&T, Inc.

879,127

30,365

TDC A/S

845,000

6,319

Verizon Communications, Inc.

833,990

41,232

 

77,916

Wireless Telecommunication Services - 0.9%

KDDI Corp.

76,000

1,711

Vodafone Group PLC

5,309,582

20,755

 

22,466

TOTAL TELECOMMUNICATION SERVICES

100,382

UTILITIES - 2.6%

Electric Utilities - 2.6%

American Electric Power Co., Inc.

199,215

11,214

Exelon Corp.

627,300

21,222

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

PPL Corp. (j)

274,200

$ 9,517

Southern Co.

444,125

19,404

 

61,357

TOTAL COMMON STOCKS

(Cost $1,915,905)

2,249,692

Preferred Stocks - 0.9%

 

 

 

 

Convertible Preferred Stocks - 0.8%

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

Southwestern Energy Co. Series B 6.25% (a)

25,100

1,387

HEALTH CARE - 0.4%

Health Care Equipment & Supplies - 0.0%

Alere, Inc. 3.00%

2,517

866

Health Care Providers & Services - 0.4%

Anthem, Inc. 5.25% (a)

172,000

9,188

TOTAL HEALTH CARE

10,054

TELECOMMUNICATION SERVICES - 0.1%

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. Series A 5.50% (a)

20,700

1,424

UTILITIES - 0.3%

Electric Utilities - 0.2%

Exelon Corp. 6.50%

28,300

1,367

NextEra Energy, Inc. Series E, 5.599%

61,200

4,100

 

5,467

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. 5.375% (a)

10,000

1,120

TOTAL UTILITIES

6,587

TOTAL CONVERTIBLE PREFERRED STOCKS

19,452

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%

Consumer Finance - 0.1%

Ally Financial, Inc.:

7.00% (h)

2,265

$ 2,288

Series A, 8.50%

16,414

433

 

2,721

TOTAL PREFERRED STOCKS

(Cost $19,330)

22,173

Corporate Bonds - 0.9%

 

Principal
Amount
(000s) (e)

 

Convertible Bonds - 0.7%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen International Finance NV 5.5% 11/9/15 (h)

EUR

2,400

3,441

Media - 0.0%

Liberty Media Corp. 3.5% 1/15/31

1,240

657

TOTAL CONSUMER DISCRETIONARY

4,098

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Amyris, Inc. 3% 2/27/17

516

452

Clean Energy Fuels Corp. 5.25% 10/1/18 (h)

400

317

Scorpio Tankers, Inc. 2.375% 7/1/19 (h)

3,220

3,383

 

4,152

FINANCIALS - 0.1%

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. 9% 4/1/63 (h)

950

1,229

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.1%

InterDigital, Inc. 1.5% 3/1/20 (h)

3,150

3,319

Semiconductors & Semiconductor Equipment - 0.1%

GT Advanced Technologies, Inc.:

3% 10/1/17 (d)

1,510

430

Corporate Bonds - continued

 

Principal
Amount
(000s) (e)

Value (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

GT Advanced Technologies, Inc.: - continued

3% 12/15/20 (d)

$ 2,160

$ 616

Intel Corp. 3.25% 8/1/39

890

1,512

 

2,558

TOTAL INFORMATION TECHNOLOGY

5,877

TOTAL CONVERTIBLE BONDS

15,356

Nonconvertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Altice SA 7.625% 2/15/25 (h)

1,505

1,486

CONSUMER STAPLES - 0.1%

Food Products - 0.1%

H.J. Heinz Co. 4.875% 2/15/25 (h)

1,610

1,735

Post Holdings, Inc. 7.375% 2/15/22

730

747

 

2,482

Tobacco - 0.0%

Vector Group Ltd. 7.75% 2/15/21

1,235

1,328

TOTAL CONSUMER STAPLES

3,810

MATERIALS - 0.0%

Metals & Mining - 0.0%

Walter Energy, Inc. 8.5% 4/15/21

2,030

102

TOTAL NONCONVERTIBLE BONDS

5,398

TOTAL CORPORATE BONDS

(Cost $24,994)

20,754

Bank Loan Obligations - 0.1%

 

Principal
Amount
(000s) (e)

Value (000s)

INDUSTRIALS - 0.1%

Machinery - 0.1%

Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (k)

(Cost $1,203)

$ 1,216

$ 1,213

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (h)(i)

(Cost $1,520)

EUR

990

1,172

Money Market Funds - 7.6%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

132,691,144

132,691

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

50,295,545

50,296

TOTAL MONEY MARKET FUNDS

(Cost $182,987)

182,987

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $2,145,939)

2,477,991

NET OTHER ASSETS (LIABILITIES) - (3.2)%

(76,464)

NET ASSETS - 100%

$ 2,401,527

Written Options

Expiration Date/Exercise Price

Number of Contracts

Premium (000s)

Value (000s)

Call Options

Amgen, Inc.

10/16/15 -
$185.00

242

$ 77

$ (32)

Chevron Corp.

6/19/15 -
$120.00

1,531

194

(2)

Johnson & Johnson

7/17/15 -
$105.00

4,802

590

(178)

Microsoft Corp.

7/17/15 -
$50.00

2,170

205

(61)

Paychex, Inc.

9/18/15 -
$52.50

2,376

105

(101)

Pfizer, Inc.

8/21/15 -
$35.00

4,885

313

(452)

PPL Corp.

7/17/15 -
$35.00

1,163

48

(64)

Reynolds American, Inc.

8/21/15 -
$80.00

611

53

(88)

TOTAL WRITTEN OPTIONS

$ 1,585

$ (978)

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Security is in default.

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

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

(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(h) 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 $19,999,000 or 0.8% of net assets.

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

(j) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $115,248,000.

(k) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(l) 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 $22,074,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

First Data Holdings, Inc. Class B

6/26/14

$ 9,859

New Academy Holding Co. LLC unit

8/1/11

$ 5,565

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

$ 69

Fidelity Securities Lending Cash Central Fund

77

Total

$ 146

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 163,997

$ 154,025

$ -

$ 9,972

Consumer Staples

193,680

191,243

2,437

-

Energy

242,181

232,420

9,761

-

Financials

655,373

650,794

4,579

-

Health Care

239,087

204,963

34,124

-

Industrials

281,080

281,080

-

-

Information Technology

295,751

280,000

3,649

12,102

Materials

30,966

30,966

-

-

Telecommunication Services

101,806

79,340

22,466

-

Utilities

67,944

63,844

4,100

-

Corporate Bonds

20,754

-

20,754

-

Bank Loan Obligations

1,213

-

1,213

-

Preferred Securities

1,172

-

1,172

-

Money Market Funds

182,987

182,987

-

-

Total Investments in Securities:

$ 2,477,991

$ 2,351,662

$ 104,255

$ 22,074

Derivative Instruments:

Liabilities

Written Options

$ (978)

$ (978)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Written Options (a)

$ -

$ (978)

Total Value of Derivatives

$ -

$ (978)

(a) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

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

United States of America

89.6%

United Kingdom

2.7%

Switzerland

1.6%

Ireland

1.5%

Canada

1.4%

Others (Individually Less Than 1%)

3.2%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $48,140) - See accompanying schedule:

Unaffiliated issuers (cost $1,962,952)

$ 2,295,004

 

Fidelity Central Funds (cost $182,987)

182,987

 

Total Investments (cost $2,145,939)

 

$ 2,477,991

Cash

 

389

Receivable for investments sold

17,663

Receivable for fund shares sold

905

Dividends receivable

6,678

Interest receivable

436

Distributions receivable from Fidelity Central Funds

26

Prepaid expenses

1

Other receivables

121

Total assets

2,504,210

 

 

 

Liabilities

Payable for investments purchased

$ 44,789

Payable for fund shares redeemed

4,380

Accrued management fee

904

Distribution and service plan fees payable

737

Written options, at value (premium received $1,585)

978

Other affiliated payables

460

Other payables and accrued expenses

139

Collateral on securities loaned, at value

50,296

Total liabilities

102,683

 

 

 

Net Assets

$ 2,401,527

Net Assets consist of:

 

Paid in capital

$ 1,951,337

Undistributed net investment income

24,992

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

92,570

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

332,628

Net Assets

$ 2,401,527

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($769,907 ÷ 23,029.09 shares)

$ 33.43

 

 

 

Maximum offering price per share (100/94.25 of $33.43)

$ 35.47

Class T:
Net Asset Value and redemption price per share ($925,161 ÷ 27,212.43 shares)

$ 34.00

 

 

 

Maximum offering price per share (100/96.50 of $34.00)

$ 35.23

Class B:
Net Asset Value and offering price per share ($14,530 ÷ 431.59 shares)A

$ 33.67

 

 

 

Class C:
Net Asset Value and offering price per share ($207,058 ÷ 6,166.95 shares)A

$ 33.58

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($470,455 ÷ 13,593.26 shares)

$ 34.61

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($14,416 ÷ 416.59 shares)

$ 34.60

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 48,338

Interest

 

1,369

Income from Fidelity Central Funds

 

146

Total income

 

49,853

 

 

 

Expenses

Management fee

$ 5,424

Transfer agent fees

2,429

Distribution and service plan fees

4,425

Accounting and security lending fees

364

Custodian fees and expenses

33

Independent trustees' compensation

5

Registration fees

57

Audit

37

Legal

4

Miscellaneous

21

Total expenses before reductions

12,799

Expense reductions

(73)

12,726

Net investment income (loss)

37,127

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

93,899

Foreign currency transactions

(11)

Written options

2,344

Total net realized gain (loss)

 

96,232

Change in net unrealized appreciation (depreciation) on:

Investment securities

(87,209)

Assets and liabilities in foreign currencies

1

Written options

1,229

Total change in net unrealized appreciation (depreciation)

 

(85,979)

Net gain (loss)

10,253

Net increase (decrease) in net assets resulting from operations

$ 47,380

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 37,127

$ 60,679

Net realized gain (loss)

96,232

202,288

Change in net unrealized appreciation (depreciation)

(85,979)

813

Net increase (decrease) in net assets resulting
from operations

47,380

263,780

Distributions to shareholders from net investment income

(34,661)

(45,196)

Distributions to shareholders from net realized gain

(81,483)

(2,749)

Total distributions

(116,144)

(47,945)

Share transactions - net increase (decrease)

(31,017)

(180,981)

Total increase (decrease) in net assets

(99,781)

34,854

 

 

 

Net Assets

Beginning of period

2,501,308

2,466,454

End of period (including undistributed net investment income of $24,992 and undistributed net investment income of $22,526, respectively)

$ 2,401,527

$ 2,501,308

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

$ 20.26

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .52

  .84H

  .60

  .61

  .42

  .25

Net realized and unrealized gain (loss)

  .11

  2.67

  6.06

  3.32

  1.11

  .81

Total from investment operations

  .63

  3.51

  6.66

  3.93

  1.53

  1.06

Distributions from net investment income

  (.51)

  (.64)

  (.58)

  (.56)

  (.42)

  (.25)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.64)K

  (.67)J

  (.61)

  (.56)

  (.42)

  (.25)

Net asset value, end of period

$ 33.43

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

Total ReturnB, C, D

  2.09%

  11.28%

  26.43%

  17.90%

  7.25%

  5.26%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of fee waivers, if any

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of all reductions

  .94%A

  .95%

  .97%

  1.01%

  1.02%

  1.04%

Net investment income (loss)

  3.18%A

  2.55%H

  2.07%

  2.52%

  1.82%

  1.21%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 770

$ 794

$ 777

$ 646

$ 634

$ 719

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.21%.

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.

J Total distributions of $.67 per share is comprised of distributions from net investment income of $.636 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.64 per share is comprised of distributions from net investment income of $.505 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

$ 20.54

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .49

  .78H

  .55

  .57

  .38

  .22

Net realized and unrealized gain (loss)

  .12

  2.72

  6.15

  3.37

  1.13

  .82

Total from investment operations

  .61

  3.50

  6.70

  3.94

  1.51

  1.04

Distributions from net investment income

  (.46)

  (.56)

  (.52)

  (.50)

  (.38)

  (.21)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.60)

  (.60)

  (.55)

  (.50)

  (.38)

  (.21)

Net asset value, end of period

$ 34.00

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

Total ReturnB, C, D

  1.98%

  11.04%

  26.14%

  17.70%

  7.02%

  5.09%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of fee waivers, if any

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of all reductions

  1.17%A

  1.18%

  1.18%

  1.21%

  1.21%

  1.22%

Net investment income (loss)

  2.95%A

  2.33%H

  1.86%

  2.32%

  1.63%

  1.03%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 925

$ 974

$ 984

$ 854

$ 862

$ 1,108

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.98%.

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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

$ 20.33

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .39

  .57H

  .36

  .42

  .24

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.10

  3.34

  1.12

  .82

Total from investment operations

  .51

  3.26

  6.46

  3.76

  1.36

  .91

Distributions from net investment income

  (.35)

  (.37)

  (.33)

  (.36)

  (.23)

  (.08)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.49)

  (.40)J

  (.36)

  (.36)

  (.23)

  (.08)

Net asset value, end of period

$ 33.67

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

Total ReturnB, C, D

  1.68%

  10.37%

  25.39%

  16.97%

  6.43%

  4.49%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of fee waivers, if any

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of all reductions

  1.79%A

  1.79%

  1.79%

  1.80%

  1.80%

  1.81%

Net investment income (loss)

  2.33%A

  1.71%H

  1.26%

  1.73%

  1.04%

  .44%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 15

$ 19

$ 27

$ 31

$ 42

$ 63

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.37%.

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.

J Total distributions of $.40 per share is comprised of distributions from net investment income of $.366 and distributions from net realized gain of $.038 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

$ 20.34

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .40

  .59H

  .38

  .43

  .25

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.09

  3.33

  1.11

  .82

Total from investment operations

  .52

  3.28

  6.47

  3.76

  1.36

  .91

Distributions from net investment income

  (.38)

  (.40)

  (.37)

  (.37)

  (.25)

  (.09)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.51)J

  (.44)

  (.40)

  (.37)

  (.25)

  (.09)

Net asset value, end of period

$ 33.58

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

Total ReturnB, C, D

  1.73%

  10.44%

  25.46%

  17.03%

  6.40%

  4.50%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of fee waivers, if any

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of all reductions

  1.71%A

  1.71%

  1.73%

  1.77%

  1.77%

  1.79%

Net investment income (loss)

  2.41%A

  1.79%H

  1.32%

  1.76%

  1.06%

  .46%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 207

$ 214

$ 195

$ 143

$ 134

$ 149

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.45%.

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.

J Total distributions of $1.51 per share is comprised of distributions from net investment income of $.375 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

$ 20.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .59

  .95G

  .70

  .70

  .50

  .32

Net realized and unrealized gain (loss)

  .11

  2.77

  6.24

  3.43

  1.14

  .83

Total from investment operations

  .70

  3.72

  6.94

  4.13

  1.64

  1.15

Distributions from net investment income

  (.55)

  (.72)

  (.65)

  (.63)

  (.48)

  (.30)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.68)J

  (.75)I

  (.68)

  (.63)

  (.48)

  (.30)

Net asset value, end of period

$ 34.61

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

Total ReturnB, C

  2.23%

  11.59%

  26.72%

  18.27%

  7.55%

  5.56%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of fee waivers, if any

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of all reductions

  .69%A

  .70%

  .71%

  .73%

  .73%

  .76%

Net investment income (loss)

  3.43%A

  2.81%G

  2.34%

  2.80%

  2.10%

  1.49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 470

$ 496

$ 483

$ 445

$ 360

$ 464

Portfolio turnover rate F

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%.

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.

I Total distributions of $.75 per share is comprised of distributions from net investment income of $.716 and distributions from net realized gain of $.038 per share.

J Total distributions of $1.68 per share is comprised of distributions from net investment income of $.547 and distributions from net realized gain of $1.136 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.63

$ 31.44

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .61

  1.03G

  .23

Net realized and unrealized gain (loss)

  .11

  2.74

  1.12

Total from investment operations

  .72

  3.77

  1.35

Distributions from net investment income

  (.58)

  (.78)

  (.16)

Distributions from net realized gain

  (1.14)

  (.04)

  -

Total distributions

  (1.71)K

  (.81)J

  (.16)

Net asset value, end of period

$ 34.60

$ 35.59

$ 32.63

Total ReturnB, C

  2.29%

  11.75%

  4.30%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .54%A

  .54%

  .54%A

Expenses net of fee waivers, if any

  .54%A

  .54%

  .54%A

Expenses net of all reductions

  .53%A

  .54%

  .54%A

Net investment income (loss)

  3.59%A

  2.97%G

  2.37%A

Supplemental Data

 

 

 

Net assets, end of period (000s omitted)

$ 14,416

$ 4,060

$ 104

Portfolio turnover rate F

  63%A

  33%

  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.

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.62%.

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 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.

J Total distributions of $.81 per share is comprised of distributions from net investment income of $.775 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.71 per share is comprised of distributions from net investment income of $.576 and distributions from net realized gain of $1.136 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity 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, 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, bank loan obligations 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

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.

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, partnerships, market discount, deferred trustees compensation, capital loss carryforwards, contingent interest, certain conversion ratio adjustments, equity-debt classifications 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

$ 408,298

Gross unrealized depreciation

(87,616)

Net unrealized appreciation (depreciation) on securities

$ 320,682

 

 

Tax cost

$ 2,157,309

Semiannual Report

3. Significant Accounting Policies - continued

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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 options. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 options 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 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.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund (the Fund) used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss)

Semiannual Report

4. Derivative Instruments - continued

Options - continued

on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are reflected separately on the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

During the period, the Fund recognized net realized gain (loss) of $2,344 and a change in net unrealized appreciation (depreciation) of $1,229 related to its investment in written options. This amount is included in the Statement of Operations.

The following is a summary of the Fund's written options activity:

Written Options

Number of Contracts

Amount of Premiums

Outstanding at beginning of period

10

$ 912

Options Opened

58

5,257

Options Exercised

(20)

(1,880)

Options Closed

(22)

(2,132)

Options Expired

(8)

(572)

Outstanding at end of period

18

$ 1,585

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $726,792 and $753,711, respectively.

6. 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 .20% 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. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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%

$ 964

$ 17

Class T

.25%

.25%

2,342

29

Class B

.75%

.25%

83

62

Class C

.75%

.25%

1,036

96

 

 

 

$ 4,425

$ 204

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.

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

 

Retained
by FDC

Class A

$ 68

Class T

18

Class B*

3

Class C*

7

 

$ 96

* 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.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 805

.21

Class T

877

.19

Class B

25

.30

Class C

233

.22

Institutional Class

487

.20

Class Z

2

.05

 

$ 2,429

 

* 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 $8 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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. 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 $77, including thirty-six dollars from securities loaned to FCM.

9. 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 $73 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of five dollars.   

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 11,651

$ 15,398

Class T

12,798

16,652

Class B

186

284

Class C

2,328

2,480

Institutional Class

7,599

10,355

Class Z

99

27

Total

$ 34,661

$ 45,196

From net realized gain

 

 

Class A

$ 26,221

$ 885

Class T

31,523

1,072

Class B

619

22

Class C

7,102

235

Institutional Class

15,863

531

Class Z

155

4

Total

$ 81,483

$ 2,749

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

1,170

2,874

$ 38,604

$ 94,044

Reinvestment of distributions

1,115

468

35,720

15,075

Shares redeemed

(2,322)

(4,883)

(76,648)

(160,473)

Net increase (decrease)

(37)

(1,541)

$ (2,324)

$ (51,354)

Class T

 

 

 

 

Shares sold

1,325

2,961

$ 44,344

$ 98,369

Reinvestment of distributions

1,325

523

43,174

17,076

Shares redeemed

(3,263)

(6,341)

(109,385)

(211,072)

Net increase (decrease)

(613)

(2,857)

$ (21,867)

$ (95,627)

Class B

 

 

 

 

Shares sold

7

28

$ 225

$ 933

Reinvestment of distributions

23

9

739

278

Shares redeemed

(155)

(335)

(5,124)

(11,003)

Net increase (decrease)

(125)

(298)

$ (4,160)

$ (9,792)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class C

 

 

 

 

Shares sold

394

952

$ 13,010

$ 31,255

Reinvestment of distributions

264

74

8,516

2,385

Shares redeemed

(691)

(962)

(22,631)

(31,695)

Net increase (decrease)

(33)

64

$ (1,105)

$ 1,945

Institutional Class

 

 

 

 

Shares sold

1,091

2,911

$ 36,875

$ 97,428

Reinvestment of distributions

685

313

22,701

10,419

Shares redeemed

(2,108)

(4,089)

(71,424)

(137,936)

Net increase (decrease)

(332)

(865)

$ (11,848)

$ (30,089)

Class Z

 

 

 

 

Shares sold

314

113

$ 10,694

$ 4,010

Reinvestment of distributions

8

1

254

31

Shares redeemed

(19)

(3)

(661)

(105)

Net increase (decrease)

303

111

$ 10,287

$ 3,936

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPI-USAN-0715
1.786785.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Equity Income
Fund - Institutional Class

(To be renamed Class I
effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,020.90

$ 4.79

HypotheticalA

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.80

$ 5.94

HypotheticalA

 

$ 1,000.00

$ 1,019.05

$ 5.94

Class B

1.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.80

$ 9.00

HypotheticalA

 

$ 1,000.00

$ 1,016.01

$ 9.00

Class C

1.72%

 

 

 

Actual

 

$ 1,000.00

$ 1,017.30

$ 8.65

HypotheticalA

 

$ 1,000.00

$ 1,016.36

$ 8.65

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.30

$ 3.53

HypotheticalA

 

$ 1,000.00

$ 1,021.44

$ 3.53

Class Z

.54%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.90

$ 2.72

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.5

4.0

Johnson & Johnson*

4.3

2.6

General Electric Co.

3.8

2.9

Chevron Corp.*

2.8

2.6

Procter & Gamble Co.

2.4

2.4

The Blackstone Group LP

2.1

1.4

Wells Fargo & Co.

2.1

1.9

United Parcel Service, Inc. Class B

2.1

1.8

Cisco Systems, Inc.

2.0

2.8

IBM Corp.

1.8

1.5

 

27.9

* Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

27.4

24.2

Information Technology

12.5

12.2

Industrials

11.8

10.3

Energy

10.2

12.2

Health Care

9.9

8.5

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

pii246

Stocks 93.8%

 

pii248

Stocks 88.8%

 

pii250

Bonds 0.2%

 

pii252

Bonds 0.3%

 

pii254

Convertible
Securities 1.5%

 

pii256

Convertible
Securities 3.6%

 

pii258

Other Investments 0.1%

 

pii260

Other Investments 0.2%

 

pii262

Short-Term
Investments and
Net Other Assets
(Liabilities) 4.4%

 

pii264

Short-Term
Investments and
Net Other Assets
(Liabilities) 7.1%

 

* Foreign investments

10.4%

 

** Foreign investments

8.8%

 

* Written Options

0.0%

 

** Written Options

(0.1%)

 

pii266

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.8%

Hotels, Restaurants & Leisure - 1.7%

Darden Restaurants, Inc.

65,600

$ 4,299

Dunkin' Brands Group, Inc.

104,500

5,576

McDonald's Corp.

185,417

17,787

Yum! Brands, Inc.

147,321

13,275

 

40,937

Household Durables - 0.5%

M.D.C. Holdings, Inc. (f)

168,800

4,720

Tupperware Brands Corp.

92,400

6,074

 

10,794

Leisure Products - 0.8%

Mattel, Inc.

400,000

10,324

New Academy Holding Co. LLC unit (a)(g)(l)

52,800

9,972

 

20,296

Media - 1.3%

Comcast Corp. Class A

549,474

32,122

Multiline Retail - 1.8%

Kohl's Corp.

76,048

4,980

Macy's, Inc.

184,500

12,352

Target Corp.

313,955

24,903

 

42,235

Specialty Retail - 0.7%

Foot Locker, Inc.

158,531

10,019

GNC Holdings, Inc.

170,500

7,594

 

17,613

TOTAL CONSUMER DISCRETIONARY

163,997

CONSUMER STAPLES - 8.1%

Beverages - 1.0%

Anheuser-Busch InBev SA NV ADR

53,000

6,390

Molson Coors Brewing Co. Class B

169,205

12,416

The Coca-Cola Co.

112,700

4,616

 

23,422

Food & Staples Retailing - 2.3%

CVS Health Corp.

321,000

32,864

Tesco PLC

747,300

2,437

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

152,750

$ 11,345

Walgreens Boots Alliance, Inc.

98,744

8,476

 

55,122

Food Products - 0.8%

B&G Foods, Inc. Class A

111,554

3,451

Kellogg Co.

225,852

14,177

Sanderson Farms, Inc. (f)

20,100

1,639

 

19,267

Household Products - 2.4%

Procter & Gamble Co.

716,917

56,199

Personal Products - 0.2%

Avon Products, Inc. (f)

801,000

5,383

Tobacco - 1.4%

Lorillard, Inc.

210,353

15,246

Philip Morris International, Inc.

170,912

14,198

Reynolds American, Inc. (j)

63,100

4,843

 

34,287

TOTAL CONSUMER STAPLES

193,680

ENERGY - 10.0%

Energy Equipment & Services - 0.8%

Ensco PLC Class A

255,824

6,012

National Oilwell Varco, Inc.

87,349

4,297

Oceaneering International, Inc.

61,100

3,104

Schlumberger Ltd.

63,700

5,782

 

19,195

Oil, Gas & Consumable Fuels - 9.2%

Anadarko Petroleum Corp.

177,645

14,853

Apache Corp.

254,327

15,219

BG Group PLC

560,000

9,761

Cameco Corp.

123,900

1,857

Chevron Corp. (j)

652,669

67,225

CONSOL Energy, Inc.

215,475

5,999

Foresight Energy LP

180,500

2,525

Kinder Morgan, Inc.

283,400

11,758

Legacy Reserves LP

407,699

4,093

Markwest Energy Partners LP

240,991

15,575

Noble Energy, Inc.

53,500

2,342

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Suncor Energy, Inc. (f)

769,400

$ 22,489

The Williams Companies, Inc.

661,750

33,815

Williams Partners LP

252,115

14,088

 

221,599

TOTAL ENERGY

240,794

FINANCIALS - 27.2%

Banks - 13.7%

Bank of America Corp.

1,248,600

20,602

BB&T Corp.

68,100

2,688

CIT Group, Inc.

72,362

3,347

Comerica, Inc.

251,680

12,320

First Niagara Financial Group, Inc.

689,900

6,147

FirstMerit Corp.

449,140

8,821

JPMorgan Chase & Co.

1,653,057

108,739

KeyCorp

578,900

8,440

Lloyds Banking Group PLC

1,703,700

2,291

M&T Bank Corp. (f)

227,717

27,526

PNC Financial Services Group, Inc.

74,600

7,138

Regions Financial Corp.

1,246,600

12,578

Standard Chartered PLC (United Kingdom)

446,342

7,136

SunTrust Banks, Inc.

474,900

20,269

U.S. Bancorp

725,500

31,276

Wells Fargo & Co.

902,950

50,529

 

329,847

Capital Markets - 6.5%

Apollo Investment Corp. (f)

1,027,457

8,066

Ares Capital Corp.

598,842

10,031

Ares Management LP

257,200

5,013

Carlyle Group LP

102,800

3,169

Greenhill & Co., Inc.

71,623

2,789

KKR & Co. LP

1,665,196

38,216

Morgan Stanley

270,042

10,316

Pershing Square Holdings Ltd. (a)

43,289

1,168

State Street Corp.

293,899

22,904

The Blackstone Group LP

1,157,703

50,707

TPG Specialty Lending, Inc.

156,400

2,836

 

155,215

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 4.7%

ACE Ltd.

200,611

$ 21,361

Allied World Assurance Co.

139,700

5,936

MetLife, Inc.

697,557

36,454

Prudential Financial, Inc.

144,698

12,243

The Chubb Corp.

211,667

20,638

The Travelers Companies, Inc.

147,549

14,920

 

111,552

Real Estate Investment Trusts - 2.2%

American Capital Agency Corp.

477,280

9,956

American Homes 4 Rent (h)

97,613

1,629

Annaly Capital Management, Inc.

868,094

9,063

Coresite Realty Corp.

44,420

2,097

Cousins Properties, Inc.

330,100

3,185

Duke Realty LP

254,500

4,978

First Potomac Realty Trust

496,577

5,015

Home Properties, Inc.

27,730

2,061

Piedmont Office Realty Trust, Inc. Class A

190,335

3,272

Retail Properties America, Inc.

258,997

3,885

Sabra Health Care REIT, Inc.

69,800

1,850

Two Harbors Investment Corp.

339,041

3,624

Ventas, Inc.

32,794

2,181

 

52,796

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

180,890

3,242

TOTAL FINANCIALS

652,652

HEALTH CARE - 9.5%

Biotechnology - 0.3%

Amgen, Inc. (j)

49,349

7,711

Health Care Equipment & Supplies - 1.6%

Baxter International, Inc.

140,400

9,352

DENTSPLY International, Inc.

81,300

4,230

Medtronic PLC

243,782

18,605

Meridian Bioscience, Inc.

21,716

395

St. Jude Medical, Inc.

66,462

4,902

 

37,484

Health Care Providers & Services - 0.0%

Anthem, Inc. 

44

7

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 7.6%

AbbVie, Inc.

98,700

$ 6,572

GlaxoSmithKline PLC

797,700

17,724

Johnson & Johnson (j)

1,025,718

102,715

Merck & Co., Inc.

154,768

9,424

Pfizer, Inc. (j)

1,022,513

35,532

Sanofi SA

73,234

7,212

Teva Pharmaceutical Industries Ltd. sponsored ADR

77,400

4,652

 

183,831

TOTAL HEALTH CARE

229,033

INDUSTRIALS - 11.7%

Aerospace & Defense - 1.8%

The Boeing Co.

115,500

16,230

United Technologies Corp.

239,407

28,051

 

44,281

Air Freight & Logistics - 2.7%

C.H. Robinson Worldwide, Inc.

82,579

5,098

PostNL NV (a)

1,871,900

8,532

United Parcel Service, Inc. Class B

508,790

50,482

 

64,112

Airlines - 0.2%

Copa Holdings SA Class A

48,500

4,137

Commercial Services & Supplies - 0.4%

KAR Auction Services, Inc.

215,104

8,015

Republic Services, Inc.

60,089

2,421

 

10,436

Electrical Equipment - 1.2%

Eaton Corp. PLC

199,300

14,268

Emerson Electric Co.

236,370

14,255

 

28,523

Industrial Conglomerates - 3.8%

General Electric Co.

3,336,233

90,979

Machinery - 1.0%

Cummins, Inc.

31,200

4,229

Deere & Co.

114,000

10,680

Stanley Black & Decker, Inc.

84,826

8,690

 

23,599

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - 0.2%

Acacia Research Corp. (f)

254,660

$ 2,600

Bureau Veritas SA

106,473

2,440

 

5,040

Trading Companies & Distributors - 0.4%

Watsco, Inc.

79,200

9,973

TOTAL INDUSTRIALS

281,080

INFORMATION TECHNOLOGY - 12.3%

Communications Equipment - 3.1%

Cisco Systems, Inc.

1,644,453

48,199

QUALCOMM, Inc.

374,489

26,094

 

74,293

Electronic Equipment & Components - 0.5%

Hitachi Ltd.

536,000

3,649

TE Connectivity Ltd.

131,430

9,069

 

12,718

Internet Software & Services - 0.7%

Google, Inc. Class A (a)

11,200

6,108

Yahoo!, Inc. (a)

261,700

11,236

 

17,344

IT Services - 2.8%

IBM Corp.

251,823

42,722

Paychex, Inc. (j)

492,578

24,338

 

67,060

Semiconductors & Semiconductor Equipment - 1.6%

Applied Materials, Inc.

658,777

13,261

Broadcom Corp. Class A

288,329

16,392

GT Advanced Technologies, Inc. rights 5/15/15 (a)

803,340

0

Maxim Integrated Products, Inc.

223,200

7,828

Xilinx, Inc.

31,500

1,494

 

38,975

Software - 1.3%

Microsoft Corp. (j)

674,038

31,585

Technology Hardware, Storage & Peripherals - 2.3%

EMC Corp.

1,254,300

33,038

First Data Holdings, Inc. Class B (l)

2,464,780

12,102

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - continued

Hewlett-Packard Co.

173,100

$ 5,782

Seagate Technology LLC

51,300

2,854

 

53,776

TOTAL INFORMATION TECHNOLOGY

295,751

MATERIALS - 1.3%

Chemicals - 0.8%

LyondellBasell Industries NV Class A

67,300

6,804

Potash Corp. of Saskatchewan, Inc.

291,100

9,162

Tronox Ltd. Class A

177,965

3,000

 

18,966

Metals & Mining - 0.5%

Freeport-McMoRan, Inc.

344,314

6,766

Nucor Corp.

103,100

4,877

SunCoke Energy Partners LP

16,582

357

 

12,000

TOTAL MATERIALS

30,966

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.3%

AT&T, Inc.

879,127

30,365

TDC A/S

845,000

6,319

Verizon Communications, Inc.

833,990

41,232

 

77,916

Wireless Telecommunication Services - 0.9%

KDDI Corp.

76,000

1,711

Vodafone Group PLC

5,309,582

20,755

 

22,466

TOTAL TELECOMMUNICATION SERVICES

100,382

UTILITIES - 2.6%

Electric Utilities - 2.6%

American Electric Power Co., Inc.

199,215

11,214

Exelon Corp.

627,300

21,222

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

PPL Corp. (j)

274,200

$ 9,517

Southern Co.

444,125

19,404

 

61,357

TOTAL COMMON STOCKS

(Cost $1,915,905)

2,249,692

Preferred Stocks - 0.9%

 

 

 

 

Convertible Preferred Stocks - 0.8%

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

Southwestern Energy Co. Series B 6.25% (a)

25,100

1,387

HEALTH CARE - 0.4%

Health Care Equipment & Supplies - 0.0%

Alere, Inc. 3.00%

2,517

866

Health Care Providers & Services - 0.4%

Anthem, Inc. 5.25% (a)

172,000

9,188

TOTAL HEALTH CARE

10,054

TELECOMMUNICATION SERVICES - 0.1%

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. Series A 5.50% (a)

20,700

1,424

UTILITIES - 0.3%

Electric Utilities - 0.2%

Exelon Corp. 6.50%

28,300

1,367

NextEra Energy, Inc. Series E, 5.599%

61,200

4,100

 

5,467

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. 5.375% (a)

10,000

1,120

TOTAL UTILITIES

6,587

TOTAL CONVERTIBLE PREFERRED STOCKS

19,452

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%

Consumer Finance - 0.1%

Ally Financial, Inc.:

7.00% (h)

2,265

$ 2,288

Series A, 8.50%

16,414

433

 

2,721

TOTAL PREFERRED STOCKS

(Cost $19,330)

22,173

Corporate Bonds - 0.9%

 

Principal
Amount
(000s) (e)

 

Convertible Bonds - 0.7%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen International Finance NV 5.5% 11/9/15 (h)

EUR

2,400

3,441

Media - 0.0%

Liberty Media Corp. 3.5% 1/15/31

1,240

657

TOTAL CONSUMER DISCRETIONARY

4,098

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Amyris, Inc. 3% 2/27/17

516

452

Clean Energy Fuels Corp. 5.25% 10/1/18 (h)

400

317

Scorpio Tankers, Inc. 2.375% 7/1/19 (h)

3,220

3,383

 

4,152

FINANCIALS - 0.1%

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. 9% 4/1/63 (h)

950

1,229

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.1%

InterDigital, Inc. 1.5% 3/1/20 (h)

3,150

3,319

Semiconductors & Semiconductor Equipment - 0.1%

GT Advanced Technologies, Inc.:

3% 10/1/17 (d)

1,510

430

Corporate Bonds - continued

 

Principal
Amount
(000s) (e)

Value (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

GT Advanced Technologies, Inc.: - continued

3% 12/15/20 (d)

$ 2,160

$ 616

Intel Corp. 3.25% 8/1/39

890

1,512

 

2,558

TOTAL INFORMATION TECHNOLOGY

5,877

TOTAL CONVERTIBLE BONDS

15,356

Nonconvertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Altice SA 7.625% 2/15/25 (h)

1,505

1,486

CONSUMER STAPLES - 0.1%

Food Products - 0.1%

H.J. Heinz Co. 4.875% 2/15/25 (h)

1,610

1,735

Post Holdings, Inc. 7.375% 2/15/22

730

747

 

2,482

Tobacco - 0.0%

Vector Group Ltd. 7.75% 2/15/21

1,235

1,328

TOTAL CONSUMER STAPLES

3,810

MATERIALS - 0.0%

Metals & Mining - 0.0%

Walter Energy, Inc. 8.5% 4/15/21

2,030

102

TOTAL NONCONVERTIBLE BONDS

5,398

TOTAL CORPORATE BONDS

(Cost $24,994)

20,754

Bank Loan Obligations - 0.1%

 

Principal
Amount
(000s) (e)

Value (000s)

INDUSTRIALS - 0.1%

Machinery - 0.1%

Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (k)

(Cost $1,203)

$ 1,216

$ 1,213

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (h)(i)

(Cost $1,520)

EUR

990

1,172

Money Market Funds - 7.6%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

132,691,144

132,691

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

50,295,545

50,296

TOTAL MONEY MARKET FUNDS

(Cost $182,987)

182,987

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $2,145,939)

2,477,991

NET OTHER ASSETS (LIABILITIES) - (3.2)%

(76,464)

NET ASSETS - 100%

$ 2,401,527

Written Options

Expiration Date/Exercise Price

Number of Contracts

Premium (000s)

Value (000s)

Call Options

Amgen, Inc.

10/16/15 -
$185.00

242

$ 77

$ (32)

Chevron Corp.

6/19/15 -
$120.00

1,531

194

(2)

Johnson & Johnson

7/17/15 -
$105.00

4,802

590

(178)

Microsoft Corp.

7/17/15 -
$50.00

2,170

205

(61)

Paychex, Inc.

9/18/15 -
$52.50

2,376

105

(101)

Pfizer, Inc.

8/21/15 -
$35.00

4,885

313

(452)

PPL Corp.

7/17/15 -
$35.00

1,163

48

(64)

Reynolds American, Inc.

8/21/15 -
$80.00

611

53

(88)

TOTAL WRITTEN OPTIONS

$ 1,585

$ (978)

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Security is in default.

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

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

(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(h) 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 $19,999,000 or 0.8% of net assets.

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

(j) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $115,248,000.

(k) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(l) 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 $22,074,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

First Data Holdings, Inc. Class B

6/26/14

$ 9,859

New Academy Holding Co. LLC unit

8/1/11

$ 5,565

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

$ 69

Fidelity Securities Lending Cash Central Fund

77

Total

$ 146

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 163,997

$ 154,025

$ -

$ 9,972

Consumer Staples

193,680

191,243

2,437

-

Energy

242,181

232,420

9,761

-

Financials

655,373

650,794

4,579

-

Health Care

239,087

204,963

34,124

-

Industrials

281,080

281,080

-

-

Information Technology

295,751

280,000

3,649

12,102

Materials

30,966

30,966

-

-

Telecommunication Services

101,806

79,340

22,466

-

Utilities

67,944

63,844

4,100

-

Corporate Bonds

20,754

-

20,754

-

Bank Loan Obligations

1,213

-

1,213

-

Preferred Securities

1,172

-

1,172

-

Money Market Funds

182,987

182,987

-

-

Total Investments in Securities:

$ 2,477,991

$ 2,351,662

$ 104,255

$ 22,074

Derivative Instruments:

Liabilities

Written Options

$ (978)

$ (978)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Written Options (a)

$ -

$ (978)

Total Value of Derivatives

$ -

$ (978)

(a) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

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

United States of America

89.6%

United Kingdom

2.7%

Switzerland

1.6%

Ireland

1.5%

Canada

1.4%

Others (Individually Less Than 1%)

3.2%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $48,140) - See accompanying schedule:

Unaffiliated issuers (cost $1,962,952)

$ 2,295,004

 

Fidelity Central Funds (cost $182,987)

182,987

 

Total Investments (cost $2,145,939)

 

$ 2,477,991

Cash

 

389

Receivable for investments sold

17,663

Receivable for fund shares sold

905

Dividends receivable

6,678

Interest receivable

436

Distributions receivable from Fidelity Central Funds

26

Prepaid expenses

1

Other receivables

121

Total assets

2,504,210

 

 

 

Liabilities

Payable for investments purchased

$ 44,789

Payable for fund shares redeemed

4,380

Accrued management fee

904

Distribution and service plan fees payable

737

Written options, at value (premium received $1,585)

978

Other affiliated payables

460

Other payables and accrued expenses

139

Collateral on securities loaned, at value

50,296

Total liabilities

102,683

 

 

 

Net Assets

$ 2,401,527

Net Assets consist of:

 

Paid in capital

$ 1,951,337

Undistributed net investment income

24,992

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

92,570

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

332,628

Net Assets

$ 2,401,527

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($769,907 ÷ 23,029.09 shares)

$ 33.43

 

 

 

Maximum offering price per share (100/94.25 of $33.43)

$ 35.47

Class T:
Net Asset Value and redemption price per share ($925,161 ÷ 27,212.43 shares)

$ 34.00

 

 

 

Maximum offering price per share (100/96.50 of $34.00)

$ 35.23

Class B:
Net Asset Value and offering price per share ($14,530 ÷ 431.59 shares)A

$ 33.67

 

 

 

Class C:
Net Asset Value and offering price per share ($207,058 ÷ 6,166.95 shares)A

$ 33.58

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($470,455 ÷ 13,593.26 shares)

$ 34.61

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($14,416 ÷ 416.59 shares)

$ 34.60

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 48,338

Interest

 

1,369

Income from Fidelity Central Funds

 

146

Total income

 

49,853

 

 

 

Expenses

Management fee

$ 5,424

Transfer agent fees

2,429

Distribution and service plan fees

4,425

Accounting and security lending fees

364

Custodian fees and expenses

33

Independent trustees' compensation

5

Registration fees

57

Audit

37

Legal

4

Miscellaneous

21

Total expenses before reductions

12,799

Expense reductions

(73)

12,726

Net investment income (loss)

37,127

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

93,899

Foreign currency transactions

(11)

Written options

2,344

Total net realized gain (loss)

 

96,232

Change in net unrealized appreciation (depreciation) on:

Investment securities

(87,209)

Assets and liabilities in foreign currencies

1

Written options

1,229

Total change in net unrealized appreciation (depreciation)

 

(85,979)

Net gain (loss)

10,253

Net increase (decrease) in net assets resulting from operations

$ 47,380

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 37,127

$ 60,679

Net realized gain (loss)

96,232

202,288

Change in net unrealized appreciation (depreciation)

(85,979)

813

Net increase (decrease) in net assets resulting
from operations

47,380

263,780

Distributions to shareholders from net investment income

(34,661)

(45,196)

Distributions to shareholders from net realized gain

(81,483)

(2,749)

Total distributions

(116,144)

(47,945)

Share transactions - net increase (decrease)

(31,017)

(180,981)

Total increase (decrease) in net assets

(99,781)

34,854

 

 

 

Net Assets

Beginning of period

2,501,308

2,466,454

End of period (including undistributed net investment income of $24,992 and undistributed net investment income of $22,526, respectively)

$ 2,401,527

$ 2,501,308

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

$ 20.26

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .52

  .84H

  .60

  .61

  .42

  .25

Net realized and unrealized gain (loss)

  .11

  2.67

  6.06

  3.32

  1.11

  .81

Total from investment operations

  .63

  3.51

  6.66

  3.93

  1.53

  1.06

Distributions from net investment income

  (.51)

  (.64)

  (.58)

  (.56)

  (.42)

  (.25)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.64)K

  (.67)J

  (.61)

  (.56)

  (.42)

  (.25)

Net asset value, end of period

$ 33.43

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

Total ReturnB, C, D

  2.09%

  11.28%

  26.43%

  17.90%

  7.25%

  5.26%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of fee waivers, if any

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of all reductions

  .94%A

  .95%

  .97%

  1.01%

  1.02%

  1.04%

Net investment income (loss)

  3.18%A

  2.55%H

  2.07%

  2.52%

  1.82%

  1.21%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 770

$ 794

$ 777

$ 646

$ 634

$ 719

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.21%.

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.

J Total distributions of $.67 per share is comprised of distributions from net investment income of $.636 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.64 per share is comprised of distributions from net investment income of $.505 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

$ 20.54

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .49

  .78H

  .55

  .57

  .38

  .22

Net realized and unrealized gain (loss)

  .12

  2.72

  6.15

  3.37

  1.13

  .82

Total from investment operations

  .61

  3.50

  6.70

  3.94

  1.51

  1.04

Distributions from net investment income

  (.46)

  (.56)

  (.52)

  (.50)

  (.38)

  (.21)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.60)

  (.60)

  (.55)

  (.50)

  (.38)

  (.21)

Net asset value, end of period

$ 34.00

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

Total ReturnB, C, D

  1.98%

  11.04%

  26.14%

  17.70%

  7.02%

  5.09%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of fee waivers, if any

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of all reductions

  1.17%A

  1.18%

  1.18%

  1.21%

  1.21%

  1.22%

Net investment income (loss)

  2.95%A

  2.33%H

  1.86%

  2.32%

  1.63%

  1.03%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 925

$ 974

$ 984

$ 854

$ 862

$ 1,108

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.98%.

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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

$ 20.33

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .39

  .57H

  .36

  .42

  .24

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.10

  3.34

  1.12

  .82

Total from investment operations

  .51

  3.26

  6.46

  3.76

  1.36

  .91

Distributions from net investment income

  (.35)

  (.37)

  (.33)

  (.36)

  (.23)

  (.08)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.49)

  (.40)J

  (.36)

  (.36)

  (.23)

  (.08)

Net asset value, end of period

$ 33.67

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

Total ReturnB, C, D

  1.68%

  10.37%

  25.39%

  16.97%

  6.43%

  4.49%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of fee waivers, if any

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of all reductions

  1.79%A

  1.79%

  1.79%

  1.80%

  1.80%

  1.81%

Net investment income (loss)

  2.33%A

  1.71%H

  1.26%

  1.73%

  1.04%

  .44%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 15

$ 19

$ 27

$ 31

$ 42

$ 63

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.37%.

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.

J Total distributions of $.40 per share is comprised of distributions from net investment income of $.366 and distributions from net realized gain of $.038 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

$ 20.34

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .40

  .59H

  .38

  .43

  .25

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.09

  3.33

  1.11

  .82

Total from investment operations

  .52

  3.28

  6.47

  3.76

  1.36

  .91

Distributions from net investment income

  (.38)

  (.40)

  (.37)

  (.37)

  (.25)

  (.09)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.51)J

  (.44)

  (.40)

  (.37)

  (.25)

  (.09)

Net asset value, end of period

$ 33.58

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

Total ReturnB, C, D

  1.73%

  10.44%

  25.46%

  17.03%

  6.40%

  4.50%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of fee waivers, if any

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of all reductions

  1.71%A

  1.71%

  1.73%

  1.77%

  1.77%

  1.79%

Net investment income (loss)

  2.41%A

  1.79%H

  1.32%

  1.76%

  1.06%

  .46%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 207

$ 214

$ 195

$ 143

$ 134

$ 149

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.45%.

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.

J Total distributions of $1.51 per share is comprised of distributions from net investment income of $.375 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

$ 20.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .59

  .95G

  .70

  .70

  .50

  .32

Net realized and unrealized gain (loss)

  .11

  2.77

  6.24

  3.43

  1.14

  .83

Total from investment operations

  .70

  3.72

  6.94

  4.13

  1.64

  1.15

Distributions from net investment income

  (.55)

  (.72)

  (.65)

  (.63)

  (.48)

  (.30)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.68)J

  (.75)I

  (.68)

  (.63)

  (.48)

  (.30)

Net asset value, end of period

$ 34.61

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

Total ReturnB, C

  2.23%

  11.59%

  26.72%

  18.27%

  7.55%

  5.56%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of fee waivers, if any

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of all reductions

  .69%A

  .70%

  .71%

  .73%

  .73%

  .76%

Net investment income (loss)

  3.43%A

  2.81%G

  2.34%

  2.80%

  2.10%

  1.49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 470

$ 496

$ 483

$ 445

$ 360

$ 464

Portfolio turnover rate F

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%.

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.

I Total distributions of $.75 per share is comprised of distributions from net investment income of $.716 and distributions from net realized gain of $.038 per share.

J Total distributions of $1.68 per share is comprised of distributions from net investment income of $.547 and distributions from net realized gain of $1.136 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.63

$ 31.44

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .61

  1.03G

  .23

Net realized and unrealized gain (loss)

  .11

  2.74

  1.12

Total from investment operations

  .72

  3.77

  1.35

Distributions from net investment income

  (.58)

  (.78)

  (.16)

Distributions from net realized gain

  (1.14)

  (.04)

  -

Total distributions

  (1.71)K

  (.81)J

  (.16)

Net asset value, end of period

$ 34.60

$ 35.59

$ 32.63

Total ReturnB, C

  2.29%

  11.75%

  4.30%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .54%A

  .54%

  .54%A

Expenses net of fee waivers, if any

  .54%A

  .54%

  .54%A

Expenses net of all reductions

  .53%A

  .54%

  .54%A

Net investment income (loss)

  3.59%A

  2.97%G

  2.37%A

Supplemental Data

 

 

 

Net assets, end of period (000s omitted)

$ 14,416

$ 4,060

$ 104

Portfolio turnover rate F

  63%A

  33%

  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.

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.62%.

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 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.

J Total distributions of $.81 per share is comprised of distributions from net investment income of $.775 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.71 per share is comprised of distributions from net investment income of $.576 and distributions from net realized gain of $1.136 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity 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, 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, bank loan obligations 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

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.

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, partnerships, market discount, deferred trustees compensation, capital loss carryforwards, contingent interest, certain conversion ratio adjustments, equity-debt classifications 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

$ 408,298

Gross unrealized depreciation

(87,616)

Net unrealized appreciation (depreciation) on securities

$ 320,682

 

 

Tax cost

$ 2,157,309

Semiannual Report

3. Significant Accounting Policies - continued

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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 options. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 options 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 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.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund (the Fund) used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss)

Semiannual Report

4. Derivative Instruments - continued

Options - continued

on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are reflected separately on the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

During the period, the Fund recognized net realized gain (loss) of $2,344 and a change in net unrealized appreciation (depreciation) of $1,229 related to its investment in written options. This amount is included in the Statement of Operations.

The following is a summary of the Fund's written options activity:

Written Options

Number of Contracts

Amount of Premiums

Outstanding at beginning of period

10

$ 912

Options Opened

58

5,257

Options Exercised

(20)

(1,880)

Options Closed

(22)

(2,132)

Options Expired

(8)

(572)

Outstanding at end of period

18

$ 1,585

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $726,792 and $753,711, respectively.

6. 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 .20% 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. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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%

$ 964

$ 17

Class T

.25%

.25%

2,342

29

Class B

.75%

.25%

83

62

Class C

.75%

.25%

1,036

96

 

 

 

$ 4,425

$ 204

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.

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

 

Retained
by FDC

Class A

$ 68

Class T

18

Class B*

3

Class C*

7

 

$ 96

* 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.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 805

.21

Class T

877

.19

Class B

25

.30

Class C

233

.22

Institutional Class

487

.20

Class Z

2

.05

 

$ 2,429

 

* 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 $8 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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. 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 $77, including thirty-six dollars from securities loaned to FCM.

9. 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 $73 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of five dollars.   

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 11,651

$ 15,398

Class T

12,798

16,652

Class B

186

284

Class C

2,328

2,480

Institutional Class

7,599

10,355

Class Z

99

27

Total

$ 34,661

$ 45,196

From net realized gain

 

 

Class A

$ 26,221

$ 885

Class T

31,523

1,072

Class B

619

22

Class C

7,102

235

Institutional Class

15,863

531

Class Z

155

4

Total

$ 81,483

$ 2,749

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

1,170

2,874

$ 38,604

$ 94,044

Reinvestment of distributions

1,115

468

35,720

15,075

Shares redeemed

(2,322)

(4,883)

(76,648)

(160,473)

Net increase (decrease)

(37)

(1,541)

$ (2,324)

$ (51,354)

Class T

 

 

 

 

Shares sold

1,325

2,961

$ 44,344

$ 98,369

Reinvestment of distributions

1,325

523

43,174

17,076

Shares redeemed

(3,263)

(6,341)

(109,385)

(211,072)

Net increase (decrease)

(613)

(2,857)

$ (21,867)

$ (95,627)

Class B

 

 

 

 

Shares sold

7

28

$ 225

$ 933

Reinvestment of distributions

23

9

739

278

Shares redeemed

(155)

(335)

(5,124)

(11,003)

Net increase (decrease)

(125)

(298)

$ (4,160)

$ (9,792)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class C

 

 

 

 

Shares sold

394

952

$ 13,010

$ 31,255

Reinvestment of distributions

264

74

8,516

2,385

Shares redeemed

(691)

(962)

(22,631)

(31,695)

Net increase (decrease)

(33)

64

$ (1,105)

$ 1,945

Institutional Class

 

 

 

 

Shares sold

1,091

2,911

$ 36,875

$ 97,428

Reinvestment of distributions

685

313

22,701

10,419

Shares redeemed

(2,108)

(4,089)

(71,424)

(137,936)

Net increase (decrease)

(332)

(865)

$ (11,848)

$ (30,089)

Class Z

 

 

 

 

Shares sold

314

113

$ 10,694

$ 4,010

Reinvestment of distributions

8

1

254

31

Shares redeemed

(19)

(3)

(661)

(105)

Net increase (decrease)

303

111

$ 10,287

$ 3,936

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPII-USAN-0715
1.786786.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Equity Income
Fund - Class Z

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,020.90

$ 4.79

HypotheticalA

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,019.80

$ 5.94

HypotheticalA

 

$ 1,000.00

$ 1,019.05

$ 5.94

Class B

1.79%

 

 

 

Actual

 

$ 1,000.00

$ 1,016.80

$ 9.00

HypotheticalA

 

$ 1,000.00

$ 1,016.01

$ 9.00

Class C

1.72%

 

 

 

Actual

 

$ 1,000.00

$ 1,017.30

$ 8.65

HypotheticalA

 

$ 1,000.00

$ 1,016.36

$ 8.65

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.30

$ 3.53

HypotheticalA

 

$ 1,000.00

$ 1,021.44

$ 3.53

Class Z

.54%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.90

$ 2.72

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.5

4.0

Johnson & Johnson*

4.3

2.6

General Electric Co.

3.8

2.9

Chevron Corp.*

2.8

2.6

Procter & Gamble Co.

2.4

2.4

The Blackstone Group LP

2.1

1.4

Wells Fargo & Co.

2.1

1.9

United Parcel Service, Inc. Class B

2.1

1.8

Cisco Systems, Inc.

2.0

2.8

IBM Corp.

1.8

1.5

 

27.9

* Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

27.4

24.2

Information Technology

12.5

12.2

Industrials

11.8

10.3

Energy

10.2

12.2

Health Care

9.9

8.5

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

piz276

Stocks 93.8%

 

piz278

Stocks 88.8%

 

piz280

Bonds 0.2%

 

piz282

Bonds 0.3%

 

piz284

Convertible
Securities 1.5%

 

piz286

Convertible
Securities 3.6%

 

piz288

Other Investments 0.1%

 

piz290

Other Investments 0.2%

 

piz292

Short-Term
Investments and
Net Other Assets
(Liabilities) 4.4%

 

piz294

Short-Term
Investments and
Net Other Assets
(Liabilities) 7.1%

 

* Foreign investments

10.4%

 

** Foreign investments

8.8%

 

* Written Options

0.0%

 

** Written Options

(0.1%)

 

piz296

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.8%

Hotels, Restaurants & Leisure - 1.7%

Darden Restaurants, Inc.

65,600

$ 4,299

Dunkin' Brands Group, Inc.

104,500

5,576

McDonald's Corp.

185,417

17,787

Yum! Brands, Inc.

147,321

13,275

 

40,937

Household Durables - 0.5%

M.D.C. Holdings, Inc. (f)

168,800

4,720

Tupperware Brands Corp.

92,400

6,074

 

10,794

Leisure Products - 0.8%

Mattel, Inc.

400,000

10,324

New Academy Holding Co. LLC unit (a)(g)(l)

52,800

9,972

 

20,296

Media - 1.3%

Comcast Corp. Class A

549,474

32,122

Multiline Retail - 1.8%

Kohl's Corp.

76,048

4,980

Macy's, Inc.

184,500

12,352

Target Corp.

313,955

24,903

 

42,235

Specialty Retail - 0.7%

Foot Locker, Inc.

158,531

10,019

GNC Holdings, Inc.

170,500

7,594

 

17,613

TOTAL CONSUMER DISCRETIONARY

163,997

CONSUMER STAPLES - 8.1%

Beverages - 1.0%

Anheuser-Busch InBev SA NV ADR

53,000

6,390

Molson Coors Brewing Co. Class B

169,205

12,416

The Coca-Cola Co.

112,700

4,616

 

23,422

Food & Staples Retailing - 2.3%

CVS Health Corp.

321,000

32,864

Tesco PLC

747,300

2,437

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

152,750

$ 11,345

Walgreens Boots Alliance, Inc.

98,744

8,476

 

55,122

Food Products - 0.8%

B&G Foods, Inc. Class A

111,554

3,451

Kellogg Co.

225,852

14,177

Sanderson Farms, Inc. (f)

20,100

1,639

 

19,267

Household Products - 2.4%

Procter & Gamble Co.

716,917

56,199

Personal Products - 0.2%

Avon Products, Inc. (f)

801,000

5,383

Tobacco - 1.4%

Lorillard, Inc.

210,353

15,246

Philip Morris International, Inc.

170,912

14,198

Reynolds American, Inc. (j)

63,100

4,843

 

34,287

TOTAL CONSUMER STAPLES

193,680

ENERGY - 10.0%

Energy Equipment & Services - 0.8%

Ensco PLC Class A

255,824

6,012

National Oilwell Varco, Inc.

87,349

4,297

Oceaneering International, Inc.

61,100

3,104

Schlumberger Ltd.

63,700

5,782

 

19,195

Oil, Gas & Consumable Fuels - 9.2%

Anadarko Petroleum Corp.

177,645

14,853

Apache Corp.

254,327

15,219

BG Group PLC

560,000

9,761

Cameco Corp.

123,900

1,857

Chevron Corp. (j)

652,669

67,225

CONSOL Energy, Inc.

215,475

5,999

Foresight Energy LP

180,500

2,525

Kinder Morgan, Inc.

283,400

11,758

Legacy Reserves LP

407,699

4,093

Markwest Energy Partners LP

240,991

15,575

Noble Energy, Inc.

53,500

2,342

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Suncor Energy, Inc. (f)

769,400

$ 22,489

The Williams Companies, Inc.

661,750

33,815

Williams Partners LP

252,115

14,088

 

221,599

TOTAL ENERGY

240,794

FINANCIALS - 27.2%

Banks - 13.7%

Bank of America Corp.

1,248,600

20,602

BB&T Corp.

68,100

2,688

CIT Group, Inc.

72,362

3,347

Comerica, Inc.

251,680

12,320

First Niagara Financial Group, Inc.

689,900

6,147

FirstMerit Corp.

449,140

8,821

JPMorgan Chase & Co.

1,653,057

108,739

KeyCorp

578,900

8,440

Lloyds Banking Group PLC

1,703,700

2,291

M&T Bank Corp. (f)

227,717

27,526

PNC Financial Services Group, Inc.

74,600

7,138

Regions Financial Corp.

1,246,600

12,578

Standard Chartered PLC (United Kingdom)

446,342

7,136

SunTrust Banks, Inc.

474,900

20,269

U.S. Bancorp

725,500

31,276

Wells Fargo & Co.

902,950

50,529

 

329,847

Capital Markets - 6.5%

Apollo Investment Corp. (f)

1,027,457

8,066

Ares Capital Corp.

598,842

10,031

Ares Management LP

257,200

5,013

Carlyle Group LP

102,800

3,169

Greenhill & Co., Inc.

71,623

2,789

KKR & Co. LP

1,665,196

38,216

Morgan Stanley

270,042

10,316

Pershing Square Holdings Ltd. (a)

43,289

1,168

State Street Corp.

293,899

22,904

The Blackstone Group LP

1,157,703

50,707

TPG Specialty Lending, Inc.

156,400

2,836

 

155,215

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 4.7%

ACE Ltd.

200,611

$ 21,361

Allied World Assurance Co.

139,700

5,936

MetLife, Inc.

697,557

36,454

Prudential Financial, Inc.

144,698

12,243

The Chubb Corp.

211,667

20,638

The Travelers Companies, Inc.

147,549

14,920

 

111,552

Real Estate Investment Trusts - 2.2%

American Capital Agency Corp.

477,280

9,956

American Homes 4 Rent (h)

97,613

1,629

Annaly Capital Management, Inc.

868,094

9,063

Coresite Realty Corp.

44,420

2,097

Cousins Properties, Inc.

330,100

3,185

Duke Realty LP

254,500

4,978

First Potomac Realty Trust

496,577

5,015

Home Properties, Inc.

27,730

2,061

Piedmont Office Realty Trust, Inc. Class A

190,335

3,272

Retail Properties America, Inc.

258,997

3,885

Sabra Health Care REIT, Inc.

69,800

1,850

Two Harbors Investment Corp.

339,041

3,624

Ventas, Inc.

32,794

2,181

 

52,796

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

180,890

3,242

TOTAL FINANCIALS

652,652

HEALTH CARE - 9.5%

Biotechnology - 0.3%

Amgen, Inc. (j)

49,349

7,711

Health Care Equipment & Supplies - 1.6%

Baxter International, Inc.

140,400

9,352

DENTSPLY International, Inc.

81,300

4,230

Medtronic PLC

243,782

18,605

Meridian Bioscience, Inc.

21,716

395

St. Jude Medical, Inc.

66,462

4,902

 

37,484

Health Care Providers & Services - 0.0%

Anthem, Inc. 

44

7

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 7.6%

AbbVie, Inc.

98,700

$ 6,572

GlaxoSmithKline PLC

797,700

17,724

Johnson & Johnson (j)

1,025,718

102,715

Merck & Co., Inc.

154,768

9,424

Pfizer, Inc. (j)

1,022,513

35,532

Sanofi SA

73,234

7,212

Teva Pharmaceutical Industries Ltd. sponsored ADR

77,400

4,652

 

183,831

TOTAL HEALTH CARE

229,033

INDUSTRIALS - 11.7%

Aerospace & Defense - 1.8%

The Boeing Co.

115,500

16,230

United Technologies Corp.

239,407

28,051

 

44,281

Air Freight & Logistics - 2.7%

C.H. Robinson Worldwide, Inc.

82,579

5,098

PostNL NV (a)

1,871,900

8,532

United Parcel Service, Inc. Class B

508,790

50,482

 

64,112

Airlines - 0.2%

Copa Holdings SA Class A

48,500

4,137

Commercial Services & Supplies - 0.4%

KAR Auction Services, Inc.

215,104

8,015

Republic Services, Inc.

60,089

2,421

 

10,436

Electrical Equipment - 1.2%

Eaton Corp. PLC

199,300

14,268

Emerson Electric Co.

236,370

14,255

 

28,523

Industrial Conglomerates - 3.8%

General Electric Co.

3,336,233

90,979

Machinery - 1.0%

Cummins, Inc.

31,200

4,229

Deere & Co.

114,000

10,680

Stanley Black & Decker, Inc.

84,826

8,690

 

23,599

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - 0.2%

Acacia Research Corp. (f)

254,660

$ 2,600

Bureau Veritas SA

106,473

2,440

 

5,040

Trading Companies & Distributors - 0.4%

Watsco, Inc.

79,200

9,973

TOTAL INDUSTRIALS

281,080

INFORMATION TECHNOLOGY - 12.3%

Communications Equipment - 3.1%

Cisco Systems, Inc.

1,644,453

48,199

QUALCOMM, Inc.

374,489

26,094

 

74,293

Electronic Equipment & Components - 0.5%

Hitachi Ltd.

536,000

3,649

TE Connectivity Ltd.

131,430

9,069

 

12,718

Internet Software & Services - 0.7%

Google, Inc. Class A (a)

11,200

6,108

Yahoo!, Inc. (a)

261,700

11,236

 

17,344

IT Services - 2.8%

IBM Corp.

251,823

42,722

Paychex, Inc. (j)

492,578

24,338

 

67,060

Semiconductors & Semiconductor Equipment - 1.6%

Applied Materials, Inc.

658,777

13,261

Broadcom Corp. Class A

288,329

16,392

GT Advanced Technologies, Inc. rights 5/15/15 (a)

803,340

0

Maxim Integrated Products, Inc.

223,200

7,828

Xilinx, Inc.

31,500

1,494

 

38,975

Software - 1.3%

Microsoft Corp. (j)

674,038

31,585

Technology Hardware, Storage & Peripherals - 2.3%

EMC Corp.

1,254,300

33,038

First Data Holdings, Inc. Class B (l)

2,464,780

12,102

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - continued

Hewlett-Packard Co.

173,100

$ 5,782

Seagate Technology LLC

51,300

2,854

 

53,776

TOTAL INFORMATION TECHNOLOGY

295,751

MATERIALS - 1.3%

Chemicals - 0.8%

LyondellBasell Industries NV Class A

67,300

6,804

Potash Corp. of Saskatchewan, Inc.

291,100

9,162

Tronox Ltd. Class A

177,965

3,000

 

18,966

Metals & Mining - 0.5%

Freeport-McMoRan, Inc.

344,314

6,766

Nucor Corp.

103,100

4,877

SunCoke Energy Partners LP

16,582

357

 

12,000

TOTAL MATERIALS

30,966

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.3%

AT&T, Inc.

879,127

30,365

TDC A/S

845,000

6,319

Verizon Communications, Inc.

833,990

41,232

 

77,916

Wireless Telecommunication Services - 0.9%

KDDI Corp.

76,000

1,711

Vodafone Group PLC

5,309,582

20,755

 

22,466

TOTAL TELECOMMUNICATION SERVICES

100,382

UTILITIES - 2.6%

Electric Utilities - 2.6%

American Electric Power Co., Inc.

199,215

11,214

Exelon Corp.

627,300

21,222

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

PPL Corp. (j)

274,200

$ 9,517

Southern Co.

444,125

19,404

 

61,357

TOTAL COMMON STOCKS

(Cost $1,915,905)

2,249,692

Preferred Stocks - 0.9%

 

 

 

 

Convertible Preferred Stocks - 0.8%

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

Southwestern Energy Co. Series B 6.25% (a)

25,100

1,387

HEALTH CARE - 0.4%

Health Care Equipment & Supplies - 0.0%

Alere, Inc. 3.00%

2,517

866

Health Care Providers & Services - 0.4%

Anthem, Inc. 5.25% (a)

172,000

9,188

TOTAL HEALTH CARE

10,054

TELECOMMUNICATION SERVICES - 0.1%

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. Series A 5.50% (a)

20,700

1,424

UTILITIES - 0.3%

Electric Utilities - 0.2%

Exelon Corp. 6.50%

28,300

1,367

NextEra Energy, Inc. Series E, 5.599%

61,200

4,100

 

5,467

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy, Inc. 5.375% (a)

10,000

1,120

TOTAL UTILITIES

6,587

TOTAL CONVERTIBLE PREFERRED STOCKS

19,452

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%

Consumer Finance - 0.1%

Ally Financial, Inc.:

7.00% (h)

2,265

$ 2,288

Series A, 8.50%

16,414

433

 

2,721

TOTAL PREFERRED STOCKS

(Cost $19,330)

22,173

Corporate Bonds - 0.9%

 

Principal
Amount
(000s) (e)

 

Convertible Bonds - 0.7%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen International Finance NV 5.5% 11/9/15 (h)

EUR

2,400

3,441

Media - 0.0%

Liberty Media Corp. 3.5% 1/15/31

1,240

657

TOTAL CONSUMER DISCRETIONARY

4,098

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Amyris, Inc. 3% 2/27/17

516

452

Clean Energy Fuels Corp. 5.25% 10/1/18 (h)

400

317

Scorpio Tankers, Inc. 2.375% 7/1/19 (h)

3,220

3,383

 

4,152

FINANCIALS - 0.1%

Thrifts & Mortgage Finance - 0.1%

MGIC Investment Corp. 9% 4/1/63 (h)

950

1,229

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.1%

InterDigital, Inc. 1.5% 3/1/20 (h)

3,150

3,319

Semiconductors & Semiconductor Equipment - 0.1%

GT Advanced Technologies, Inc.:

3% 10/1/17 (d)

1,510

430

Corporate Bonds - continued

 

Principal
Amount
(000s) (e)

Value (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

GT Advanced Technologies, Inc.: - continued

3% 12/15/20 (d)

$ 2,160

$ 616

Intel Corp. 3.25% 8/1/39

890

1,512

 

2,558

TOTAL INFORMATION TECHNOLOGY

5,877

TOTAL CONVERTIBLE BONDS

15,356

Nonconvertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Altice SA 7.625% 2/15/25 (h)

1,505

1,486

CONSUMER STAPLES - 0.1%

Food Products - 0.1%

H.J. Heinz Co. 4.875% 2/15/25 (h)

1,610

1,735

Post Holdings, Inc. 7.375% 2/15/22

730

747

 

2,482

Tobacco - 0.0%

Vector Group Ltd. 7.75% 2/15/21

1,235

1,328

TOTAL CONSUMER STAPLES

3,810

MATERIALS - 0.0%

Metals & Mining - 0.0%

Walter Energy, Inc. 8.5% 4/15/21

2,030

102

TOTAL NONCONVERTIBLE BONDS

5,398

TOTAL CORPORATE BONDS

(Cost $24,994)

20,754

Bank Loan Obligations - 0.1%

 

Principal
Amount
(000s) (e)

Value (000s)

INDUSTRIALS - 0.1%

Machinery - 0.1%

Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (k)

(Cost $1,203)

$ 1,216

$ 1,213

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (h)(i)

(Cost $1,520)

EUR

990

1,172

Money Market Funds - 7.6%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

132,691,144

132,691

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

50,295,545

50,296

TOTAL MONEY MARKET FUNDS

(Cost $182,987)

182,987

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $2,145,939)

2,477,991

NET OTHER ASSETS (LIABILITIES) - (3.2)%

(76,464)

NET ASSETS - 100%

$ 2,401,527

Written Options

Expiration Date/Exercise Price

Number of Contracts

Premium (000s)

Value (000s)

Call Options

Amgen, Inc.

10/16/15 -
$185.00

242

$ 77

$ (32)

Chevron Corp.

6/19/15 -
$120.00

1,531

194

(2)

Johnson & Johnson

7/17/15 -
$105.00

4,802

590

(178)

Microsoft Corp.

7/17/15 -
$50.00

2,170

205

(61)

Paychex, Inc.

9/18/15 -
$52.50

2,376

105

(101)

Pfizer, Inc.

8/21/15 -
$35.00

4,885

313

(452)

PPL Corp.

7/17/15 -
$35.00

1,163

48

(64)

Reynolds American, Inc.

8/21/15 -
$80.00

611

53

(88)

TOTAL WRITTEN OPTIONS

$ 1,585

$ (978)

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Security is in default.

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

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

(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(h) 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 $19,999,000 or 0.8% of net assets.

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

(j) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $115,248,000.

(k) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(l) 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 $22,074,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

First Data Holdings, Inc. Class B

6/26/14

$ 9,859

New Academy Holding Co. LLC unit

8/1/11

$ 5,565

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

$ 69

Fidelity Securities Lending Cash Central Fund

77

Total

$ 146

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 163,997

$ 154,025

$ -

$ 9,972

Consumer Staples

193,680

191,243

2,437

-

Energy

242,181

232,420

9,761

-

Financials

655,373

650,794

4,579

-

Health Care

239,087

204,963

34,124

-

Industrials

281,080

281,080

-

-

Information Technology

295,751

280,000

3,649

12,102

Materials

30,966

30,966

-

-

Telecommunication Services

101,806

79,340

22,466

-

Utilities

67,944

63,844

4,100

-

Corporate Bonds

20,754

-

20,754

-

Bank Loan Obligations

1,213

-

1,213

-

Preferred Securities

1,172

-

1,172

-

Money Market Funds

182,987

182,987

-

-

Total Investments in Securities:

$ 2,477,991

$ 2,351,662

$ 104,255

$ 22,074

Derivative Instruments:

Liabilities

Written Options

$ (978)

$ (978)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Written Options (a)

$ -

$ (978)

Total Value of Derivatives

$ -

$ (978)

(a) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

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

United States of America

89.6%

United Kingdom

2.7%

Switzerland

1.6%

Ireland

1.5%

Canada

1.4%

Others (Individually Less Than 1%)

3.2%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $48,140) - See accompanying schedule:

Unaffiliated issuers (cost $1,962,952)

$ 2,295,004

 

Fidelity Central Funds (cost $182,987)

182,987

 

Total Investments (cost $2,145,939)

 

$ 2,477,991

Cash

 

389

Receivable for investments sold

17,663

Receivable for fund shares sold

905

Dividends receivable

6,678

Interest receivable

436

Distributions receivable from Fidelity Central Funds

26

Prepaid expenses

1

Other receivables

121

Total assets

2,504,210

 

 

 

Liabilities

Payable for investments purchased

$ 44,789

Payable for fund shares redeemed

4,380

Accrued management fee

904

Distribution and service plan fees payable

737

Written options, at value (premium received $1,585)

978

Other affiliated payables

460

Other payables and accrued expenses

139

Collateral on securities loaned, at value

50,296

Total liabilities

102,683

 

 

 

Net Assets

$ 2,401,527

Net Assets consist of:

 

Paid in capital

$ 1,951,337

Undistributed net investment income

24,992

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

92,570

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

332,628

Net Assets

$ 2,401,527

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($769,907 ÷ 23,029.09 shares)

$ 33.43

 

 

 

Maximum offering price per share (100/94.25 of $33.43)

$ 35.47

Class T:
Net Asset Value and redemption price per share ($925,161 ÷ 27,212.43 shares)

$ 34.00

 

 

 

Maximum offering price per share (100/96.50 of $34.00)

$ 35.23

Class B:
Net Asset Value and offering price per share ($14,530 ÷ 431.59 shares)A

$ 33.67

 

 

 

Class C:
Net Asset Value and offering price per share ($207,058 ÷ 6,166.95 shares)A

$ 33.58

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($470,455 ÷ 13,593.26 shares)

$ 34.61

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($14,416 ÷ 416.59 shares)

$ 34.60

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 48,338

Interest

 

1,369

Income from Fidelity Central Funds

 

146

Total income

 

49,853

 

 

 

Expenses

Management fee

$ 5,424

Transfer agent fees

2,429

Distribution and service plan fees

4,425

Accounting and security lending fees

364

Custodian fees and expenses

33

Independent trustees' compensation

5

Registration fees

57

Audit

37

Legal

4

Miscellaneous

21

Total expenses before reductions

12,799

Expense reductions

(73)

12,726

Net investment income (loss)

37,127

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

93,899

Foreign currency transactions

(11)

Written options

2,344

Total net realized gain (loss)

 

96,232

Change in net unrealized appreciation (depreciation) on:

Investment securities

(87,209)

Assets and liabilities in foreign currencies

1

Written options

1,229

Total change in net unrealized appreciation (depreciation)

 

(85,979)

Net gain (loss)

10,253

Net increase (decrease) in net assets resulting from operations

$ 47,380

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 37,127

$ 60,679

Net realized gain (loss)

96,232

202,288

Change in net unrealized appreciation (depreciation)

(85,979)

813

Net increase (decrease) in net assets resulting
from operations

47,380

263,780

Distributions to shareholders from net investment income

(34,661)

(45,196)

Distributions to shareholders from net realized gain

(81,483)

(2,749)

Total distributions

(116,144)

(47,945)

Share transactions - net increase (decrease)

(31,017)

(180,981)

Total increase (decrease) in net assets

(99,781)

34,854

 

 

 

Net Assets

Beginning of period

2,501,308

2,466,454

End of period (including undistributed net investment income of $24,992 and undistributed net investment income of $22,526, respectively)

$ 2,401,527

$ 2,501,308

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

$ 20.26

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .52

  .84H

  .60

  .61

  .42

  .25

Net realized and unrealized gain (loss)

  .11

  2.67

  6.06

  3.32

  1.11

  .81

Total from investment operations

  .63

  3.51

  6.66

  3.93

  1.53

  1.06

Distributions from net investment income

  (.51)

  (.64)

  (.58)

  (.56)

  (.42)

  (.25)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.64)K

  (.67)J

  (.61)

  (.56)

  (.42)

  (.25)

Net asset value, end of period

$ 33.43

$ 34.44

$ 31.60

$ 25.55

$ 22.18

$ 21.07

Total ReturnB, C, D

  2.09%

  11.28%

  26.43%

  17.90%

  7.25%

  5.26%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of fee waivers, if any

  .95%A

  .96%

  .98%

  1.02%

  1.03%

  1.04%

Expenses net of all reductions

  .94%A

  .95%

  .97%

  1.01%

  1.02%

  1.04%

Net investment income (loss)

  3.18%A

  2.55%H

  2.07%

  2.52%

  1.82%

  1.21%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 770

$ 794

$ 777

$ 646

$ 634

$ 719

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.21%.

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.

J Total distributions of $.67 per share is comprised of distributions from net investment income of $.636 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.64 per share is comprised of distributions from net investment income of $.505 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

$ 20.54

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .49

  .78H

  .55

  .57

  .38

  .22

Net realized and unrealized gain (loss)

  .12

  2.72

  6.15

  3.37

  1.13

  .82

Total from investment operations

  .61

  3.50

  6.70

  3.94

  1.51

  1.04

Distributions from net investment income

  (.46)

  (.56)

  (.52)

  (.50)

  (.38)

  (.21)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.60)

  (.60)

  (.55)

  (.50)

  (.38)

  (.21)

Net asset value, end of period

$ 34.00

$ 34.99

$ 32.09

$ 25.94

$ 22.50

$ 21.37

Total ReturnB, C, D

  1.98%

  11.04%

  26.14%

  17.70%

  7.02%

  5.09%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of fee waivers, if any

  1.18%A

  1.18%

  1.19%

  1.21%

  1.22%

  1.23%

Expenses net of all reductions

  1.17%A

  1.18%

  1.18%

  1.21%

  1.21%

  1.22%

Net investment income (loss)

  2.95%A

  2.33%H

  1.86%

  2.32%

  1.63%

  1.03%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 925

$ 974

$ 984

$ 854

$ 862

$ 1,108

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.98%.

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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

$ 20.33

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .39

  .57H

  .36

  .42

  .24

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.10

  3.34

  1.12

  .82

Total from investment operations

  .51

  3.26

  6.46

  3.76

  1.36

  .91

Distributions from net investment income

  (.35)

  (.37)

  (.33)

  (.36)

  (.23)

  (.08)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.49)

  (.40)J

  (.36)

  (.36)

  (.23)

  (.08)

Net asset value, end of period

$ 33.67

$ 34.65

$ 31.79

$ 25.69

$ 22.29

$ 21.16

Total ReturnB, C, D

  1.68%

  10.37%

  25.39%

  16.97%

  6.43%

  4.49%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of fee waivers, if any

  1.79%A

  1.79%

  1.80%

  1.80%

  1.81%

  1.82%

Expenses net of all reductions

  1.79%A

  1.79%

  1.79%

  1.80%

  1.80%

  1.81%

Net investment income (loss)

  2.33%A

  1.71%H

  1.26%

  1.73%

  1.04%

  .44%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 15

$ 19

$ 27

$ 31

$ 42

$ 63

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.37%.

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.

J Total distributions of $.40 per share is comprised of distributions from net investment income of $.366 and distributions from net realized gain of $.038 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

$ 20.34

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .40

  .59H

  .38

  .43

  .25

  .09

Net realized and unrealized gain (loss)

  .12

  2.69

  6.09

  3.33

  1.11

  .82

Total from investment operations

  .52

  3.28

  6.47

  3.76

  1.36

  .91

Distributions from net investment income

  (.38)

  (.40)

  (.37)

  (.37)

  (.25)

  (.09)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.51)J

  (.44)

  (.40)

  (.37)

  (.25)

  (.09)

Net asset value, end of period

$ 33.58

$ 34.57

$ 31.73

$ 25.66

$ 22.27

$ 21.16

Total ReturnB, C, D

  1.73%

  10.44%

  25.46%

  17.03%

  6.40%

  4.50%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of fee waivers, if any

  1.72%A

  1.72%

  1.74%

  1.77%

  1.78%

  1.80%

Expenses net of all reductions

  1.71%A

  1.71%

  1.73%

  1.77%

  1.77%

  1.79%

Net investment income (loss)

  2.41%A

  1.79%H

  1.32%

  1.76%

  1.06%

  .46%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 207

$ 214

$ 195

$ 143

$ 134

$ 149

Portfolio turnover rate G

  63%A

  33%

  34%

  49%

  89%

  29%

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.

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 $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.45%.

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.

J Total distributions of $1.51 per share is comprised of distributions from net investment income of $.375 and distributions from net realized gain of $1.136 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

$ 20.85

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .59

  .95G

  .70

  .70

  .50

  .32

Net realized and unrealized gain (loss)

  .11

  2.77

  6.24

  3.43

  1.14

  .83

Total from investment operations

  .70

  3.72

  6.94

  4.13

  1.64

  1.15

Distributions from net investment income

  (.55)

  (.72)

  (.65)

  (.63)

  (.48)

  (.30)

Distributions from net realized gain

  (1.14)

  (.04)

  (.03)

  -

  -

  -

Total distributions

  (1.68)J

  (.75)I

  (.68)

  (.63)

  (.48)

  (.30)

Net asset value, end of period

$ 34.61

$ 35.59

$ 32.62

$ 26.36

$ 22.86

$ 21.70

Total ReturnB, C

  2.23%

  11.59%

  26.72%

  18.27%

  7.55%

  5.56%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of fee waivers, if any

  .70%A

  .70%

  .72%

  .73%

  .74%

  .77%

Expenses net of all reductions

  .69%A

  .70%

  .71%

  .73%

  .73%

  .76%

Net investment income (loss)

  3.43%A

  2.81%G

  2.34%

  2.80%

  2.10%

  1.49%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 470

$ 496

$ 483

$ 445

$ 360

$ 464

Portfolio turnover rate F

  63%A

  33%

  34%

  49%

  89%

  29%

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%.

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.

I Total distributions of $.75 per share is comprised of distributions from net investment income of $.716 and distributions from net realized gain of $.038 per share.

J Total distributions of $1.68 per share is comprised of distributions from net investment income of $.547 and distributions from net realized gain of $1.136 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 35.59

$ 32.63

$ 31.44

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .61

  1.03G

  .23

Net realized and unrealized gain (loss)

  .11

  2.74

  1.12

Total from investment operations

  .72

  3.77

  1.35

Distributions from net investment income

  (.58)

  (.78)

  (.16)

Distributions from net realized gain

  (1.14)

  (.04)

  -

Total distributions

  (1.71)K

  (.81)J

  (.16)

Net asset value, end of period

$ 34.60

$ 35.59

$ 32.63

Total ReturnB, C

  2.29%

  11.75%

  4.30%

Ratios to Average Net Assets E, I

 

 

 

Expenses before reductions

  .54%A

  .54%

  .54%A

Expenses net of fee waivers, if any

  .54%A

  .54%

  .54%A

Expenses net of all reductions

  .53%A

  .54%

  .54%A

Net investment income (loss)

  3.59%A

  2.97%G

  2.37%A

Supplemental Data

 

 

 

Net assets, end of period (000s omitted)

$ 14,416

$ 4,060

$ 104

Portfolio turnover rate F

  63%A

  33%

  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.

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 $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.62%.

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 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.

J Total distributions of $.81 per share is comprised of distributions from net investment income of $.775 and distributions from net realized gain of $.038 per share.

K Total distributions of $1.71 per share is comprised of distributions from net investment income of $.576 and distributions from net realized gain of $1.136 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Equity 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, 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, bank loan obligations 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

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.

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, partnerships, market discount, deferred trustees compensation, capital loss carryforwards, contingent interest, certain conversion ratio adjustments, equity-debt classifications 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

$ 408,298

Gross unrealized depreciation

(87,616)

Net unrealized appreciation (depreciation) on securities

$ 320,682

 

 

Tax cost

$ 2,157,309

Semiannual Report

3. Significant Accounting Policies - continued

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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 options. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 options 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 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.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund (the Fund) used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss)

Semiannual Report

4. Derivative Instruments - continued

Options - continued

on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are reflected separately on the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

During the period, the Fund recognized net realized gain (loss) of $2,344 and a change in net unrealized appreciation (depreciation) of $1,229 related to its investment in written options. This amount is included in the Statement of Operations.

The following is a summary of the Fund's written options activity:

Written Options

Number of Contracts

Amount of Premiums

Outstanding at beginning of period

10

$ 912

Options Opened

58

5,257

Options Exercised

(20)

(1,880)

Options Closed

(22)

(2,132)

Options Expired

(8)

(572)

Outstanding at end of period

18

$ 1,585

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $726,792 and $753,711, respectively.

6. 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 .20% 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. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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%

$ 964

$ 17

Class T

.25%

.25%

2,342

29

Class B

.75%

.25%

83

62

Class C

.75%

.25%

1,036

96

 

 

 

$ 4,425

$ 204

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.

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

 

Retained
by FDC

Class A

$ 68

Class T

18

Class B*

3

Class C*

7

 

$ 96

* 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.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 805

.21

Class T

877

.19

Class B

25

.30

Class C

233

.22

Institutional Class

487

.20

Class Z

2

.05

 

$ 2,429

 

* 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 $8 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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. 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 $77, including thirty-six dollars from securities loaned to FCM.

9. 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 $73 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional Class expenses during the period in the amount of five dollars.   

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 11,651

$ 15,398

Class T

12,798

16,652

Class B

186

284

Class C

2,328

2,480

Institutional Class

7,599

10,355

Class Z

99

27

Total

$ 34,661

$ 45,196

From net realized gain

 

 

Class A

$ 26,221

$ 885

Class T

31,523

1,072

Class B

619

22

Class C

7,102

235

Institutional Class

15,863

531

Class Z

155

4

Total

$ 81,483

$ 2,749

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

1,170

2,874

$ 38,604

$ 94,044

Reinvestment of distributions

1,115

468

35,720

15,075

Shares redeemed

(2,322)

(4,883)

(76,648)

(160,473)

Net increase (decrease)

(37)

(1,541)

$ (2,324)

$ (51,354)

Class T

 

 

 

 

Shares sold

1,325

2,961

$ 44,344

$ 98,369

Reinvestment of distributions

1,325

523

43,174

17,076

Shares redeemed

(3,263)

(6,341)

(109,385)

(211,072)

Net increase (decrease)

(613)

(2,857)

$ (21,867)

$ (95,627)

Class B

 

 

 

 

Shares sold

7

28

$ 225

$ 933

Reinvestment of distributions

23

9

739

278

Shares redeemed

(155)

(335)

(5,124)

(11,003)

Net increase (decrease)

(125)

(298)

$ (4,160)

$ (9,792)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class C

 

 

 

 

Shares sold

394

952

$ 13,010

$ 31,255

Reinvestment of distributions

264

74

8,516

2,385

Shares redeemed

(691)

(962)

(22,631)

(31,695)

Net increase (decrease)

(33)

64

$ (1,105)

$ 1,945

Institutional Class

 

 

 

 

Shares sold

1,091

2,911

$ 36,875

$ 97,428

Reinvestment of distributions

685

313

22,701

10,419

Shares redeemed

(2,108)

(4,089)

(71,424)

(137,936)

Net increase (decrease)

(332)

(865)

$ (11,848)

$ (30,089)

Class Z

 

 

 

 

Shares sold

314

113

$ 10,694

$ 4,010

Reinvestment of distributions

8

1

254

31

Shares redeemed

(19)

(3)

(661)

(105)

Net increase (decrease)

303

111

$ 10,287

$ 3,936

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

EPIZ-USAN-0715
1.9585509.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Equity Value

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,034.00

$ 6.34

HypotheticalA

 

$ 1,000.00

$ 1,018.70

$ 6.29

Class T

1.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,033.00

$ 7.60

HypotheticalA

 

$ 1,000.00

$ 1,017.45

$ 7.54

Class B

2.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,029.80

$ 10.12

HypotheticalA

 

$ 1,000.00

$ 1,014.96

$ 10.05

Class C

2.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,030.20

$ 10.12

HypotheticalA

 

$ 1,000.00

$ 1,014.96

$ 10.05

Institutional Class

.99%

 

 

 

Actual

 

$ 1,000.00

$ 1,035.80

$ 5.02

HypotheticalA

 

$ 1,000.00

$ 1,020.00

$ 4.99

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.1

3.1

Wells Fargo & Co.

3.4

3.0

Johnson & Johnson

3.1

3.1

Berkshire Hathaway, Inc. Class B

2.9

3.1

General Electric Co.

2.5

0.0

Chevron Corp.

2.3

3.3

Medtronic PLC

2.2

3.7

Teva Pharmaceutical Industries Ltd. sponsored ADR

2.0

2.1

Microsoft Corp.

2.0

0.7

U.S. Bancorp

1.9

1.7

 

26.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.9

27.3

Information Technology

15.6

13.5

Health Care

14.2

17.2

Consumer Discretionary

11.8

12.8

Industrials

7.7

6.8

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

aev306

Stocks 94.8%

 

aev308

Stocks 97.7%

 

aev310

Short-Term
Investments and
Net Other Assets (Liabilities) 5.2%

 

aev312

Short-Term
Investments and
Net Other Assets (Liabilities) 2.3%

 

* Foreign investments

18.0%

 

** Foreign investments

18.9%

 

aev314

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%

Shares

Value

CONSUMER DISCRETIONARY - 11.8%

Auto Components - 0.5%

Hyundai Mobis

4,160

$ 834,539

Automobiles - 0.6%

Harley-Davidson, Inc.

18,700

1,000,263

Diversified Consumer Services - 1.0%

ServiceMaster Global Holdings, Inc.

39,100

1,313,369

Steiner Leisure Ltd. (a)

6,232

305,742

 

1,619,111

Leisure Products - 0.9%

Mattel, Inc.

54,100

1,396,321

Media - 4.5%

Corus Entertainment, Inc. Class B (non-vtg.)

48,700

690,791

John Wiley & Sons, Inc. Class A

12,115

702,912

Starz Series A (a)

41,600

1,745,536

Time Warner Cable, Inc.

8,200

1,483,298

Viacom, Inc. Class B (non-vtg.)

34,800

2,327,424

 

6,949,961

Multiline Retail - 1.0%

Macy's, Inc.

22,147

1,482,742

Specialty Retail - 2.4%

AutoZone, Inc. (a)

2,015

1,357,344

Bed Bath & Beyond, Inc. (a)

17,600

1,255,232

GNC Holdings, Inc.

26,200

1,166,948

 

3,779,524

Textiles, Apparel & Luxury Goods - 0.9%

Coach, Inc.

21,465

759,217

Michael Kors Holdings Ltd. (a)

15,000

697,500

 

1,456,717

TOTAL CONSUMER DISCRETIONARY

18,519,178

CONSUMER STAPLES - 3.9%

Beverages - 0.6%

C&C Group PLC

227,944

879,983

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.9%

Tesco PLC

254,000

$ 828,187

Wal-Mart Stores, Inc.

29,700

2,205,819

 

3,034,006

Food Products - 0.9%

Seaboard Corp. (a)

100

343,000

The J.M. Smucker Co.

8,579

1,017,040

 

1,360,040

Tobacco - 0.5%

British American Tobacco PLC sponsored ADR

6,955

770,058

TOTAL CONSUMER STAPLES

6,044,087

ENERGY - 7.6%

Energy Equipment & Services - 1.0%

BW Offshore Ltd.

1,060,600

818,864

National Oilwell Varco, Inc.

14,600

718,174

 

1,537,038

Oil, Gas & Consumable Fuels - 6.6%

Chevron Corp.

34,497

3,553,191

Exxon Mobil Corp.

18,672

1,590,854

Marathon Petroleum Corp.

12,500

1,293,250

Phillips 66 Co.

15,400

1,218,448

Suncor Energy, Inc. (d)

70,500

2,060,691

Woodside Petroleum Ltd.

22,580

632,363

 

10,348,797

TOTAL ENERGY

11,885,835

FINANCIALS - 28.9%

Banks - 10.9%

JPMorgan Chase & Co.

96,852

6,370,926

Regions Financial Corp.

110,500

1,114,945

SunTrust Banks, Inc.

29,500

1,259,060

U.S. Bancorp

69,966

3,016,234

Wells Fargo & Co.

93,032

5,206,071

 

16,967,236

Capital Markets - 2.8%

Fortress Investment Group LLC

207,300

1,623,159

GP Investments Ltd. Class A (depositary receipt) (a)

246,400

494,919

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

MLP AG

45,888

$ 209,558

The Blackstone Group LP

45,400

1,988,520

 

4,316,156

Consumer Finance - 3.0%

American Express Co.

10,100

805,172

Capital One Financial Corp.

28,818

2,408,032

Discover Financial Services

26,100

1,520,847

 

4,734,051

Diversified Financial Services - 2.9%

Berkshire Hathaway, Inc. Class B (a)

31,869

4,557,267

Insurance - 5.4%

ACE Ltd.

14,500

1,543,960

Allied World Assurance Co.

23,500

998,515

Allstate Corp.

22,500

1,514,700

FNF Group

31,180

1,183,593

FNFV Group (a)

41,292

634,245

Prudential PLC

34,419

857,706

The Travelers Companies, Inc.

17,687

1,788,509

 

8,521,228

Real Estate Investment Trusts - 3.9%

American Capital Agency Corp.

97,201

2,027,613

Annaly Capital Management, Inc.

200,405

2,092,228

MFA Financial, Inc.

258,136

2,049,600

 

6,169,441

TOTAL FINANCIALS

45,265,379

HEALTH CARE - 14.2%

Biotechnology - 1.0%

Amgen, Inc.

9,800

1,531,348

Health Care Equipment & Supplies - 2.2%

Medtronic PLC

46,429

3,543,461

Health Care Providers & Services - 2.9%

Cigna Corp.

18,362

2,585,920

Express Scripts Holding Co. (a)

22,199

1,934,421

 

4,520,341

Pharmaceuticals - 8.1%

GlaxoSmithKline PLC sponsored ADR

26,724

1,185,744

Johnson & Johnson

48,592

4,866,003

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Mylan N.V.

24,005

$ 1,743,483

Sanofi SA sponsored ADR

36,000

1,778,760

Teva Pharmaceutical Industries Ltd. sponsored ADR

51,232

3,079,043

 

12,653,033

TOTAL HEALTH CARE

22,248,183

INDUSTRIALS - 7.7%

Aerospace & Defense - 1.4%

United Technologies Corp.

19,100

2,237,947

Electrical Equipment - 1.0%

Babcock & Wilcox Co.

44,800

1,491,392

Industrial Conglomerates - 2.5%

General Electric Co.

142,700

3,891,429

Machinery - 2.6%

Deere & Co.

29,510

2,764,497

Global Brass & Copper Holdings, Inc.

22,951

395,446

Valmont Industries, Inc. (d)

7,700

958,265

 

4,118,208

Professional Services - 0.2%

VSE Corp.

4,500

280,935

TOTAL INDUSTRIALS

12,019,911

INFORMATION TECHNOLOGY - 15.6%

Communications Equipment - 3.2%

Cisco Systems, Inc.

92,482

2,710,647

Harris Corp.

28,700

2,273,614

 

4,984,261

Electronic Equipment & Components - 1.1%

Keysight Technologies, Inc. (a)

20,700

680,202

TE Connectivity Ltd.

15,298

1,055,562

 

1,735,764

Internet Software & Services - 1.6%

Google, Inc. Class A (a)

4,700

2,563,004

IT Services - 2.6%

Fiserv, Inc. (a)

11,500

921,725

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

IBM Corp.

11,440

$ 1,940,796

The Western Union Co.

53,200

1,167,740

 

4,030,261

Software - 3.7%

Microsoft Corp.

65,500

3,069,330

Oracle Corp.

62,987

2,739,305

 

5,808,635

Technology Hardware, Storage & Peripherals - 3.4%

EMC Corp.

68,800

1,812,192

Hewlett-Packard Co.

43,539

1,454,203

Samsung Electronics Co. Ltd.

1,744

2,045,964

 

5,312,359

TOTAL INFORMATION TECHNOLOGY

24,434,284

MATERIALS - 2.8%

Chemicals - 2.3%

Agrium, Inc.

14,600

1,516,705

CF Industries Holdings, Inc.

6,555

2,070,593

 

3,587,298

Paper & Forest Products - 0.5%

Schweitzer-Mauduit International, Inc.

17,600

710,336

TOTAL MATERIALS

4,297,634

UTILITIES - 2.3%

Electric Utilities - 1.9%

American Electric Power Co., Inc.

20,900

1,176,461

Edison International

10,893

662,403

Xcel Energy, Inc.

30,100

1,024,905

 

2,863,769

Multi-Utilities - 0.4%

CMS Energy Corp.

18,900

645,246

TOTAL UTILITIES

3,509,015

TOTAL COMMON STOCKS

(Cost $135,601,497)


148,223,506

Money Market Funds - 8.0%

Shares

Value

Fidelity Cash Central Fund, 0.15% (b)

9,613,449

$ 9,613,449

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

3,010,500

3,010,500

TOTAL MONEY MARKET FUNDS

(Cost $12,623,949)


12,623,949

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $148,225,446)

160,847,455

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(4,451,943)

NET ASSETS - 100%

$ 156,395,512

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.

(c) Investment made with cash collateral received from securities on loan.

(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

$ 5,417

Fidelity Securities Lending Cash Central Fund

6,075

Total

$ 11,492

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 18,519,178

$ 18,519,178

$ -

$ -

Consumer Staples

6,044,087

5,215,900

828,187

-

Energy

11,885,835

11,885,835

-

-

Financials

45,265,379

44,407,673

857,706

-

Health Care

22,248,183

22,248,183

-

-

Industrials

12,019,911

12,019,911

-

-

Information Technology

24,434,284

24,434,284

-

-

Materials

4,297,634

4,297,634

-

-

Utilities

3,509,015

3,509,015

-

-

Money Market Funds

12,623,949

12,623,949

-

-

Total Investments in Securities:

$ 160,847,455

$ 159,161,562

$ 1,685,893

$ -

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

United States of America

82.0%

Ireland

2.8%

Canada

2.7%

United Kingdom

2.3%

Switzerland

2.3%

Israel

2.0%

Korea (South)

1.8%

France

1.1%

Netherlands

1.1%

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $2,872,269) - See accompanying schedule:

Unaffiliated issuers (cost $135,601,497)

$ 148,223,506

 

Fidelity Central Funds (cost $12,623,949)

12,623,949

 

Total Investments (cost $148,225,446)

 

$ 160,847,455

Foreign currency held at value (cost $1,636)

1,636

Receivable for investments sold

14,674

Receivable for fund shares sold

169,092

Dividends receivable

410,858

Distributions receivable from Fidelity Central Funds

3,216

Prepaid expenses

37

Other receivables

568

Total assets

161,447,536

 

 

 

Liabilities

Payable for investments purchased

$ 1,639,317

Payable for fund shares redeemed

194,581

Accrued management fee

87,495

Distribution and service plan fees payable

56,068

Other affiliated payables

31,459

Other payables and accrued expenses

32,604

Collateral on securities loaned, at value

3,010,500

Total liabilities

5,052,024

 

 

 

Net Assets

$ 156,395,512

Net Assets consist of:

 

Paid in capital

$ 141,403,846

Undistributed net investment income

1,862,165

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

507,700

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

12,621,801

Net Assets

$ 156,395,512

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

Semiannual Report

Statement of Assets and Liabilities - continued

 

May 31, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($68,410,915 ÷ 4,185,681 shares)

$ 16.34

 

 

 

Maximum offering price per share (100/94.25 of $16.34)

$ 17.34

Class T:
Net Asset Value and redemption price per share ($39,370,354 ÷ 2,411,507 shares)

$ 16.33

 

 

 

Maximum offering price per share (100/96.50 of $16.33)

$ 16.92

Class B:
Net Asset Value and offering price per share ($2,627,550 ÷ 161,956 shares)A

$ 16.22

 

 

 

Class C:
Net Asset Value and offering price per share ($27,938,253 ÷ 1,746,510 shares)A

$ 16.00

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,048,440 ÷ 1,087,402 shares)

$ 16.60

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

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 2,490,022

Special dividends

 

453,156

Income from Fidelity Central Funds

 

11,492

Total income

 

2,954,670

 

 

 

Expenses

Management fee
Basic fee

$ 354,595

Performance adjustment

47,922

Transfer agent fees

147,100

Distribution and service plan fees

292,350

Accounting and security lending fees

25,302

Custodian fees and expenses

6,499

Independent trustees' compensation

254

Registration fees

63,428

Audit

30,962

Legal

171

Miscellaneous

342

Total expenses before reductions

968,925

Expense reductions

(34,743)

934,182

Net investment income (loss)

2,020,488

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

4,200,192

Foreign currency transactions

3,143

Total net realized gain (loss)

 

4,203,335

Change in net unrealized appreciation (depreciation) on:

Investment securities

(2,150,797)

Assets and liabilities in foreign currencies

(223)

Total change in net unrealized appreciation (depreciation)

 

(2,151,020)

Net gain (loss)

2,052,315

Net increase (decrease) in net assets resulting from operations

$ 4,072,803

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended May 31, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,020,488

$ 904,007

Net realized gain (loss)

4,203,335

15,072,334

Change in net unrealized appreciation (depreciation)

(2,151,020)

(1,986,549)

Net increase (decrease) in net assets resulting from operations

4,072,803

13,989,792

Distributions to shareholders from net investment income

(1,112,123)

(521,742)

Share transactions - net increase (decrease)

44,875,998

9,971,359

Total increase (decrease) in net assets

47,836,678

23,439,409

 

 

 

Net Assets

Beginning of period

108,558,834

85,119,425

End of period (including undistributed net investment income of $1,862,165 and undistributed net investment income of $953,800, respectively)

$ 156,395,512

$ 108,558,834

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 16.00

$ 13.93

$ 10.60

$ 9.09

$ 8.85

$ 8.07

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .27H

  .17

  .13

  .12

  .06

  .07I

Net realized and unrealized gain (loss)

  .26

  2.01

  3.33

  1.44

  .27

  .77

Total from investment operations

  .53

  2.18

  3.46

  1.56

  .33

  .84

Distributions from net investment income

  (.19)

  (.11)

  (.13)

  (.05)

  (.09)

  (.06)

Net asset value, end of period

$ 16.34

$ 16.00

$ 13.93

$ 10.60

$ 9.09

$ 8.85

Total ReturnB, C, D

  3.40%

  15.79%

  33.09%

  17.27%

  3.72%

  10.42%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.23%

  1.22%

  1.30%

  1.27%

  1.28%

Expenses net of fee waivers, if any

  1.25%A

  1.23%

  1.22%

  1.25%

  1.25%

  1.25%

Expenses net of all reductions

  1.25%A

  1.23%

  1.20%

  1.25%

  1.25%

  1.25%

Net investment income (loss)

  3.33%A,H

  1.15%

  1.07%

  1.20%

  .59%

  .83%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 68,411

$ 50,957

$ 39,538

$ 29,282

$ 27,910

$ 34,244

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.63%.

I 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%.

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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.96

$ 13.90

$ 10.57

$ 9.06

$ 8.81

$ 8.04

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .25H

  .13

  .10

  .09

  .03

  .05I

Net realized and unrealized gain (loss)

  .27

  2.01

  3.34

  1.44

  .28

  .76

Total from investment operations

  .52

  2.14

  3.44

  1.53

  .31

  .81

Distributions from net investment income

  (.15)

  (.08)

  (.11)

  (.02)

  (.06)

  (.04)

Net asset value, end of period

$ 16.33

$ 15.96

$ 13.90

$ 10.57

$ 9.06

$ 8.81

Total ReturnB, C, D

  3.30%

  15.46%

  32.82%

  16.94%

  3.53%

  10.06%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.56%A

  1.49%

  1.48%

  1.55%

  1.53%

  1.54%

Expenses net of fee waivers, if any

  1.50%A

  1.49%

  1.48%

  1.50%

  1.50%

  1.50%

Expenses net of all reductions

  1.50%A

  1.49%

  1.46%

  1.50%

  1.50%

  1.49%

Net investment income (loss)

  3.08%A,H

  .88%

  .81%

  .95%

  .34%

  .58%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 39,370

$ 31,087

$ 27,241

$ 21,212

$ 21,319

$ 25,208

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.38%.

I 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 (.05)%.

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 B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.81

$ 13.76

$ 10.45

$ 8.98

$ 8.73

$ 7.96

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .21H

  .06

  .04

  .04

  (.01)

  .01I

Net realized and unrealized gain (loss)

  .26

  1.99

  3.31

  1.43

  .27

  .76

Total from investment operations

  .47

  2.05

  3.35

  1.47

  .26

  .77

Distributions from net investment income

  (.06)

  -

  (.04)

  -

  (.01)

  -

Net asset value, end of period

$ 16.22

$ 15.81

$ 13.76

$ 10.45

$ 8.98

$ 8.73

Total ReturnB, C, D

  2.98%

  14.90%

  32.13%

  16.37%

  2.96%

  9.67%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  2.12%A

  2.04%

  1.99%

  2.06%

  2.02%

  2.03%

Expenses net of fee waivers, if any

  2.00%A

  2.00%

  1.99%

  2.00%

  2.00%

  2.00%

Expenses net of all reductions

  2.00%A

  1.99%

  1.97%

  2.00%

  2.00%

  1.99%

Net investment income (loss)

  2.58%A,H

  .38%

  .30%

  .45%

  (.16)%

  .08%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,628

$ 2,738

$ 2,886

$ 2,981

$ 3,884

$ 5,478

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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.

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.88%.

I 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 (.55)%.

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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.63

$ 13.63

$ 10.37

$ 8.91

$ 8.67

$ 7.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .20H

  .06

  .04

  .04

  (.01)

  .01I

Net realized and unrealized gain (loss)

  .27

  1.97

  3.28

  1.42

  .27

  .75

Total from investment operations

  .47

  2.03

  3.32

  1.46

  .26

  .76

Distributions from net investment income

  (.10)

  (.03)

  (.06)

  -

  (.02)

  - K

Net asset value, end of period

$ 16.00

$ 15.63

$ 13.63

$ 10.37

$ 8.91

$ 8.67

Total ReturnB, C, D

  3.02%

  14.90%

  32.16%

  16.39%

  2.95%

  9.64%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  2.06%A

  2.00%

  1.97%

  2.05%

  2.02%

  2.03%

Expenses net of fee waivers, if any

  2.00%A

  2.00%

  1.97%

  2.00%

  2.00%

  2.00%

Expenses net of all reductions

  2.00%A

  1.99%

  1.96%

  2.00%

  2.00%

  1.99%

Net investment income (loss)

  2.58%A,H

  .38%

  .32%

  .45%

  (.16)%

  .08%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 27,938

$ 18,614

$ 12,329

$ 8,785

$ 8,922

$ 10,265

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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.

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.88%.

I 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 (.55)%.

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.

K 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 16.27

$ 14.16

$ 10.75

$ 9.22

$ 8.97

$ 8.18

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .29G

  .22

  .17

  .15

  .08

  .09H

Net realized and unrealized gain (loss)

  .28

  2.04

  3.39

  1.45

  .29

  .78

Total from investment operations

  .57

  2.26

  3.56

  1.60

  .37

  .87

Distributions from net investment income

  (.24)

  (.15)

  (.15)

  (.07)

  (.12)

  (.08)

Net asset value, end of period

$ 16.60

$ 16.27

$ 14.16

$ 10.75

$ 9.22

$ 8.97

Total ReturnB, C

  3.58%

  16.16%

  33.61%

  17.49%

  4.05%

  10.65%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .99%A

  .91%

  .89%

  .96%

  1.01%

  1.03%

Expenses net of fee waivers, if any

  .99%A

  .91%

  .89%

  .96%

  1.00%

  1.00%

Expenses net of all reductions

  .99%A

  .91%

  .87%

  .96%

  1.00%

  1.00%

Net investment income (loss)

  3.59%A,G

  1.46%

  1.40%

  1.49%

  .84%

  1.08%H

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 18,048

$ 5,162

$ 3,126

$ 2,123

$ 3,381

$ 6,617

Portfolio turnover rateF

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.89%.

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 .45%.

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

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015 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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, futures transactions, market discount, passive foreign investment companies (PFIC), partnerships, 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

$ 17,463,506

Gross unrealized depreciation

(5,197,667)

Net unrealized appreciation (depreciation) on securities

$ 12,265,839

 

 

Tax cost

$ 148,581,616

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

$ (3,374,289)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $65,774,007 and $25,517,566, respectively.

Semiannual Report

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 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 .62% 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%

$ 71,000

$ 1,707

Class T

.25%

.25%

83,614

784

Class B

.75%

.25%

12,936

9,738

Class C

.75%

.25%

124,800

24,241

 

 

 

$ 292,350

$ 36,470

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

$ 21,100

Class T

4,666

Class B*

124

Class C*

2,338

 

$ 28,228

* 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 applicable class were as follows:

 

Amount

% of
Class-Level
Average
Net Assets*

Class A

$ 64,008

.23

Class T

40,096

.24

Class B

3,909

.30

Class C

29,581

.24

Institutional Class

9,506

.17

 

$ 147,100

 

* 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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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 $521 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 $91 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

security lending income during the period amounted to $6,075. 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.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement

Class A

1.25%

$ 13,192

Class T

1.50%

10,189

Class B

2.00%

1,562

Class C

2.00%

8,306

 

 

$ 33,249

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 $1,494 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 615,978

$ 313,844

Class T

290,749

150,475

Class B

10,041

-

Class C

117,971

23,680

Institutional Class

77,384

33,743

Total

$ 1,112,123

$ 521,742

Semiannual Report

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,325,627

970,744

$ 21,577,647

$ 14,424,123

Reinvestment of distributions

38,605

21,597

595,591

293,073

Shares redeemed

(362,909)

(645,902)

(5,839,864)

(9,642,824)

Net increase (decrease)

1,001,323

346,439

$ 16,333,374

$ 5,074,372

Class T

 

 

 

 

Shares sold

650,817

455,273

$ 10,627,375

$ 6,703,728

Reinvestment of distributions

18,532

10,805

286,169

146,522

Shares redeemed

(205,717)

(478,458)

(3,317,116)

(7,047,321)

Net increase (decrease)

463,632

(12,380)

$ 7,596,428

$ (197,071)

Class B

 

 

 

 

Shares sold

32,485

32,366

$ 527,957

$ 476,104

Reinvestment of distributions

629

-

9,736

-

Shares redeemed

(44,359)

(68,915)

(709,669)

(1,011,558)

Net increase (decrease)

(11,245)

(36,549)

$ (171,976)

$ (535,454)

Class C

 

 

 

 

Shares sold

723,029

474,669

$ 11,225,706

$ 6,945,091

Reinvestment of distributions

7,049

1,582

107,103

21,115

Shares redeemed

(174,739)

(189,954)

(2,747,995)

(2,772,301)

Net increase (decrease)

555,339

286,297

$ 8,584,814

$ 4,193,905

Institutional Class

 

 

 

 

Shares sold

861,611

213,556

$ 14,035,645

$ 3,228,875

Reinvestment of distributions

4,819

2,352

75,344

32,366

Shares redeemed

(96,244)

(119,400)

(1,577,631)

(1,825,634)

Net increase (decrease)

770,186

96,508

$ 12,533,358

$ 1,435,607

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Other - continued

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEV-USAN-0715
1.786787.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Equity Value

Fund - Institutional Class

(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,034.00

$ 6.34

HypotheticalA

 

$ 1,000.00

$ 1,018.70

$ 6.29

Class T

1.50%

 

 

 

Actual

 

$ 1,000.00

$ 1,033.00

$ 7.60

HypotheticalA

 

$ 1,000.00

$ 1,017.45

$ 7.54

Class B

2.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,029.80

$ 10.12

HypotheticalA

 

$ 1,000.00

$ 1,014.96

$ 10.05

Class C

2.00%

 

 

 

Actual

 

$ 1,000.00

$ 1,030.20

$ 10.12

HypotheticalA

 

$ 1,000.00

$ 1,014.96

$ 10.05

Institutional Class

.99%

 

 

 

Actual

 

$ 1,000.00

$ 1,035.80

$ 5.02

HypotheticalA

 

$ 1,000.00

$ 1,020.00

$ 4.99

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.1

3.1

Wells Fargo & Co.

3.4

3.0

Johnson & Johnson

3.1

3.1

Berkshire Hathaway, Inc. Class B

2.9

3.1

General Electric Co.

2.5

0.0

Chevron Corp.

2.3

3.3

Medtronic PLC

2.2

3.7

Teva Pharmaceutical Industries Ltd. sponsored ADR

2.0

2.1

Microsoft Corp.

2.0

0.7

U.S. Bancorp

1.9

1.7

 

26.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.9

27.3

Information Technology

15.6

13.5

Health Care

14.2

17.2

Consumer Discretionary

11.8

12.8

Industrials

7.7

6.8

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

evi324

Stocks 94.8%

 

evi326

Stocks 97.7%

 

evi328

Short-Term
Investments and
Net Other Assets (Liabilities) 5.2%

 

evi330

Short-Term
Investments and
Net Other Assets (Liabilities) 2.3%

 

* Foreign investments

18.0%

 

** Foreign investments

18.9%

 

evi332

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%

Shares

Value

CONSUMER DISCRETIONARY - 11.8%

Auto Components - 0.5%

Hyundai Mobis

4,160

$ 834,539

Automobiles - 0.6%

Harley-Davidson, Inc.

18,700

1,000,263

Diversified Consumer Services - 1.0%

ServiceMaster Global Holdings, Inc.

39,100

1,313,369

Steiner Leisure Ltd. (a)

6,232

305,742

 

1,619,111

Leisure Products - 0.9%

Mattel, Inc.

54,100

1,396,321

Media - 4.5%

Corus Entertainment, Inc. Class B (non-vtg.)

48,700

690,791

John Wiley & Sons, Inc. Class A

12,115

702,912

Starz Series A (a)

41,600

1,745,536

Time Warner Cable, Inc.

8,200

1,483,298

Viacom, Inc. Class B (non-vtg.)

34,800

2,327,424

 

6,949,961

Multiline Retail - 1.0%

Macy's, Inc.

22,147

1,482,742

Specialty Retail - 2.4%

AutoZone, Inc. (a)

2,015

1,357,344

Bed Bath & Beyond, Inc. (a)

17,600

1,255,232

GNC Holdings, Inc.

26,200

1,166,948

 

3,779,524

Textiles, Apparel & Luxury Goods - 0.9%

Coach, Inc.

21,465

759,217

Michael Kors Holdings Ltd. (a)

15,000

697,500

 

1,456,717

TOTAL CONSUMER DISCRETIONARY

18,519,178

CONSUMER STAPLES - 3.9%

Beverages - 0.6%

C&C Group PLC

227,944

879,983

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.9%

Tesco PLC

254,000

$ 828,187

Wal-Mart Stores, Inc.

29,700

2,205,819

 

3,034,006

Food Products - 0.9%

Seaboard Corp. (a)

100

343,000

The J.M. Smucker Co.

8,579

1,017,040

 

1,360,040

Tobacco - 0.5%

British American Tobacco PLC sponsored ADR

6,955

770,058

TOTAL CONSUMER STAPLES

6,044,087

ENERGY - 7.6%

Energy Equipment & Services - 1.0%

BW Offshore Ltd.

1,060,600

818,864

National Oilwell Varco, Inc.

14,600

718,174

 

1,537,038

Oil, Gas & Consumable Fuels - 6.6%

Chevron Corp.

34,497

3,553,191

Exxon Mobil Corp.

18,672

1,590,854

Marathon Petroleum Corp.

12,500

1,293,250

Phillips 66 Co.

15,400

1,218,448

Suncor Energy, Inc. (d)

70,500

2,060,691

Woodside Petroleum Ltd.

22,580

632,363

 

10,348,797

TOTAL ENERGY

11,885,835

FINANCIALS - 28.9%

Banks - 10.9%

JPMorgan Chase & Co.

96,852

6,370,926

Regions Financial Corp.

110,500

1,114,945

SunTrust Banks, Inc.

29,500

1,259,060

U.S. Bancorp

69,966

3,016,234

Wells Fargo & Co.

93,032

5,206,071

 

16,967,236

Capital Markets - 2.8%

Fortress Investment Group LLC

207,300

1,623,159

GP Investments Ltd. Class A (depositary receipt) (a)

246,400

494,919

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

MLP AG

45,888

$ 209,558

The Blackstone Group LP

45,400

1,988,520

 

4,316,156

Consumer Finance - 3.0%

American Express Co.

10,100

805,172

Capital One Financial Corp.

28,818

2,408,032

Discover Financial Services

26,100

1,520,847

 

4,734,051

Diversified Financial Services - 2.9%

Berkshire Hathaway, Inc. Class B (a)

31,869

4,557,267

Insurance - 5.4%

ACE Ltd.

14,500

1,543,960

Allied World Assurance Co.

23,500

998,515

Allstate Corp.

22,500

1,514,700

FNF Group

31,180

1,183,593

FNFV Group (a)

41,292

634,245

Prudential PLC

34,419

857,706

The Travelers Companies, Inc.

17,687

1,788,509

 

8,521,228

Real Estate Investment Trusts - 3.9%

American Capital Agency Corp.

97,201

2,027,613

Annaly Capital Management, Inc.

200,405

2,092,228

MFA Financial, Inc.

258,136

2,049,600

 

6,169,441

TOTAL FINANCIALS

45,265,379

HEALTH CARE - 14.2%

Biotechnology - 1.0%

Amgen, Inc.

9,800

1,531,348

Health Care Equipment & Supplies - 2.2%

Medtronic PLC

46,429

3,543,461

Health Care Providers & Services - 2.9%

Cigna Corp.

18,362

2,585,920

Express Scripts Holding Co. (a)

22,199

1,934,421

 

4,520,341

Pharmaceuticals - 8.1%

GlaxoSmithKline PLC sponsored ADR

26,724

1,185,744

Johnson & Johnson

48,592

4,866,003

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Mylan N.V.

24,005

$ 1,743,483

Sanofi SA sponsored ADR

36,000

1,778,760

Teva Pharmaceutical Industries Ltd. sponsored ADR

51,232

3,079,043

 

12,653,033

TOTAL HEALTH CARE

22,248,183

INDUSTRIALS - 7.7%

Aerospace & Defense - 1.4%

United Technologies Corp.

19,100

2,237,947

Electrical Equipment - 1.0%

Babcock & Wilcox Co.

44,800

1,491,392

Industrial Conglomerates - 2.5%

General Electric Co.

142,700

3,891,429

Machinery - 2.6%

Deere & Co.

29,510

2,764,497

Global Brass & Copper Holdings, Inc.

22,951

395,446

Valmont Industries, Inc. (d)

7,700

958,265

 

4,118,208

Professional Services - 0.2%

VSE Corp.

4,500

280,935

TOTAL INDUSTRIALS

12,019,911

INFORMATION TECHNOLOGY - 15.6%

Communications Equipment - 3.2%

Cisco Systems, Inc.

92,482

2,710,647

Harris Corp.

28,700

2,273,614

 

4,984,261

Electronic Equipment & Components - 1.1%

Keysight Technologies, Inc. (a)

20,700

680,202

TE Connectivity Ltd.

15,298

1,055,562

 

1,735,764

Internet Software & Services - 1.6%

Google, Inc. Class A (a)

4,700

2,563,004

IT Services - 2.6%

Fiserv, Inc. (a)

11,500

921,725

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

IBM Corp.

11,440

$ 1,940,796

The Western Union Co.

53,200

1,167,740

 

4,030,261

Software - 3.7%

Microsoft Corp.

65,500

3,069,330

Oracle Corp.

62,987

2,739,305

 

5,808,635

Technology Hardware, Storage & Peripherals - 3.4%

EMC Corp.

68,800

1,812,192

Hewlett-Packard Co.

43,539

1,454,203

Samsung Electronics Co. Ltd.

1,744

2,045,964

 

5,312,359

TOTAL INFORMATION TECHNOLOGY

24,434,284

MATERIALS - 2.8%

Chemicals - 2.3%

Agrium, Inc.

14,600

1,516,705

CF Industries Holdings, Inc.

6,555

2,070,593

 

3,587,298

Paper & Forest Products - 0.5%

Schweitzer-Mauduit International, Inc.

17,600

710,336

TOTAL MATERIALS

4,297,634

UTILITIES - 2.3%

Electric Utilities - 1.9%

American Electric Power Co., Inc.

20,900

1,176,461

Edison International

10,893

662,403

Xcel Energy, Inc.

30,100

1,024,905

 

2,863,769

Multi-Utilities - 0.4%

CMS Energy Corp.

18,900

645,246

TOTAL UTILITIES

3,509,015

TOTAL COMMON STOCKS

(Cost $135,601,497)


148,223,506

Money Market Funds - 8.0%

Shares

Value

Fidelity Cash Central Fund, 0.15% (b)

9,613,449

$ 9,613,449

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

3,010,500

3,010,500

TOTAL MONEY MARKET FUNDS

(Cost $12,623,949)


12,623,949

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $148,225,446)

160,847,455

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(4,451,943)

NET ASSETS - 100%

$ 156,395,512

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.

(c) Investment made with cash collateral received from securities on loan.

(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

$ 5,417

Fidelity Securities Lending Cash Central Fund

6,075

Total

$ 11,492

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 18,519,178

$ 18,519,178

$ -

$ -

Consumer Staples

6,044,087

5,215,900

828,187

-

Energy

11,885,835

11,885,835

-

-

Financials

45,265,379

44,407,673

857,706

-

Health Care

22,248,183

22,248,183

-

-

Industrials

12,019,911

12,019,911

-

-

Information Technology

24,434,284

24,434,284

-

-

Materials

4,297,634

4,297,634

-

-

Utilities

3,509,015

3,509,015

-

-

Money Market Funds

12,623,949

12,623,949

-

-

Total Investments in Securities:

$ 160,847,455

$ 159,161,562

$ 1,685,893

$ -

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

United States of America

82.0%

Ireland

2.8%

Canada

2.7%

United Kingdom

2.3%

Switzerland

2.3%

Israel

2.0%

Korea (South)

1.8%

France

1.1%

Netherlands

1.1%

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $2,872,269) - See accompanying schedule:

Unaffiliated issuers (cost $135,601,497)

$ 148,223,506

 

Fidelity Central Funds (cost $12,623,949)

12,623,949

 

Total Investments (cost $148,225,446)

 

$ 160,847,455

Foreign currency held at value (cost $1,636)

1,636

Receivable for investments sold

14,674

Receivable for fund shares sold

169,092

Dividends receivable

410,858

Distributions receivable from Fidelity Central Funds

3,216

Prepaid expenses

37

Other receivables

568

Total assets

161,447,536

 

 

 

Liabilities

Payable for investments purchased

$ 1,639,317

Payable for fund shares redeemed

194,581

Accrued management fee

87,495

Distribution and service plan fees payable

56,068

Other affiliated payables

31,459

Other payables and accrued expenses

32,604

Collateral on securities loaned, at value

3,010,500

Total liabilities

5,052,024

 

 

 

Net Assets

$ 156,395,512

Net Assets consist of:

 

Paid in capital

$ 141,403,846

Undistributed net investment income

1,862,165

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

507,700

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

12,621,801

Net Assets

$ 156,395,512

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

Semiannual Report

Statement of Assets and Liabilities - continued

 

May 31, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($68,410,915 ÷ 4,185,681 shares)

$ 16.34

 

 

 

Maximum offering price per share (100/94.25 of $16.34)

$ 17.34

Class T:
Net Asset Value and redemption price per share ($39,370,354 ÷ 2,411,507 shares)

$ 16.33

 

 

 

Maximum offering price per share (100/96.50 of $16.33)

$ 16.92

Class B:
Net Asset Value and offering price per share ($2,627,550 ÷ 161,956 shares)A

$ 16.22

 

 

 

Class C:
Net Asset Value and offering price per share ($27,938,253 ÷ 1,746,510 shares)A

$ 16.00

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,048,440 ÷ 1,087,402 shares)

$ 16.60

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

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 2,490,022

Special dividends

 

453,156

Income from Fidelity Central Funds

 

11,492

Total income

 

2,954,670

 

 

 

Expenses

Management fee
Basic fee

$ 354,595

Performance adjustment

47,922

Transfer agent fees

147,100

Distribution and service plan fees

292,350

Accounting and security lending fees

25,302

Custodian fees and expenses

6,499

Independent trustees' compensation

254

Registration fees

63,428

Audit

30,962

Legal

171

Miscellaneous

342

Total expenses before reductions

968,925

Expense reductions

(34,743)

934,182

Net investment income (loss)

2,020,488

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

4,200,192

Foreign currency transactions

3,143

Total net realized gain (loss)

 

4,203,335

Change in net unrealized appreciation (depreciation) on:

Investment securities

(2,150,797)

Assets and liabilities in foreign currencies

(223)

Total change in net unrealized appreciation (depreciation)

 

(2,151,020)

Net gain (loss)

2,052,315

Net increase (decrease) in net assets resulting from operations

$ 4,072,803

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended May 31, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,020,488

$ 904,007

Net realized gain (loss)

4,203,335

15,072,334

Change in net unrealized appreciation (depreciation)

(2,151,020)

(1,986,549)

Net increase (decrease) in net assets resulting from operations

4,072,803

13,989,792

Distributions to shareholders from net investment income

(1,112,123)

(521,742)

Share transactions - net increase (decrease)

44,875,998

9,971,359

Total increase (decrease) in net assets

47,836,678

23,439,409

 

 

 

Net Assets

Beginning of period

108,558,834

85,119,425

End of period (including undistributed net investment income of $1,862,165 and undistributed net investment income of $953,800, respectively)

$ 156,395,512

$ 108,558,834

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 16.00

$ 13.93

$ 10.60

$ 9.09

$ 8.85

$ 8.07

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .27H

  .17

  .13

  .12

  .06

  .07I

Net realized and unrealized gain (loss)

  .26

  2.01

  3.33

  1.44

  .27

  .77

Total from investment operations

  .53

  2.18

  3.46

  1.56

  .33

  .84

Distributions from net investment income

  (.19)

  (.11)

  (.13)

  (.05)

  (.09)

  (.06)

Net asset value, end of period

$ 16.34

$ 16.00

$ 13.93

$ 10.60

$ 9.09

$ 8.85

Total ReturnB, C, D

  3.40%

  15.79%

  33.09%

  17.27%

  3.72%

  10.42%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.23%

  1.22%

  1.30%

  1.27%

  1.28%

Expenses net of fee waivers, if any

  1.25%A

  1.23%

  1.22%

  1.25%

  1.25%

  1.25%

Expenses net of all reductions

  1.25%A

  1.23%

  1.20%

  1.25%

  1.25%

  1.25%

Net investment income (loss)

  3.33%A,H

  1.15%

  1.07%

  1.20%

  .59%

  .83%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 68,411

$ 50,957

$ 39,538

$ 29,282

$ 27,910

$ 34,244

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.63%.

I 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%.

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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.96

$ 13.90

$ 10.57

$ 9.06

$ 8.81

$ 8.04

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .25H

  .13

  .10

  .09

  .03

  .05I

Net realized and unrealized gain (loss)

  .27

  2.01

  3.34

  1.44

  .28

  .76

Total from investment operations

  .52

  2.14

  3.44

  1.53

  .31

  .81

Distributions from net investment income

  (.15)

  (.08)

  (.11)

  (.02)

  (.06)

  (.04)

Net asset value, end of period

$ 16.33

$ 15.96

$ 13.90

$ 10.57

$ 9.06

$ 8.81

Total ReturnB, C, D

  3.30%

  15.46%

  32.82%

  16.94%

  3.53%

  10.06%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.56%A

  1.49%

  1.48%

  1.55%

  1.53%

  1.54%

Expenses net of fee waivers, if any

  1.50%A

  1.49%

  1.48%

  1.50%

  1.50%

  1.50%

Expenses net of all reductions

  1.50%A

  1.49%

  1.46%

  1.50%

  1.50%

  1.49%

Net investment income (loss)

  3.08%A,H

  .88%

  .81%

  .95%

  .34%

  .58%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 39,370

$ 31,087

$ 27,241

$ 21,212

$ 21,319

$ 25,208

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.38%.

I 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 (.05)%.

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 B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.81

$ 13.76

$ 10.45

$ 8.98

$ 8.73

$ 7.96

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .21H

  .06

  .04

  .04

  (.01)

  .01I

Net realized and unrealized gain (loss)

  .26

  1.99

  3.31

  1.43

  .27

  .76

Total from investment operations

  .47

  2.05

  3.35

  1.47

  .26

  .77

Distributions from net investment income

  (.06)

  -

  (.04)

  -

  (.01)

  -

Net asset value, end of period

$ 16.22

$ 15.81

$ 13.76

$ 10.45

$ 8.98

$ 8.73

Total ReturnB, C, D

  2.98%

  14.90%

  32.13%

  16.37%

  2.96%

  9.67%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  2.12%A

  2.04%

  1.99%

  2.06%

  2.02%

  2.03%

Expenses net of fee waivers, if any

  2.00%A

  2.00%

  1.99%

  2.00%

  2.00%

  2.00%

Expenses net of all reductions

  2.00%A

  1.99%

  1.97%

  2.00%

  2.00%

  1.99%

Net investment income (loss)

  2.58%A,H

  .38%

  .30%

  .45%

  (.16)%

  .08%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 2,628

$ 2,738

$ 2,886

$ 2,981

$ 3,884

$ 5,478

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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.

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.88%.

I 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 (.55)%.

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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 15.63

$ 13.63

$ 10.37

$ 8.91

$ 8.67

$ 7.91

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .20H

  .06

  .04

  .04

  (.01)

  .01I

Net realized and unrealized gain (loss)

  .27

  1.97

  3.28

  1.42

  .27

  .75

Total from investment operations

  .47

  2.03

  3.32

  1.46

  .26

  .76

Distributions from net investment income

  (.10)

  (.03)

  (.06)

  -

  (.02)

  - K

Net asset value, end of period

$ 16.00

$ 15.63

$ 13.63

$ 10.37

$ 8.91

$ 8.67

Total ReturnB, C, D

  3.02%

  14.90%

  32.16%

  16.39%

  2.95%

  9.64%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  2.06%A

  2.00%

  1.97%

  2.05%

  2.02%

  2.03%

Expenses net of fee waivers, if any

  2.00%A

  2.00%

  1.97%

  2.00%

  2.00%

  2.00%

Expenses net of all reductions

  2.00%A

  1.99%

  1.96%

  2.00%

  2.00%

  1.99%

Net investment income (loss)

  2.58%A,H

  .38%

  .32%

  .45%

  (.16)%

  .08%I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 27,938

$ 18,614

$ 12,329

$ 8,785

$ 8,922

$ 10,265

Portfolio turnover rateG

  41% A

  68%

  68%

  77%

  65%

  103%

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.

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.88%.

I 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 (.55)%.

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.

K 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 16.27

$ 14.16

$ 10.75

$ 9.22

$ 8.97

$ 8.18

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .29G

  .22

  .17

  .15

  .08

  .09H

Net realized and unrealized gain (loss)

  .28

  2.04

  3.39

  1.45

  .29

  .78

Total from investment operations

  .57

  2.26

  3.56

  1.60

  .37

  .87

Distributions from net investment income

  (.24)

  (.15)

  (.15)

  (.07)

  (.12)

  (.08)

Net asset value, end of period

$ 16.60

$ 16.27

$ 14.16

$ 10.75

$ 9.22

$ 8.97

Total ReturnB, C

  3.58%

  16.16%

  33.61%

  17.49%

  4.05%

  10.65%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .99%A

  .91%

  .89%

  .96%

  1.01%

  1.03%

Expenses net of fee waivers, if any

  .99%A

  .91%

  .89%

  .96%

  1.00%

  1.00%

Expenses net of all reductions

  .99%A

  .91%

  .87%

  .96%

  1.00%

  1.00%

Net investment income (loss)

  3.59%A,G

  1.46%

  1.40%

  1.49%

  .84%

  1.08%H

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 18,048

$ 5,162

$ 3,126

$ 2,123

$ 3,381

$ 6,617

Portfolio turnover rateF

  41% A

  68%

  68%

  77%

  65%

  103%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.89%.

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 .45%.

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

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015 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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, futures transactions, market discount, passive foreign investment companies (PFIC), partnerships, 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

$ 17,463,506

Gross unrealized depreciation

(5,197,667)

Net unrealized appreciation (depreciation) on securities

$ 12,265,839

 

 

Tax cost

$ 148,581,616

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

$ (3,374,289)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $65,774,007 and $25,517,566, respectively.

Semiannual Report

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 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 .62% 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%

$ 71,000

$ 1,707

Class T

.25%

.25%

83,614

784

Class B

.75%

.25%

12,936

9,738

Class C

.75%

.25%

124,800

24,241

 

 

 

$ 292,350

$ 36,470

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

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

$ 21,100

Class T

4,666

Class B*

124

Class C*

2,338

 

$ 28,228

* 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 applicable class were as follows:

 

Amount

% of
Class-Level
Average
Net Assets*

Class A

$ 64,008

.23

Class T

40,096

.24

Class B

3,909

.30

Class C

29,581

.24

Institutional Class

9,506

.17

 

$ 147,100

 

* 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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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 $521 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 $91 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

security lending income during the period amounted to $6,075. 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.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement

Class A

1.25%

$ 13,192

Class T

1.50%

10,189

Class B

2.00%

1,562

Class C

2.00%

8,306

 

 

$ 33,249

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 $1,494 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 615,978

$ 313,844

Class T

290,749

150,475

Class B

10,041

-

Class C

117,971

23,680

Institutional Class

77,384

33,743

Total

$ 1,112,123

$ 521,742

Semiannual Report

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,325,627

970,744

$ 21,577,647

$ 14,424,123

Reinvestment of distributions

38,605

21,597

595,591

293,073

Shares redeemed

(362,909)

(645,902)

(5,839,864)

(9,642,824)

Net increase (decrease)

1,001,323

346,439

$ 16,333,374

$ 5,074,372

Class T

 

 

 

 

Shares sold

650,817

455,273

$ 10,627,375

$ 6,703,728

Reinvestment of distributions

18,532

10,805

286,169

146,522

Shares redeemed

(205,717)

(478,458)

(3,317,116)

(7,047,321)

Net increase (decrease)

463,632

(12,380)

$ 7,596,428

$ (197,071)

Class B

 

 

 

 

Shares sold

32,485

32,366

$ 527,957

$ 476,104

Reinvestment of distributions

629

-

9,736

-

Shares redeemed

(44,359)

(68,915)

(709,669)

(1,011,558)

Net increase (decrease)

(11,245)

(36,549)

$ (171,976)

$ (535,454)

Class C

 

 

 

 

Shares sold

723,029

474,669

$ 11,225,706

$ 6,945,091

Reinvestment of distributions

7,049

1,582

107,103

21,115

Shares redeemed

(174,739)

(189,954)

(2,747,995)

(2,772,301)

Net increase (decrease)

555,339

286,297

$ 8,584,814

$ 4,193,905

Institutional Class

 

 

 

 

Shares sold

861,611

213,556

$ 14,035,645

$ 3,228,875

Reinvestment of distributions

4,819

2,352

75,344

32,366

Shares redeemed

(96,244)

(119,400)

(1,577,631)

(1,825,634)

Net increase (decrease)

770,186

96,508

$ 12,533,358

$ 1,435,607

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Other - continued

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEVI-USAN-0715
1.786788.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Growth & Income

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

.99%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.10

$ 5.00

HypotheticalA

 

$ 1,000.00

$ 1,020.00

$ 4.99

Class T

1.24%

 

 

 

Actual

 

$ 1,000.00

$ 1,024.90

$ 6.26

HypotheticalA

 

$ 1,000.00

$ 1,018.75

$ 6.24

Class B

1.83%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.70

$ 9.22

HypotheticalA

 

$ 1,000.00

$ 1,015.81

$ 9.20

Class C

1.74%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.10

$ 8.77

HypotheticalA

 

$ 1,000.00

$ 1,016.26

$ 8.75

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.40

$ 3.54

HypotheticalA

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.4

4.0

Apple, Inc.

3.7

3.9

General Electric Co.

3.4

3.2

Microsoft Corp.

3.0

3.2

Citigroup, Inc.

2.6

2.3

Bank of America Corp.

2.5

2.1

Target Corp.

2.2

2.3

Chevron Corp.

2.0

2.3

Comcast Corp. Class A (special) (non-vtg.)

1.9

1.9

Procter & Gamble Co.

1.8

2.1

 

27.5

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.3

20.2

Information Technology

21.4

19.7

Industrials

12.8

12.9

Health Care

10.5

9.2

Consumer Discretionary

9.6

10.8

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

aga342

Stocks 98.5%

 

aga344

Stocks 98.4%

 

aga346

Convertible
Securities 1.1%

 

aga348

Convertible
Securities 1.0%

 

aga350

Other Investments 0.0%†

 

aga352

Other Investments 0.0%†

 

aga354

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

aga356

Short-Term
Investments and
Net Other Assets (Liabilities) 0.6%

 

* Foreign investments

11.9%

 

** Foreign investments

12.3%

 

aga358

† Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.6%

Automobiles - 0.1%

Harley-Davidson, Inc.

15,500

$ 829

Diversified Consumer Services - 0.4%

H&R Block, Inc.

65,526

2,079

Hotels, Restaurants & Leisure - 1.3%

Domino's Pizza, Inc.

3,500

380

Interval Leisure Group, Inc.

17,200

448

Las Vegas Sands Corp.

31,700

1,611

Yum! Brands, Inc.

54,761

4,935

 

7,374

Household Durables - 0.2%

Tupperware Brands Corp.

22,100

1,453

Leisure Products - 0.1%

Mattel, Inc.

29,100

751

Media - 4.1%

Comcast Corp. Class A (special) (non-vtg.)

191,629

11,114

Scripps Networks Interactive, Inc. Class A (e)

16,772

1,124

Sinclair Broadcast Group, Inc. Class A (e)

67,827

2,038

Time Warner, Inc.

83,318

7,039

Viacom, Inc. Class B (non-vtg.)

38,300

2,562

 

23,877

Multiline Retail - 2.2%

Target Corp.

163,099

12,937

Specialty Retail - 1.2%

Lowe's Companies, Inc.

97,857

6,848

TOTAL CONSUMER DISCRETIONARY

56,148

CONSUMER STAPLES - 9.1%

Beverages - 3.0%

Diageo PLC

116,070

3,221

Molson Coors Brewing Co. Class B

8,600

631

PepsiCo, Inc.

35,243

3,398

SABMiller PLC

37,700

2,013

The Coca-Cola Co.

200,184

8,200

 

17,463

Food & Staples Retailing - 1.1%

CVS Health Corp.

40,151

4,111

Walgreens Boots Alliance, Inc.

24,782

2,127

 

6,238

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 1.8%

Procter & Gamble Co.

135,635

$ 10,632

Personal Products - 0.2%

Estee Lauder Companies, Inc. Class A

11,100

970

Tobacco - 3.0%

British American Tobacco PLC sponsored ADR

64,076

7,094

Imperial Tobacco Group PLC

17,920

923

Lorillard, Inc.

20,225

1,466

Philip Morris International, Inc.

72,138

5,993

Reynolds American, Inc.

31,700

2,433

 

17,909

TOTAL CONSUMER STAPLES

53,212

ENERGY - 8.8%

Energy Equipment & Services - 1.2%

Ensco PLC Class A

105,241

2,473

Oceaneering International, Inc.

49,000

2,489

Schlumberger Ltd.

21,634

1,964

 

6,926

Oil, Gas & Consumable Fuels - 7.6%

Apache Corp.

57,841

3,461

Chevron Corp.

115,763

11,924

ConocoPhillips Co.

49,000

3,120

EQT Midstream Partners LP

10,400

870

Foresight Energy LP

15,700

220

Golar LNG Ltd.

43,000

2,043

Imperial Oil Ltd.

99,000

3,883

Kinder Morgan, Inc.

38,900

1,614

Legacy Reserves LP

67,000

673

Markwest Energy Partners LP

68,105

4,402

PrairieSky Royalty Ltd. (e)

36,600

983

Suncor Energy, Inc. (e)

270,790

7,915

The Williams Companies, Inc.

62,031

3,170

Williams Partners LP

8,220

459

 

44,737

TOTAL ENERGY

51,663

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 22.3%

Banks - 14.8%

Bank of America Corp.

895,742

$ 14,780

Citigroup, Inc.

279,122

15,095

Comerica, Inc.

42,200

2,066

Commerce Bancshares, Inc.

15,400

687

Fifth Third Bancorp

57,100

1,156

First Republic Bank

4,800

291

FirstMerit Corp.

42,100

827

JPMorgan Chase & Co.

388,843

25,575

Lloyds Banking Group PLC

244,000

328

M&T Bank Corp.

14,100

1,704

PNC Financial Services Group, Inc.

35,416

3,389

Regions Financial Corp.

227,600

2,296

Standard Chartered PLC (United Kingdom)

218,054

3,486

SunTrust Banks, Inc.

129,335

5,520

U.S. Bancorp

124,230

5,356

UMB Financial Corp.

9,500

492

Wells Fargo & Co.

68,450

3,830

 

86,878

Capital Markets - 5.3%

Carlyle Group LP

30,500

940

Charles Schwab Corp.

113,913

3,605

Greenhill & Co., Inc.

4,400

171

Invesco Ltd.

7,900

315

KKR & Co. LP

158,013

3,626

Morgan Stanley

101,130

3,863

Northern Trust Corp.

54,740

4,081

Oaktree Capital Group LLC Class A

18,000

986

State Street Corp.

119,070

9,279

The Blackstone Group LP

62,400

2,733

TPG Specialty Lending, Inc. (e)

79,500

1,441

 

31,040

Diversified Financial Services - 0.1%

IntercontinentalExchange Group, Inc.

3,639

862

Insurance - 1.4%

Brown & Brown, Inc.

11,640

377

Marsh & McLennan Companies, Inc.

22,766

1,326

MetLife, Inc.

84,205

4,401

Principal Financial Group, Inc.

36,600

1,892

 

7,996

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - 0.4%

American Homes 4 Rent (f)

68,634

$ 1,146

First Potomac Realty Trust

13,272

134

Lamar Advertising Co. Class A

4,600

279

Sabra Health Care REIT, Inc.

9,900

262

WP Carey, Inc.

9,500

605

 

2,426

Thrifts & Mortgage Finance - 0.3%

Radian Group, Inc. (e)

94,890

1,700

TOTAL FINANCIALS

130,902

HEALTH CARE - 9.6%

Biotechnology - 1.8%

Amgen, Inc.

42,192

6,593

Biogen, Inc. (a)

7,000

2,779

Intercept Pharmaceuticals, Inc. (a)

3,500

893

 

10,265

Health Care Equipment & Supplies - 1.4%

Abbott Laboratories

32,426

1,576

Ansell Ltd. (a)

20,366

417

Medtronic PLC

38,942

2,972

St. Jude Medical, Inc.

11,800

870

Zimmer Holdings, Inc.

21,690

2,475

 

8,310

Health Care Providers & Services - 1.6%

Cardinal Health, Inc.

15,700

1,384

Express Scripts Holding Co. (a)

12,400

1,081

McKesson Corp.

23,633

5,606

Patterson Companies, Inc.

28,100

1,344

 

9,415

Pharmaceuticals - 4.8%

AbbVie, Inc.

13,600

906

Astellas Pharma, Inc.

57,700

837

GlaxoSmithKline PLC sponsored ADR

165,309

7,335

Johnson & Johnson

100,601

10,074

Novartis AG sponsored ADR

18,301

1,880

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

103,974

$ 6,249

Theravance, Inc. (e)

66,200

1,119

 

28,400

TOTAL HEALTH CARE

56,390

INDUSTRIALS - 12.8%

Aerospace & Defense - 2.3%

Meggitt PLC

255,609

1,987

The Boeing Co.

51,294

7,208

United Technologies Corp.

35,731

4,187

 

13,382

Air Freight & Logistics - 1.7%

FedEx Corp.

5,500

953

PostNL NV (a)

328,800

1,499

United Parcel Service, Inc. Class B

76,479

7,588

 

10,040

Airlines - 0.2%

Copa Holdings SA Class A

14,100

1,203

Building Products - 0.2%

Lennox International, Inc.

9,500

1,070

Commercial Services & Supplies - 0.7%

ADT Corp. (e)

73,683

2,688

KAR Auction Services, Inc.

41,500

1,546

 

4,234

Electrical Equipment - 0.8%

Emerson Electric Co.

42,100

2,539

Hubbell, Inc. Class B

19,912

2,151

 

4,690

Industrial Conglomerates - 3.4%

General Electric Co.

726,093

19,801

Machinery - 0.9%

Deere & Co.

22,600

2,117

Donaldson Co., Inc.

18,000

642

IMI PLC

46,200

879

Joy Global, Inc.

7,800

304

Pentair PLC

8,600

551

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Valmont Industries, Inc.

3,400

$ 423

Xylem, Inc.

5,400

197

 

5,113

Professional Services - 0.0%

Acacia Research Corp.

33,764

345

Road & Rail - 2.1%

CSX Corp.

164,133

5,594

J.B. Hunt Transport Services, Inc.

45,520

3,825

Kansas City Southern

15,205

1,376

Norfolk Southern Corp.

17,808

1,638

 

12,433

Trading Companies & Distributors - 0.5%

Watsco, Inc.

23,464

2,955

TOTAL INDUSTRIALS

75,266

INFORMATION TECHNOLOGY - 21.3%

Communications Equipment - 3.3%

Cisco Systems, Inc.

318,571

9,337

QUALCOMM, Inc.

143,313

9,986

 

19,323

Internet Software & Services - 2.9%

Google, Inc.:

Class A (a)

14,458

7,884

Class C

12,693

6,754

Yahoo!, Inc. (a)

52,092

2,237

 

16,875

IT Services - 5.7%

Cognizant Technology Solutions Corp. Class A (a)

34,720

2,247

Fidelity National Information Services, Inc.

18,038

1,131

IBM Corp.

37,900

6,430

Leidos Holdings, Inc.

4,100

174

MasterCard, Inc. Class A

73,490

6,780

Paychex, Inc.

141,209

6,977

The Western Union Co.

76,261

1,674

Unisys Corp. (a)

51,700

1,062

Visa, Inc. Class A

105,440

7,242

 

33,717

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 0.9%

Broadcom Corp. Class A

54,836

$ 3,117

Marvell Technology Group Ltd.

69,600

974

Maxim Integrated Products, Inc.

36,400

1,277

 

5,368

Software - 3.8%

Microsoft Corp.

373,773

17,515

Oracle Corp.

111,084

4,831

 

22,346

Technology Hardware, Storage & Peripherals - 4.7%

Apple, Inc.

168,378

21,936

EMC Corp.

147,700

3,890

First Data Holdings, Inc. Class B (h)

400,570

1,967

 

27,793

TOTAL INFORMATION TECHNOLOGY

125,422

MATERIALS - 3.5%

Chemicals - 3.0%

Airgas, Inc.

34,052

3,471

E.I. du Pont de Nemours & Co.

26,331

1,870

LyondellBasell Industries NV Class A

6,500

657

Methanex Corp.

9,200

511

Monsanto Co.

50,001

5,849

Potash Corp. of Saskatchewan, Inc.

47,700

1,501

Syngenta AG (Switzerland)

7,680

3,495

Tronox Ltd. Class A

24,251

409

 

17,763

Metals & Mining - 0.4%

Freeport-McMoRan, Inc.

114,200

2,244

SunCoke Energy Partners LP

7,676

165

 

2,409

Paper & Forest Products - 0.1%

Domtar Corp.

9,600

415

TOTAL MATERIALS

20,587

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 1.4%

TDC A/S

43,500

$ 325

Verizon Communications, Inc.

165,409

8,178

 

8,503

UTILITIES - 0.1%

Electric Utilities - 0.1%

Southern Co.

13,500

590

TOTAL COMMON STOCKS

(Cost $446,043)

578,683

Convertible Preferred Stocks - 0.9%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Leisure Products - 0.0%

NJOY, Inc. Series D (a)(h)

5,350

43

HEALTH CARE - 0.9%

Health Care Equipment & Supplies - 0.9%

Alere, Inc. 3.00%

14,654

5,041

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $4,156)

5,084

Convertible Bonds - 0.2%

 

Principal
Amount (000s)(d)

 

CONSUMER DISCRETIONARY - 0.0%

Automobiles - 0.0%

Tesla Motors, Inc. 1.25% 3/1/21

$ 270

259

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

772

676

Peabody Energy Corp. 4.75% 12/15/41

590

148

 

824

Convertible Bonds - continued

 

Principal
Amount (000s)(d)

Value (000s)

INFORMATION TECHNOLOGY - 0.1%

Internet Software & Services - 0.1%

Twitter, Inc. 0.25% 9/15/19 (f)

$ 400

$ 363

TOTAL CONVERTIBLE BONDS

(Cost $1,813)

1,446

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (f)(g)

(Cost $353)

EUR

230

272

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

1,521,884

1,522

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

16,097,780

16,098

TOTAL MONEY MARKET FUNDS

(Cost $17,620)

17,620

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $469,985)

603,105

NET OTHER ASSETS (LIABILITIES) - (2.6)%

(15,504)

NET ASSETS - 100%

$ 587,601

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $1,781,000 or 0.3% 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 $2,010,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

First Data Holdings, Inc. Class B

6/26/14

$ 1,602

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

$ 1

Fidelity Securities Lending Cash Central Fund

43

Total

$ 44

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 56,191

$ 56,148

$ -

$ 43

Consumer Staples

53,212

49,991

3,221

-

Energy

51,663

51,663

-

-

Financials

130,902

130,574

328

-

Health Care

61,431

60,594

837

-

Industrials

75,266

75,266

-

-

Information Technology

125,422

123,455

-

1,967

Materials

20,587

17,092

3,495

-

Telecommunication Services

8,503

8,503

-

-

Utilities

590

590

-

-

Corporate Bonds

1,446

-

1,446

-

Preferred Securities

272

-

272

-

Money Market Funds

17,620

17,620

-

-

Total Investments in Securities:

$ 603,105

$ 591,496

$ 9,599

$ 2,010

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

United States of America

88.1%

United Kingdom

5.1%

Canada

2.5%

Israel

1.1%

Others (Individually Less Than 1%)

3.2%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $15,447) - See accompanying schedule:

Unaffiliated issuers (cost $452,365)

$ 585,485

 

Fidelity Central Funds (cost $17,620)

17,620

 

Total Investments (cost $469,985)

 

$ 603,105

Receivable for investments sold

1,452

Receivable for fund shares sold

233

Dividends receivable

1,262

Interest receivable

19

Distributions receivable from Fidelity Central Funds

6

Other receivables

2

Total assets

606,079

 

 

 

Liabilities

Payable for investments purchased

$ 1,099

Payable for fund shares redeemed

681

Accrued management fee

221

Distribution and service plan fees payable

215

Other affiliated payables

123

Other payables and accrued expenses

41

Collateral on securities loaned, at value

16,098

Total liabilities

18,478

 

 

 

Net Assets

$ 587,601

Net Assets consist of:

 

Paid in capital

$ 432,797

Undistributed net investment income

3,842

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

17,846

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

133,116

Net Assets

$ 587,601

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($265,206 ÷ 9,710.2 shares)

$ 27.31

 

 

 

Maximum offering price per share (100/94.25 of $27.31)

$ 28.98

Class T:
Net Asset Value and redemption price per share ($196,509 ÷ 7,195.4 shares)

$ 27.31

 

 

 

Maximum offering price per share (100/96.50 of $27.31)

$ 28.30

Class B:
Net Asset Value and offering price per share ($6,434 ÷ 246.7 shares)A

$ 26.08

 

 

 

Class C:
Net Asset Value and offering price per share ($85,171 ÷ 3,285.6 shares)A

$ 25.92

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($34,281 ÷ 1,233.9 shares)

$ 27.78

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 7,275

Interest

 

36

Income from Fidelity Central Funds

 

44

Total income

 

7,355

 

 

 

Expenses

Management fee

$ 1,342

Transfer agent fees

641

Distribution and service plan fees

1,314

Accounting and security lending fees

112

Custodian fees and expenses

26

Independent trustees' compensation

1

Registration fees

43

Audit

37

Legal

1

Interest

1

Miscellaneous

2

Total expenses before reductions

3,520

Expense reductions

(5)

3,515

Net investment income (loss)

3,840

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

20,146

Foreign currency transactions

4

Total net realized gain (loss)

 

20,150

Change in net unrealized appreciation (depreciation) on:

Investment securities

(9,117)

Assets and liabilities in foreign currencies

4

Total change in net unrealized appreciation (depreciation)

 

(9,113)

Net gain (loss)

11,037

Net increase (decrease) in net assets resulting from operations

$ 14,877

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,840

$ 7,556

Net realized gain (loss)

20,150

44,197

Change in net unrealized appreciation (depreciation)

(9,113)

20,295

Net increase (decrease) in net assets resulting
from operations

14,877

72,048

Distributions to shareholders from net investment income

(6,678)

(1,555)

Distributions to shareholders from net realized gain

(40,365)

(4,023)

Total distributions

(47,043)

(5,578)

Share transactions - net increase (decrease)

5,984

(32,125)

Total increase (decrease) in net assets

(26,182)

34,345

 

 

 

Net Assets

Beginning of period

613,783

579,438

End of period (including undistributed net investment income of $3,842 and undistributed net investment income of $6,680, respectively)

$ 587,601

$ 613,783

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.95

$ 25.87

$ 19.67

$ 17.00

$ 16.05

$ 14.67

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .20

  .40

  .37

  .33

  .21

  .04

Net realized and unrealized gain (loss)

  .41

  2.97

  5.88

  2.90

  .78

  1.41

Total from investment operations

  .61

  3.37

  6.25

  3.23

  .99

  1.45

Distributions from net investment income

  (.36)

  (.11)

  (.05)

  (.53)

  (.04)

  (.07)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.25)I

  (.29)

  (.05)

  (.56)

  (.04)

  (.07)

Net asset value, end of period

$ 27.31

$ 28.95

$ 25.87

$ 19.67

$ 17.00

$ 16.05

Total ReturnB, C, D

  2.61%

  13.20%

  31.86%

  19.20%

  6.17%

  9.90%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .99%A

  1.01%

  1.02%

  1.05%

  1.06%

  1.05%

Expenses net of fee waivers, if any

  .99%A

  1.01%

  1.02%

  1.05%

  1.06%

  1.05%

Expenses net of all reductions

  .99%A

  1.01%

  1.00%

  1.04%

  1.05%

  1.05%

Net investment income (loss)

  1.47%A

  1.48%

  1.61%

  1.75%

  1.22%

  .26%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 265

$ 276

$ 255

$ 183

$ 170

$ 232

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

I Total distributions of $2.25 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.91

$ 25.84

$ 19.68

$ 16.97

$ 16.02

$ 14.64

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .33

  .32

  .29

  .17

  -I

Net realized and unrealized gain (loss)

  .42

  2.97

  5.89

  2.89

  .78

  1.41

Total from investment operations

  .58

  3.30

  6.21

  3.18

  .95

  1.41

Distributions from net investment income

  (.29)

  (.05)

  (.05)

  (.44)

  -

  (.03)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.18)J

  (.23)

  (.05)

  (.47)

  -

  (.03)

Net asset value, end of period

$ 27.31

$ 28.91

$ 25.84

$ 19.68

$ 16.97

$ 16.02

Total ReturnB, C, D

  2.49%

  12.91%

  31.62%

  18.93%

  5.93%

  9.63%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.24%A

  1.25%

  1.25%

  1.27%

  1.29%

  1.31%

Expenses net of fee waivers, if any

  1.24%A

  1.25%

  1.25%

  1.27%

  1.29%

  1.31%

Expenses net of all reductions

  1.23%A

  1.24%

  1.23%

  1.26%

  1.28%

  1.30%

Net investment income (loss)

  1.22%A

  1.24%

  1.38%

  1.53%

  .99%

  .01%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 197

$ 216

$ 214

$ 166

$ 158

$ 178

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

I Amount represents less than $.01 per share.

J Total distributions of $2.18 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.58

$ 24.74

$ 18.95

$ 16.24

$ 15.41

$ 14.13

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .08

  .17

  .18

  .18

  .08

  (.07)

Net realized and unrealized gain (loss)

  .39

  2.85

  5.65

  2.78

  .75

  1.35

Total from investment operations

  .47

  3.02

  5.83

  2.96

  .83

  1.28

Distributions from net investment income

  (.09)

  -

  (.04)

  (.22)

  -

  -

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (1.97)

  (.18)

  (.04)

  (.25)

  -

  -

Net asset value, end of period

$ 26.08

$ 27.58

$ 24.74

$ 18.95

$ 16.24

$ 15.41

Total ReturnB, C, D

  2.17%

  12.30%

  30.81%

  18.31%

  5.39%

  9.06%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.83%A

  1.83%

  1.81%

  1.81%

  1.81%

  1.82%

Expenses net of fee waivers, if any

  1.83%A

  1.83%

  1.81%

  1.81%

  1.81%

  1.82%

Expenses net of all reductions

  1.83%A

  1.83%

  1.80%

  1.81%

  1.80%

  1.81%

Net investment income (loss)

  .63%A

  .65%

  .82%

  .99%

  .47%

  (.51)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 8

$ 12

$ 11

$ 13

$ 19

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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.

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 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.51

$ 24.66

$ 18.87

$ 16.23

$ 15.39

$ 14.12

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .09

  .19

  .19

  .19

  .08

  (.07)

Net realized and unrealized gain (loss)

  .39

  2.84

  5.64

  2.77

  .76

  1.34

Total from investment operations

  .48

  3.03

  5.83

  2.96

  .84

  1.27

Distributions from net investment income

  (.18)

  -

  (.04)

  (.29)

  -

  -

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.07)I

  (.18)

  (.04)

  (.32)

  -

  -

Net asset value, end of period

$ 25.92

$ 27.51

$ 24.66

$ 18.87

$ 16.23

$ 15.39

Total ReturnB, C, D

  2.21%

  12.38%

  30.95%

  18.33%

  5.46%

  8.99%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.74%A

  1.74%

  1.74%

  1.76%

  1.78%

  1.80%

Expenses net of fee waivers, if any

  1.74%A

  1.74%

  1.74%

  1.76%

  1.78%

  1.80%

Expenses net of all reductions

  1.73%A

  1.74%

  1.73%

  1.76%

  1.77%

  1.80%

Net investment income (loss)

  .72%A

  .74%

  .89%

  1.04%

  .50%

  (.49)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 85

$ 74

$ 58

$ 53

$ 58

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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.

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 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.

I Total distributions of $2.07 per share is comprised of distributions from net investment income of $.183 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.47

$ 26.13

$ 19.79

$ 17.16

$ 16.19

$ 14.80

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .49

  .43

  .40

  .27

  .09

Net realized and unrealized gain (loss)

  .41

  3.03

  5.97

  2.91

  .79

  1.41

Total from investment operations

  .65

  3.52

  6.40

  3.31

  1.06

  1.50

Distributions from net investment income

  (.45)

  -

  (.06)

  (.65)

  (.09)

  (.11)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.34)H

  (.18)

  (.06)

  (.68)

  (.09)

  (.11)

Net asset value, end of period

$ 27.78

$ 29.47

$ 26.13

$ 19.79

$ 17.16

$ 16.19

Total ReturnB, C

  2.74%

  13.56%

  32.41%

  19.59%

  6.56%

  10.23%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .70%A

  .70%

  .70%

  .71%

  .72%

  .73%

Expenses net of fee waivers, if any

  .70%A

  .70%

  .70%

  .71%

  .72%

  .73%

Expenses net of all reductions

  .70%A

  .70%

  .68%

  .70%

  .71%

  .72%

Net investment income (loss)

  1.76%A

  1.78%

  1.93%

  2.09%

  1.56%

  .59%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 34

$ 28

$ 24

$ 1,031

$ 1,017

$ 870

Portfolio turnover rateF

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

H Total distributions of $2.34 per share is comprised of distributions from net investment income of $.454 and distributions from net realized gain of $1.883 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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.

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, 2015 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

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.

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

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.

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, market discount, partnerships, equity-debt classifications, certain conversion ratio adjustments, 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

$ 144,877

Gross unrealized depreciation

(15,177)

Net unrealized appreciation (depreciation) on securities

$ 129,700

 

 

Tax cost

$ 473,405

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $110,710 and $145,648, respectively.

Semiannual Report

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 .20% 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. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.

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%

$ 338

$ 8

Class T

.25%

.25%

519

7

Class B

.75%

.25%

38

28

Class C

.75%

.25%

419

40

 

 

 

$ 1,314

$ 83

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

$ 44

Class T

9

Class B*

1

Class C*

6

 

$ 60

* 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
Class-Level Average
Net Assets*

Class A

$ 294

.22

Class T

220

.21

Class B

12

.31

Class C

89

.21

Institutional Class

26

.18

 

$ 641

 

* 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 $2 for the period.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average Interest Rate

Interest
Expense

Borrower

$ 16,385

.34%

$ 1

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 four hundred and seventy-three dollars and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

7. Security Lending - continued

the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $43, including four hundred and thirty-one dollars 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 $5 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 3,464

$ 1,111

Class T

2,191

444

Class B

27

-

Class C

567

-

Institutional Class

429

-

Total

$ 6,678

$ 1,555

From net realized gain

 

 

Class A

$ 18,027

$ 1,766

Class T

14,122

1,470

Class B

575

82

Class C

5,855

550

Institutional Class

1,786

155

Total

$ 40,365

$ 4,023

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

868

1,298

$ 23,179

$ 34,745

Reinvestment of distributions

778

102

19,973

2,583

Shares redeemed

(1,470)

(1,724)

(39,665)

(46,421)

Net increase (decrease)

176

(324)

$ 3,487

$ (9,093)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

278

589

$ 7,441

$ 15,822

Reinvestment of distributions

618

73

15,887

1,855

Shares redeemed

(1,184)

(1,477)

(31,884)

(39,516)

Net increase (decrease)

(288)

(815)

$ (8,556)

$ (21,839)

Class B

 

 

 

 

Shares sold

9

9

$ 214

$ 223

Reinvestment of distributions

23

3

570

76

Shares redeemed

(92)

(174)

(2,377)

(4,437)

Net increase (decrease)

(60)

(162)

$ (1,593)

$ (4,138)

Class C

 

 

 

 

Shares sold

280

544

$ 7,085

$ 13,842

Reinvestment of distributions

231

19

5,657

475

Shares redeemed

(324)

(478)

(8,167)

(12,168)

Net increase (decrease)

187

85

$ 4,575

$ 2,149

Institutional Class

 

 

 

 

Shares sold

338

389

$ 9,288

$ 10,703

Reinvestment of distributions

71

5

1,846

137

Shares redeemed

(114)

(375)

(3,063)

(10,044)

Net increase (decrease)

295

19

$ 8,071

$ 796

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Japan) Limited

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-0715
1.786791.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Growth & Income

Fund - Institutional Class

(To be renamed Class I
effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

.99%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.10

$ 5.00

HypotheticalA

 

$ 1,000.00

$ 1,020.00

$ 4.99

Class T

1.24%

 

 

 

Actual

 

$ 1,000.00

$ 1,024.90

$ 6.26

HypotheticalA

 

$ 1,000.00

$ 1,018.75

$ 6.24

Class B

1.83%

 

 

 

Actual

 

$ 1,000.00

$ 1,021.70

$ 9.22

HypotheticalA

 

$ 1,000.00

$ 1,015.81

$ 9.20

Class C

1.74%

 

 

 

Actual

 

$ 1,000.00

$ 1,022.10

$ 8.77

HypotheticalA

 

$ 1,000.00

$ 1,016.26

$ 8.75

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.40

$ 3.54

HypotheticalA

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.4

4.0

Apple, Inc.

3.7

3.9

General Electric Co.

3.4

3.2

Microsoft Corp.

3.0

3.2

Citigroup, Inc.

2.6

2.3

Bank of America Corp.

2.5

2.1

Target Corp.

2.2

2.3

Chevron Corp.

2.0

2.3

Comcast Corp. Class A (special) (non-vtg.)

1.9

1.9

Procter & Gamble Co.

1.8

2.1

 

27.5

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.3

20.2

Information Technology

21.4

19.7

Industrials

12.8

12.9

Health Care

10.5

9.2

Consumer Discretionary

9.6

10.8

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

aii368

Stocks 98.5%

 

aii370

Stocks 98.4%

 

aii372

Convertible
Securities 1.1%

 

aii374

Convertible
Securities 1.0%

 

aii376

Other Investments 0.0%†

 

aii378

Other Investments 0.0%†

 

aii380

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

aii382

Short-Term
Investments and
Net Other Assets (Liabilities) 0.6%

 

* Foreign investments

11.9%

 

** Foreign investments

12.3%

 

aii384

† Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.6%

Automobiles - 0.1%

Harley-Davidson, Inc.

15,500

$ 829

Diversified Consumer Services - 0.4%

H&R Block, Inc.

65,526

2,079

Hotels, Restaurants & Leisure - 1.3%

Domino's Pizza, Inc.

3,500

380

Interval Leisure Group, Inc.

17,200

448

Las Vegas Sands Corp.

31,700

1,611

Yum! Brands, Inc.

54,761

4,935

 

7,374

Household Durables - 0.2%

Tupperware Brands Corp.

22,100

1,453

Leisure Products - 0.1%

Mattel, Inc.

29,100

751

Media - 4.1%

Comcast Corp. Class A (special) (non-vtg.)

191,629

11,114

Scripps Networks Interactive, Inc. Class A (e)

16,772

1,124

Sinclair Broadcast Group, Inc. Class A (e)

67,827

2,038

Time Warner, Inc.

83,318

7,039

Viacom, Inc. Class B (non-vtg.)

38,300

2,562

 

23,877

Multiline Retail - 2.2%

Target Corp.

163,099

12,937

Specialty Retail - 1.2%

Lowe's Companies, Inc.

97,857

6,848

TOTAL CONSUMER DISCRETIONARY

56,148

CONSUMER STAPLES - 9.1%

Beverages - 3.0%

Diageo PLC

116,070

3,221

Molson Coors Brewing Co. Class B

8,600

631

PepsiCo, Inc.

35,243

3,398

SABMiller PLC

37,700

2,013

The Coca-Cola Co.

200,184

8,200

 

17,463

Food & Staples Retailing - 1.1%

CVS Health Corp.

40,151

4,111

Walgreens Boots Alliance, Inc.

24,782

2,127

 

6,238

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 1.8%

Procter & Gamble Co.

135,635

$ 10,632

Personal Products - 0.2%

Estee Lauder Companies, Inc. Class A

11,100

970

Tobacco - 3.0%

British American Tobacco PLC sponsored ADR

64,076

7,094

Imperial Tobacco Group PLC

17,920

923

Lorillard, Inc.

20,225

1,466

Philip Morris International, Inc.

72,138

5,993

Reynolds American, Inc.

31,700

2,433

 

17,909

TOTAL CONSUMER STAPLES

53,212

ENERGY - 8.8%

Energy Equipment & Services - 1.2%

Ensco PLC Class A

105,241

2,473

Oceaneering International, Inc.

49,000

2,489

Schlumberger Ltd.

21,634

1,964

 

6,926

Oil, Gas & Consumable Fuels - 7.6%

Apache Corp.

57,841

3,461

Chevron Corp.

115,763

11,924

ConocoPhillips Co.

49,000

3,120

EQT Midstream Partners LP

10,400

870

Foresight Energy LP

15,700

220

Golar LNG Ltd.

43,000

2,043

Imperial Oil Ltd.

99,000

3,883

Kinder Morgan, Inc.

38,900

1,614

Legacy Reserves LP

67,000

673

Markwest Energy Partners LP

68,105

4,402

PrairieSky Royalty Ltd. (e)

36,600

983

Suncor Energy, Inc. (e)

270,790

7,915

The Williams Companies, Inc.

62,031

3,170

Williams Partners LP

8,220

459

 

44,737

TOTAL ENERGY

51,663

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 22.3%

Banks - 14.8%

Bank of America Corp.

895,742

$ 14,780

Citigroup, Inc.

279,122

15,095

Comerica, Inc.

42,200

2,066

Commerce Bancshares, Inc.

15,400

687

Fifth Third Bancorp

57,100

1,156

First Republic Bank

4,800

291

FirstMerit Corp.

42,100

827

JPMorgan Chase & Co.

388,843

25,575

Lloyds Banking Group PLC

244,000

328

M&T Bank Corp.

14,100

1,704

PNC Financial Services Group, Inc.

35,416

3,389

Regions Financial Corp.

227,600

2,296

Standard Chartered PLC (United Kingdom)

218,054

3,486

SunTrust Banks, Inc.

129,335

5,520

U.S. Bancorp

124,230

5,356

UMB Financial Corp.

9,500

492

Wells Fargo & Co.

68,450

3,830

 

86,878

Capital Markets - 5.3%

Carlyle Group LP

30,500

940

Charles Schwab Corp.

113,913

3,605

Greenhill & Co., Inc.

4,400

171

Invesco Ltd.

7,900

315

KKR & Co. LP

158,013

3,626

Morgan Stanley

101,130

3,863

Northern Trust Corp.

54,740

4,081

Oaktree Capital Group LLC Class A

18,000

986

State Street Corp.

119,070

9,279

The Blackstone Group LP

62,400

2,733

TPG Specialty Lending, Inc. (e)

79,500

1,441

 

31,040

Diversified Financial Services - 0.1%

IntercontinentalExchange Group, Inc.

3,639

862

Insurance - 1.4%

Brown & Brown, Inc.

11,640

377

Marsh & McLennan Companies, Inc.

22,766

1,326

MetLife, Inc.

84,205

4,401

Principal Financial Group, Inc.

36,600

1,892

 

7,996

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - 0.4%

American Homes 4 Rent (f)

68,634

$ 1,146

First Potomac Realty Trust

13,272

134

Lamar Advertising Co. Class A

4,600

279

Sabra Health Care REIT, Inc.

9,900

262

WP Carey, Inc.

9,500

605

 

2,426

Thrifts & Mortgage Finance - 0.3%

Radian Group, Inc. (e)

94,890

1,700

TOTAL FINANCIALS

130,902

HEALTH CARE - 9.6%

Biotechnology - 1.8%

Amgen, Inc.

42,192

6,593

Biogen, Inc. (a)

7,000

2,779

Intercept Pharmaceuticals, Inc. (a)

3,500

893

 

10,265

Health Care Equipment & Supplies - 1.4%

Abbott Laboratories

32,426

1,576

Ansell Ltd. (a)

20,366

417

Medtronic PLC

38,942

2,972

St. Jude Medical, Inc.

11,800

870

Zimmer Holdings, Inc.

21,690

2,475

 

8,310

Health Care Providers & Services - 1.6%

Cardinal Health, Inc.

15,700

1,384

Express Scripts Holding Co. (a)

12,400

1,081

McKesson Corp.

23,633

5,606

Patterson Companies, Inc.

28,100

1,344

 

9,415

Pharmaceuticals - 4.8%

AbbVie, Inc.

13,600

906

Astellas Pharma, Inc.

57,700

837

GlaxoSmithKline PLC sponsored ADR

165,309

7,335

Johnson & Johnson

100,601

10,074

Novartis AG sponsored ADR

18,301

1,880

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

103,974

$ 6,249

Theravance, Inc. (e)

66,200

1,119

 

28,400

TOTAL HEALTH CARE

56,390

INDUSTRIALS - 12.8%

Aerospace & Defense - 2.3%

Meggitt PLC

255,609

1,987

The Boeing Co.

51,294

7,208

United Technologies Corp.

35,731

4,187

 

13,382

Air Freight & Logistics - 1.7%

FedEx Corp.

5,500

953

PostNL NV (a)

328,800

1,499

United Parcel Service, Inc. Class B

76,479

7,588

 

10,040

Airlines - 0.2%

Copa Holdings SA Class A

14,100

1,203

Building Products - 0.2%

Lennox International, Inc.

9,500

1,070

Commercial Services & Supplies - 0.7%

ADT Corp. (e)

73,683

2,688

KAR Auction Services, Inc.

41,500

1,546

 

4,234

Electrical Equipment - 0.8%

Emerson Electric Co.

42,100

2,539

Hubbell, Inc. Class B

19,912

2,151

 

4,690

Industrial Conglomerates - 3.4%

General Electric Co.

726,093

19,801

Machinery - 0.9%

Deere & Co.

22,600

2,117

Donaldson Co., Inc.

18,000

642

IMI PLC

46,200

879

Joy Global, Inc.

7,800

304

Pentair PLC

8,600

551

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Valmont Industries, Inc.

3,400

$ 423

Xylem, Inc.

5,400

197

 

5,113

Professional Services - 0.0%

Acacia Research Corp.

33,764

345

Road & Rail - 2.1%

CSX Corp.

164,133

5,594

J.B. Hunt Transport Services, Inc.

45,520

3,825

Kansas City Southern

15,205

1,376

Norfolk Southern Corp.

17,808

1,638

 

12,433

Trading Companies & Distributors - 0.5%

Watsco, Inc.

23,464

2,955

TOTAL INDUSTRIALS

75,266

INFORMATION TECHNOLOGY - 21.3%

Communications Equipment - 3.3%

Cisco Systems, Inc.

318,571

9,337

QUALCOMM, Inc.

143,313

9,986

 

19,323

Internet Software & Services - 2.9%

Google, Inc.:

Class A (a)

14,458

7,884

Class C

12,693

6,754

Yahoo!, Inc. (a)

52,092

2,237

 

16,875

IT Services - 5.7%

Cognizant Technology Solutions Corp. Class A (a)

34,720

2,247

Fidelity National Information Services, Inc.

18,038

1,131

IBM Corp.

37,900

6,430

Leidos Holdings, Inc.

4,100

174

MasterCard, Inc. Class A

73,490

6,780

Paychex, Inc.

141,209

6,977

The Western Union Co.

76,261

1,674

Unisys Corp. (a)

51,700

1,062

Visa, Inc. Class A

105,440

7,242

 

33,717

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 0.9%

Broadcom Corp. Class A

54,836

$ 3,117

Marvell Technology Group Ltd.

69,600

974

Maxim Integrated Products, Inc.

36,400

1,277

 

5,368

Software - 3.8%

Microsoft Corp.

373,773

17,515

Oracle Corp.

111,084

4,831

 

22,346

Technology Hardware, Storage & Peripherals - 4.7%

Apple, Inc.

168,378

21,936

EMC Corp.

147,700

3,890

First Data Holdings, Inc. Class B (h)

400,570

1,967

 

27,793

TOTAL INFORMATION TECHNOLOGY

125,422

MATERIALS - 3.5%

Chemicals - 3.0%

Airgas, Inc.

34,052

3,471

E.I. du Pont de Nemours & Co.

26,331

1,870

LyondellBasell Industries NV Class A

6,500

657

Methanex Corp.

9,200

511

Monsanto Co.

50,001

5,849

Potash Corp. of Saskatchewan, Inc.

47,700

1,501

Syngenta AG (Switzerland)

7,680

3,495

Tronox Ltd. Class A

24,251

409

 

17,763

Metals & Mining - 0.4%

Freeport-McMoRan, Inc.

114,200

2,244

SunCoke Energy Partners LP

7,676

165

 

2,409

Paper & Forest Products - 0.1%

Domtar Corp.

9,600

415

TOTAL MATERIALS

20,587

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 1.4%

TDC A/S

43,500

$ 325

Verizon Communications, Inc.

165,409

8,178

 

8,503

UTILITIES - 0.1%

Electric Utilities - 0.1%

Southern Co.

13,500

590

TOTAL COMMON STOCKS

(Cost $446,043)

578,683

Convertible Preferred Stocks - 0.9%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Leisure Products - 0.0%

NJOY, Inc. Series D (a)(h)

5,350

43

HEALTH CARE - 0.9%

Health Care Equipment & Supplies - 0.9%

Alere, Inc. 3.00%

14,654

5,041

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $4,156)

5,084

Convertible Bonds - 0.2%

 

Principal
Amount (000s)(d)

 

CONSUMER DISCRETIONARY - 0.0%

Automobiles - 0.0%

Tesla Motors, Inc. 1.25% 3/1/21

$ 270

259

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Amyris, Inc. 3% 2/27/17

772

676

Peabody Energy Corp. 4.75% 12/15/41

590

148

 

824

Convertible Bonds - continued

 

Principal
Amount (000s)(d)

Value (000s)

INFORMATION TECHNOLOGY - 0.1%

Internet Software & Services - 0.1%

Twitter, Inc. 0.25% 9/15/19 (f)

$ 400

$ 363

TOTAL CONVERTIBLE BONDS

(Cost $1,813)

1,446

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (f)(g)

(Cost $353)

EUR

230

272

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

1,521,884

1,522

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

16,097,780

16,098

TOTAL MONEY MARKET FUNDS

(Cost $17,620)

17,620

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $469,985)

603,105

NET OTHER ASSETS (LIABILITIES) - (2.6)%

(15,504)

NET ASSETS - 100%

$ 587,601

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $1,781,000 or 0.3% 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 $2,010,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

First Data Holdings, Inc. Class B

6/26/14

$ 1,602

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

$ 1

Fidelity Securities Lending Cash Central Fund

43

Total

$ 44

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 56,191

$ 56,148

$ -

$ 43

Consumer Staples

53,212

49,991

3,221

-

Energy

51,663

51,663

-

-

Financials

130,902

130,574

328

-

Health Care

61,431

60,594

837

-

Industrials

75,266

75,266

-

-

Information Technology

125,422

123,455

-

1,967

Materials

20,587

17,092

3,495

-

Telecommunication Services

8,503

8,503

-

-

Utilities

590

590

-

-

Corporate Bonds

1,446

-

1,446

-

Preferred Securities

272

-

272

-

Money Market Funds

17,620

17,620

-

-

Total Investments in Securities:

$ 603,105

$ 591,496

$ 9,599

$ 2,010

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

United States of America

88.1%

United Kingdom

5.1%

Canada

2.5%

Israel

1.1%

Others (Individually Less Than 1%)

3.2%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $15,447) - See accompanying schedule:

Unaffiliated issuers (cost $452,365)

$ 585,485

 

Fidelity Central Funds (cost $17,620)

17,620

 

Total Investments (cost $469,985)

 

$ 603,105

Receivable for investments sold

1,452

Receivable for fund shares sold

233

Dividends receivable

1,262

Interest receivable

19

Distributions receivable from Fidelity Central Funds

6

Other receivables

2

Total assets

606,079

 

 

 

Liabilities

Payable for investments purchased

$ 1,099

Payable for fund shares redeemed

681

Accrued management fee

221

Distribution and service plan fees payable

215

Other affiliated payables

123

Other payables and accrued expenses

41

Collateral on securities loaned, at value

16,098

Total liabilities

18,478

 

 

 

Net Assets

$ 587,601

Net Assets consist of:

 

Paid in capital

$ 432,797

Undistributed net investment income

3,842

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

17,846

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

133,116

Net Assets

$ 587,601

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($265,206 ÷ 9,710.2 shares)

$ 27.31

 

 

 

Maximum offering price per share (100/94.25 of $27.31)

$ 28.98

Class T:
Net Asset Value and redemption price per share ($196,509 ÷ 7,195.4 shares)

$ 27.31

 

 

 

Maximum offering price per share (100/96.50 of $27.31)

$ 28.30

Class B:
Net Asset Value and offering price per share ($6,434 ÷ 246.7 shares)A

$ 26.08

 

 

 

Class C:
Net Asset Value and offering price per share ($85,171 ÷ 3,285.6 shares)A

$ 25.92

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($34,281 ÷ 1,233.9 shares)

$ 27.78

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 7,275

Interest

 

36

Income from Fidelity Central Funds

 

44

Total income

 

7,355

 

 

 

Expenses

Management fee

$ 1,342

Transfer agent fees

641

Distribution and service plan fees

1,314

Accounting and security lending fees

112

Custodian fees and expenses

26

Independent trustees' compensation

1

Registration fees

43

Audit

37

Legal

1

Interest

1

Miscellaneous

2

Total expenses before reductions

3,520

Expense reductions

(5)

3,515

Net investment income (loss)

3,840

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

20,146

Foreign currency transactions

4

Total net realized gain (loss)

 

20,150

Change in net unrealized appreciation (depreciation) on:

Investment securities

(9,117)

Assets and liabilities in foreign currencies

4

Total change in net unrealized appreciation (depreciation)

 

(9,113)

Net gain (loss)

11,037

Net increase (decrease) in net assets resulting from operations

$ 14,877

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,840

$ 7,556

Net realized gain (loss)

20,150

44,197

Change in net unrealized appreciation (depreciation)

(9,113)

20,295

Net increase (decrease) in net assets resulting
from operations

14,877

72,048

Distributions to shareholders from net investment income

(6,678)

(1,555)

Distributions to shareholders from net realized gain

(40,365)

(4,023)

Total distributions

(47,043)

(5,578)

Share transactions - net increase (decrease)

5,984

(32,125)

Total increase (decrease) in net assets

(26,182)

34,345

 

 

 

Net Assets

Beginning of period

613,783

579,438

End of period (including undistributed net investment income of $3,842 and undistributed net investment income of $6,680, respectively)

$ 587,601

$ 613,783

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.95

$ 25.87

$ 19.67

$ 17.00

$ 16.05

$ 14.67

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .20

  .40

  .37

  .33

  .21

  .04

Net realized and unrealized gain (loss)

  .41

  2.97

  5.88

  2.90

  .78

  1.41

Total from investment operations

  .61

  3.37

  6.25

  3.23

  .99

  1.45

Distributions from net investment income

  (.36)

  (.11)

  (.05)

  (.53)

  (.04)

  (.07)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.25)I

  (.29)

  (.05)

  (.56)

  (.04)

  (.07)

Net asset value, end of period

$ 27.31

$ 28.95

$ 25.87

$ 19.67

$ 17.00

$ 16.05

Total ReturnB, C, D

  2.61%

  13.20%

  31.86%

  19.20%

  6.17%

  9.90%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  .99%A

  1.01%

  1.02%

  1.05%

  1.06%

  1.05%

Expenses net of fee waivers, if any

  .99%A

  1.01%

  1.02%

  1.05%

  1.06%

  1.05%

Expenses net of all reductions

  .99%A

  1.01%

  1.00%

  1.04%

  1.05%

  1.05%

Net investment income (loss)

  1.47%A

  1.48%

  1.61%

  1.75%

  1.22%

  .26%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 265

$ 276

$ 255

$ 183

$ 170

$ 232

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

I Total distributions of $2.25 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.91

$ 25.84

$ 19.68

$ 16.97

$ 16.02

$ 14.64

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .33

  .32

  .29

  .17

  -I

Net realized and unrealized gain (loss)

  .42

  2.97

  5.89

  2.89

  .78

  1.41

Total from investment operations

  .58

  3.30

  6.21

  3.18

  .95

  1.41

Distributions from net investment income

  (.29)

  (.05)

  (.05)

  (.44)

  -

  (.03)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.18)J

  (.23)

  (.05)

  (.47)

  -

  (.03)

Net asset value, end of period

$ 27.31

$ 28.91

$ 25.84

$ 19.68

$ 16.97

$ 16.02

Total ReturnB, C, D

  2.49%

  12.91%

  31.62%

  18.93%

  5.93%

  9.63%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.24%A

  1.25%

  1.25%

  1.27%

  1.29%

  1.31%

Expenses net of fee waivers, if any

  1.24%A

  1.25%

  1.25%

  1.27%

  1.29%

  1.31%

Expenses net of all reductions

  1.23%A

  1.24%

  1.23%

  1.26%

  1.28%

  1.30%

Net investment income (loss)

  1.22%A

  1.24%

  1.38%

  1.53%

  .99%

  .01%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 197

$ 216

$ 214

$ 166

$ 158

$ 178

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

I Amount represents less than $.01 per share.

J Total distributions of $2.18 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.58

$ 24.74

$ 18.95

$ 16.24

$ 15.41

$ 14.13

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .08

  .17

  .18

  .18

  .08

  (.07)

Net realized and unrealized gain (loss)

  .39

  2.85

  5.65

  2.78

  .75

  1.35

Total from investment operations

  .47

  3.02

  5.83

  2.96

  .83

  1.28

Distributions from net investment income

  (.09)

  -

  (.04)

  (.22)

  -

  -

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (1.97)

  (.18)

  (.04)

  (.25)

  -

  -

Net asset value, end of period

$ 26.08

$ 27.58

$ 24.74

$ 18.95

$ 16.24

$ 15.41

Total ReturnB, C, D

  2.17%

  12.30%

  30.81%

  18.31%

  5.39%

  9.06%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.83%A

  1.83%

  1.81%

  1.81%

  1.81%

  1.82%

Expenses net of fee waivers, if any

  1.83%A

  1.83%

  1.81%

  1.81%

  1.81%

  1.82%

Expenses net of all reductions

  1.83%A

  1.83%

  1.80%

  1.81%

  1.80%

  1.81%

Net investment income (loss)

  .63%A

  .65%

  .82%

  .99%

  .47%

  (.51)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 8

$ 12

$ 11

$ 13

$ 19

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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.

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 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.51

$ 24.66

$ 18.87

$ 16.23

$ 15.39

$ 14.12

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .09

  .19

  .19

  .19

  .08

  (.07)

Net realized and unrealized gain (loss)

  .39

  2.84

  5.64

  2.77

  .76

  1.34

Total from investment operations

  .48

  3.03

  5.83

  2.96

  .84

  1.27

Distributions from net investment income

  (.18)

  -

  (.04)

  (.29)

  -

  -

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.07)I

  (.18)

  (.04)

  (.32)

  -

  -

Net asset value, end of period

$ 25.92

$ 27.51

$ 24.66

$ 18.87

$ 16.23

$ 15.39

Total ReturnB, C, D

  2.21%

  12.38%

  30.95%

  18.33%

  5.46%

  8.99%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.74%A

  1.74%

  1.74%

  1.76%

  1.78%

  1.80%

Expenses net of fee waivers, if any

  1.74%A

  1.74%

  1.74%

  1.76%

  1.78%

  1.80%

Expenses net of all reductions

  1.73%A

  1.74%

  1.73%

  1.76%

  1.77%

  1.80%

Net investment income (loss)

  .72%A

  .74%

  .89%

  1.04%

  .50%

  (.49)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 85

$ 74

$ 58

$ 53

$ 58

Portfolio turnover rateG

  37% A

  44%

  48%

  57%

  123%

  102%

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.

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 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.

I Total distributions of $2.07 per share is comprised of distributions from net investment income of $.183 and distributions from net realized gain of $1.883 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.47

$ 26.13

$ 19.79

$ 17.16

$ 16.19

$ 14.80

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .49

  .43

  .40

  .27

  .09

Net realized and unrealized gain (loss)

  .41

  3.03

  5.97

  2.91

  .79

  1.41

Total from investment operations

  .65

  3.52

  6.40

  3.31

  1.06

  1.50

Distributions from net investment income

  (.45)

  -

  (.06)

  (.65)

  (.09)

  (.11)

Distributions from net realized gain

  (1.88)

  (.18)

  -

  (.03)

  -

  -

Total distributions

  (2.34)H

  (.18)

  (.06)

  (.68)

  (.09)

  (.11)

Net asset value, end of period

$ 27.78

$ 29.47

$ 26.13

$ 19.79

$ 17.16

$ 16.19

Total ReturnB, C

  2.74%

  13.56%

  32.41%

  19.59%

  6.56%

  10.23%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .70%A

  .70%

  .70%

  .71%

  .72%

  .73%

Expenses net of fee waivers, if any

  .70%A

  .70%

  .70%

  .71%

  .72%

  .73%

Expenses net of all reductions

  .70%A

  .70%

  .68%

  .70%

  .71%

  .72%

Net investment income (loss)

  1.76%A

  1.78%

  1.93%

  2.09%

  1.56%

  .59%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 34

$ 28

$ 24

$ 1,031

$ 1,017

$ 870

Portfolio turnover rateF

  37% A

  44%

  48%

  57%

  123%

  102%

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 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.

H Total distributions of $2.34 per share is comprised of distributions from net investment income of $.454 and distributions from net realized gain of $1.883 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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.

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, 2015 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

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.

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

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.

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, market discount, partnerships, equity-debt classifications, certain conversion ratio adjustments, 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

$ 144,877

Gross unrealized depreciation

(15,177)

Net unrealized appreciation (depreciation) on securities

$ 129,700

 

 

Tax cost

$ 473,405

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $110,710 and $145,648, respectively.

Semiannual Report

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 .20% 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. For the reporting period, the total annualized management fee rate was .45% of the Fund's average net assets.

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%

$ 338

$ 8

Class T

.25%

.25%

519

7

Class B

.75%

.25%

38

28

Class C

.75%

.25%

419

40

 

 

 

$ 1,314

$ 83

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

$ 44

Class T

9

Class B*

1

Class C*

6

 

$ 60

* 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
Class-Level Average
Net Assets*

Class A

$ 294

.22

Class T

220

.21

Class B

12

.31

Class C

89

.21

Institutional Class

26

.18

 

$ 641

 

* 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 $2 for the period.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average Interest Rate

Interest
Expense

Borrower

$ 16,385

.34%

$ 1

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 four hundred and seventy-three dollars and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

7. Security Lending - continued

the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $43, including four hundred and thirty-one dollars 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 $5 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 3,464

$ 1,111

Class T

2,191

444

Class B

27

-

Class C

567

-

Institutional Class

429

-

Total

$ 6,678

$ 1,555

From net realized gain

 

 

Class A

$ 18,027

$ 1,766

Class T

14,122

1,470

Class B

575

82

Class C

5,855

550

Institutional Class

1,786

155

Total

$ 40,365

$ 4,023

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

868

1,298

$ 23,179

$ 34,745

Reinvestment of distributions

778

102

19,973

2,583

Shares redeemed

(1,470)

(1,724)

(39,665)

(46,421)

Net increase (decrease)

176

(324)

$ 3,487

$ (9,093)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

278

589

$ 7,441

$ 15,822

Reinvestment of distributions

618

73

15,887

1,855

Shares redeemed

(1,184)

(1,477)

(31,884)

(39,516)

Net increase (decrease)

(288)

(815)

$ (8,556)

$ (21,839)

Class B

 

 

 

 

Shares sold

9

9

$ 214

$ 223

Reinvestment of distributions

23

3

570

76

Shares redeemed

(92)

(174)

(2,377)

(4,437)

Net increase (decrease)

(60)

(162)

$ (1,593)

$ (4,138)

Class C

 

 

 

 

Shares sold

280

544

$ 7,085

$ 13,842

Reinvestment of distributions

231

19

5,657

475

Shares redeemed

(324)

(478)

(8,167)

(12,168)

Net increase (decrease)

187

85

$ 4,575

$ 2,149

Institutional Class

 

 

 

 

Shares sold

338

389

$ 9,288

$ 10,703

Reinvestment of distributions

71

5

1,846

137

Shares redeemed

(114)

(375)

(3,063)

(10,044)

Net increase (decrease)

295

19

$ 8,071

$ 796

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Japan) Limited

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-0715
1.786792.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Growth Opportunities

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.06%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.80

$ 5.42

HypotheticalA

 

$ 1,000.00

$ 1,019.65

$ 5.34

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,050.70

$ 6.60

HypotheticalA

 

$ 1,000.00

$ 1,018.50

$ 6.49

Class B

1.90%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.30

$ 9.70

HypotheticalA

 

$ 1,000.00

$ 1,015.46

$ 9.55

Class C

1.80%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.80

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.96

$ 9.05

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.40

$ 3.99

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.65%

 

 

 

Actual

 

$ 1,000.00

$ 1,054.00

$ 3.33

HypotheticalA

 

$ 1,000.00

$ 1,021.69

$ 3.28

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.6

6.2

Salesforce.com, Inc.

4.5

3.8

Regeneron Pharmaceuticals, Inc.

4.3

3.7

Google, Inc. Class A

2.3

2.3

Isis Pharmaceuticals, Inc.

2.2

1.8

Google, Inc. Class C

2.2

2.3

Facebook, Inc. Class A

2.1

2.1

Seattle Genetics, Inc.

2.0

1.6

Alkermes PLC

2.0

1.8

Microsoft Corp.

1.9

2.0

 

30.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.0

35.8

Health Care

23.5

21.2

Consumer Discretionary

16.0

15.6

Consumer Staples

8.4

9.7

Industrials

6.8

7.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

goo394

Stocks 98.8%

 

goo396

Stocks 99.4%

 

goo398

Convertible
Securities 0.7%

 

goo400

Convertible
Securities 0.4%

 

goo402

Short-Term
Investments and
Net Other Assets (Liabilities) 0.5%

 

goo404

Short-Term
Investments and
Net Other Assets (Liabilities) 0.2%

 

* Foreign investments

6.8%

 

** Foreign investments

6.9%

 

goo406

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.0%

Auto Components - 0.2%

Tenneco, Inc. (a)

114,700

$ 6,735

Automobiles - 0.5%

Mahindra & Mahindra Ltd. (a)

183,272

3,617

Tesla Motors, Inc. (a)(d)

58,900

14,772

 

18,389

Hotels, Restaurants & Leisure - 2.7%

Arcos Dorados Holdings, Inc. Class A (d)

222,600

1,227

Buffalo Wild Wings, Inc. (a)

60,600

9,252

Chipotle Mexican Grill, Inc. (a)

25,700

15,819

Chuy's Holdings, Inc. (a)

135,800

3,529

Dunkin' Brands Group, Inc.

174,300

9,301

Las Vegas Sands Corp.

126,292

6,419

McDonald's Corp.

127,900

12,269

Panera Bread Co. Class A (a)

21,300

3,877

Starbucks Corp.

595,000

30,916

Starwood Hotels & Resorts Worldwide, Inc.

57,700

4,775

 

97,384

Household Durables - 0.3%

Lennar Corp. Class A

122,800

5,726

Toll Brothers, Inc. (a)

4,600

166

Tupperware Brands Corp.

51,500

3,386

 

9,278

Internet & Catalog Retail - 2.0%

Amazon.com, Inc. (a)

133,200

57,173

Priceline Group, Inc. (a)

12,800

15,002

 

72,175

Media - 4.0%

AMC Networks, Inc. Class A (a)

151,900

11,938

Comcast Corp. Class A

990,200

57,887

IMAX Corp. (a)

362,900

14,639

Liberty Global PLC Class A (a)

158,600

9,124

Lions Gate Entertainment Corp. (d)

227,400

7,525

The Walt Disney Co.

239,400

26,423

Twenty-First Century Fox, Inc. Class A

407,500

13,692

Zee Entertainment Enterprises Ltd.

721,462

3,664

 

144,892

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.3%

Dollar General Corp.

129,800

$ 9,422

Target Corp.

39,300

3,117

 

12,539

Specialty Retail - 2.3%

Abercrombie & Fitch Co. Class A

113,400

2,321

Bed Bath & Beyond, Inc. (a)

61,000

4,351

CarMax, Inc. (a)

197,700

14,045

DSW, Inc. Class A

126,100

4,369

Five Below, Inc. (a)

113,600

3,777

GNC Holdings, Inc.

79,900

3,559

Home Depot, Inc.

261,400

29,125

Lumber Liquidators Holdings, Inc. (a)(d)

395,200

8,062

TJX Companies, Inc.

212,900

13,707

 

83,316

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

87,500

5,963

Fossil Group, Inc. (a)

138,700

9,849

Kate Spade & Co. (a)

195,300

4,840

lululemon athletica, Inc. (a)

921,716

55,109

Michael Kors Holdings Ltd. (a)

201,600

9,374

NIKE, Inc. Class B

145,900

14,834

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

235,000

24,879

Under Armour, Inc. Class A (sub. vtg.) (a)

91,700

7,190

 

132,038

TOTAL CONSUMER DISCRETIONARY

576,746

CONSUMER STAPLES - 8.2%

Beverages - 1.7%

Monster Beverage Corp. (a)

134,900

17,170

PepsiCo, Inc.

168,200

16,220

SABMiller PLC

89,300

4,769

The Coca-Cola Co.

604,300

24,752

 

62,911

Food & Staples Retailing - 2.6%

Costco Wholesale Corp.

248,300

35,405

CVS Health Corp.

262,000

26,824

Wal-Mart Stores, Inc.

31,780

2,360

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Walgreens Boots Alliance, Inc.

227,800

$ 19,554

Whole Foods Market, Inc.

197,900

8,161

 

92,304

Food Products - 1.5%

Bunge Ltd.

59,600

5,517

Keurig Green Mountain, Inc.

414,200

35,721

Mead Johnson Nutrition Co. Class A

97,100

9,448

Mondelez International, Inc.

117,800

4,899

 

55,585

Household Products - 0.6%

Procter & Gamble Co.

194,200

15,223

Svenska Cellulosa AB (SCA) (B Shares)

248,400

6,479

 

21,702

Personal Products - 0.3%

Avon Products, Inc.

100,242

674

Herbalife Ltd. (a)

167,800

8,731

 

9,405

Tobacco - 1.5%

Altria Group, Inc.

588,100

30,111

Lorillard, Inc.

74,700

5,414

Philip Morris International, Inc.

227,750

18,919

 

54,444

TOTAL CONSUMER STAPLES

296,351

ENERGY - 2.6%

Energy Equipment & Services - 0.8%

FMC Technologies, Inc. (a)

90,340

3,775

Halliburton Co.

111,600

5,067

National Oilwell Varco, Inc.

79,188

3,895

Schlumberger Ltd.

170,000

15,431

 

28,168

Oil, Gas & Consumable Fuels - 1.8%

Anadarko Petroleum Corp.

74,000

6,187

Cabot Oil & Gas Corp.

209,100

7,101

Chesapeake Energy Corp. (d)

159,764

2,254

Concho Resources, Inc. (a)

56,900

6,845

Continental Resources, Inc. (a)

142,200

6,479

EOG Resources, Inc.

38,800

3,441

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Golar LNG Ltd.

28,700

$ 1,364

Hess Corp.

117,200

7,913

Noble Energy, Inc.

99,400

4,352

Occidental Petroleum Corp.

156,900

12,268

PDC Energy, Inc. (a)

47,100

2,809

Range Resources Corp.

16,300

903

Southwestern Energy Co. (a)

82,100

2,116

 

64,032

TOTAL ENERGY

92,200

FINANCIALS - 3.3%

Banks - 1.1%

Bank of America Corp.

280,800

4,633

Citigroup, Inc.

99,700

5,392

HDFC Bank Ltd. sponsored ADR

146,100

8,710

JPMorgan Chase & Co.

189,400

12,459

Signature Bank (a)

21,300

2,975

Wells Fargo & Co.

117,800

6,592

 

40,761

Capital Markets - 0.7%

BlackRock, Inc. Class A

9,900

3,621

Charles Schwab Corp.

444,900

14,081

Goldman Sachs Group, Inc.

23,191

4,782

T. Rowe Price Group, Inc.

29,300

2,364

 

24,848

Consumer Finance - 1.4%

American Express Co.

471,700

37,604

Discover Financial Services

241,633

14,080

 

51,684

Diversified Financial Services - 0.1%

BM&F BOVESPA SA

722,258

2,546

TOTAL FINANCIALS

119,839

HEALTH CARE - 23.5%

Biotechnology - 20.3%

ACADIA Pharmaceuticals, Inc. (a)(d)

194,600

8,018

Agios Pharmaceuticals, Inc. (a)(d)

75,400

9,200

Alexion Pharmaceuticals, Inc. (a)

49,400

8,094

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Alkermes PLC (a)

1,170,200

$ 71,499

Alnylam Pharmaceuticals, Inc. (a)

226,100

29,639

Amarin Corp. PLC ADR (a)(d)

1,882,400

4,348

Amgen, Inc.

215,800

33,721

Asterias Biotherapeutics, Inc. (a)(d)

50,950

572

aTyr Pharma, Inc. (a)

124,876

2,573

Avalanche Biotechnologies, Inc. (a)

19,500

727

Biogen, Inc. (a)

76,600

30,409

BioTime, Inc. warrants 10/1/18 (a)

62,345

118

bluebird bio, Inc. (a)

116,600

22,650

Celgene Corp. (a)

104,170

11,921

Celldex Therapeutics, Inc. (a)

203,400

5,872

Cepheid, Inc. (a)

128,653

7,098

Clovis Oncology, Inc. (a)

40,100

3,707

Esperion Therapeutics, Inc. (a)

77,500

8,332

Exelixis, Inc. (a)(d)

1,633,111

5,144

Geron Corp. (a)

1,153,100

4,451

Gilead Sciences, Inc.

499,100

56,034

ImmunoGen, Inc. (a)(d)

524,651

4,711

Immunomedics, Inc. (a)(d)

1,276,987

4,929

Insmed, Inc. (a)

311,800

6,841

Intercept Pharmaceuticals, Inc. (a)

8,535

2,178

Ironwood Pharmaceuticals, Inc. Class A (a)

214,500

3,027

Isis Pharmaceuticals, Inc. (a)(d)

1,188,153

79,986

Lexicon Pharmaceuticals, Inc. (a)

910,800

6,403

Merrimack Pharmaceuticals, Inc. (a)(d)

591,500

6,980

Ophthotech Corp. (a)

70,500

3,526

Prothena Corp. PLC (a)

123,802

4,883

Receptos, Inc. (a)

100,900

16,637

Regeneron Pharmaceuticals, Inc. (a)

300,200

153,871

Regulus Therapeutics, Inc. (a)

318,000

4,490

Rigel Pharmaceuticals, Inc. (a)

667,248

2,329

Seattle Genetics, Inc. (a)(d)

1,665,767

71,778

Spark Therapeutics, Inc.

3,500

258

TG Therapeutics, Inc. (a)(d)

487,400

7,672

Transition Therapeutics, Inc. (a)

969,697

7,506

uniQure B.V. (a)

4,600

132

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Vertex Pharmaceuticals, Inc. (a)

64,790

$ 8,312

XOMA Corp. (a)(d)

2,503,800

8,813

 

729,389

Health Care Equipment & Supplies - 0.4%

Abbott Laboratories

84,200

4,092

Baxter International, Inc.

37,600

2,505

Zeltiq Aesthetics, Inc. (a)

256,300

7,038

 

13,635

Health Care Providers & Services - 0.6%

Accretive Health, Inc. (a)

562,100

3,024

BioScrip, Inc. (a)(d)

747,100

2,652

Express Scripts Holding Co. (a)

117,967

10,280

McKesson Corp.

30,700

7,283

 

23,239

Health Care Technology - 0.4%

Allscripts Healthcare Solutions, Inc. (a)

260,200

3,661

athenahealth, Inc. (a)(d)

86,100

10,039

Castlight Health, Inc. Class B (a)

116,700

1,019

 

14,719

Life Sciences Tools & Services - 0.4%

Illumina, Inc. (a)

68,900

14,199

Pharmaceuticals - 1.4%

AbbVie, Inc.

147,300

9,809

AcelRx Pharmaceuticals, Inc. (a)(d)

714,917

2,502

Actavis PLC (a)

75,090

23,038

Cempra, Inc. (a)

167,568

6,151

Intra-Cellular Therapies, Inc. (a)

36,700

963

Johnson & Johnson

35,600

3,565

Mylan N.V.

73,500

5,338

 

51,366

TOTAL HEALTH CARE

846,547

INDUSTRIALS - 6.8%

Aerospace & Defense - 0.6%

Honeywell International, Inc.

118,600

12,358

The Boeing Co.

72,600

10,202

 

22,560

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.6%

FedEx Corp.

72,100

$ 12,489

United Parcel Service, Inc. Class B

109,900

10,904

 

23,393

Airlines - 2.1%

American Airlines Group, Inc.

231,600

9,813

Delta Air Lines, Inc.

144,800

6,215

Southwest Airlines Co.

496,300

18,388

Spirit Airlines, Inc. (a)

288,600

18,346

United Continental Holdings, Inc. (a)

396,800

21,661

 

74,423

Building Products - 0.1%

Caesarstone Sdot-Yam Ltd.

36,100

2,232

Industrial Conglomerates - 1.0%

3M Co.

65,200

10,372

Danaher Corp.

231,600

19,992

General Electric Co.

210,200

5,732

 

36,096

Machinery - 0.3%

Caterpillar, Inc.

68,000

5,802

Cummins, Inc.

27,700

3,755

 

9,557

Road & Rail - 2.1%

CSX Corp.

85,100

2,900

Genesee & Wyoming, Inc. Class A (a)

77,000

6,340

Hertz Global Holdings, Inc. (a)

719,900

14,319

J.B. Hunt Transport Services, Inc.

103,100

8,662

Kansas City Southern

71,900

6,507

Union Pacific Corp.

376,000

37,942

 

76,670

TOTAL INDUSTRIALS

244,931

INFORMATION TECHNOLOGY - 35.6%

Communications Equipment - 1.5%

Infinera Corp. (a)

1,021,081

21,075

QUALCOMM, Inc.

492,665

34,329

 

55,404

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - 0.5%

IPG Photonics Corp. (a)(d)

94,000

$ 8,915

Trimble Navigation Ltd. (a)

378,500

8,872

 

17,787

Internet Software & Services - 8.4%

Akamai Technologies, Inc. (a)

174,300

13,294

Alibaba Group Holding Ltd. sponsored ADR

51,700

4,618

Cornerstone OnDemand, Inc. (a)

247,800

7,714

eBay, Inc. (a)

141,900

8,707

Facebook, Inc. Class A (a)

959,541

75,986

Google, Inc.:

Class A (a)

148,565

81,015

Class C

149,975

79,803

LinkedIn Corp. Class A (a)

17,800

3,470

Opower, Inc. (a)

36,700

435

Qihoo 360 Technology Co. Ltd. ADR (a)

73,500

3,826

Rackspace Hosting, Inc. (a)

93,102

3,732

Tencent Holdings Ltd.

295,500

5,893

Twitter, Inc. (a)

121,400

4,452

Web.com Group, Inc. (a)

256,700

5,819

Wix.com Ltd. (a)

79,900

1,990

 

300,754

IT Services - 3.8%

Cognizant Technology Solutions Corp. Class A (a)

137,132

8,875

IBM Corp.

111,200

18,865

MasterCard, Inc. Class A

492,200

45,410

Visa, Inc. Class A

918,900

63,110

 

136,260

Semiconductors & Semiconductor Equipment - 4.4%

Applied Materials, Inc.

199,300

4,012

Applied Micro Circuits Corp. (a)

1,315,100

8,403

Cavium, Inc. (a)

70,000

4,926

Cree, Inc. (a)(d)

738,200

22,353

Cypress Semiconductor Corp.

1,268,166

17,412

First Solar, Inc. (a)

115,600

5,746

Intel Corp.

96,100

3,312

Mellanox Technologies Ltd. (a)

187,300

9,425

Micron Technology, Inc. (a)

91,100

2,544

NVIDIA Corp.

1,658,730

36,708

Rambus, Inc. (a)

946,400

14,470

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Silicon Laboratories, Inc. (a)

447,800

$ 24,826

Xilinx, Inc.

58,800

2,788

 

156,925

Software - 10.1%

Adobe Systems, Inc. (a)

123,700

9,783

Citrix Systems, Inc. (a)

34,300

2,230

Fortinet, Inc. (a)

214,300

8,585

Interactive Intelligence Group, Inc. (a)(d)

194,800

8,421

Intuit, Inc.

107,600

11,207

Microsoft Corp.

1,475,400

69,137

NetSuite, Inc. (a)

126,100

11,780

Oracle Corp.

318,900

13,869

Qlik Technologies, Inc. (a)

144,174

5,215

Red Hat, Inc. (a)

504,430

38,977

Salesforce.com, Inc. (a)

2,222,900

161,716

ServiceNow, Inc. (a)

130,700

10,013

Splunk, Inc. (a)

39,700

2,685

TiVo, Inc. (a)

253,300

2,667

VMware, Inc. Class A (a)

27,700

2,419

Workday, Inc. Class A (a)

58,700

4,633

 

363,337

Technology Hardware, Storage & Peripherals - 6.9%

3D Systems Corp. (a)(d)

35,700

781

Apple, Inc.

1,832,606

238,753

Nimble Storage, Inc. (a)(d)

294,600

7,624

SanDisk Corp.

46,400

3,173

 

250,331

TOTAL INFORMATION TECHNOLOGY

1,280,798

MATERIALS - 1.9%

Chemicals - 1.4%

E.I. du Pont de Nemours & Co.

95,800

6,803

Monsanto Co.

337,600

39,492

The Mosaic Co.

93,800

4,301

 

50,596

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

87,000

$ 5,667

Sealed Air Corp.

209,500

10,203

 

15,870

TOTAL MATERIALS

66,466

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc. (a)

91,200

5,060

Verizon Communications, Inc.

168,300

8,321

 

13,381

Wireless Telecommunication Services - 0.4%

RingCentral, Inc. (a)

372,600

6,368

T-Mobile U.S., Inc. (a)

183,100

7,119

 

13,487

TOTAL TELECOMMUNICATION SERVICES

26,868

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

NRG Energy, Inc.

141,500

3,566

Ormat Technologies, Inc. (d)

59,200

2,196

 

5,762

TOTAL COMMON STOCKS

(Cost $2,050,568)


3,556,508

Convertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER STAPLES - 0.2%

Food & Staples Retailing - 0.1%

Blue Apron, Inc. Series D (e)

217,605

2,900

Tobacco - 0.1%

PAX Labs, Inc. Series C (e)

1,069,313

4,117

TOTAL CONSUMER STAPLES

7,017

FINANCIALS - 0.1%

Real Estate Management & Development - 0.1%

Redfin Corp. Series G (e)

1,081,736

4,046

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.4%

Internet Software & Services - 0.2%

Uber Technologies, Inc. Series D, 8.00% (e)

221,104

$ 7,367

Software - 0.2%

Cloudera, Inc. Series F (a)(e)

41,786

891

MongoDB, Inc. Series F, 8.00% (a)(e)

515,124

4,507

 

5,398

TOTAL INFORMATION TECHNOLOGY

12,765

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $23,237)


23,828

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

16,384,804

16,385

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

69,679,558

69,680

TOTAL MONEY MARKET FUNDS

(Cost $86,065)


86,065

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $2,159,870)

3,666,401

NET OTHER ASSETS (LIABILITIES) - (1.9)%

(67,850)

NET ASSETS - 100%

$ 3,598,551

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $23,827,000 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Blue Apron, Inc. Series D

5/18/15

$ 2,900

Security

Acquisition Date

Acquisition Cost (000s)

Cloudera, Inc. Series F

2/5/14

$ 608

MongoDB, Inc. Series F, 8.00%

10/2/13

$ 8,615

PAX Labs, Inc. Series C

5/22/15

$ 4,117

Redfin Corp. Series G

12/16/14

$ 3,567

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 3,430

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

$ 13

Fidelity Securities Lending Cash Central Fund

361

Total

$ 374

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 576,746

$ 576,746

$ -

$ -

Consumer Staples

303,368

296,351

-

7,017

Energy

92,200

92,200

-

-

Financials

123,885

119,839

-

4,046

Health Care

846,547

843,974

2,573

-

Industrials

244,931

244,931

-

-

Information Technology

1,293,563

1,274,905

5,893

12,765

Materials

66,466

66,466

-

-

Telecommunication Services

26,868

26,868

-

-

Utilities

5,762

5,762

-

-

Money Market Funds

86,065

86,065

-

-

Total Investments in Securities:

$ 3,666,401

$ 3,634,107

$ 8,466

$ 23,828

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $67,045) - See accompanying schedule:

Unaffiliated issuers (cost $2,073,805)

$ 3,580,336

 

Fidelity Central Funds (cost $86,065)

86,065

 

Total Investments (cost $2,159,870)

 

$ 3,666,401

Foreign currency held at value (cost $534)

534

Receivable for investments sold

12,755

Receivable for fund shares sold

1,936

Dividends receivable

2,202

Distributions receivable from Fidelity Central Funds

73

Prepaid expenses

1

Other receivables

128

Total assets

3,684,030

 

 

 

Liabilities

Payable for investments purchased

$ 6,810

Payable for fund shares redeemed

5,397

Accrued management fee

1,773

Distribution and service plan fees payable

970

Other affiliated payables

663

Other payables and accrued expenses

186

Collateral on securities loaned, at value

69,680

Total liabilities

85,479

 

 

 

Net Assets

$ 3,598,551

Net Assets consist of:

 

Paid in capital

$ 2,096,366

Accumulated net investment loss

(6,828)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,481

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,506,532

Net Assets

$ 3,598,551

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($665,266 ÷ 9,957.74 shares)

$ 66.81

 

 

 

Maximum offering price per share (100/94.25 of $66.81)

$ 70.89

Class T:
Net Asset Value and redemption price per share ($1,518,988 ÷ 22,750.75 shares)

$ 66.77

 

 

 

Maximum offering price per share (100/96.50 of $66.77)

$ 69.19

Class B:
Net Asset Value and offering price per share ($6,972 ÷ 114.01 shares)A

$ 61.15

 

 

 

Class C:
Net Asset Value and offering price per share ($233,646 ÷ 3,793.36 shares)A

$ 61.59

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,170,776 ÷ 16,752.71 shares)

$ 69.89

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($2,903 ÷ 41.43 shares)

$ 70.07

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 16,220

Income from Fidelity Central Funds

 

374

Total income

 

16,594

 

 

 

Expenses

Management fee
Basic fee

$ 10,182

Performance adjustment

245

Transfer agent fees

3,515

Distribution and service plan fees

5,747

Accounting and security lending fees

525

Custodian fees and expenses

22

Independent trustees' compensation

8

Registration fees

81

Audit

34

Legal

5

Interest

9

Miscellaneous

14

Total expenses before reductions

20,387

Expense reductions

(16)

20,371

Net investment income (loss)

(3,777)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

107,995

Foreign currency transactions

(10)

Total net realized gain (loss)

 

107,985

Change in net unrealized appreciation (depreciation) on:

Investment securities

85,327

Assets and liabilities in foreign currencies

2

Total change in net unrealized appreciation (depreciation)

 

85,329

Net gain (loss)

193,314

Net increase (decrease) in net assets resulting from operations

$ 189,537

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (3,777)

$ (7,776)

Net realized gain (loss)

107,985

148,379

Change in net unrealized appreciation (depreciation)

85,329

368,352

Net increase (decrease) in net assets resulting
from operations

189,537

508,955

Share transactions - net increase (decrease)

(323,733)

(40,304)

Total increase (decrease) in net assets

(134,196)

468,651

 

 

 

Net Assets

Beginning of period

3,732,747

3,264,096

End of period (including accumulated net investment loss of $6,828 and accumulated net investment loss of $3,051, respectively)

$ 3,598,551

$ 3,732,747

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

$ 26.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.05)

  (.11)

  (.10)

  (.11)

  (.08)

  - I

Net realized and unrealized gain (loss)

  3.34

  8.74

  13.65

  6.06

  3.17

  6.13

Total from investment operations

  3.29

  8.63

  13.55

  5.95

  3.09

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.11)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.13)

Net asset value, end of period

$ 66.81

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

Total ReturnB, C, D

  5.18%

  15.72%

  32.78%

  16.81%

  9.57%

  23.42%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.08%

  1.23%

  1.30%

  1.08%

  .90%

Expenses net of fee waivers, if any

  1.06%A

  1.08%

  1.23%

  1.29%

  1.08%

  .90%

Expenses net of all reductions

  1.06%A

  1.08%

  1.23%

  1.29%

  1.07%

  .90%

Net investment income (loss)

  (.16)%A

  (.18)%

  (.20)%

  (.29)%

  (.23)%

  -% J

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 665

$ 648

$ 555

$ 359

$ 267

$ 255

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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.

I Amount represents less than $.01 per share.

J Amount represents less than .01%

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

$ 26.52

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.13)

  (.24)

  (.19)

  (.19)

  (.15)

  (.06)

Net realized and unrealized gain (loss)

  3.35

  8.75

  13.69

  6.11

  3.19

  6.19

Total from investment operations

  3.22

  8.51

  13.50

  5.92

  3.04

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.05)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.07)

Net asset value, end of period

$ 66.77

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

Total ReturnB, C, D

  5.07%

  15.46%

  32.50%

  16.62%

  9.33%

  23.18%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of fee waivers, if any

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of all reductions

  1.28%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.09%

Net investment income (loss)

  (.39)%A

  (.40)%

  (.40)%

  (.48)%

  (.40)%

  (.20)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,519

$ 1,504

$ 1,426

$ 1,187

$ 1,102

$ 1,126

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

$ 25.01

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.30)

  (.55)

  (.44)

  (.39)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.06

  8.07

  12.69

  5.70

  3.00

  5.84

Total from investment operations

  2.76

  7.52

  12.25

  5.31

  2.67

  5.63

Net asset value, end of period

$ 61.15

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

Total ReturnB, C, D

  4.73%

  14.78%

  31.72%

  15.94%

  8.71%

  22.51%

Ratios to Average Net Assets F, H

 

 

 

 

 

 

Expenses before reductions

  1.90%A

  1.92%

  2.03%

  2.07%

  1.83%

  1.66%

Expenses net of fee waivers, if any

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.66%

Expenses net of all reductions

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.65%

Net investment income (loss)

  (1.01)%A

  (1.02)%

  (1.00)%

  (1.05)%

  (.98)%

  (.76)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 9

$ 12

$ 13

$ 14

$ 18

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

$ 25.14

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.27)

  (.50)

  (.42)

  (.38)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.08

  8.11

  12.76

  5.73

  3.02

  5.86

Total from investment operations

  2.81

  7.61

  12.34

  5.35

  2.69

  5.65

Net asset value, end of period

$ 61.59

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

Total ReturnB, C, D

  4.78%

  14.87%

  31.78%

  15.98%

  8.74%

  22.47%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.80%A

  1.83%

  1.96%

  2.04%

  1.82%

  1.65%

Expenses net of fee waivers, if any

  1.80%A

  1.83%

  1.96%

  2.03%

  1.82%

  1.65%

Expenses net of all reductions

  1.80%A

  1.83%

  1.96%

  2.02%

  1.82%

  1.65%

Net investment income (loss)

  (.91)%A

  (.93)%

  (.93)%

  (1.02)%

  (.97)%

  (.75)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 234

$ 212

$ 159

$ 71

$ 47

$ 41

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 - Institutional Class

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

$ 27.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

  .05

  .05

  .01

  .05

  .10

Net realized and unrealized gain (loss)

  3.50

  9.12

  14.19

  6.30

  3.25

  6.33

Total from investment operations

  3.54

  9.17

  14.24

  6.31

  3.30

  6.43

Distributions from net investment income

  -

  -

  -

  -

  -

  (.19)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.21)

Net asset value, end of period

$ 69.89

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

Total ReturnB, C

  5.34%

  16.04%

  33.16%

  17.23%

  9.90%

  23.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of fee waivers, if any

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of all reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .56%

Net investment income (loss)

  .12%A

  .09%

  .09%

  .04%

  .13%

  .33%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,171

$ 1,357

$ 1,112

$ 475

$ 215

$ 118

Portfolio turnover rateF

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 Z

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 66.48

$ 57.20

$ 53.30

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .14

  .02

Net realized and unrealized gain (loss)

  3.51

  9.14

  3.88

Total from investment operations

  3.59

  9.28

  3.90

Net asset value, end of period

$ 70.07

$ 66.48

$ 57.20

Total ReturnB, C

  5.40%

  16.22%

  7.32%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .65%A

  .67%

  .78%A

Expenses net of fee waivers, if any

  .65%A

  .67%

  .78%A

Expenses net of all reductions

  .65%A

  .67%

  .78%A

Net investment income (loss)

  .25%A

  .24%

  .14%A

Supplemental Data

 

 

 

Net assets, end of period ((000) omitted)

$ 2,903

$ 2,955

$ 107

Portfolio turnover rateF

  10% A

  13%

  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.

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 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, 2015 (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. During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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

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.

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), 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

$ 1,622,086

Gross unrealized depreciation

(122,866)

Net unrealized appreciation (depreciation) on securities

$ 1,499,220

 

 

Tax cost

$ 2,167,181

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

$ (98,447)

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

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities , other than short-term securities, aggregated $185,618 and $523,587, respectively.

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 .56% 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 821

$ 20

Class T

.25%

.25%

3,760

67

Class B

.75%

.25%

38

29

Class C

.75%

.25%

1,128

234

 

 

 

$ 5,747

$ 350

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.

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

 

Retained
by FDC

Class A

$ 72

Class T

24

Class B*

1

Class C*

11

 

$ 108

* 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 685

.21

Class T

1,401

.19

Class B

12

.30

Class C

231

.21

Institutional Class

1,185

.18

Class Z

1

.05

 

$ 3,515

 

* 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 $13 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 48,280

.35%

$ 9

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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, the Fund did not borrow 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 $122. 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 $361, including $7 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 $16 for the period.

Semiannual Report

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31, 2015

Year ended
November 30, 2014

Six months ended May 31, 2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,013

3,210

$ 65,331

$ 185,879

Shares redeemed

(1,255)

(3,125)

(81,266)

(181,042)

Net increase (decrease)

(242)

85

$ (15,935)

$ 4,837

Class T

 

 

 

 

Shares sold

1,148

2,463

$ 73,897

$ 142,596

Shares redeemed

(2,055)

(4,710)

(132,774)

(273,249)

Net increase (decrease)

(907)

(2,247)

$ (58,877)

$ (130,653)

Class B

 

 

 

 

Shares sold

1

9

$ 60

$ 456

Shares redeemed

(35)

(101)

(2,052)

(5,359)

Net increase (decrease)

(34)

(92)

$ (1,992)

$ (4,903)

Class C

 

 

 

 

Shares sold

569

1,386

$ 33,685

$ 74,498

Shares redeemed

(388)

(882)

(23,219)

(47,157)

Net increase (decrease)

181

504

$ 10,466

$ 27,341

Institutional Class

 

 

 

 

Shares sold

1,729

6,174

$ 116,095

$ 372,705

Shares redeemed

(5,436)

(5,157)

(373,282)

(312,379)

Net increase (decrease)

(3,707)

1,017

$ (257,187)

$ 60,326

Class Z

 

 

 

 

Shares sold

1

43

$ 82

$ 2,754

Shares redeemed

(4)

- A

(290)

(6)

Net increase (decrease)

(3)

43

$ (208)

$ 2,748

A Amount represents ninety shares

10. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other - continued

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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-0715
1.786793.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Growth Opportunities

Fund - Institutional Class
(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.06%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.80

$ 5.42

HypotheticalA

 

$ 1,000.00

$ 1,019.65

$ 5.34

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,050.70

$ 6.60

HypotheticalA

 

$ 1,000.00

$ 1,018.50

$ 6.49

Class B

1.90%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.30

$ 9.70

HypotheticalA

 

$ 1,000.00

$ 1,015.46

$ 9.55

Class C

1.80%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.80

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.96

$ 9.05

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.40

$ 3.99

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.65%

 

 

 

Actual

 

$ 1,000.00

$ 1,054.00

$ 3.33

HypotheticalA

 

$ 1,000.00

$ 1,021.69

$ 3.28

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.6

6.2

Salesforce.com, Inc.

4.5

3.8

Regeneron Pharmaceuticals, Inc.

4.3

3.7

Google, Inc. Class A

2.3

2.3

Isis Pharmaceuticals, Inc.

2.2

1.8

Google, Inc. Class C

2.2

2.3

Facebook, Inc. Class A

2.1

2.1

Seattle Genetics, Inc.

2.0

1.6

Alkermes PLC

2.0

1.8

Microsoft Corp.

1.9

2.0

 

30.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.0

35.8

Health Care

23.5

21.2

Consumer Discretionary

16.0

15.6

Consumer Staples

8.4

9.7

Industrials

6.8

7.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

goi416

Stocks 98.8%

 

goi418

Stocks 99.4%

 

goi420

Convertible
Securities 0.7%

 

goi422

Convertible
Securities 0.4%

 

goi424

Short-Term
Investments and
Net Other Assets (Liabilities) 0.5%

 

goi426

Short-Term
Investments and
Net Other Assets (Liabilities) 0.2%

 

* Foreign investments

6.8%

 

** Foreign investments

6.9%

 

goi428

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.0%

Auto Components - 0.2%

Tenneco, Inc. (a)

114,700

$ 6,735

Automobiles - 0.5%

Mahindra & Mahindra Ltd. (a)

183,272

3,617

Tesla Motors, Inc. (a)(d)

58,900

14,772

 

18,389

Hotels, Restaurants & Leisure - 2.7%

Arcos Dorados Holdings, Inc. Class A (d)

222,600

1,227

Buffalo Wild Wings, Inc. (a)

60,600

9,252

Chipotle Mexican Grill, Inc. (a)

25,700

15,819

Chuy's Holdings, Inc. (a)

135,800

3,529

Dunkin' Brands Group, Inc.

174,300

9,301

Las Vegas Sands Corp.

126,292

6,419

McDonald's Corp.

127,900

12,269

Panera Bread Co. Class A (a)

21,300

3,877

Starbucks Corp.

595,000

30,916

Starwood Hotels & Resorts Worldwide, Inc.

57,700

4,775

 

97,384

Household Durables - 0.3%

Lennar Corp. Class A

122,800

5,726

Toll Brothers, Inc. (a)

4,600

166

Tupperware Brands Corp.

51,500

3,386

 

9,278

Internet & Catalog Retail - 2.0%

Amazon.com, Inc. (a)

133,200

57,173

Priceline Group, Inc. (a)

12,800

15,002

 

72,175

Media - 4.0%

AMC Networks, Inc. Class A (a)

151,900

11,938

Comcast Corp. Class A

990,200

57,887

IMAX Corp. (a)

362,900

14,639

Liberty Global PLC Class A (a)

158,600

9,124

Lions Gate Entertainment Corp. (d)

227,400

7,525

The Walt Disney Co.

239,400

26,423

Twenty-First Century Fox, Inc. Class A

407,500

13,692

Zee Entertainment Enterprises Ltd.

721,462

3,664

 

144,892

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.3%

Dollar General Corp.

129,800

$ 9,422

Target Corp.

39,300

3,117

 

12,539

Specialty Retail - 2.3%

Abercrombie & Fitch Co. Class A

113,400

2,321

Bed Bath & Beyond, Inc. (a)

61,000

4,351

CarMax, Inc. (a)

197,700

14,045

DSW, Inc. Class A

126,100

4,369

Five Below, Inc. (a)

113,600

3,777

GNC Holdings, Inc.

79,900

3,559

Home Depot, Inc.

261,400

29,125

Lumber Liquidators Holdings, Inc. (a)(d)

395,200

8,062

TJX Companies, Inc.

212,900

13,707

 

83,316

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

87,500

5,963

Fossil Group, Inc. (a)

138,700

9,849

Kate Spade & Co. (a)

195,300

4,840

lululemon athletica, Inc. (a)

921,716

55,109

Michael Kors Holdings Ltd. (a)

201,600

9,374

NIKE, Inc. Class B

145,900

14,834

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

235,000

24,879

Under Armour, Inc. Class A (sub. vtg.) (a)

91,700

7,190

 

132,038

TOTAL CONSUMER DISCRETIONARY

576,746

CONSUMER STAPLES - 8.2%

Beverages - 1.7%

Monster Beverage Corp. (a)

134,900

17,170

PepsiCo, Inc.

168,200

16,220

SABMiller PLC

89,300

4,769

The Coca-Cola Co.

604,300

24,752

 

62,911

Food & Staples Retailing - 2.6%

Costco Wholesale Corp.

248,300

35,405

CVS Health Corp.

262,000

26,824

Wal-Mart Stores, Inc.

31,780

2,360

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Walgreens Boots Alliance, Inc.

227,800

$ 19,554

Whole Foods Market, Inc.

197,900

8,161

 

92,304

Food Products - 1.5%

Bunge Ltd.

59,600

5,517

Keurig Green Mountain, Inc.

414,200

35,721

Mead Johnson Nutrition Co. Class A

97,100

9,448

Mondelez International, Inc.

117,800

4,899

 

55,585

Household Products - 0.6%

Procter & Gamble Co.

194,200

15,223

Svenska Cellulosa AB (SCA) (B Shares)

248,400

6,479

 

21,702

Personal Products - 0.3%

Avon Products, Inc.

100,242

674

Herbalife Ltd. (a)

167,800

8,731

 

9,405

Tobacco - 1.5%

Altria Group, Inc.

588,100

30,111

Lorillard, Inc.

74,700

5,414

Philip Morris International, Inc.

227,750

18,919

 

54,444

TOTAL CONSUMER STAPLES

296,351

ENERGY - 2.6%

Energy Equipment & Services - 0.8%

FMC Technologies, Inc. (a)

90,340

3,775

Halliburton Co.

111,600

5,067

National Oilwell Varco, Inc.

79,188

3,895

Schlumberger Ltd.

170,000

15,431

 

28,168

Oil, Gas & Consumable Fuels - 1.8%

Anadarko Petroleum Corp.

74,000

6,187

Cabot Oil & Gas Corp.

209,100

7,101

Chesapeake Energy Corp. (d)

159,764

2,254

Concho Resources, Inc. (a)

56,900

6,845

Continental Resources, Inc. (a)

142,200

6,479

EOG Resources, Inc.

38,800

3,441

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Golar LNG Ltd.

28,700

$ 1,364

Hess Corp.

117,200

7,913

Noble Energy, Inc.

99,400

4,352

Occidental Petroleum Corp.

156,900

12,268

PDC Energy, Inc. (a)

47,100

2,809

Range Resources Corp.

16,300

903

Southwestern Energy Co. (a)

82,100

2,116

 

64,032

TOTAL ENERGY

92,200

FINANCIALS - 3.3%

Banks - 1.1%

Bank of America Corp.

280,800

4,633

Citigroup, Inc.

99,700

5,392

HDFC Bank Ltd. sponsored ADR

146,100

8,710

JPMorgan Chase & Co.

189,400

12,459

Signature Bank (a)

21,300

2,975

Wells Fargo & Co.

117,800

6,592

 

40,761

Capital Markets - 0.7%

BlackRock, Inc. Class A

9,900

3,621

Charles Schwab Corp.

444,900

14,081

Goldman Sachs Group, Inc.

23,191

4,782

T. Rowe Price Group, Inc.

29,300

2,364

 

24,848

Consumer Finance - 1.4%

American Express Co.

471,700

37,604

Discover Financial Services

241,633

14,080

 

51,684

Diversified Financial Services - 0.1%

BM&F BOVESPA SA

722,258

2,546

TOTAL FINANCIALS

119,839

HEALTH CARE - 23.5%

Biotechnology - 20.3%

ACADIA Pharmaceuticals, Inc. (a)(d)

194,600

8,018

Agios Pharmaceuticals, Inc. (a)(d)

75,400

9,200

Alexion Pharmaceuticals, Inc. (a)

49,400

8,094

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Alkermes PLC (a)

1,170,200

$ 71,499

Alnylam Pharmaceuticals, Inc. (a)

226,100

29,639

Amarin Corp. PLC ADR (a)(d)

1,882,400

4,348

Amgen, Inc.

215,800

33,721

Asterias Biotherapeutics, Inc. (a)(d)

50,950

572

aTyr Pharma, Inc. (a)

124,876

2,573

Avalanche Biotechnologies, Inc. (a)

19,500

727

Biogen, Inc. (a)

76,600

30,409

BioTime, Inc. warrants 10/1/18 (a)

62,345

118

bluebird bio, Inc. (a)

116,600

22,650

Celgene Corp. (a)

104,170

11,921

Celldex Therapeutics, Inc. (a)

203,400

5,872

Cepheid, Inc. (a)

128,653

7,098

Clovis Oncology, Inc. (a)

40,100

3,707

Esperion Therapeutics, Inc. (a)

77,500

8,332

Exelixis, Inc. (a)(d)

1,633,111

5,144

Geron Corp. (a)

1,153,100

4,451

Gilead Sciences, Inc.

499,100

56,034

ImmunoGen, Inc. (a)(d)

524,651

4,711

Immunomedics, Inc. (a)(d)

1,276,987

4,929

Insmed, Inc. (a)

311,800

6,841

Intercept Pharmaceuticals, Inc. (a)

8,535

2,178

Ironwood Pharmaceuticals, Inc. Class A (a)

214,500

3,027

Isis Pharmaceuticals, Inc. (a)(d)

1,188,153

79,986

Lexicon Pharmaceuticals, Inc. (a)

910,800

6,403

Merrimack Pharmaceuticals, Inc. (a)(d)

591,500

6,980

Ophthotech Corp. (a)

70,500

3,526

Prothena Corp. PLC (a)

123,802

4,883

Receptos, Inc. (a)

100,900

16,637

Regeneron Pharmaceuticals, Inc. (a)

300,200

153,871

Regulus Therapeutics, Inc. (a)

318,000

4,490

Rigel Pharmaceuticals, Inc. (a)

667,248

2,329

Seattle Genetics, Inc. (a)(d)

1,665,767

71,778

Spark Therapeutics, Inc.

3,500

258

TG Therapeutics, Inc. (a)(d)

487,400

7,672

Transition Therapeutics, Inc. (a)

969,697

7,506

uniQure B.V. (a)

4,600

132

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Vertex Pharmaceuticals, Inc. (a)

64,790

$ 8,312

XOMA Corp. (a)(d)

2,503,800

8,813

 

729,389

Health Care Equipment & Supplies - 0.4%

Abbott Laboratories

84,200

4,092

Baxter International, Inc.

37,600

2,505

Zeltiq Aesthetics, Inc. (a)

256,300

7,038

 

13,635

Health Care Providers & Services - 0.6%

Accretive Health, Inc. (a)

562,100

3,024

BioScrip, Inc. (a)(d)

747,100

2,652

Express Scripts Holding Co. (a)

117,967

10,280

McKesson Corp.

30,700

7,283

 

23,239

Health Care Technology - 0.4%

Allscripts Healthcare Solutions, Inc. (a)

260,200

3,661

athenahealth, Inc. (a)(d)

86,100

10,039

Castlight Health, Inc. Class B (a)

116,700

1,019

 

14,719

Life Sciences Tools & Services - 0.4%

Illumina, Inc. (a)

68,900

14,199

Pharmaceuticals - 1.4%

AbbVie, Inc.

147,300

9,809

AcelRx Pharmaceuticals, Inc. (a)(d)

714,917

2,502

Actavis PLC (a)

75,090

23,038

Cempra, Inc. (a)

167,568

6,151

Intra-Cellular Therapies, Inc. (a)

36,700

963

Johnson & Johnson

35,600

3,565

Mylan N.V.

73,500

5,338

 

51,366

TOTAL HEALTH CARE

846,547

INDUSTRIALS - 6.8%

Aerospace & Defense - 0.6%

Honeywell International, Inc.

118,600

12,358

The Boeing Co.

72,600

10,202

 

22,560

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.6%

FedEx Corp.

72,100

$ 12,489

United Parcel Service, Inc. Class B

109,900

10,904

 

23,393

Airlines - 2.1%

American Airlines Group, Inc.

231,600

9,813

Delta Air Lines, Inc.

144,800

6,215

Southwest Airlines Co.

496,300

18,388

Spirit Airlines, Inc. (a)

288,600

18,346

United Continental Holdings, Inc. (a)

396,800

21,661

 

74,423

Building Products - 0.1%

Caesarstone Sdot-Yam Ltd.

36,100

2,232

Industrial Conglomerates - 1.0%

3M Co.

65,200

10,372

Danaher Corp.

231,600

19,992

General Electric Co.

210,200

5,732

 

36,096

Machinery - 0.3%

Caterpillar, Inc.

68,000

5,802

Cummins, Inc.

27,700

3,755

 

9,557

Road & Rail - 2.1%

CSX Corp.

85,100

2,900

Genesee & Wyoming, Inc. Class A (a)

77,000

6,340

Hertz Global Holdings, Inc. (a)

719,900

14,319

J.B. Hunt Transport Services, Inc.

103,100

8,662

Kansas City Southern

71,900

6,507

Union Pacific Corp.

376,000

37,942

 

76,670

TOTAL INDUSTRIALS

244,931

INFORMATION TECHNOLOGY - 35.6%

Communications Equipment - 1.5%

Infinera Corp. (a)

1,021,081

21,075

QUALCOMM, Inc.

492,665

34,329

 

55,404

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - 0.5%

IPG Photonics Corp. (a)(d)

94,000

$ 8,915

Trimble Navigation Ltd. (a)

378,500

8,872

 

17,787

Internet Software & Services - 8.4%

Akamai Technologies, Inc. (a)

174,300

13,294

Alibaba Group Holding Ltd. sponsored ADR

51,700

4,618

Cornerstone OnDemand, Inc. (a)

247,800

7,714

eBay, Inc. (a)

141,900

8,707

Facebook, Inc. Class A (a)

959,541

75,986

Google, Inc.:

Class A (a)

148,565

81,015

Class C

149,975

79,803

LinkedIn Corp. Class A (a)

17,800

3,470

Opower, Inc. (a)

36,700

435

Qihoo 360 Technology Co. Ltd. ADR (a)

73,500

3,826

Rackspace Hosting, Inc. (a)

93,102

3,732

Tencent Holdings Ltd.

295,500

5,893

Twitter, Inc. (a)

121,400

4,452

Web.com Group, Inc. (a)

256,700

5,819

Wix.com Ltd. (a)

79,900

1,990

 

300,754

IT Services - 3.8%

Cognizant Technology Solutions Corp. Class A (a)

137,132

8,875

IBM Corp.

111,200

18,865

MasterCard, Inc. Class A

492,200

45,410

Visa, Inc. Class A

918,900

63,110

 

136,260

Semiconductors & Semiconductor Equipment - 4.4%

Applied Materials, Inc.

199,300

4,012

Applied Micro Circuits Corp. (a)

1,315,100

8,403

Cavium, Inc. (a)

70,000

4,926

Cree, Inc. (a)(d)

738,200

22,353

Cypress Semiconductor Corp.

1,268,166

17,412

First Solar, Inc. (a)

115,600

5,746

Intel Corp.

96,100

3,312

Mellanox Technologies Ltd. (a)

187,300

9,425

Micron Technology, Inc. (a)

91,100

2,544

NVIDIA Corp.

1,658,730

36,708

Rambus, Inc. (a)

946,400

14,470

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Silicon Laboratories, Inc. (a)

447,800

$ 24,826

Xilinx, Inc.

58,800

2,788

 

156,925

Software - 10.1%

Adobe Systems, Inc. (a)

123,700

9,783

Citrix Systems, Inc. (a)

34,300

2,230

Fortinet, Inc. (a)

214,300

8,585

Interactive Intelligence Group, Inc. (a)(d)

194,800

8,421

Intuit, Inc.

107,600

11,207

Microsoft Corp.

1,475,400

69,137

NetSuite, Inc. (a)

126,100

11,780

Oracle Corp.

318,900

13,869

Qlik Technologies, Inc. (a)

144,174

5,215

Red Hat, Inc. (a)

504,430

38,977

Salesforce.com, Inc. (a)

2,222,900

161,716

ServiceNow, Inc. (a)

130,700

10,013

Splunk, Inc. (a)

39,700

2,685

TiVo, Inc. (a)

253,300

2,667

VMware, Inc. Class A (a)

27,700

2,419

Workday, Inc. Class A (a)

58,700

4,633

 

363,337

Technology Hardware, Storage & Peripherals - 6.9%

3D Systems Corp. (a)(d)

35,700

781

Apple, Inc.

1,832,606

238,753

Nimble Storage, Inc. (a)(d)

294,600

7,624

SanDisk Corp.

46,400

3,173

 

250,331

TOTAL INFORMATION TECHNOLOGY

1,280,798

MATERIALS - 1.9%

Chemicals - 1.4%

E.I. du Pont de Nemours & Co.

95,800

6,803

Monsanto Co.

337,600

39,492

The Mosaic Co.

93,800

4,301

 

50,596

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

87,000

$ 5,667

Sealed Air Corp.

209,500

10,203

 

15,870

TOTAL MATERIALS

66,466

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc. (a)

91,200

5,060

Verizon Communications, Inc.

168,300

8,321

 

13,381

Wireless Telecommunication Services - 0.4%

RingCentral, Inc. (a)

372,600

6,368

T-Mobile U.S., Inc. (a)

183,100

7,119

 

13,487

TOTAL TELECOMMUNICATION SERVICES

26,868

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

NRG Energy, Inc.

141,500

3,566

Ormat Technologies, Inc. (d)

59,200

2,196

 

5,762

TOTAL COMMON STOCKS

(Cost $2,050,568)


3,556,508

Convertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER STAPLES - 0.2%

Food & Staples Retailing - 0.1%

Blue Apron, Inc. Series D (e)

217,605

2,900

Tobacco - 0.1%

PAX Labs, Inc. Series C (e)

1,069,313

4,117

TOTAL CONSUMER STAPLES

7,017

FINANCIALS - 0.1%

Real Estate Management & Development - 0.1%

Redfin Corp. Series G (e)

1,081,736

4,046

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.4%

Internet Software & Services - 0.2%

Uber Technologies, Inc. Series D, 8.00% (e)

221,104

$ 7,367

Software - 0.2%

Cloudera, Inc. Series F (a)(e)

41,786

891

MongoDB, Inc. Series F, 8.00% (a)(e)

515,124

4,507

 

5,398

TOTAL INFORMATION TECHNOLOGY

12,765

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $23,237)


23,828

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

16,384,804

16,385

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

69,679,558

69,680

TOTAL MONEY MARKET FUNDS

(Cost $86,065)


86,065

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $2,159,870)

3,666,401

NET OTHER ASSETS (LIABILITIES) - (1.9)%

(67,850)

NET ASSETS - 100%

$ 3,598,551

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $23,827,000 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Blue Apron, Inc. Series D

5/18/15

$ 2,900

Security

Acquisition Date

Acquisition Cost (000s)

Cloudera, Inc. Series F

2/5/14

$ 608

MongoDB, Inc. Series F, 8.00%

10/2/13

$ 8,615

PAX Labs, Inc. Series C

5/22/15

$ 4,117

Redfin Corp. Series G

12/16/14

$ 3,567

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 3,430

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

$ 13

Fidelity Securities Lending Cash Central Fund

361

Total

$ 374

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 576,746

$ 576,746

$ -

$ -

Consumer Staples

303,368

296,351

-

7,017

Energy

92,200

92,200

-

-

Financials

123,885

119,839

-

4,046

Health Care

846,547

843,974

2,573

-

Industrials

244,931

244,931

-

-

Information Technology

1,293,563

1,274,905

5,893

12,765

Materials

66,466

66,466

-

-

Telecommunication Services

26,868

26,868

-

-

Utilities

5,762

5,762

-

-

Money Market Funds

86,065

86,065

-

-

Total Investments in Securities:

$ 3,666,401

$ 3,634,107

$ 8,466

$ 23,828

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $67,045) - See accompanying schedule:

Unaffiliated issuers (cost $2,073,805)

$ 3,580,336

 

Fidelity Central Funds (cost $86,065)

86,065

 

Total Investments (cost $2,159,870)

 

$ 3,666,401

Foreign currency held at value (cost $534)

534

Receivable for investments sold

12,755

Receivable for fund shares sold

1,936

Dividends receivable

2,202

Distributions receivable from Fidelity Central Funds

73

Prepaid expenses

1

Other receivables

128

Total assets

3,684,030

 

 

 

Liabilities

Payable for investments purchased

$ 6,810

Payable for fund shares redeemed

5,397

Accrued management fee

1,773

Distribution and service plan fees payable

970

Other affiliated payables

663

Other payables and accrued expenses

186

Collateral on securities loaned, at value

69,680

Total liabilities

85,479

 

 

 

Net Assets

$ 3,598,551

Net Assets consist of:

 

Paid in capital

$ 2,096,366

Accumulated net investment loss

(6,828)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,481

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,506,532

Net Assets

$ 3,598,551

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($665,266 ÷ 9,957.74 shares)

$ 66.81

 

 

 

Maximum offering price per share (100/94.25 of $66.81)

$ 70.89

Class T:
Net Asset Value and redemption price per share ($1,518,988 ÷ 22,750.75 shares)

$ 66.77

 

 

 

Maximum offering price per share (100/96.50 of $66.77)

$ 69.19

Class B:
Net Asset Value and offering price per share ($6,972 ÷ 114.01 shares)A

$ 61.15

 

 

 

Class C:
Net Asset Value and offering price per share ($233,646 ÷ 3,793.36 shares)A

$ 61.59

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,170,776 ÷ 16,752.71 shares)

$ 69.89

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($2,903 ÷ 41.43 shares)

$ 70.07

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 16,220

Income from Fidelity Central Funds

 

374

Total income

 

16,594

 

 

 

Expenses

Management fee
Basic fee

$ 10,182

Performance adjustment

245

Transfer agent fees

3,515

Distribution and service plan fees

5,747

Accounting and security lending fees

525

Custodian fees and expenses

22

Independent trustees' compensation

8

Registration fees

81

Audit

34

Legal

5

Interest

9

Miscellaneous

14

Total expenses before reductions

20,387

Expense reductions

(16)

20,371

Net investment income (loss)

(3,777)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

107,995

Foreign currency transactions

(10)

Total net realized gain (loss)

 

107,985

Change in net unrealized appreciation (depreciation) on:

Investment securities

85,327

Assets and liabilities in foreign currencies

2

Total change in net unrealized appreciation (depreciation)

 

85,329

Net gain (loss)

193,314

Net increase (decrease) in net assets resulting from operations

$ 189,537

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (3,777)

$ (7,776)

Net realized gain (loss)

107,985

148,379

Change in net unrealized appreciation (depreciation)

85,329

368,352

Net increase (decrease) in net assets resulting
from operations

189,537

508,955

Share transactions - net increase (decrease)

(323,733)

(40,304)

Total increase (decrease) in net assets

(134,196)

468,651

 

 

 

Net Assets

Beginning of period

3,732,747

3,264,096

End of period (including accumulated net investment loss of $6,828 and accumulated net investment loss of $3,051, respectively)

$ 3,598,551

$ 3,732,747

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

$ 26.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.05)

  (.11)

  (.10)

  (.11)

  (.08)

  - I

Net realized and unrealized gain (loss)

  3.34

  8.74

  13.65

  6.06

  3.17

  6.13

Total from investment operations

  3.29

  8.63

  13.55

  5.95

  3.09

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.11)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.13)

Net asset value, end of period

$ 66.81

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

Total ReturnB, C, D

  5.18%

  15.72%

  32.78%

  16.81%

  9.57%

  23.42%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.08%

  1.23%

  1.30%

  1.08%

  .90%

Expenses net of fee waivers, if any

  1.06%A

  1.08%

  1.23%

  1.29%

  1.08%

  .90%

Expenses net of all reductions

  1.06%A

  1.08%

  1.23%

  1.29%

  1.07%

  .90%

Net investment income (loss)

  (.16)%A

  (.18)%

  (.20)%

  (.29)%

  (.23)%

  -% J

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 665

$ 648

$ 555

$ 359

$ 267

$ 255

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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.

I Amount represents less than $.01 per share.

J Amount represents less than .01%

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

$ 26.52

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.13)

  (.24)

  (.19)

  (.19)

  (.15)

  (.06)

Net realized and unrealized gain (loss)

  3.35

  8.75

  13.69

  6.11

  3.19

  6.19

Total from investment operations

  3.22

  8.51

  13.50

  5.92

  3.04

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.05)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.07)

Net asset value, end of period

$ 66.77

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

Total ReturnB, C, D

  5.07%

  15.46%

  32.50%

  16.62%

  9.33%

  23.18%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of fee waivers, if any

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of all reductions

  1.28%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.09%

Net investment income (loss)

  (.39)%A

  (.40)%

  (.40)%

  (.48)%

  (.40)%

  (.20)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,519

$ 1,504

$ 1,426

$ 1,187

$ 1,102

$ 1,126

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

$ 25.01

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.30)

  (.55)

  (.44)

  (.39)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.06

  8.07

  12.69

  5.70

  3.00

  5.84

Total from investment operations

  2.76

  7.52

  12.25

  5.31

  2.67

  5.63

Net asset value, end of period

$ 61.15

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

Total ReturnB, C, D

  4.73%

  14.78%

  31.72%

  15.94%

  8.71%

  22.51%

Ratios to Average Net Assets F, H

 

 

 

 

 

 

Expenses before reductions

  1.90%A

  1.92%

  2.03%

  2.07%

  1.83%

  1.66%

Expenses net of fee waivers, if any

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.66%

Expenses net of all reductions

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.65%

Net investment income (loss)

  (1.01)%A

  (1.02)%

  (1.00)%

  (1.05)%

  (.98)%

  (.76)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 9

$ 12

$ 13

$ 14

$ 18

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

$ 25.14

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.27)

  (.50)

  (.42)

  (.38)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.08

  8.11

  12.76

  5.73

  3.02

  5.86

Total from investment operations

  2.81

  7.61

  12.34

  5.35

  2.69

  5.65

Net asset value, end of period

$ 61.59

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

Total ReturnB, C, D

  4.78%

  14.87%

  31.78%

  15.98%

  8.74%

  22.47%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.80%A

  1.83%

  1.96%

  2.04%

  1.82%

  1.65%

Expenses net of fee waivers, if any

  1.80%A

  1.83%

  1.96%

  2.03%

  1.82%

  1.65%

Expenses net of all reductions

  1.80%A

  1.83%

  1.96%

  2.02%

  1.82%

  1.65%

Net investment income (loss)

  (.91)%A

  (.93)%

  (.93)%

  (1.02)%

  (.97)%

  (.75)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 234

$ 212

$ 159

$ 71

$ 47

$ 41

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 - Institutional Class

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

$ 27.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

  .05

  .05

  .01

  .05

  .10

Net realized and unrealized gain (loss)

  3.50

  9.12

  14.19

  6.30

  3.25

  6.33

Total from investment operations

  3.54

  9.17

  14.24

  6.31

  3.30

  6.43

Distributions from net investment income

  -

  -

  -

  -

  -

  (.19)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.21)

Net asset value, end of period

$ 69.89

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

Total ReturnB, C

  5.34%

  16.04%

  33.16%

  17.23%

  9.90%

  23.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of fee waivers, if any

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of all reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .56%

Net investment income (loss)

  .12%A

  .09%

  .09%

  .04%

  .13%

  .33%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,171

$ 1,357

$ 1,112

$ 475

$ 215

$ 118

Portfolio turnover rateF

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 Z

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 66.48

$ 57.20

$ 53.30

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .14

  .02

Net realized and unrealized gain (loss)

  3.51

  9.14

  3.88

Total from investment operations

  3.59

  9.28

  3.90

Net asset value, end of period

$ 70.07

$ 66.48

$ 57.20

Total ReturnB, C

  5.40%

  16.22%

  7.32%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .65%A

  .67%

  .78%A

Expenses net of fee waivers, if any

  .65%A

  .67%

  .78%A

Expenses net of all reductions

  .65%A

  .67%

  .78%A

Net investment income (loss)

  .25%A

  .24%

  .14%A

Supplemental Data

 

 

 

Net assets, end of period ((000) omitted)

$ 2,903

$ 2,955

$ 107

Portfolio turnover rateF

  10% A

  13%

  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.

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 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, 2015 (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. During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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

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.

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), 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

$ 1,622,086

Gross unrealized depreciation

(122,866)

Net unrealized appreciation (depreciation) on securities

$ 1,499,220

 

 

Tax cost

$ 2,167,181

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

$ (98,447)

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

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities , other than short-term securities, aggregated $185,618 and $523,587, respectively.

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 .56% 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 821

$ 20

Class T

.25%

.25%

3,760

67

Class B

.75%

.25%

38

29

Class C

.75%

.25%

1,128

234

 

 

 

$ 5,747

$ 350

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.

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

 

Retained
by FDC

Class A

$ 72

Class T

24

Class B*

1

Class C*

11

 

$ 108

* 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 685

.21

Class T

1,401

.19

Class B

12

.30

Class C

231

.21

Institutional Class

1,185

.18

Class Z

1

.05

 

$ 3,515

 

* 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 $13 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 48,280

.35%

$ 9

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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, the Fund did not borrow 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 $122. 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 $361, including $7 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 $16 for the period.

Semiannual Report

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31, 2015

Year ended
November 30, 2014

Six months ended May 31, 2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,013

3,210

$ 65,331

$ 185,879

Shares redeemed

(1,255)

(3,125)

(81,266)

(181,042)

Net increase (decrease)

(242)

85

$ (15,935)

$ 4,837

Class T

 

 

 

 

Shares sold

1,148

2,463

$ 73,897

$ 142,596

Shares redeemed

(2,055)

(4,710)

(132,774)

(273,249)

Net increase (decrease)

(907)

(2,247)

$ (58,877)

$ (130,653)

Class B

 

 

 

 

Shares sold

1

9

$ 60

$ 456

Shares redeemed

(35)

(101)

(2,052)

(5,359)

Net increase (decrease)

(34)

(92)

$ (1,992)

$ (4,903)

Class C

 

 

 

 

Shares sold

569

1,386

$ 33,685

$ 74,498

Shares redeemed

(388)

(882)

(23,219)

(47,157)

Net increase (decrease)

181

504

$ 10,466

$ 27,341

Institutional Class

 

 

 

 

Shares sold

1,729

6,174

$ 116,095

$ 372,705

Shares redeemed

(5,436)

(5,157)

(373,282)

(312,379)

Net increase (decrease)

(3,707)

1,017

$ (257,187)

$ 60,326

Class Z

 

 

 

 

Shares sold

1

43

$ 82

$ 2,754

Shares redeemed

(4)

- A

(290)

(6)

Net increase (decrease)

(3)

43

$ (208)

$ 2,748

A Amount represents ninety shares

10. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other - continued

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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-0715
1.786794.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Growth Opportunities

Fund - Class Z

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.06%

 

 

 

Actual

 

$ 1,000.00

$ 1,051.80

$ 5.42

HypotheticalA

 

$ 1,000.00

$ 1,019.65

$ 5.34

Class T

1.29%

 

 

 

Actual

 

$ 1,000.00

$ 1,050.70

$ 6.60

HypotheticalA

 

$ 1,000.00

$ 1,018.50

$ 6.49

Class B

1.90%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.30

$ 9.70

HypotheticalA

 

$ 1,000.00

$ 1,015.46

$ 9.55

Class C

1.80%

 

 

 

Actual

 

$ 1,000.00

$ 1,047.80

$ 9.19

HypotheticalA

 

$ 1,000.00

$ 1,015.96

$ 9.05

Institutional Class

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.40

$ 3.99

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Class Z

.65%

 

 

 

Actual

 

$ 1,000.00

$ 1,054.00

$ 3.33

HypotheticalA

 

$ 1,000.00

$ 1,021.69

$ 3.28

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.6

6.2

Salesforce.com, Inc.

4.5

3.8

Regeneron Pharmaceuticals, Inc.

4.3

3.7

Google, Inc. Class A

2.3

2.3

Isis Pharmaceuticals, Inc.

2.2

1.8

Google, Inc. Class C

2.2

2.3

Facebook, Inc. Class A

2.1

2.1

Seattle Genetics, Inc.

2.0

1.6

Alkermes PLC

2.0

1.8

Microsoft Corp.

1.9

2.0

 

30.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.0

35.8

Health Care

23.5

21.2

Consumer Discretionary

16.0

15.6

Consumer Staples

8.4

9.7

Industrials

6.8

7.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

goz438

Stocks 98.8%

 

goz440

Stocks 99.4%

 

goz442

Convertible
Securities 0.7%

 

goz444

Convertible
Securities 0.4%

 

goz446

Short-Term
Investments and
Net Other Assets (Liabilities) 0.5%

 

goz448

Short-Term
Investments and
Net Other Assets (Liabilities) 0.2%

 

* Foreign investments

6.8%

 

** Foreign investments

6.9%

 

goz450

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.0%

Auto Components - 0.2%

Tenneco, Inc. (a)

114,700

$ 6,735

Automobiles - 0.5%

Mahindra & Mahindra Ltd. (a)

183,272

3,617

Tesla Motors, Inc. (a)(d)

58,900

14,772

 

18,389

Hotels, Restaurants & Leisure - 2.7%

Arcos Dorados Holdings, Inc. Class A (d)

222,600

1,227

Buffalo Wild Wings, Inc. (a)

60,600

9,252

Chipotle Mexican Grill, Inc. (a)

25,700

15,819

Chuy's Holdings, Inc. (a)

135,800

3,529

Dunkin' Brands Group, Inc.

174,300

9,301

Las Vegas Sands Corp.

126,292

6,419

McDonald's Corp.

127,900

12,269

Panera Bread Co. Class A (a)

21,300

3,877

Starbucks Corp.

595,000

30,916

Starwood Hotels & Resorts Worldwide, Inc.

57,700

4,775

 

97,384

Household Durables - 0.3%

Lennar Corp. Class A

122,800

5,726

Toll Brothers, Inc. (a)

4,600

166

Tupperware Brands Corp.

51,500

3,386

 

9,278

Internet & Catalog Retail - 2.0%

Amazon.com, Inc. (a)

133,200

57,173

Priceline Group, Inc. (a)

12,800

15,002

 

72,175

Media - 4.0%

AMC Networks, Inc. Class A (a)

151,900

11,938

Comcast Corp. Class A

990,200

57,887

IMAX Corp. (a)

362,900

14,639

Liberty Global PLC Class A (a)

158,600

9,124

Lions Gate Entertainment Corp. (d)

227,400

7,525

The Walt Disney Co.

239,400

26,423

Twenty-First Century Fox, Inc. Class A

407,500

13,692

Zee Entertainment Enterprises Ltd.

721,462

3,664

 

144,892

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.3%

Dollar General Corp.

129,800

$ 9,422

Target Corp.

39,300

3,117

 

12,539

Specialty Retail - 2.3%

Abercrombie & Fitch Co. Class A

113,400

2,321

Bed Bath & Beyond, Inc. (a)

61,000

4,351

CarMax, Inc. (a)

197,700

14,045

DSW, Inc. Class A

126,100

4,369

Five Below, Inc. (a)

113,600

3,777

GNC Holdings, Inc.

79,900

3,559

Home Depot, Inc.

261,400

29,125

Lumber Liquidators Holdings, Inc. (a)(d)

395,200

8,062

TJX Companies, Inc.

212,900

13,707

 

83,316

Textiles, Apparel & Luxury Goods - 3.7%

Deckers Outdoor Corp. (a)

87,500

5,963

Fossil Group, Inc. (a)

138,700

9,849

Kate Spade & Co. (a)

195,300

4,840

lululemon athletica, Inc. (a)

921,716

55,109

Michael Kors Holdings Ltd. (a)

201,600

9,374

NIKE, Inc. Class B

145,900

14,834

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

235,000

24,879

Under Armour, Inc. Class A (sub. vtg.) (a)

91,700

7,190

 

132,038

TOTAL CONSUMER DISCRETIONARY

576,746

CONSUMER STAPLES - 8.2%

Beverages - 1.7%

Monster Beverage Corp. (a)

134,900

17,170

PepsiCo, Inc.

168,200

16,220

SABMiller PLC

89,300

4,769

The Coca-Cola Co.

604,300

24,752

 

62,911

Food & Staples Retailing - 2.6%

Costco Wholesale Corp.

248,300

35,405

CVS Health Corp.

262,000

26,824

Wal-Mart Stores, Inc.

31,780

2,360

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Walgreens Boots Alliance, Inc.

227,800

$ 19,554

Whole Foods Market, Inc.

197,900

8,161

 

92,304

Food Products - 1.5%

Bunge Ltd.

59,600

5,517

Keurig Green Mountain, Inc.

414,200

35,721

Mead Johnson Nutrition Co. Class A

97,100

9,448

Mondelez International, Inc.

117,800

4,899

 

55,585

Household Products - 0.6%

Procter & Gamble Co.

194,200

15,223

Svenska Cellulosa AB (SCA) (B Shares)

248,400

6,479

 

21,702

Personal Products - 0.3%

Avon Products, Inc.

100,242

674

Herbalife Ltd. (a)

167,800

8,731

 

9,405

Tobacco - 1.5%

Altria Group, Inc.

588,100

30,111

Lorillard, Inc.

74,700

5,414

Philip Morris International, Inc.

227,750

18,919

 

54,444

TOTAL CONSUMER STAPLES

296,351

ENERGY - 2.6%

Energy Equipment & Services - 0.8%

FMC Technologies, Inc. (a)

90,340

3,775

Halliburton Co.

111,600

5,067

National Oilwell Varco, Inc.

79,188

3,895

Schlumberger Ltd.

170,000

15,431

 

28,168

Oil, Gas & Consumable Fuels - 1.8%

Anadarko Petroleum Corp.

74,000

6,187

Cabot Oil & Gas Corp.

209,100

7,101

Chesapeake Energy Corp. (d)

159,764

2,254

Concho Resources, Inc. (a)

56,900

6,845

Continental Resources, Inc. (a)

142,200

6,479

EOG Resources, Inc.

38,800

3,441

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Golar LNG Ltd.

28,700

$ 1,364

Hess Corp.

117,200

7,913

Noble Energy, Inc.

99,400

4,352

Occidental Petroleum Corp.

156,900

12,268

PDC Energy, Inc. (a)

47,100

2,809

Range Resources Corp.

16,300

903

Southwestern Energy Co. (a)

82,100

2,116

 

64,032

TOTAL ENERGY

92,200

FINANCIALS - 3.3%

Banks - 1.1%

Bank of America Corp.

280,800

4,633

Citigroup, Inc.

99,700

5,392

HDFC Bank Ltd. sponsored ADR

146,100

8,710

JPMorgan Chase & Co.

189,400

12,459

Signature Bank (a)

21,300

2,975

Wells Fargo & Co.

117,800

6,592

 

40,761

Capital Markets - 0.7%

BlackRock, Inc. Class A

9,900

3,621

Charles Schwab Corp.

444,900

14,081

Goldman Sachs Group, Inc.

23,191

4,782

T. Rowe Price Group, Inc.

29,300

2,364

 

24,848

Consumer Finance - 1.4%

American Express Co.

471,700

37,604

Discover Financial Services

241,633

14,080

 

51,684

Diversified Financial Services - 0.1%

BM&F BOVESPA SA

722,258

2,546

TOTAL FINANCIALS

119,839

HEALTH CARE - 23.5%

Biotechnology - 20.3%

ACADIA Pharmaceuticals, Inc. (a)(d)

194,600

8,018

Agios Pharmaceuticals, Inc. (a)(d)

75,400

9,200

Alexion Pharmaceuticals, Inc. (a)

49,400

8,094

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Alkermes PLC (a)

1,170,200

$ 71,499

Alnylam Pharmaceuticals, Inc. (a)

226,100

29,639

Amarin Corp. PLC ADR (a)(d)

1,882,400

4,348

Amgen, Inc.

215,800

33,721

Asterias Biotherapeutics, Inc. (a)(d)

50,950

572

aTyr Pharma, Inc. (a)

124,876

2,573

Avalanche Biotechnologies, Inc. (a)

19,500

727

Biogen, Inc. (a)

76,600

30,409

BioTime, Inc. warrants 10/1/18 (a)

62,345

118

bluebird bio, Inc. (a)

116,600

22,650

Celgene Corp. (a)

104,170

11,921

Celldex Therapeutics, Inc. (a)

203,400

5,872

Cepheid, Inc. (a)

128,653

7,098

Clovis Oncology, Inc. (a)

40,100

3,707

Esperion Therapeutics, Inc. (a)

77,500

8,332

Exelixis, Inc. (a)(d)

1,633,111

5,144

Geron Corp. (a)

1,153,100

4,451

Gilead Sciences, Inc.

499,100

56,034

ImmunoGen, Inc. (a)(d)

524,651

4,711

Immunomedics, Inc. (a)(d)

1,276,987

4,929

Insmed, Inc. (a)

311,800

6,841

Intercept Pharmaceuticals, Inc. (a)

8,535

2,178

Ironwood Pharmaceuticals, Inc. Class A (a)

214,500

3,027

Isis Pharmaceuticals, Inc. (a)(d)

1,188,153

79,986

Lexicon Pharmaceuticals, Inc. (a)

910,800

6,403

Merrimack Pharmaceuticals, Inc. (a)(d)

591,500

6,980

Ophthotech Corp. (a)

70,500

3,526

Prothena Corp. PLC (a)

123,802

4,883

Receptos, Inc. (a)

100,900

16,637

Regeneron Pharmaceuticals, Inc. (a)

300,200

153,871

Regulus Therapeutics, Inc. (a)

318,000

4,490

Rigel Pharmaceuticals, Inc. (a)

667,248

2,329

Seattle Genetics, Inc. (a)(d)

1,665,767

71,778

Spark Therapeutics, Inc.

3,500

258

TG Therapeutics, Inc. (a)(d)

487,400

7,672

Transition Therapeutics, Inc. (a)

969,697

7,506

uniQure B.V. (a)

4,600

132

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Vertex Pharmaceuticals, Inc. (a)

64,790

$ 8,312

XOMA Corp. (a)(d)

2,503,800

8,813

 

729,389

Health Care Equipment & Supplies - 0.4%

Abbott Laboratories

84,200

4,092

Baxter International, Inc.

37,600

2,505

Zeltiq Aesthetics, Inc. (a)

256,300

7,038

 

13,635

Health Care Providers & Services - 0.6%

Accretive Health, Inc. (a)

562,100

3,024

BioScrip, Inc. (a)(d)

747,100

2,652

Express Scripts Holding Co. (a)

117,967

10,280

McKesson Corp.

30,700

7,283

 

23,239

Health Care Technology - 0.4%

Allscripts Healthcare Solutions, Inc. (a)

260,200

3,661

athenahealth, Inc. (a)(d)

86,100

10,039

Castlight Health, Inc. Class B (a)

116,700

1,019

 

14,719

Life Sciences Tools & Services - 0.4%

Illumina, Inc. (a)

68,900

14,199

Pharmaceuticals - 1.4%

AbbVie, Inc.

147,300

9,809

AcelRx Pharmaceuticals, Inc. (a)(d)

714,917

2,502

Actavis PLC (a)

75,090

23,038

Cempra, Inc. (a)

167,568

6,151

Intra-Cellular Therapies, Inc. (a)

36,700

963

Johnson & Johnson

35,600

3,565

Mylan N.V.

73,500

5,338

 

51,366

TOTAL HEALTH CARE

846,547

INDUSTRIALS - 6.8%

Aerospace & Defense - 0.6%

Honeywell International, Inc.

118,600

12,358

The Boeing Co.

72,600

10,202

 

22,560

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.6%

FedEx Corp.

72,100

$ 12,489

United Parcel Service, Inc. Class B

109,900

10,904

 

23,393

Airlines - 2.1%

American Airlines Group, Inc.

231,600

9,813

Delta Air Lines, Inc.

144,800

6,215

Southwest Airlines Co.

496,300

18,388

Spirit Airlines, Inc. (a)

288,600

18,346

United Continental Holdings, Inc. (a)

396,800

21,661

 

74,423

Building Products - 0.1%

Caesarstone Sdot-Yam Ltd.

36,100

2,232

Industrial Conglomerates - 1.0%

3M Co.

65,200

10,372

Danaher Corp.

231,600

19,992

General Electric Co.

210,200

5,732

 

36,096

Machinery - 0.3%

Caterpillar, Inc.

68,000

5,802

Cummins, Inc.

27,700

3,755

 

9,557

Road & Rail - 2.1%

CSX Corp.

85,100

2,900

Genesee & Wyoming, Inc. Class A (a)

77,000

6,340

Hertz Global Holdings, Inc. (a)

719,900

14,319

J.B. Hunt Transport Services, Inc.

103,100

8,662

Kansas City Southern

71,900

6,507

Union Pacific Corp.

376,000

37,942

 

76,670

TOTAL INDUSTRIALS

244,931

INFORMATION TECHNOLOGY - 35.6%

Communications Equipment - 1.5%

Infinera Corp. (a)

1,021,081

21,075

QUALCOMM, Inc.

492,665

34,329

 

55,404

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - 0.5%

IPG Photonics Corp. (a)(d)

94,000

$ 8,915

Trimble Navigation Ltd. (a)

378,500

8,872

 

17,787

Internet Software & Services - 8.4%

Akamai Technologies, Inc. (a)

174,300

13,294

Alibaba Group Holding Ltd. sponsored ADR

51,700

4,618

Cornerstone OnDemand, Inc. (a)

247,800

7,714

eBay, Inc. (a)

141,900

8,707

Facebook, Inc. Class A (a)

959,541

75,986

Google, Inc.:

Class A (a)

148,565

81,015

Class C

149,975

79,803

LinkedIn Corp. Class A (a)

17,800

3,470

Opower, Inc. (a)

36,700

435

Qihoo 360 Technology Co. Ltd. ADR (a)

73,500

3,826

Rackspace Hosting, Inc. (a)

93,102

3,732

Tencent Holdings Ltd.

295,500

5,893

Twitter, Inc. (a)

121,400

4,452

Web.com Group, Inc. (a)

256,700

5,819

Wix.com Ltd. (a)

79,900

1,990

 

300,754

IT Services - 3.8%

Cognizant Technology Solutions Corp. Class A (a)

137,132

8,875

IBM Corp.

111,200

18,865

MasterCard, Inc. Class A

492,200

45,410

Visa, Inc. Class A

918,900

63,110

 

136,260

Semiconductors & Semiconductor Equipment - 4.4%

Applied Materials, Inc.

199,300

4,012

Applied Micro Circuits Corp. (a)

1,315,100

8,403

Cavium, Inc. (a)

70,000

4,926

Cree, Inc. (a)(d)

738,200

22,353

Cypress Semiconductor Corp.

1,268,166

17,412

First Solar, Inc. (a)

115,600

5,746

Intel Corp.

96,100

3,312

Mellanox Technologies Ltd. (a)

187,300

9,425

Micron Technology, Inc. (a)

91,100

2,544

NVIDIA Corp.

1,658,730

36,708

Rambus, Inc. (a)

946,400

14,470

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Silicon Laboratories, Inc. (a)

447,800

$ 24,826

Xilinx, Inc.

58,800

2,788

 

156,925

Software - 10.1%

Adobe Systems, Inc. (a)

123,700

9,783

Citrix Systems, Inc. (a)

34,300

2,230

Fortinet, Inc. (a)

214,300

8,585

Interactive Intelligence Group, Inc. (a)(d)

194,800

8,421

Intuit, Inc.

107,600

11,207

Microsoft Corp.

1,475,400

69,137

NetSuite, Inc. (a)

126,100

11,780

Oracle Corp.

318,900

13,869

Qlik Technologies, Inc. (a)

144,174

5,215

Red Hat, Inc. (a)

504,430

38,977

Salesforce.com, Inc. (a)

2,222,900

161,716

ServiceNow, Inc. (a)

130,700

10,013

Splunk, Inc. (a)

39,700

2,685

TiVo, Inc. (a)

253,300

2,667

VMware, Inc. Class A (a)

27,700

2,419

Workday, Inc. Class A (a)

58,700

4,633

 

363,337

Technology Hardware, Storage & Peripherals - 6.9%

3D Systems Corp. (a)(d)

35,700

781

Apple, Inc.

1,832,606

238,753

Nimble Storage, Inc. (a)(d)

294,600

7,624

SanDisk Corp.

46,400

3,173

 

250,331

TOTAL INFORMATION TECHNOLOGY

1,280,798

MATERIALS - 1.9%

Chemicals - 1.4%

E.I. du Pont de Nemours & Co.

95,800

6,803

Monsanto Co.

337,600

39,492

The Mosaic Co.

93,800

4,301

 

50,596

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

87,000

$ 5,667

Sealed Air Corp.

209,500

10,203

 

15,870

TOTAL MATERIALS

66,466

TELECOMMUNICATION SERVICES - 0.7%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc. (a)

91,200

5,060

Verizon Communications, Inc.

168,300

8,321

 

13,381

Wireless Telecommunication Services - 0.4%

RingCentral, Inc. (a)

372,600

6,368

T-Mobile U.S., Inc. (a)

183,100

7,119

 

13,487

TOTAL TELECOMMUNICATION SERVICES

26,868

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

NRG Energy, Inc.

141,500

3,566

Ormat Technologies, Inc. (d)

59,200

2,196

 

5,762

TOTAL COMMON STOCKS

(Cost $2,050,568)


3,556,508

Convertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER STAPLES - 0.2%

Food & Staples Retailing - 0.1%

Blue Apron, Inc. Series D (e)

217,605

2,900

Tobacco - 0.1%

PAX Labs, Inc. Series C (e)

1,069,313

4,117

TOTAL CONSUMER STAPLES

7,017

FINANCIALS - 0.1%

Real Estate Management & Development - 0.1%

Redfin Corp. Series G (e)

1,081,736

4,046

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.4%

Internet Software & Services - 0.2%

Uber Technologies, Inc. Series D, 8.00% (e)

221,104

$ 7,367

Software - 0.2%

Cloudera, Inc. Series F (a)(e)

41,786

891

MongoDB, Inc. Series F, 8.00% (a)(e)

515,124

4,507

 

5,398

TOTAL INFORMATION TECHNOLOGY

12,765

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $23,237)


23,828

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

16,384,804

16,385

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

69,679,558

69,680

TOTAL MONEY MARKET FUNDS

(Cost $86,065)


86,065

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $2,159,870)

3,666,401

NET OTHER ASSETS (LIABILITIES) - (1.9)%

(67,850)

NET ASSETS - 100%

$ 3,598,551

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $23,827,000 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Blue Apron, Inc. Series D

5/18/15

$ 2,900

Security

Acquisition Date

Acquisition Cost (000s)

Cloudera, Inc. Series F

2/5/14

$ 608

MongoDB, Inc. Series F, 8.00%

10/2/13

$ 8,615

PAX Labs, Inc. Series C

5/22/15

$ 4,117

Redfin Corp. Series G

12/16/14

$ 3,567

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 3,430

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

$ 13

Fidelity Securities Lending Cash Central Fund

361

Total

$ 374

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 576,746

$ 576,746

$ -

$ -

Consumer Staples

303,368

296,351

-

7,017

Energy

92,200

92,200

-

-

Financials

123,885

119,839

-

4,046

Health Care

846,547

843,974

2,573

-

Industrials

244,931

244,931

-

-

Information Technology

1,293,563

1,274,905

5,893

12,765

Materials

66,466

66,466

-

-

Telecommunication Services

26,868

26,868

-

-

Utilities

5,762

5,762

-

-

Money Market Funds

86,065

86,065

-

-

Total Investments in Securities:

$ 3,666,401

$ 3,634,107

$ 8,466

$ 23,828

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $67,045) - See accompanying schedule:

Unaffiliated issuers (cost $2,073,805)

$ 3,580,336

 

Fidelity Central Funds (cost $86,065)

86,065

 

Total Investments (cost $2,159,870)

 

$ 3,666,401

Foreign currency held at value (cost $534)

534

Receivable for investments sold

12,755

Receivable for fund shares sold

1,936

Dividends receivable

2,202

Distributions receivable from Fidelity Central Funds

73

Prepaid expenses

1

Other receivables

128

Total assets

3,684,030

 

 

 

Liabilities

Payable for investments purchased

$ 6,810

Payable for fund shares redeemed

5,397

Accrued management fee

1,773

Distribution and service plan fees payable

970

Other affiliated payables

663

Other payables and accrued expenses

186

Collateral on securities loaned, at value

69,680

Total liabilities

85,479

 

 

 

Net Assets

$ 3,598,551

Net Assets consist of:

 

Paid in capital

$ 2,096,366

Accumulated net investment loss

(6,828)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,481

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,506,532

Net Assets

$ 3,598,551

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($665,266 ÷ 9,957.74 shares)

$ 66.81

 

 

 

Maximum offering price per share (100/94.25 of $66.81)

$ 70.89

Class T:
Net Asset Value and redemption price per share ($1,518,988 ÷ 22,750.75 shares)

$ 66.77

 

 

 

Maximum offering price per share (100/96.50 of $66.77)

$ 69.19

Class B:
Net Asset Value and offering price per share ($6,972 ÷ 114.01 shares)A

$ 61.15

 

 

 

Class C:
Net Asset Value and offering price per share ($233,646 ÷ 3,793.36 shares)A

$ 61.59

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,170,776 ÷ 16,752.71 shares)

$ 69.89

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($2,903 ÷ 41.43 shares)

$ 70.07

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 16,220

Income from Fidelity Central Funds

 

374

Total income

 

16,594

 

 

 

Expenses

Management fee
Basic fee

$ 10,182

Performance adjustment

245

Transfer agent fees

3,515

Distribution and service plan fees

5,747

Accounting and security lending fees

525

Custodian fees and expenses

22

Independent trustees' compensation

8

Registration fees

81

Audit

34

Legal

5

Interest

9

Miscellaneous

14

Total expenses before reductions

20,387

Expense reductions

(16)

20,371

Net investment income (loss)

(3,777)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

107,995

Foreign currency transactions

(10)

Total net realized gain (loss)

 

107,985

Change in net unrealized appreciation (depreciation) on:

Investment securities

85,327

Assets and liabilities in foreign currencies

2

Total change in net unrealized appreciation (depreciation)

 

85,329

Net gain (loss)

193,314

Net increase (decrease) in net assets resulting from operations

$ 189,537

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ (3,777)

$ (7,776)

Net realized gain (loss)

107,985

148,379

Change in net unrealized appreciation (depreciation)

85,329

368,352

Net increase (decrease) in net assets resulting
from operations

189,537

508,955

Share transactions - net increase (decrease)

(323,733)

(40,304)

Total increase (decrease) in net assets

(134,196)

468,651

 

 

 

Net Assets

Beginning of period

3,732,747

3,264,096

End of period (including accumulated net investment loss of $6,828 and accumulated net investment loss of $3,051, respectively)

$ 3,598,551

$ 3,732,747

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

$ 26.30

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.05)

  (.11)

  (.10)

  (.11)

  (.08)

  - I

Net realized and unrealized gain (loss)

  3.34

  8.74

  13.65

  6.06

  3.17

  6.13

Total from investment operations

  3.29

  8.63

  13.55

  5.95

  3.09

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.11)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.13)

Net asset value, end of period

$ 66.81

$ 63.52

$ 54.89

$ 41.34

$ 35.39

$ 32.30

Total ReturnB, C, D

  5.18%

  15.72%

  32.78%

  16.81%

  9.57%

  23.42%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.06%A

  1.08%

  1.23%

  1.30%

  1.08%

  .90%

Expenses net of fee waivers, if any

  1.06%A

  1.08%

  1.23%

  1.29%

  1.08%

  .90%

Expenses net of all reductions

  1.06%A

  1.08%

  1.23%

  1.29%

  1.07%

  .90%

Net investment income (loss)

  (.16)%A

  (.18)%

  (.20)%

  (.29)%

  (.23)%

  -% J

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 665

$ 648

$ 555

$ 359

$ 267

$ 255

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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.

I Amount represents less than $.01 per share.

J Amount represents less than .01%

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

Semiannual Report

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

$ 26.52

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.13)

  (.24)

  (.19)

  (.19)

  (.15)

  (.06)

Net realized and unrealized gain (loss)

  3.35

  8.75

  13.69

  6.11

  3.19

  6.19

Total from investment operations

  3.22

  8.51

  13.50

  5.92

  3.04

  6.13

Distributions from net investment income

  -

  -

  -

  -

  -

  (.05)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.07)

Net asset value, end of period

$ 66.77

$ 63.55

$ 55.04

$ 41.54

$ 35.62

$ 32.58

Total ReturnB, C, D

  5.07%

  15.46%

  32.50%

  16.62%

  9.33%

  23.18%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of fee waivers, if any

  1.29%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.10%

Expenses net of all reductions

  1.28%A

  1.31%

  1.43%

  1.48%

  1.25%

  1.09%

Net investment income (loss)

  (.39)%A

  (.40)%

  (.40)%

  (.48)%

  (.40)%

  (.20)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,519

$ 1,504

$ 1,426

$ 1,187

$ 1,102

$ 1,126

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

$ 25.01

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.30)

  (.55)

  (.44)

  (.39)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.06

  8.07

  12.69

  5.70

  3.00

  5.84

Total from investment operations

  2.76

  7.52

  12.25

  5.31

  2.67

  5.63

Net asset value, end of period

$ 61.15

$ 58.39

$ 50.87

$ 38.62

$ 33.31

$ 30.64

Total ReturnB, C, D

  4.73%

  14.78%

  31.72%

  15.94%

  8.71%

  22.51%

Ratios to Average Net Assets F, H

 

 

 

 

 

 

Expenses before reductions

  1.90%A

  1.92%

  2.03%

  2.07%

  1.83%

  1.66%

Expenses net of fee waivers, if any

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.66%

Expenses net of all reductions

  1.90%A

  1.92%

  2.03%

  2.05%

  1.83%

  1.65%

Net investment income (loss)

  (1.01)%A

  (1.02)%

  (1.00)%

  (1.05)%

  (.98)%

  (.76)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 7

$ 9

$ 12

$ 13

$ 14

$ 18

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

$ 25.14

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.27)

  (.50)

  (.42)

  (.38)

  (.33)

  (.21)

Net realized and unrealized gain (loss)

  3.08

  8.11

  12.76

  5.73

  3.02

  5.86

Total from investment operations

  2.81

  7.61

  12.34

  5.35

  2.69

  5.65

Net asset value, end of period

$ 61.59

$ 58.78

$ 51.17

$ 38.83

$ 33.48

$ 30.79

Total ReturnB, C, D

  4.78%

  14.87%

  31.78%

  15.98%

  8.74%

  22.47%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.80%A

  1.83%

  1.96%

  2.04%

  1.82%

  1.65%

Expenses net of fee waivers, if any

  1.80%A

  1.83%

  1.96%

  2.03%

  1.82%

  1.65%

Expenses net of all reductions

  1.80%A

  1.83%

  1.96%

  2.02%

  1.82%

  1.65%

Net investment income (loss)

  (.91)%A

  (.93)%

  (.93)%

  (1.02)%

  (.97)%

  (.75)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 234

$ 212

$ 159

$ 71

$ 47

$ 41

Portfolio turnover rateG

  10% A

  13%

  17%

  34%

  31%

  35%

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.

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 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 - Institutional Class

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

$ 27.11

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

  .05

  .05

  .01

  .05

  .10

Net realized and unrealized gain (loss)

  3.50

  9.12

  14.19

  6.30

  3.25

  6.33

Total from investment operations

  3.54

  9.17

  14.24

  6.31

  3.30

  6.43

Distributions from net investment income

  -

  -

  -

  -

  -

  (.19)

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.02)

Total distributions

  -

  -

  -

  -

  -

  (.21)

Net asset value, end of period

$ 69.89

$ 66.35

$ 57.18

$ 42.94

$ 36.63

$ 33.33

Total ReturnB, C

  5.34%

  16.04%

  33.16%

  17.23%

  9.90%

  23.86%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of fee waivers, if any

  .78%A

  .81%

  .93%

  .97%

  .72%

  .57%

Expenses net of all reductions

  .78%A

  .81%

  .93%

  .97%

  .72%

  .56%

Net investment income (loss)

  .12%A

  .09%

  .09%

  .04%

  .13%

  .33%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,171

$ 1,357

$ 1,112

$ 475

$ 215

$ 118

Portfolio turnover rateF

  10% A

  13%

  17%

  34%

  31%

  35%

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 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 Z

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 66.48

$ 57.20

$ 53.30

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .14

  .02

Net realized and unrealized gain (loss)

  3.51

  9.14

  3.88

Total from investment operations

  3.59

  9.28

  3.90

Net asset value, end of period

$ 70.07

$ 66.48

$ 57.20

Total ReturnB, C

  5.40%

  16.22%

  7.32%

Ratios to Average Net Assets E, H

 

 

 

Expenses before reductions

  .65%A

  .67%

  .78%A

Expenses net of fee waivers, if any

  .65%A

  .67%

  .78%A

Expenses net of all reductions

  .65%A

  .67%

  .78%A

Net investment income (loss)

  .25%A

  .24%

  .14%A

Supplemental Data

 

 

 

Net assets, end of period ((000) omitted)

$ 2,903

$ 2,955

$ 107

Portfolio turnover rateF

  10% A

  13%

  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.

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 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, 2015 (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. During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

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.

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

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.

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), 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

$ 1,622,086

Gross unrealized depreciation

(122,866)

Net unrealized appreciation (depreciation) on securities

$ 1,499,220

 

 

Tax cost

$ 2,167,181

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

$ (98,447)

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

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities , other than short-term securities, aggregated $185,618 and $523,587, respectively.

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 .56% 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 821

$ 20

Class T

.25%

.25%

3,760

67

Class B

.75%

.25%

38

29

Class C

.75%

.25%

1,128

234

 

 

 

$ 5,747

$ 350

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.

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

 

Retained
by FDC

Class A

$ 72

Class T

24

Class B*

1

Class C*

11

 

$ 108

* 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 685

.21

Class T

1,401

.19

Class B

12

.30

Class C

231

.21

Institutional Class

1,185

.18

Class Z

1

.05

 

$ 3,515

 

* 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 $13 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 48,280

.35%

$ 9

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

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, the Fund did not borrow 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 $122. 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 $361, including $7 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 $16 for the period.

Semiannual Report

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31, 2015

Year ended
November 30, 2014

Six months ended May 31, 2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

1,013

3,210

$ 65,331

$ 185,879

Shares redeemed

(1,255)

(3,125)

(81,266)

(181,042)

Net increase (decrease)

(242)

85

$ (15,935)

$ 4,837

Class T

 

 

 

 

Shares sold

1,148

2,463

$ 73,897

$ 142,596

Shares redeemed

(2,055)

(4,710)

(132,774)

(273,249)

Net increase (decrease)

(907)

(2,247)

$ (58,877)

$ (130,653)

Class B

 

 

 

 

Shares sold

1

9

$ 60

$ 456

Shares redeemed

(35)

(101)

(2,052)

(5,359)

Net increase (decrease)

(34)

(92)

$ (1,992)

$ (4,903)

Class C

 

 

 

 

Shares sold

569

1,386

$ 33,685

$ 74,498

Shares redeemed

(388)

(882)

(23,219)

(47,157)

Net increase (decrease)

181

504

$ 10,466

$ 27,341

Institutional Class

 

 

 

 

Shares sold

1,729

6,174

$ 116,095

$ 372,705

Shares redeemed

(5,436)

(5,157)

(373,282)

(312,379)

Net increase (decrease)

(3,707)

1,017

$ (257,187)

$ 60,326

Class Z

 

 

 

 

Shares sold

1

43

$ 82

$ 2,754

Shares redeemed

(4)

- A

(290)

(6)

Net increase (decrease)

(3)

43

$ (208)

$ 2,748

A Amount represents ninety shares

10. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Other - continued

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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-0715
1.9585499.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Large Cap

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,031.20

$ 5.98

HypotheticalA

 

$ 1,000.00

$ 1,019.05

$ 5.94

Class T

1.45%

 

 

 

Actual

 

$ 1,000.00

$ 1,029.90

$ 7.34

HypotheticalA

 

$ 1,000.00

$ 1,017.70

$ 7.29

Class B

2.01%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.60

$ 10.16

HypotheticalA

 

$ 1,000.00

$ 1,014.91

$ 10.10

Class C

1.94%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ 9.80

HypotheticalA

 

$ 1,000.00

$ 1,015.26

$ 9.75

Institutional Class

.93%

 

 

 

Actual

 

$ 1,000.00

$ 1,032.20

$ 4.71

HypotheticalA

 

$ 1,000.00

$ 1,020.29

$ 4.68

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.2

3.9

Apple, Inc.

3.6

3.8

General Electric Co.

3.2

2.8

Bank of America Corp.

2.6

2.2

Citigroup, Inc.

2.5

2.2

Microsoft Corp.

2.4

2.5

Target Corp.

2.2

2.3

QUALCOMM, Inc.

1.7

1.0

Comcast Corp. Class A (special) (non-vtg.)

1.7

1.8

Cisco Systems, Inc.

1.6

1.5

 

25.7

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

22.0

21.1

Financials

21.6

19.9

Industrials

12.2

11.7

Health Care

12.1

10.8

Consumer Discretionary

9.9

9.7

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

lcc460

Stocks 98.4%

 

lcc462

Stocks 97.1%

 

lcc464

Convertible
Securities† 0.0%

 

lcc466

Convertible
Securities† 0.0%

 

lcc468

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.6%

 

lcc470

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.9%

 

* Foreign investments

10.6%

 

** Foreign investments

11.2%

 

lcc472

† Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 9.9%

Automobiles - 0.1%

Harley-Davidson, Inc.

23,000

$ 1,230,270

Diversified Consumer Services - 0.3%

H&R Block, Inc.

111,617

3,541,607

Hotels, Restaurants & Leisure - 1.1%

Interval Leisure Group, Inc.

29,800

775,396

Las Vegas Sands Corp.

58,500

2,973,555

Noodles & Co. (a)(d)

45,800

665,016

Yum! Brands, Inc.

129,038

11,627,614

 

16,041,581

Household Durables - 0.3%

KB Home (d)

173,200

2,559,896

Taylor Morrison Home Corp. (a)

114,000

2,193,360

 

4,753,256

Internet & Catalog Retail - 0.2%

Priceline Group, Inc. (a)

3,000

3,516,120

Leisure Products - 0.1%

NJOY, Inc. (a)(e)

115,947

935,692

Media - 4.2%

Comcast Corp. Class A (special) (non-vtg.)

403,037

23,376,146

Liberty Global PLC Class A (a)

46,300

2,663,639

Sinclair Broadcast Group, Inc. Class A (d)

131,300

3,944,252

Starz Series A (a)

102,200

4,288,312

Time Warner, Inc.

198,459

16,765,816

Viacom, Inc. Class B (non-vtg.)

115,100

7,697,888

 

58,736,053

Multiline Retail - 2.2%

Target Corp.

383,940

30,454,121

Specialty Retail - 1.3%

Lowe's Companies, Inc.

239,779

16,779,734

Lumber Liquidators Holdings, Inc. (a)(d)

93,300

1,903,320

 

18,683,054

Textiles, Apparel & Luxury Goods - 0.1%

Michael Kors Holdings Ltd. (a)

24,700

1,148,550

TOTAL CONSUMER DISCRETIONARY

139,040,304

CONSUMER STAPLES - 7.4%

Beverages - 2.2%

Diageo PLC

261,473

7,256,068

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

46,440

$ 4,478,209

SABMiller PLC

84,500

4,512,494

The Coca-Cola Co.

364,975

14,949,376

 

31,196,147

Food & Staples Retailing - 1.0%

CVS Health Corp.

70,311

7,198,440

Tesco PLC

236,900

772,431

Walgreens Boots Alliance, Inc.

64,855

5,567,153

 

13,538,024

Household Products - 1.5%

Procter & Gamble Co.

263,552

20,659,841

Tobacco - 2.7%

British American Tobacco PLC sponsored ADR

124,131

13,743,784

Lorillard, Inc.

58,044

4,207,029

Philip Morris International, Inc.

166,529

13,833,564

Reynolds American, Inc.

83,900

6,439,325

 

38,223,702

TOTAL CONSUMER STAPLES

103,617,714

ENERGY - 8.6%

Energy Equipment & Services - 1.3%

Ensco PLC Class A

286,150

6,724,525

Helmerich & Payne, Inc.

1,900

138,681

National Oilwell Varco, Inc.

39,832

1,959,336

Oceaneering International, Inc.

104,800

5,323,840

Schlumberger Ltd.

52,705

4,784,033

 

18,930,415

Oil, Gas & Consumable Fuels - 7.3%

Amyris, Inc. (a)(d)

837,544

1,666,713

Anadarko Petroleum Corp.

25,300

2,115,333

Apache Corp.

187,810

11,238,550

Cabot Oil & Gas Corp.

105,300

3,575,988

Cairn Energy PLC (a)

448,985

1,163,844

Chevron Corp.

203,207

20,930,321

Cobalt International Energy, Inc. (a)

551,205

5,600,243

ConocoPhillips Co.

102,300

6,514,464

Golar LNG Ltd.

33,600

1,596,336

Imperial Oil Ltd.

220,200

8,637,308

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Kinder Morgan, Inc.

72,900

$ 3,024,621

Legacy Reserves LP

57,900

581,316

Markwest Energy Partners LP

73,500

4,750,305

Noble Energy, Inc.

28,800

1,260,864

Rice Energy, Inc. (a)

74,000

1,622,820

SM Energy Co.

24,900

1,302,768

Suncor Energy, Inc. (d)

665,700

19,458,182

The Williams Companies, Inc.

140,825

7,196,158

 

102,236,134

TOTAL ENERGY

121,166,549

FINANCIALS - 21.6%

Banks - 13.5%

Bank of America Corp.

2,187,100

36,087,150

Citigroup, Inc.

643,097

34,778,686

Comerica, Inc.

106,500

5,213,175

Fifth Third Bancorp

102,900

2,082,696

JPMorgan Chase & Co.

904,773

59,515,972

Lloyds Banking Group PLC

463,200

622,814

PNC Financial Services Group, Inc.

45,385

4,342,891

Regions Financial Corp.

574,700

5,798,723

Standard Chartered PLC (United Kingdom)

513,460

8,208,718

SunTrust Banks, Inc.

291,408

12,437,293

U.S. Bancorp

228,265

9,840,504

Wells Fargo & Co.

170,194

9,524,056

 

188,452,678

Capital Markets - 4.7%

Charles Schwab Corp.

283,153

8,961,792

E*TRADE Financial Corp. (a)

119,600

3,523,416

Goldman Sachs Group, Inc.

8,800

1,814,472

KKR & Co. LP

135,536

3,110,551

Morgan Stanley

343,043

13,104,243

Northern Trust Corp.

115,386

8,602,026

State Street Corp.

276,558

21,552,165

The Blackstone Group LP

129,600

5,676,480

 

66,345,145

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - 0.5%

IntercontinentalExchange Group, Inc.

8,300

$ 1,965,274

KKR Renaissance Co-Invest LP unit (a)(e)

29,500

4,981,960

 

6,947,234

Insurance - 1.7%

American International Group, Inc.

167,707

9,829,307

MetLife, Inc.

197,485

10,320,566

Principal Financial Group, Inc.

65,000

3,359,850

 

23,509,723

Real Estate Management & Development - 0.2%

Realogy Holdings Corp. (a)

68,100

3,197,295

Thrifts & Mortgage Finance - 1.0%

MGIC Investment Corp. (a)

254,092

2,756,898

Radian Group, Inc. (d)

606,968

10,876,867

 

13,633,765

TOTAL FINANCIALS

302,085,840

HEALTH CARE - 12.1%

Biotechnology - 2.9%

Alnylam Pharmaceuticals, Inc. (a)

11,400

1,494,426

Amgen, Inc.

87,647

13,695,720

BioCryst Pharmaceuticals, Inc. (a)

112,404

1,260,049

Biogen, Inc. (a)

20,200

8,019,198

Celldex Therapeutics, Inc. (a)

5,100

147,237

Clovis Oncology, Inc. (a)(d)

26,600

2,458,904

Discovery Laboratories, Inc. (a)

535,529

449,041

Genocea Biosciences, Inc. (a)

18,400

195,224

Insmed, Inc. (a)

45,064

988,704

Intercept Pharmaceuticals, Inc. (a)

40,931

10,445,387

Spark Therapeutics, Inc.

12,900

949,956

 

40,103,846

Health Care Equipment & Supplies - 3.5%

Abbott Laboratories

75,525

3,670,515

Alere, Inc. (a)

322,268

16,622,583

Boston Scientific Corp. (a)

982,586

17,951,846

Medtronic PLC

37,100

2,831,472

Neovasc, Inc. (a)

35,700

250,257

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

St. Jude Medical, Inc.

47,000

$ 3,466,250

Zimmer Holdings, Inc.

32,500

3,707,925

 

48,500,848

Health Care Providers & Services - 1.8%

Express Scripts Holding Co. (a)

138,510

12,069,761

McKesson Corp.

55,496

13,165,316

 

25,235,077

Health Care Technology - 0.0%

Castlight Health, Inc. Class B (a)

34,700

302,931

Life Sciences Tools & Services - 0.0%

Bruker Corp. (a)

35,900

712,256

Pharmaceuticals - 3.9%

Actavis PLC (a)

26,029

7,985,957

GlaxoSmithKline PLC sponsored ADR

372,739

16,538,429

Jazz Pharmaceuticals PLC (a)

20,607

3,695,865

Johnson & Johnson

90,063

9,018,909

Novartis AG sponsored ADR

12,811

1,316,074

Teva Pharmaceutical Industries Ltd. sponsored ADR

209,191

12,572,379

TherapeuticsMD, Inc. (a)

213,600

1,512,288

Theravance, Inc.

110,875

1,873,788

 

54,513,689

TOTAL HEALTH CARE

169,368,647

INDUSTRIALS - 12.2%

Aerospace & Defense - 1.5%

Honeywell International, Inc.

10,680

1,112,856

KEYW Holding Corp. (a)(d)

135,382

947,674

Meggitt PLC

127,300

989,365

The Boeing Co.

86,163

12,107,625

United Technologies Corp.

51,772

6,066,125

 

21,223,645

Air Freight & Logistics - 1.9%

FedEx Corp.

50,200

8,695,644

Hub Group, Inc. Class A (a)

111,500

4,729,830

United Parcel Service, Inc. Class B

133,375

13,233,468

 

26,658,942

Building Products - 0.3%

Advanced Drain Systems, Inc. Del

2,500

72,600

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Building Products - continued

Caesarstone Sdot-Yam Ltd.

10,000

$ 618,200

Lennox International, Inc.

25,400

2,860,040

 

3,550,840

Commercial Services & Supplies - 0.5%

ADT Corp. (d)

194,000

7,077,120

Electrical Equipment - 1.0%

AMETEK, Inc.

67,530

3,630,413

Emerson Electric Co.

98,900

5,964,659

Hubbell, Inc. Class B

26,782

2,893,259

OSRAM Licht AG

18,580

979,304

 

13,467,635

Industrial Conglomerates - 3.4%

Danaher Corp.

38,408

3,315,379

General Electric Co.

1,642,744

44,797,629

 

48,113,008

Machinery - 1.1%

Deere & Co.

52,400

4,908,832

Ingersoll-Rand PLC

43,383

2,983,883

Joy Global, Inc. (d)

55,900

2,176,746

Manitowoc Co., Inc.

30,400

573,344

Rexnord Corp. (a)

68,400

1,752,408

Valmont Industries, Inc.

18,596

2,314,272

 

14,709,485

Professional Services - 0.5%

Acacia Research Corp. (d)

248,937

2,541,647

Verisk Analytics, Inc. (a)

57,000

4,137,060

WageWorks, Inc. (a)

14,800

634,624

 

7,313,331

Road & Rail - 1.8%

CSX Corp.

391,801

13,352,578

J.B. Hunt Transport Services, Inc.

56,900

4,780,738

Kansas City Southern

38,200

3,457,100

Norfolk Southern Corp.

38,358

3,528,936

 

25,119,352

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

99,100

$ 3,215,795

TOTAL INDUSTRIALS

170,449,153

INFORMATION TECHNOLOGY - 22.0%

Communications Equipment - 3.3%

Cisco Systems, Inc.

759,254

22,253,735

QUALCOMM, Inc.

344,750

24,022,180

 

46,275,915

Electronic Equipment & Components - 0.0%

TE Connectivity Ltd.

10,300

710,700

Internet Software & Services - 3.8%

Cornerstone OnDemand, Inc. (a)

70,400

2,191,552

Google, Inc.:

Class A (a)

38,056

20,752,698

Class C

31,237

16,621,520

Twitter, Inc. (a)

130,100

4,770,767

Yahoo!, Inc. (a)

211,834

9,095,093

 

53,431,630

IT Services - 5.3%

Cognizant Technology Solutions Corp. Class A (a)

120,984

7,830,084

Fidelity National Information Services, Inc.

39,424

2,471,885

IBM Corp.

86,281

14,637,572

MasterCard, Inc. Class A

185,600

17,123,456

Paychex, Inc.

167,422

8,272,321

The Western Union Co.

79,212

1,738,703

Unisys Corp. (a)

222,462

4,569,369

Visa, Inc. Class A

249,620

17,143,902

 

73,787,292

Semiconductors & Semiconductor Equipment - 0.9%

Broadcom Corp. Class A

179,025

10,177,571

Marvell Technology Group Ltd.

195,700

2,737,843

 

12,915,414

Software - 4.2%

Adobe Systems, Inc. (a)

60,410

4,777,827

Autodesk, Inc. (a)

63,981

3,464,571

Microsoft Corp.

714,654

33,488,686

Oracle Corp.

243,350

10,583,292

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Parametric Technology Corp. (a)

51,382

$ 2,120,535

Salesforce.com, Inc. (a)

54,650

3,975,788

 

58,410,699

Technology Hardware, Storage & Peripherals - 4.5%

Apple, Inc.

389,421

50,733,768

EMC Corp.

360,200

9,487,668

First Data Holdings, Inc. Class B (e)

649,981

3,191,407

 

63,412,843

TOTAL INFORMATION TECHNOLOGY

308,944,493

MATERIALS - 3.1%

Chemicals - 2.5%

Airgas, Inc.

63,137

6,436,186

E.I. du Pont de Nemours & Co.

43,915

3,118,404

Intrepid Potash, Inc. (a)

67,460

783,885

LyondellBasell Industries NV Class A

11,600

1,172,760

Monsanto Co.

118,717

13,887,515

Potash Corp. of Saskatchewan, Inc.

98,600

3,103,252

Syngenta AG (Switzerland)

14,055

6,395,546

 

34,897,548

Containers & Packaging - 0.2%

MeadWestvaco Corp.

19,900

1,005,746

Rock-Tenn Co. Class A

24,600

1,602,444

 

2,608,190

Metals & Mining - 0.4%

Freeport-McMoRan, Inc.

328,800

6,460,920

TOTAL MATERIALS

43,966,658

TELECOMMUNICATION SERVICES - 1.3%

Diversified Telecommunication Services - 1.3%

Verizon Communications, Inc.

364,294

18,010,695

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

Dynegy, Inc. (a)

75,300

2,435,202

TOTAL COMMON STOCKS

(Cost $1,138,776,451)

1,379,085,255

Convertible Preferred Stocks - 0.0%

Shares

Value

CONSUMER DISCRETIONARY - 0.0%

Leisure Products - 0.0%

NJOY, Inc. Series C (a)(e)

(Cost $271,645)

33,607

$ 271,208

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

529,913

Money Market Funds - 4.3%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

20,910,113

20,910,113

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

38,543,330

38,543,330

TOTAL MONEY MARKET FUNDS

(Cost $59,453,443)

59,453,443

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $1,199,106,539)

1,439,339,819

NET OTHER ASSETS (LIABILITIES) - (2.7)%

(37,677,518)

NET ASSETS - 100%

$ 1,401,662,301

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $9,380,267 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

First Data Holdings, Inc. Class B

6/26/14

$ 2,599,924

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

$ 14,415

Fidelity Securities Lending Cash Central Fund

139,261

Total

$ 153,676

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 139,311,512

$ 138,104,612

$ -

$ 1,206,900

Consumer Staples

103,617,714

95,589,215

8,028,499

-

Energy

121,166,549

121,166,549

-

-

Financials

302,085,840

296,481,066

622,814

4,981,960

Health Care

169,368,647

169,368,647

-

-

Industrials

170,449,153

170,449,153

-

-

Information Technology

308,944,493

305,753,086

-

3,191,407

Materials

43,966,658

37,571,112

6,395,546

-

Telecommunication Services

18,010,695

18,010,695

-

-

Utilities

2,435,202

2,435,202

-

-

Corporate Bonds

529,913

-

529,913

-

Money Market Funds

59,453,443

59,453,443

-

-

Total Investments in Securities:

$ 1,439,339,819

$ 1,414,382,780

$ 15,576,772

$ 9,380,267

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

United States of America

89.4%

United Kingdom

4.6%

Canada

2.2%

Ireland

1.3%

Israel

1.0%

Others (Individually Less Than 1%)

1.5%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $36,789,660) - See accompanying schedule:

Unaffiliated issuers (cost $1,139,653,096)

$ 1,379,886,376

 

Fidelity Central Funds (cost $59,453,443)

59,453,443

 

Total Investments (cost $1,199,106,539)

 

$ 1,439,339,819

Receivable for investments sold

4,889,790

Receivable for fund shares sold

2,785,662

Dividends receivable

2,165,093

Interest receivable

4,739

Distributions receivable from Fidelity Central Funds

30,705

Prepaid expenses

348

Other receivables

4,081

Total assets

1,449,220,237

 

 

 

Liabilities

Payable for investments purchased

$ 5,025,414

Payable for fund shares redeemed

2,519,168

Accrued management fee

821,504

Distribution and service plan fees payable

345,446

Other affiliated payables

262,237

Other payables and accrued expenses

40,837

Collateral on securities loaned, at value

38,543,330

Total liabilities

47,557,936

 

 

 

Net Assets

$ 1,401,662,301

Net Assets consist of:

 

Paid in capital

$ 1,143,273,917

Undistributed net investment income

4,448,932

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

13,707,705

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

240,231,747

Net Assets

$ 1,401,662,301

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

Semiannual Report

Statement of Assets and Liabilities - continued

 

May 31, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($486,574,801 ÷ 16,515,022 shares)

$ 29.46

 

 

 

Maximum offering price per share (100/94.25 of $29.46)

$ 31.26

Class T:
Net Asset Value and redemption price per share ($187,964,256 ÷ 6,393,551 shares)

$ 29.40

 

 

 

Maximum offering price per share (100/96.50 of $29.40)

$ 30.47

Class B:
Net Asset Value and offering price per share ($6,603,107 ÷ 240,346 shares)A

$ 27.47

 

 

 

Class C:
Net Asset Value and offering price per share ($192,505,445 ÷ 7,122,828 shares)A

$ 27.03

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($528,014,692 ÷ 17,225,000 shares)

$ 30.65

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

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,510,210

Interest

 

9,075

Income from Fidelity Central Funds

 

153,676

Total income

 

12,672,961

 

 

 

Expenses

Management fee
Basic fee

$ 3,655,168

Performance adjustment

881,840

Transfer agent fees

1,329,991

Distribution and service plan fees

1,952,659

Accounting and security lending fees

213,557

Custodian fees and expenses

31,624

Independent trustees' compensation

2,769

Registration fees

79,343

Audit

31,317

Legal

1,529

Miscellaneous

3,584

Total expenses before reductions

8,183,381

Expense reductions

(12,131)

8,171,250

Net investment income (loss)

4,501,711

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

17,190,996

Foreign currency transactions

14,737

Total net realized gain (loss)

 

17,205,733

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,472,665

Assets and liabilities in foreign currencies

(4,368)

Total change in net unrealized appreciation (depreciation)

 

20,468,297

Net gain (loss)

37,674,030

Net increase (decrease) in net assets resulting from operations

$ 42,175,741

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
May 31, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 4,501,711

$ 6,461,156

Net realized gain (loss)

17,205,733

41,893,521

Change in net unrealized appreciation (depreciation)

20,468,297

75,995,975

Net increase (decrease) in net assets resulting
from operations

42,175,741

124,350,652

Distributions to shareholders from net investment income

(5,828,300)

(4,161,808)

Distributions to shareholders from net realized gain

(37,027,464)

(46,319,957)

Total distributions

(42,855,764)

(50,481,765)

Share transactions - net increase (decrease)

124,373,065

553,374,307

Total increase (decrease) in net assets

123,693,042

627,243,194

 

 

 

Net Assets

Beginning of period

1,277,969,259

650,726,065

End of period (including undistributed net investment income of $4,448,932 and undistributed net investment income of $5,775,521, respectively)

$ 1,401,662,301

$ 1,277,969,259

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.60

$ 28.11

$ 20.43

$ 17.57

$ 16.69

$ 15.19

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .10

  .20

  .16

  .15

  .09

  .05

Net realized and unrealized gain (loss)

  .75

  3.45

  7.61

  3.30

  .87

  1.52

Total from investment operations

  .85

  3.65

  7.77

  3.45

  .96

  1.57

Distributions from net investment income

  (.14)

  (.22)

  (.02)

  (.18)

  (.06)

  (.07)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.41)

  (.02)

  -

Total distributions

  (.99)

  (2.16)

  (.09)

  (.59)

  (.08)

  (.07)

Net asset value, end of period

$ 29.46

$ 29.60

$ 28.11

$ 20.43

$ 17.57

$ 16.69

Total ReturnB, C, D

  3.12%

  14.13%

  38.16%

  19.69%

  5.73%

  10.36%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.18%A

  1.30%

  1.26%

  1.25%

  1.29%

  1.22%

Expenses net of fee waivers, if any

  1.18%A

  1.25%

  1.26%

  1.25%

  1.29%

  1.22%

Expenses net of all reductions

  1.18%A

  1.25%

  1.24%

  1.24%

  1.28%

  1.21%

Net investment income (loss)

  .72%A

  .72%

  .68%

  .76%

  .49%

  .31%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 486,575

$ 414,421

$ 214,686

$ 123,303

$ 103,670

$ 116,837

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.50

$ 28.02

$ 20.41

$ 17.51

$ 16.63

$ 15.14

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .07

  .13

  .10

  .10

  .04

  .01

Net realized and unrealized gain (loss)

  .75

  3.44

  7.59

  3.29

  .87

  1.52

Total from investment operations

  .82

  3.57

  7.69

  3.39

  .91

  1.53

Distributions from net investment income

  (.07)

  (.15)

  (.01)

  (.10)

  -I

  (.04)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.39)

  (.02)

  -

Total distributions

  (.92)

  (2.09)

  (.08)

  (.49)

  (.03)J

  (.04)

Net asset value, end of period

$ 29.40

$ 29.50

$ 28.02

$ 20.41

$ 17.51

$ 16.63

Total ReturnB, C, D

  2.99%

  13.83%

  37.82%

  19.39%

  5.44%

  10.09%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.45%A

  1.56%

  1.51%

  1.49%

  1.54%

  1.47%

Expenses net of fee waivers, if any

  1.45%A

  1.50%

  1.51%

  1.49%

  1.54%

  1.47%

Expenses net of all reductions

  1.45%A

  1.50%

  1.49%

  1.49%

  1.53%

  1.47%

Net investment income (loss)

  .46%A

  .47%

  .42%

  .52%

  .24%

  .06%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 187,964

$ 170,613

$ 114,864

$ 76,151

$ 69,678

$ 76,373

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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 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.

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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.52

$ 26.24

$ 19.21

$ 16.49

$ 15.72

$ 14.35

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

  (.01)

  (.03)

  -I

  (.05)

  (.07)

Net realized and unrealized gain (loss)

  .69

  3.23

  7.13

  3.10

  .82

  1.44

Total from investment operations

  .68

  3.22

  7.10

  3.10

  .77

  1.37

Distributions from net realized gain

  (.73)

  (1.94)

  (.07)

  (.38)

  -

  -

Net asset value, end of period

$ 27.47

$ 27.52

$ 26.24

$ 19.21

$ 16.49

$ 15.72

Total ReturnB, C, D

  2.66%

  13.30%

  37.08%

  18.77%

  4.90%

  9.55%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  2.04%A

  2.16%

  2.06%

  2.02%

  2.04%

  1.98%

Expenses net of fee waivers, if any

  2.01%A

  2.00%

  2.06%

  2.02%

  2.04%

  1.98%

Expenses net of all reductions

  2.01%A

  2.00%

  2.05%

  2.01%

  2.04%

  1.97%

Net investment income (loss)

  (.11)%A

  (.03)%

  (.13)%

  (.01)%

  (.26)%

  (.45)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 6,603

$ 8,401

$ 10,499

$ 10,535

$ 12,839

$ 17,535

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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.

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 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.

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 C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.21

$ 26.07

$ 19.08

$ 16.41

$ 15.65

$ 14.28

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -I

  (.01)

  (.02)

  -I

  (.04)

  (.07)

Net realized and unrealized gain (loss)

  .68

  3.19

  7.08

  3.09

  .80

  1.44

Total from investment operations

  .68

  3.18

  7.06

  3.09

  .76

  1.37

Distributions from net investment income

  (.01)

  (.10)

  -I

  (.03)

  -

  -

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.39)

  -

  -

Total distributions

  (.86)

  (2.04)

  (.07)

  (.42)

  -

  -

Net asset value, end of period

$ 27.03

$ 27.21

$ 26.07

$ 19.08

$ 16.41

$ 15.65

Total ReturnB, C, D

  2.72%

  13.31%

  37.14%

  18.83%

  4.86%

  9.59%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.94%A

  2.05%

  2.00%

  2.00%

  2.03%

  1.97%

Expenses net of fee waivers, if any

  1.94%A

  2.00%

  2.00%

  2.00%

  2.03%

  1.97%

Expenses net of all reductions

  1.94%A

  2.00%

  1.99%

  1.99%

  2.03%

  1.96%

Net investment income (loss)

  .(04)%A, I

  (.03)%

  (.07)%

  .01%

  (.25)%

  (.44)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$192,505

$ 168,763

$ 67,780

$ 28,856

$ 24,197

$ 25,162

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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.

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 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.

I 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 30.78

$ 29.03

$ 21.03

$ 18.13

$ 17.22

$ 15.65

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .15

  .28

  .24

  .22

  .15

  .11

Net realized and unrealized gain (loss)

  .76

  3.59

  7.85

  3.40

  .89

  1.57

Total from investment operations

  .91

  3.87

  8.09

  3.62

  1.04

  1.68

Distributions from net investment income

  (.20)

  (.18)

  (.02)

  (.31)

  (.11)

  (.11)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.41)

  (.02)

  -

Total distributions

  (1.04)H

  (2.12)

  (.09)

  (.72)

  (.13)

  (.11)

Net asset value, end of period

$ 30.65

$ 30.78

$ 29.03

$ 21.03

$ 18.13

$ 17.22

Total ReturnB, C

  3.22%

  14.43%

  38.62%

  20.10%

  6.03%

  10.78%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .93%A

  1.04%

  .95%

  .91%

  .95%

  .88%

Expenses net of fee waivers, if any

  .93%A

  1.00%

  .95%

  .91%

  .95%

  .88%

Expenses net of all reductions

  .93%A

  1.00%

  .94%

  .91%

  .94%

  .87%

Net investment income (loss)

  .98%A

  .97%

  .98%

  1.10%

  .83%

  .65%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 528,015

$ 515,771

$ 242,897

$ 1,071,491

$ 1,013,999

$ 876,299

Portfolio turnover rate F

  29%A

  28%

  54%

  59%

  83%

  146%

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 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.

H Total distributions of $1.04 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.849 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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.

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, 2015 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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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.

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 futures contracts, foreign currency transactions, passive foreign investments 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

$ 280,162,154

Gross unrealized depreciation

(43,619,832)

Net unrealized appreciation (depreciation) on securities

$ 236,542,322

 

 

Tax cost

$ 1,202,797,497

The Fund intends to elect to defer to its next fiscal year $285,837 of capital losses recognized during the period November 1, 2014 to November 30, 2014.

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions.

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $292,063,167 and $190,923,087, respectively.

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 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 .68% 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:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 563,290

$ 28,094

Class T

.25%

.25%

444,310

5,042

Class B

.75%

.25%

36,835

28,009

Class C

.75%

.25%

908,224

421,025

 

 

 

$ 1,952,659

$ 482,170

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.

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

 

Retained
by FDC

Class A

$ 124,453

Class T

17,326

Class B*

1,150

Class C*

25,032

 

$ 167,961

* 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 447,386

.20

Class T

188,325

.21

Class B

11,204

.30

Class C

185,881

.20

Institutional Class

497,195

.19

 

$ 1,329,991

 

* 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 $4,803 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 $1,001 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

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 $139,261, including $142 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually 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 remained in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, were excluded from this reimbursement.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement

Class B

2.00%

$ 900

Effective February 1, 2015 the expense limitations were discontinued.

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 $11,202 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 $29.

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 2,028,918

$ 1,725,330

Class T

401,662

631,390

Class C

82,446

276,842

Institutional Class

3,315,274

1,528,246

Total

$ 5,828,300

$ 4,161,808

From net realized gain

 

 

Class A

$ 12,045,812

$ 15,246,732

Class T

4,942,188

8,130,692

Class B

220,894

772,695

Class C

5,384,378

5,278,471

Institutional Class

14,434,192

16,891,367

Total

$ 37,027,464

$ 46,319,957

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

3,999,706

8,408,316

$ 114,381,594

$ 235,098,861

Reinvestment of distributions

488,972

597,961

13,432,055

15,576,063

Shares redeemed

(1,972,048)

(2,644,637)

(56,487,909)

(73,404,808)

Net increase (decrease)

2,516,630

6,361,640

$ 71,325,740

$ 177,270,116

Class T

 

 

 

 

Shares sold

935,268

2,252,343

$ 26,722,196

$ 62,382,415

Reinvestment of distributions

188,830

330,308

5,183,395

8,595,867

Shares redeemed

(513,252)

(899,697)

(14,739,207)

(24,855,772)

Net increase (decrease)

610,846

1,682,954

$ 17,166,384

$ 46,122,510

Class B

 

 

 

 

Shares sold

6,366

30,155

$ 169,590

$ 767,030

Reinvestment of distributions

8,005

28,643

205,898

699,228

Shares redeemed

(79,329)

(153,665)

(2,127,374)

(3,963,597)

Net increase (decrease)

(64,958)

(94,867)

$ (1,751,886)

$ (2,497,339)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class C

 

 

 

 

Shares sold

1,549,843

3,985,252

$ 40,709,776

$ 102,765,440

Reinvestment of distributions

182,523

203,409

4,616,012

4,911,069

Shares redeemed

(812,500)

(585,466)

(21,274,086)

(14,978,915)

Net increase (decrease)

919,866

3,603,195

$ 24,051,702

$ 92,697,594

Institutional Class

 

 

 

 

Shares sold

4,572,258

11,292,139

$ 136,218,714

$ 325,660,606

Reinvestment of distributions

563,541

653,047

16,089,097

17,642,167

Shares redeemed

(4,669,449)

(3,554,189)

(138,726,686)

(103,521,347)

Net increase (decrease)

466,350

8,390,997

$ 13,581,125

$ 239,781,426

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research (Japan) Limited

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-0715
1.786795.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Large Cap

Fund - Institutional Class

(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,031.20

$ 5.98

HypotheticalA

 

$ 1,000.00

$ 1,019.05

$ 5.94

Class T

1.45%

 

 

 

Actual

 

$ 1,000.00

$ 1,029.90

$ 7.34

HypotheticalA

 

$ 1,000.00

$ 1,017.70

$ 7.29

Class B

2.01%

 

 

 

Actual

 

$ 1,000.00

$ 1,026.60

$ 10.16

HypotheticalA

 

$ 1,000.00

$ 1,014.91

$ 10.10

Class C

1.94%

 

 

 

Actual

 

$ 1,000.00

$ 1,027.20

$ 9.80

HypotheticalA

 

$ 1,000.00

$ 1,015.26

$ 9.75

Institutional Class

.93%

 

 

 

Actual

 

$ 1,000.00

$ 1,032.20

$ 4.71

HypotheticalA

 

$ 1,000.00

$ 1,020.29

$ 4.68

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

JPMorgan Chase & Co.

4.2

3.9

Apple, Inc.

3.6

3.8

General Electric Co.

3.2

2.8

Bank of America Corp.

2.6

2.2

Citigroup, Inc.

2.5

2.2

Microsoft Corp.

2.4

2.5

Target Corp.

2.2

2.3

QUALCOMM, Inc.

1.7

1.0

Comcast Corp. Class A (special) (non-vtg.)

1.7

1.8

Cisco Systems, Inc.

1.6

1.5

 

25.7

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

22.0

21.1

Financials

21.6

19.9

Industrials

12.2

11.7

Health Care

12.1

10.8

Consumer Discretionary

9.9

9.7

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

lci482

Stocks 98.4%

 

lci484

Stocks 97.1%

 

lci486

Convertible
Securities† 0.0%

 

lci488

Convertible
Securities† 0.0%

 

lci490

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.6%

 

lci492

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.9%

 

* Foreign investments

10.6%

 

** Foreign investments

11.2%

 

lci494

† Amount represents less than 0.1%

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 9.9%

Automobiles - 0.1%

Harley-Davidson, Inc.

23,000

$ 1,230,270

Diversified Consumer Services - 0.3%

H&R Block, Inc.

111,617

3,541,607

Hotels, Restaurants & Leisure - 1.1%

Interval Leisure Group, Inc.

29,800

775,396

Las Vegas Sands Corp.

58,500

2,973,555

Noodles & Co. (a)(d)

45,800

665,016

Yum! Brands, Inc.

129,038

11,627,614

 

16,041,581

Household Durables - 0.3%

KB Home (d)

173,200

2,559,896

Taylor Morrison Home Corp. (a)

114,000

2,193,360

 

4,753,256

Internet & Catalog Retail - 0.2%

Priceline Group, Inc. (a)

3,000

3,516,120

Leisure Products - 0.1%

NJOY, Inc. (a)(e)

115,947

935,692

Media - 4.2%

Comcast Corp. Class A (special) (non-vtg.)

403,037

23,376,146

Liberty Global PLC Class A (a)

46,300

2,663,639

Sinclair Broadcast Group, Inc. Class A (d)

131,300

3,944,252

Starz Series A (a)

102,200

4,288,312

Time Warner, Inc.

198,459

16,765,816

Viacom, Inc. Class B (non-vtg.)

115,100

7,697,888

 

58,736,053

Multiline Retail - 2.2%

Target Corp.

383,940

30,454,121

Specialty Retail - 1.3%

Lowe's Companies, Inc.

239,779

16,779,734

Lumber Liquidators Holdings, Inc. (a)(d)

93,300

1,903,320

 

18,683,054

Textiles, Apparel & Luxury Goods - 0.1%

Michael Kors Holdings Ltd. (a)

24,700

1,148,550

TOTAL CONSUMER DISCRETIONARY

139,040,304

CONSUMER STAPLES - 7.4%

Beverages - 2.2%

Diageo PLC

261,473

7,256,068

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

46,440

$ 4,478,209

SABMiller PLC

84,500

4,512,494

The Coca-Cola Co.

364,975

14,949,376

 

31,196,147

Food & Staples Retailing - 1.0%

CVS Health Corp.

70,311

7,198,440

Tesco PLC

236,900

772,431

Walgreens Boots Alliance, Inc.

64,855

5,567,153

 

13,538,024

Household Products - 1.5%

Procter & Gamble Co.

263,552

20,659,841

Tobacco - 2.7%

British American Tobacco PLC sponsored ADR

124,131

13,743,784

Lorillard, Inc.

58,044

4,207,029

Philip Morris International, Inc.

166,529

13,833,564

Reynolds American, Inc.

83,900

6,439,325

 

38,223,702

TOTAL CONSUMER STAPLES

103,617,714

ENERGY - 8.6%

Energy Equipment & Services - 1.3%

Ensco PLC Class A

286,150

6,724,525

Helmerich & Payne, Inc.

1,900

138,681

National Oilwell Varco, Inc.

39,832

1,959,336

Oceaneering International, Inc.

104,800

5,323,840

Schlumberger Ltd.

52,705

4,784,033

 

18,930,415

Oil, Gas & Consumable Fuels - 7.3%

Amyris, Inc. (a)(d)

837,544

1,666,713

Anadarko Petroleum Corp.

25,300

2,115,333

Apache Corp.

187,810

11,238,550

Cabot Oil & Gas Corp.

105,300

3,575,988

Cairn Energy PLC (a)

448,985

1,163,844

Chevron Corp.

203,207

20,930,321

Cobalt International Energy, Inc. (a)

551,205

5,600,243

ConocoPhillips Co.

102,300

6,514,464

Golar LNG Ltd.

33,600

1,596,336

Imperial Oil Ltd.

220,200

8,637,308

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Kinder Morgan, Inc.

72,900

$ 3,024,621

Legacy Reserves LP

57,900

581,316

Markwest Energy Partners LP

73,500

4,750,305

Noble Energy, Inc.

28,800

1,260,864

Rice Energy, Inc. (a)

74,000

1,622,820

SM Energy Co.

24,900

1,302,768

Suncor Energy, Inc. (d)

665,700

19,458,182

The Williams Companies, Inc.

140,825

7,196,158

 

102,236,134

TOTAL ENERGY

121,166,549

FINANCIALS - 21.6%

Banks - 13.5%

Bank of America Corp.

2,187,100

36,087,150

Citigroup, Inc.

643,097

34,778,686

Comerica, Inc.

106,500

5,213,175

Fifth Third Bancorp

102,900

2,082,696

JPMorgan Chase & Co.

904,773

59,515,972

Lloyds Banking Group PLC

463,200

622,814

PNC Financial Services Group, Inc.

45,385

4,342,891

Regions Financial Corp.

574,700

5,798,723

Standard Chartered PLC (United Kingdom)

513,460

8,208,718

SunTrust Banks, Inc.

291,408

12,437,293

U.S. Bancorp

228,265

9,840,504

Wells Fargo & Co.

170,194

9,524,056

 

188,452,678

Capital Markets - 4.7%

Charles Schwab Corp.

283,153

8,961,792

E*TRADE Financial Corp. (a)

119,600

3,523,416

Goldman Sachs Group, Inc.

8,800

1,814,472

KKR & Co. LP

135,536

3,110,551

Morgan Stanley

343,043

13,104,243

Northern Trust Corp.

115,386

8,602,026

State Street Corp.

276,558

21,552,165

The Blackstone Group LP

129,600

5,676,480

 

66,345,145

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - 0.5%

IntercontinentalExchange Group, Inc.

8,300

$ 1,965,274

KKR Renaissance Co-Invest LP unit (a)(e)

29,500

4,981,960

 

6,947,234

Insurance - 1.7%

American International Group, Inc.

167,707

9,829,307

MetLife, Inc.

197,485

10,320,566

Principal Financial Group, Inc.

65,000

3,359,850

 

23,509,723

Real Estate Management & Development - 0.2%

Realogy Holdings Corp. (a)

68,100

3,197,295

Thrifts & Mortgage Finance - 1.0%

MGIC Investment Corp. (a)

254,092

2,756,898

Radian Group, Inc. (d)

606,968

10,876,867

 

13,633,765

TOTAL FINANCIALS

302,085,840

HEALTH CARE - 12.1%

Biotechnology - 2.9%

Alnylam Pharmaceuticals, Inc. (a)

11,400

1,494,426

Amgen, Inc.

87,647

13,695,720

BioCryst Pharmaceuticals, Inc. (a)

112,404

1,260,049

Biogen, Inc. (a)

20,200

8,019,198

Celldex Therapeutics, Inc. (a)

5,100

147,237

Clovis Oncology, Inc. (a)(d)

26,600

2,458,904

Discovery Laboratories, Inc. (a)

535,529

449,041

Genocea Biosciences, Inc. (a)

18,400

195,224

Insmed, Inc. (a)

45,064

988,704

Intercept Pharmaceuticals, Inc. (a)

40,931

10,445,387

Spark Therapeutics, Inc.

12,900

949,956

 

40,103,846

Health Care Equipment & Supplies - 3.5%

Abbott Laboratories

75,525

3,670,515

Alere, Inc. (a)

322,268

16,622,583

Boston Scientific Corp. (a)

982,586

17,951,846

Medtronic PLC

37,100

2,831,472

Neovasc, Inc. (a)

35,700

250,257

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

St. Jude Medical, Inc.

47,000

$ 3,466,250

Zimmer Holdings, Inc.

32,500

3,707,925

 

48,500,848

Health Care Providers & Services - 1.8%

Express Scripts Holding Co. (a)

138,510

12,069,761

McKesson Corp.

55,496

13,165,316

 

25,235,077

Health Care Technology - 0.0%

Castlight Health, Inc. Class B (a)

34,700

302,931

Life Sciences Tools & Services - 0.0%

Bruker Corp. (a)

35,900

712,256

Pharmaceuticals - 3.9%

Actavis PLC (a)

26,029

7,985,957

GlaxoSmithKline PLC sponsored ADR

372,739

16,538,429

Jazz Pharmaceuticals PLC (a)

20,607

3,695,865

Johnson & Johnson

90,063

9,018,909

Novartis AG sponsored ADR

12,811

1,316,074

Teva Pharmaceutical Industries Ltd. sponsored ADR

209,191

12,572,379

TherapeuticsMD, Inc. (a)

213,600

1,512,288

Theravance, Inc.

110,875

1,873,788

 

54,513,689

TOTAL HEALTH CARE

169,368,647

INDUSTRIALS - 12.2%

Aerospace & Defense - 1.5%

Honeywell International, Inc.

10,680

1,112,856

KEYW Holding Corp. (a)(d)

135,382

947,674

Meggitt PLC

127,300

989,365

The Boeing Co.

86,163

12,107,625

United Technologies Corp.

51,772

6,066,125

 

21,223,645

Air Freight & Logistics - 1.9%

FedEx Corp.

50,200

8,695,644

Hub Group, Inc. Class A (a)

111,500

4,729,830

United Parcel Service, Inc. Class B

133,375

13,233,468

 

26,658,942

Building Products - 0.3%

Advanced Drain Systems, Inc. Del

2,500

72,600

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Building Products - continued

Caesarstone Sdot-Yam Ltd.

10,000

$ 618,200

Lennox International, Inc.

25,400

2,860,040

 

3,550,840

Commercial Services & Supplies - 0.5%

ADT Corp. (d)

194,000

7,077,120

Electrical Equipment - 1.0%

AMETEK, Inc.

67,530

3,630,413

Emerson Electric Co.

98,900

5,964,659

Hubbell, Inc. Class B

26,782

2,893,259

OSRAM Licht AG

18,580

979,304

 

13,467,635

Industrial Conglomerates - 3.4%

Danaher Corp.

38,408

3,315,379

General Electric Co.

1,642,744

44,797,629

 

48,113,008

Machinery - 1.1%

Deere & Co.

52,400

4,908,832

Ingersoll-Rand PLC

43,383

2,983,883

Joy Global, Inc. (d)

55,900

2,176,746

Manitowoc Co., Inc.

30,400

573,344

Rexnord Corp. (a)

68,400

1,752,408

Valmont Industries, Inc.

18,596

2,314,272

 

14,709,485

Professional Services - 0.5%

Acacia Research Corp. (d)

248,937

2,541,647

Verisk Analytics, Inc. (a)

57,000

4,137,060

WageWorks, Inc. (a)

14,800

634,624

 

7,313,331

Road & Rail - 1.8%

CSX Corp.

391,801

13,352,578

J.B. Hunt Transport Services, Inc.

56,900

4,780,738

Kansas City Southern

38,200

3,457,100

Norfolk Southern Corp.

38,358

3,528,936

 

25,119,352

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

99,100

$ 3,215,795

TOTAL INDUSTRIALS

170,449,153

INFORMATION TECHNOLOGY - 22.0%

Communications Equipment - 3.3%

Cisco Systems, Inc.

759,254

22,253,735

QUALCOMM, Inc.

344,750

24,022,180

 

46,275,915

Electronic Equipment & Components - 0.0%

TE Connectivity Ltd.

10,300

710,700

Internet Software & Services - 3.8%

Cornerstone OnDemand, Inc. (a)

70,400

2,191,552

Google, Inc.:

Class A (a)

38,056

20,752,698

Class C

31,237

16,621,520

Twitter, Inc. (a)

130,100

4,770,767

Yahoo!, Inc. (a)

211,834

9,095,093

 

53,431,630

IT Services - 5.3%

Cognizant Technology Solutions Corp. Class A (a)

120,984

7,830,084

Fidelity National Information Services, Inc.

39,424

2,471,885

IBM Corp.

86,281

14,637,572

MasterCard, Inc. Class A

185,600

17,123,456

Paychex, Inc.

167,422

8,272,321

The Western Union Co.

79,212

1,738,703

Unisys Corp. (a)

222,462

4,569,369

Visa, Inc. Class A

249,620

17,143,902

 

73,787,292

Semiconductors & Semiconductor Equipment - 0.9%

Broadcom Corp. Class A

179,025

10,177,571

Marvell Technology Group Ltd.

195,700

2,737,843

 

12,915,414

Software - 4.2%

Adobe Systems, Inc. (a)

60,410

4,777,827

Autodesk, Inc. (a)

63,981

3,464,571

Microsoft Corp.

714,654

33,488,686

Oracle Corp.

243,350

10,583,292

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Parametric Technology Corp. (a)

51,382

$ 2,120,535

Salesforce.com, Inc. (a)

54,650

3,975,788

 

58,410,699

Technology Hardware, Storage & Peripherals - 4.5%

Apple, Inc.

389,421

50,733,768

EMC Corp.

360,200

9,487,668

First Data Holdings, Inc. Class B (e)

649,981

3,191,407

 

63,412,843

TOTAL INFORMATION TECHNOLOGY

308,944,493

MATERIALS - 3.1%

Chemicals - 2.5%

Airgas, Inc.

63,137

6,436,186

E.I. du Pont de Nemours & Co.

43,915

3,118,404

Intrepid Potash, Inc. (a)

67,460

783,885

LyondellBasell Industries NV Class A

11,600

1,172,760

Monsanto Co.

118,717

13,887,515

Potash Corp. of Saskatchewan, Inc.

98,600

3,103,252

Syngenta AG (Switzerland)

14,055

6,395,546

 

34,897,548

Containers & Packaging - 0.2%

MeadWestvaco Corp.

19,900

1,005,746

Rock-Tenn Co. Class A

24,600

1,602,444

 

2,608,190

Metals & Mining - 0.4%

Freeport-McMoRan, Inc.

328,800

6,460,920

TOTAL MATERIALS

43,966,658

TELECOMMUNICATION SERVICES - 1.3%

Diversified Telecommunication Services - 1.3%

Verizon Communications, Inc.

364,294

18,010,695

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

Dynegy, Inc. (a)

75,300

2,435,202

TOTAL COMMON STOCKS

(Cost $1,138,776,451)

1,379,085,255

Convertible Preferred Stocks - 0.0%

Shares

Value

CONSUMER DISCRETIONARY - 0.0%

Leisure Products - 0.0%

NJOY, Inc. Series C (a)(e)

(Cost $271,645)

33,607

$ 271,208

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

529,913

Money Market Funds - 4.3%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

20,910,113

20,910,113

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

38,543,330

38,543,330

TOTAL MONEY MARKET FUNDS

(Cost $59,453,443)

59,453,443

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $1,199,106,539)

1,439,339,819

NET OTHER ASSETS (LIABILITIES) - (2.7)%

(37,677,518)

NET ASSETS - 100%

$ 1,401,662,301

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $9,380,267 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

First Data Holdings, Inc. Class B

6/26/14

$ 2,599,924

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

$ 14,415

Fidelity Securities Lending Cash Central Fund

139,261

Total

$ 153,676

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 139,311,512

$ 138,104,612

$ -

$ 1,206,900

Consumer Staples

103,617,714

95,589,215

8,028,499

-

Energy

121,166,549

121,166,549

-

-

Financials

302,085,840

296,481,066

622,814

4,981,960

Health Care

169,368,647

169,368,647

-

-

Industrials

170,449,153

170,449,153

-

-

Information Technology

308,944,493

305,753,086

-

3,191,407

Materials

43,966,658

37,571,112

6,395,546

-

Telecommunication Services

18,010,695

18,010,695

-

-

Utilities

2,435,202

2,435,202

-

-

Corporate Bonds

529,913

-

529,913

-

Money Market Funds

59,453,443

59,453,443

-

-

Total Investments in Securities:

$ 1,439,339,819

$ 1,414,382,780

$ 15,576,772

$ 9,380,267

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

United States of America

89.4%

United Kingdom

4.6%

Canada

2.2%

Ireland

1.3%

Israel

1.0%

Others (Individually Less Than 1%)

1.5%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $36,789,660) - See accompanying schedule:

Unaffiliated issuers (cost $1,139,653,096)

$ 1,379,886,376

 

Fidelity Central Funds (cost $59,453,443)

59,453,443

 

Total Investments (cost $1,199,106,539)

 

$ 1,439,339,819

Receivable for investments sold

4,889,790

Receivable for fund shares sold

2,785,662

Dividends receivable

2,165,093

Interest receivable

4,739

Distributions receivable from Fidelity Central Funds

30,705

Prepaid expenses

348

Other receivables

4,081

Total assets

1,449,220,237

 

 

 

Liabilities

Payable for investments purchased

$ 5,025,414

Payable for fund shares redeemed

2,519,168

Accrued management fee

821,504

Distribution and service plan fees payable

345,446

Other affiliated payables

262,237

Other payables and accrued expenses

40,837

Collateral on securities loaned, at value

38,543,330

Total liabilities

47,557,936

 

 

 

Net Assets

$ 1,401,662,301

Net Assets consist of:

 

Paid in capital

$ 1,143,273,917

Undistributed net investment income

4,448,932

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

13,707,705

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

240,231,747

Net Assets

$ 1,401,662,301

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

Semiannual Report

Statement of Assets and Liabilities - continued

 

May 31, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($486,574,801 ÷ 16,515,022 shares)

$ 29.46

 

 

 

Maximum offering price per share (100/94.25 of $29.46)

$ 31.26

Class T:
Net Asset Value and redemption price per share ($187,964,256 ÷ 6,393,551 shares)

$ 29.40

 

 

 

Maximum offering price per share (100/96.50 of $29.40)

$ 30.47

Class B:
Net Asset Value and offering price per share ($6,603,107 ÷ 240,346 shares)A

$ 27.47

 

 

 

Class C:
Net Asset Value and offering price per share ($192,505,445 ÷ 7,122,828 shares)A

$ 27.03

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($528,014,692 ÷ 17,225,000 shares)

$ 30.65

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

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,510,210

Interest

 

9,075

Income from Fidelity Central Funds

 

153,676

Total income

 

12,672,961

 

 

 

Expenses

Management fee
Basic fee

$ 3,655,168

Performance adjustment

881,840

Transfer agent fees

1,329,991

Distribution and service plan fees

1,952,659

Accounting and security lending fees

213,557

Custodian fees and expenses

31,624

Independent trustees' compensation

2,769

Registration fees

79,343

Audit

31,317

Legal

1,529

Miscellaneous

3,584

Total expenses before reductions

8,183,381

Expense reductions

(12,131)

8,171,250

Net investment income (loss)

4,501,711

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

17,190,996

Foreign currency transactions

14,737

Total net realized gain (loss)

 

17,205,733

Change in net unrealized appreciation (depreciation) on:

Investment securities

20,472,665

Assets and liabilities in foreign currencies

(4,368)

Total change in net unrealized appreciation (depreciation)

 

20,468,297

Net gain (loss)

37,674,030

Net increase (decrease) in net assets resulting from operations

$ 42,175,741

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
May 31, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 4,501,711

$ 6,461,156

Net realized gain (loss)

17,205,733

41,893,521

Change in net unrealized appreciation (depreciation)

20,468,297

75,995,975

Net increase (decrease) in net assets resulting
from operations

42,175,741

124,350,652

Distributions to shareholders from net investment income

(5,828,300)

(4,161,808)

Distributions to shareholders from net realized gain

(37,027,464)

(46,319,957)

Total distributions

(42,855,764)

(50,481,765)

Share transactions - net increase (decrease)

124,373,065

553,374,307

Total increase (decrease) in net assets

123,693,042

627,243,194

 

 

 

Net Assets

Beginning of period

1,277,969,259

650,726,065

End of period (including undistributed net investment income of $4,448,932 and undistributed net investment income of $5,775,521, respectively)

$ 1,401,662,301

$ 1,277,969,259

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.60

$ 28.11

$ 20.43

$ 17.57

$ 16.69

$ 15.19

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .10

  .20

  .16

  .15

  .09

  .05

Net realized and unrealized gain (loss)

  .75

  3.45

  7.61

  3.30

  .87

  1.52

Total from investment operations

  .85

  3.65

  7.77

  3.45

  .96

  1.57

Distributions from net investment income

  (.14)

  (.22)

  (.02)

  (.18)

  (.06)

  (.07)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.41)

  (.02)

  -

Total distributions

  (.99)

  (2.16)

  (.09)

  (.59)

  (.08)

  (.07)

Net asset value, end of period

$ 29.46

$ 29.60

$ 28.11

$ 20.43

$ 17.57

$ 16.69

Total ReturnB, C, D

  3.12%

  14.13%

  38.16%

  19.69%

  5.73%

  10.36%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.18%A

  1.30%

  1.26%

  1.25%

  1.29%

  1.22%

Expenses net of fee waivers, if any

  1.18%A

  1.25%

  1.26%

  1.25%

  1.29%

  1.22%

Expenses net of all reductions

  1.18%A

  1.25%

  1.24%

  1.24%

  1.28%

  1.21%

Net investment income (loss)

  .72%A

  .72%

  .68%

  .76%

  .49%

  .31%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 486,575

$ 414,421

$ 214,686

$ 123,303

$ 103,670

$ 116,837

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.50

$ 28.02

$ 20.41

$ 17.51

$ 16.63

$ 15.14

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .07

  .13

  .10

  .10

  .04

  .01

Net realized and unrealized gain (loss)

  .75

  3.44

  7.59

  3.29

  .87

  1.52

Total from investment operations

  .82

  3.57

  7.69

  3.39

  .91

  1.53

Distributions from net investment income

  (.07)

  (.15)

  (.01)

  (.10)

  -I

  (.04)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.39)

  (.02)

  -

Total distributions

  (.92)

  (2.09)

  (.08)

  (.49)

  (.03)J

  (.04)

Net asset value, end of period

$ 29.40

$ 29.50

$ 28.02

$ 20.41

$ 17.51

$ 16.63

Total ReturnB, C, D

  2.99%

  13.83%

  37.82%

  19.39%

  5.44%

  10.09%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.45%A

  1.56%

  1.51%

  1.49%

  1.54%

  1.47%

Expenses net of fee waivers, if any

  1.45%A

  1.50%

  1.51%

  1.49%

  1.54%

  1.47%

Expenses net of all reductions

  1.45%A

  1.50%

  1.49%

  1.49%

  1.53%

  1.47%

Net investment income (loss)

  .46%A

  .47%

  .42%

  .52%

  .24%

  .06%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 187,964

$ 170,613

$ 114,864

$ 76,151

$ 69,678

$ 76,373

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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 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.

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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.52

$ 26.24

$ 19.21

$ 16.49

$ 15.72

$ 14.35

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

  (.01)

  (.03)

  -I

  (.05)

  (.07)

Net realized and unrealized gain (loss)

  .69

  3.23

  7.13

  3.10

  .82

  1.44

Total from investment operations

  .68

  3.22

  7.10

  3.10

  .77

  1.37

Distributions from net realized gain

  (.73)

  (1.94)

  (.07)

  (.38)

  -

  -

Net asset value, end of period

$ 27.47

$ 27.52

$ 26.24

$ 19.21

$ 16.49

$ 15.72

Total ReturnB, C, D

  2.66%

  13.30%

  37.08%

  18.77%

  4.90%

  9.55%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  2.04%A

  2.16%

  2.06%

  2.02%

  2.04%

  1.98%

Expenses net of fee waivers, if any

  2.01%A

  2.00%

  2.06%

  2.02%

  2.04%

  1.98%

Expenses net of all reductions

  2.01%A

  2.00%

  2.05%

  2.01%

  2.04%

  1.97%

Net investment income (loss)

  (.11)%A

  (.03)%

  (.13)%

  (.01)%

  (.26)%

  (.45)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 6,603

$ 8,401

$ 10,499

$ 10,535

$ 12,839

$ 17,535

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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.

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 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.

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 C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 27.21

$ 26.07

$ 19.08

$ 16.41

$ 15.65

$ 14.28

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -I

  (.01)

  (.02)

  -I

  (.04)

  (.07)

Net realized and unrealized gain (loss)

  .68

  3.19

  7.08

  3.09

  .80

  1.44

Total from investment operations

  .68

  3.18

  7.06

  3.09

  .76

  1.37

Distributions from net investment income

  (.01)

  (.10)

  -I

  (.03)

  -

  -

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.39)

  -

  -

Total distributions

  (.86)

  (2.04)

  (.07)

  (.42)

  -

  -

Net asset value, end of period

$ 27.03

$ 27.21

$ 26.07

$ 19.08

$ 16.41

$ 15.65

Total ReturnB, C, D

  2.72%

  13.31%

  37.14%

  18.83%

  4.86%

  9.59%

Ratios to Average Net Assets F, H

 

 

 

 

 

Expenses before reductions

  1.94%A

  2.05%

  2.00%

  2.00%

  2.03%

  1.97%

Expenses net of fee waivers, if any

  1.94%A

  2.00%

  2.00%

  2.00%

  2.03%

  1.97%

Expenses net of all reductions

  1.94%A

  2.00%

  1.99%

  1.99%

  2.03%

  1.96%

Net investment income (loss)

  .(04)%A, I

  (.03)%

  (.07)%

  .01%

  (.25)%

  (.44)%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$192,505

$ 168,763

$ 67,780

$ 28,856

$ 24,197

$ 25,162

Portfolio turnover rate G

  29%A

  28%

  54%

  59%

  83%

  146%

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.

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 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.

I 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 30.78

$ 29.03

$ 21.03

$ 18.13

$ 17.22

$ 15.65

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss)D

  .15

  .28

  .24

  .22

  .15

  .11

Net realized and unrealized gain (loss)

  .76

  3.59

  7.85

  3.40

  .89

  1.57

Total from investment operations

  .91

  3.87

  8.09

  3.62

  1.04

  1.68

Distributions from net investment income

  (.20)

  (.18)

  (.02)

  (.31)

  (.11)

  (.11)

Distributions from net realized gain

  (.85)

  (1.94)

  (.07)

  (.41)

  (.02)

  -

Total distributions

  (1.04)H

  (2.12)

  (.09)

  (.72)

  (.13)

  (.11)

Net asset value, end of period

$ 30.65

$ 30.78

$ 29.03

$ 21.03

$ 18.13

$ 17.22

Total ReturnB, C

  3.22%

  14.43%

  38.62%

  20.10%

  6.03%

  10.78%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .93%A

  1.04%

  .95%

  .91%

  .95%

  .88%

Expenses net of fee waivers, if any

  .93%A

  1.00%

  .95%

  .91%

  .95%

  .88%

Expenses net of all reductions

  .93%A

  1.00%

  .94%

  .91%

  .94%

  .87%

Net investment income (loss)

  .98%A

  .97%

  .98%

  1.10%

  .83%

  .65%

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 528,015

$ 515,771

$ 242,897

$ 1,071,491

$ 1,013,999

$ 876,299

Portfolio turnover rate F

  29%A

  28%

  54%

  59%

  83%

  146%

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 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.

H Total distributions of $1.04 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.849 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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.

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, 2015 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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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.

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 futures contracts, foreign currency transactions, passive foreign investments 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

$ 280,162,154

Gross unrealized depreciation

(43,619,832)

Net unrealized appreciation (depreciation) on securities

$ 236,542,322

 

 

Tax cost

$ 1,202,797,497

The Fund intends to elect to defer to its next fiscal year $285,837 of capital losses recognized during the period November 1, 2014 to November 30, 2014.

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions.

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $292,063,167 and $190,923,087, respectively.

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 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 .68% 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:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

 

Distribution
Fee

Service
Fee

Total Fees

Retained
by FDC

Class A

-%

.25%

$ 563,290

$ 28,094

Class T

.25%

.25%

444,310

5,042

Class B

.75%

.25%

36,835

28,009

Class C

.75%

.25%

908,224

421,025

 

 

 

$ 1,952,659

$ 482,170

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.

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

 

Retained
by FDC

Class A

$ 124,453

Class T

17,326

Class B*

1,150

Class C*

25,032

 

$ 167,961

* 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 447,386

.20

Class T

188,325

.21

Class B

11,204

.30

Class C

185,881

.20

Institutional Class

497,195

.19

 

$ 1,329,991

 

* 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 $4,803 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 $1,001 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

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 $139,261, including $142 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually 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 remained in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, were excluded from this reimbursement.

The following classes were in reimbursement during the period:

 

Expense
Limitations

Reimbursement

Class B

2.00%

$ 900

Effective February 1, 2015 the expense limitations were discontinued.

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 $11,202 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 $29.

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 2,028,918

$ 1,725,330

Class T

401,662

631,390

Class C

82,446

276,842

Institutional Class

3,315,274

1,528,246

Total

$ 5,828,300

$ 4,161,808

From net realized gain

 

 

Class A

$ 12,045,812

$ 15,246,732

Class T

4,942,188

8,130,692

Class B

220,894

772,695

Class C

5,384,378

5,278,471

Institutional Class

14,434,192

16,891,367

Total

$ 37,027,464

$ 46,319,957

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

3,999,706

8,408,316

$ 114,381,594

$ 235,098,861

Reinvestment of distributions

488,972

597,961

13,432,055

15,576,063

Shares redeemed

(1,972,048)

(2,644,637)

(56,487,909)

(73,404,808)

Net increase (decrease)

2,516,630

6,361,640

$ 71,325,740

$ 177,270,116

Class T

 

 

 

 

Shares sold

935,268

2,252,343

$ 26,722,196

$ 62,382,415

Reinvestment of distributions

188,830

330,308

5,183,395

8,595,867

Shares redeemed

(513,252)

(899,697)

(14,739,207)

(24,855,772)

Net increase (decrease)

610,846

1,682,954

$ 17,166,384

$ 46,122,510

Class B

 

 

 

 

Shares sold

6,366

30,155

$ 169,590

$ 767,030

Reinvestment of distributions

8,005

28,643

205,898

699,228

Shares redeemed

(79,329)

(153,665)

(2,127,374)

(3,963,597)

Net increase (decrease)

(64,958)

(94,867)

$ (1,751,886)

$ (2,497,339)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class C

 

 

 

 

Shares sold

1,549,843

3,985,252

$ 40,709,776

$ 102,765,440

Reinvestment of distributions

182,523

203,409

4,616,012

4,911,069

Shares redeemed

(812,500)

(585,466)

(21,274,086)

(14,978,915)

Net increase (decrease)

919,866

3,603,195

$ 24,051,702

$ 92,697,594

Institutional Class

 

 

 

 

Shares sold

4,572,258

11,292,139

$ 136,218,714

$ 325,660,606

Reinvestment of distributions

563,541

653,047

16,089,097

17,642,167

Shares redeemed

(4,669,449)

(3,554,189)

(138,726,686)

(103,521,347)

Net increase (decrease)

466,350

8,390,997

$ 13,581,125

$ 239,781,426

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research (Japan) Limited

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-0715
1.786796.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity Advisor®

Series Equity Growth Fund

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, and (2) ongoing costs, including management 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, 2014 to May 31, 2015).

Actual Expenses

The first line of the accompanying table 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 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 provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to May 31, 2015

Actual

.77%

$ 1,000.00

$ 1,041.00

$ 3.92

HypotheticalA

 

$ 1,000.00

$ 1,021.09

$ 3.88

A 5% return per year before expenses

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

* Expenses are equal to the Fund's 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Facebook, Inc. Class A

8.8

8.6

Apple, Inc.

7.2

6.6

Gilead Sciences, Inc.

6.1

5.2

Google, Inc. Class A

3.3

2.4

Actavis PLC

2.8

2.5

Salesforce.com, Inc.

2.3

1.9

United Technologies Corp.

2.0

1.8

Starbucks Corp.

1.9

1.5

The Blackstone Group LP

1.9

2.0

Home Depot, Inc.

1.8

1.6

 

38.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

36.5

31.4

Health Care

19.1

18.5

Consumer Discretionary

14.9

12.0

Industrials

11.9

13.2

Financials

7.9

8.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

axm504

Stocks 98.8%

 

axm506

Stocks 101.6%

 

axm508

Convertible
Securities 0.1%

 

axm510

Convertible
Securities 0.1%

 

axm512

Short-Term
Investments and
Net Other Assets (Liabilities) 1.1%

 

axm514

Short-Term
Investments and
Net Other Assets (Liabilities)† (1.7)%

 

axm516

* Foreign investments

14.4%

 

** Foreign investments

13.3%

 

† Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

CONSUMER DISCRETIONARY - 14.9%

Automobiles - 0.9%

Harley-Davidson, Inc.

19,100

$ 1,021,659

Tesla Motors, Inc. (a)

31,900

8,000,520

 

9,022,179

Diversified Consumer Services - 0.9%

Bright Horizons Family Solutions, Inc. (a)

55,500

3,089,685

Houghton Mifflin Harcourt Co. (a)

73,500

1,938,930

ServiceMaster Global Holdings, Inc.

100,800

3,385,872

 

8,414,487

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

8,900

5,478,128

Domino's Pizza, Inc.

57,200

6,215,352

Dunkin' Brands Group, Inc.

17,400

928,464

Starbucks Corp.

344,000

17,874,240

Yum! Brands, Inc.

48,200

4,343,302

 

34,839,486

Household Durables - 0.7%

Harman International Industries, Inc.

37,000

4,459,240

Toll Brothers, Inc. (a)

66,200

2,394,454

 

6,853,694

Internet & Catalog Retail - 1.0%

Amazon.com, Inc. (a)

11,500

4,936,145

Ctrip.com International Ltd. sponsored ADR (a)

52,900

4,225,123

 

9,161,268

Media - 1.8%

Comcast Corp. Class A (special) (non-vtg.)

91,100

5,283,800

The Walt Disney Co.

103,600

11,434,332

 

16,718,132

Specialty Retail - 4.2%

AutoZone, Inc. (a)

3,500

2,357,670

Five Below, Inc. (a)

105,500

3,507,875

Home Depot, Inc.

154,700

17,236,674

L Brands, Inc.

16,200

1,401,624

Lowe's Companies, Inc.

50,400

3,526,992

MarineMax, Inc. (a)

65,600

1,569,152

Restoration Hardware Holdings, Inc. (a)

700

63,672

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

62,450

9,531,119

 

39,194,778

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.7%

ECLAT Textile Co. Ltd.

9,120

$ 133,722

Kate Spade & Co. (a)

212,500

5,265,750

Michael Kors Holdings Ltd. (a)

51,800

2,408,700

NIKE, Inc. Class B

82,300

8,367,441

 

16,175,613

TOTAL CONSUMER DISCRETIONARY

140,379,637

CONSUMER STAPLES - 5.7%

Beverages - 1.1%

Kweichow Moutai Co. Ltd.

19,800

842,785

SABMiller PLC

92,400

4,934,372

The Coca-Cola Co.

105,900

4,337,664

 

10,114,821

Food & Staples Retailing - 0.5%

Sprouts Farmers Market LLC (a)

32,800

983,672

Whole Foods Market, Inc.

80,600

3,323,944

 

4,307,616

Food Products - 2.4%

Keurig Green Mountain, Inc.

190,300

16,411,472

Mead Johnson Nutrition Co. Class A

20,700

2,014,110

The Hershey Co.

46,500

4,317,990

 

22,743,572

Household Products - 0.6%

Procter & Gamble Co.

76,700

6,012,513

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

33,400

2,920,162

Herbalife Ltd. (a)

148,100

7,705,643

 

10,625,805

TOTAL CONSUMER STAPLES

53,804,327

ENERGY - 1.4%

Energy Equipment & Services - 0.2%

Pason Systems, Inc.

99,300

1,776,636

Oil, Gas & Consumable Fuels - 1.2%

Cheniere Energy, Inc. (a)

52,400

3,973,492

EOG Resources, Inc.

17,300

1,534,337

Golar LNG Ltd.

117,574

5,585,941

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tanker Investments Ltd. (a)

21,194

$ 267,269

Teekay Tankers Ltd.

45,187

305,012

 

11,666,051

TOTAL ENERGY

13,442,687

FINANCIALS - 7.9%

Banks - 0.7%

First Republic Bank

97,700

5,915,735

M&T Bank Corp.

8,000

967,040

 

6,882,775

Capital Markets - 5.0%

BlackRock, Inc. Class A

23,600

8,632,408

E*TRADE Financial Corp. (a)

342,200

10,081,212

HFF, Inc.

62,800

2,527,072

Invesco Ltd.

121,500

4,839,345

JMP Group, Inc.

50,300

375,741

The Blackstone Group LP

403,800

17,686,440

Virtus Investment Partners, Inc.

25,200

3,135,132

 

47,277,350

Diversified Financial Services - 1.2%

Berkshire Hathaway, Inc. Class B (a)

18,600

2,659,800

McGraw Hill Financial, Inc.

77,600

8,051,000

 

10,710,800

Real Estate Management & Development - 0.8%

Leopalace21 Corp. (a)

61,200

352,263

Realogy Holdings Corp. (a)

152,300

7,150,485

 

7,502,748

Thrifts & Mortgage Finance - 0.2%

Essent Group Ltd. (a)

72,000

1,836,720

TOTAL FINANCIALS

74,210,393

HEALTH CARE - 19.1%

Biotechnology - 11.8%

Amgen, Inc.

61,300

9,578,738

Biogen, Inc. (a)

32,000

12,703,680

BioMarin Pharmaceutical, Inc. (a)

40,600

5,098,142

Celgene Corp. (a)

19,800

2,265,912

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Gilead Sciences, Inc.

507,600

$ 56,988,252

Insmed, Inc. (a)

283,375

6,217,248

Medivation, Inc. (a)

54,700

7,223,135

Ophthotech Corp. (a)

42,200

2,110,844

Vertex Pharmaceuticals, Inc. (a)

66,800

8,569,772

 

110,755,723

Health Care Equipment & Supplies - 0.4%

Medtronic PLC

32,200

2,457,504

Novadaq Technologies, Inc. (a)

146,300

1,464,463

 

3,921,967

Health Care Providers & Services - 0.5%

Express Scripts Holding Co. (a)

59,700

5,202,258

Pharmaceuticals - 6.4%

Actavis PLC (a)

84,600

25,956,126

Astellas Pharma, Inc.

846,300

12,282,970

Shire PLC

99,000

8,562,591

Teva Pharmaceutical Industries Ltd. sponsored ADR

114,100

6,857,410

Valeant Pharmaceuticals International (Canada) (a)

27,200

6,483,731

 

60,142,828

TOTAL HEALTH CARE

180,022,776

INDUSTRIALS - 11.9%

Aerospace & Defense - 3.7%

Textron, Inc.

106,600

4,820,452

TransDigm Group, Inc.

50,700

11,460,228

United Technologies Corp.

156,300

18,313,671

 

34,594,351

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

23,200

2,301,904

Airlines - 0.6%

Ryanair Holdings PLC sponsored ADR

81,300

5,414,580

Building Products - 1.2%

A.O. Smith Corp.

88,300

6,302,854

Caesarstone Sdot-Yam Ltd.

84,100

5,199,062

 

11,501,916

Construction & Engineering - 0.2%

Jacobs Engineering Group, Inc. (a)

39,400

1,704,444

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 0.4%

AMETEK, Inc.

66,600

$ 3,580,416

Industrial Conglomerates - 2.5%

Danaher Corp.

194,300

16,771,976

Roper Industries, Inc.

39,800

6,963,408

 

23,735,384

Machinery - 0.2%

Manitowoc Co., Inc.

58,900

1,110,854

Sarine Technologies Ltd.

437,000

641,837

Sun Hydraulics Corp.

11,700

437,346

 

2,190,037

Professional Services - 1.8%

CEB, Inc.

39,700

3,358,223

Equifax, Inc.

15,400

1,545,082

On Assignment, Inc. (a)

18,553

695,552

Resources Connection, Inc.

88,425

1,387,388

Robert Half International, Inc.

55,900

3,151,083

Verisk Analytics, Inc. (a)

35,900

2,605,622

WageWorks, Inc. (a)

92,871

3,982,308

 

16,725,258

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

96,900

8,141,538

Trading Companies & Distributors - 0.2%

HD Supply Holdings, Inc. (a)

28,500

924,825

Summit Ascent Holdings Ltd. (a)

1,840,000

1,276,715

 

2,201,540

TOTAL INDUSTRIALS

112,091,368

INFORMATION TECHNOLOGY - 36.4%

Communications Equipment - 0.3%

QUALCOMM, Inc.

39,100

2,724,488

Electronic Equipment & Components - 0.8%

TE Connectivity Ltd.

111,286

7,678,734

Internet Software & Services - 13.4%

Cvent, Inc. (a)

124,600

3,284,456

Facebook, Inc. Class A (a)

1,042,100

82,523,899

Google, Inc.:

Class A (a)

56,400

30,756,048

Class C

4,412

2,347,669

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

JUST EAT Ltd. (a)

144,300

$ 1,016,065

JUST EAT Ltd. rights 6/8/15

26,722

14,581

Shopify, Inc. Class A

1,200

32,345

Textura Corp. (a)

203,300

5,918,063

 

125,893,126

IT Services - 1.7%

Cardtronics, Inc. (a)

24,200

883,300

Cognizant Technology Solutions Corp. Class A (a)

29,300

1,896,296

Visa, Inc. Class A

194,100

13,330,788

 

16,110,384

Semiconductors & Semiconductor Equipment - 2.7%

Avago Technologies Ltd.

6,700

992,069

Cirrus Logic, Inc. (a)

25,300

955,075

Maxim Integrated Products, Inc.

331,200

11,615,184

Monolithic Power Systems, Inc.

53,648

2,929,181

Qorvo, Inc. (a)

65,000

5,339,750

Skyworks Solutions, Inc.

34,200

3,740,112

 

25,571,371

Software - 9.9%

Activision Blizzard, Inc.

91,500

2,311,290

Adobe Systems, Inc. (a)

106,200

8,399,358

Computer Modelling Group Ltd.

218,000

2,413,847

CyberArk Software Ltd. (a)

16,000

995,040

Electronic Arts, Inc. (a)

223,400

14,019,467

Fleetmatics Group PLC (a)

70,000

2,926,700

Intuit, Inc.

9,100

947,765

Mobileye NV (a)

146,300

6,887,804

Oracle Corp.

257,300

11,189,977

Red Hat, Inc. (a)

85,100

6,575,677

Salesforce.com, Inc. (a)

293,400

21,344,850

ServiceNow, Inc. (a)

67,700

5,186,497

SolarWinds, Inc. (a)

175,685

8,336,253

SS&C Technologies Holdings, Inc.

25,200

1,485,036

 

93,019,561

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - 7.6%

Apple, Inc.

518,500

$ 67,550,180

Nimble Storage, Inc. (a)

139,300

3,605,084

 

71,155,264

TOTAL INFORMATION TECHNOLOGY

342,152,928

MATERIALS - 1.5%

Chemicals - 1.2%

CF Industries Holdings, Inc.

12,200

3,853,736

Monsanto Co.

40,100

4,690,898

Potash Corp. of Saskatchewan, Inc.

28,100

884,395

Sherwin-Williams Co.

7,200

2,074,896

 

11,503,925

Construction Materials - 0.3%

Eagle Materials, Inc.

10,300

859,844

James Hardie Industries PLC sponsored ADR

24,100

1,626,991

 

2,486,835

TOTAL MATERIALS

13,990,760

TOTAL COMMON STOCKS

(Cost $804,126,263)


930,094,876

Convertible Preferred Stocks - 0.1%

 

 

 

 

INFORMATION TECHNOLOGY - 0.1%

IT Services - 0.1%

AppNexus, Inc. Series E (d)

(Cost $769,617)

38,419


986,216

Money Market Funds - 1.9%

Shares

Value

Fidelity Cash Central Fund, 0.15% (b)

17,910,398

$ 17,910,398

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

79,500

79,500

TOTAL MONEY MARKET FUNDS

(Cost $17,989,898)


17,989,898

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $822,885,778)

949,070,990

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(7,590,634)

NET ASSETS - 100%

$ 941,480,356

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.

(c) Investment made with cash collateral received from securities on loan.

(d) 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 $986,216 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

AppNexus, Inc. Series E

8/1/14

$ 769,617

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

$ 16,767

Fidelity Securities Lending Cash Central Fund

37,067

Total

$ 53,834

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 140,379,637

$ 140,379,637

$ -

$ -

Consumer Staples

53,804,327

53,804,327

-

-

Energy

13,442,687

13,442,687

-

-

Financials

74,210,393

73,858,130

352,263

-

Health Care

180,022,776

159,177,215

20,845,561

-

Industrials

112,091,368

112,091,368

-

-

Information Technology

343,139,144

342,138,347

14,581

986,216

Materials

13,990,760

13,990,760

-

-

Money Market Funds

17,989,898

17,989,898

-

-

Total Investments in Securities:

$ 949,070,990

$ 926,872,369

$ 21,212,405

$ 986,216

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

United States of America

85.6%

Ireland

4.2%

Israel

1.4%

Bermuda

1.4%

Canada

1.4%

Japan

1.3%

Cayman Islands

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $804,895,880)

$ 931,081,092

 

Fidelity Central Funds (cost $17,989,898)

17,989,898

 

Total Investments (cost $822,885,778)

 

$ 949,070,990

Receivable for investments sold

4,773,528

Receivable for fund shares sold

121,444

Dividends receivable

584,835

Distributions receivable from Fidelity Central Funds

4,545

Prepaid expenses

533

Other receivables

6,919

Total assets

954,562,794

 

 

 

Liabilities

Payable for investments purchased

$ 11,864,208

Payable for fund shares redeemed

514,879

Accrued management fee

429,645

Other affiliated payables

162,287

Other payables and accrued expenses

31,919

Collateral on securities loaned, at value

79,500

Total liabilities

13,082,438

 

 

 

Net Assets

$ 941,480,356

Net Assets consist of:

 

Paid in capital

$ 840,130,375

Undistributed net investment income

741,238

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(25,572,257)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

126,181,000

Net Assets, for 84,964,473 shares outstanding

$ 941,480,356

Net Asset Value, offering price and redemption price per share ($941,480,356 ÷ 84,964,473 shares)

$ 11.08

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 4,607,092

Income from Fidelity Central Funds

 

53,834

Total income

 

4,660,926

 

 

 

Expenses

Management fee

$ 2,610,309

Transfer agent fees

829,812

Accounting and security lending fees

159,920

Custodian fees and expenses

23,703

Independent trustees' compensation

2,016

Audit

21,878

Legal

643

Interest

656

Miscellaneous

501

Total expenses before reductions

3,649,438

Expense reductions

(17,144)

3,632,294

Net investment income (loss)

1,028,632

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(14,806,306)

Foreign currency transactions

6,338

Total net realized gain (loss)

 

(14,799,968)

Change in net unrealized appreciation (depreciation) on:

Investment securities

52,587,865

Assets and liabilities in foreign currencies

(1,655)

Total change in net unrealized appreciation (depreciation)

 

52,586,210

Net gain (loss)

37,786,242

Net increase (decrease) in net assets resulting from operations

$ 38,814,874

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended May 31, 2015 (Unaudited)

For the period
June 6, 2014
(commencement of operations) to
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,028,632

$ 1,090,866

Net realized gain (loss)

(14,799,968)

(11,596,041)

Change in net unrealized appreciation (depreciation)

52,586,210

73,594,790

Net increase (decrease) in net assets resulting
from operations

38,814,874

63,089,615

Distributions to shareholders from net investment income

(554,508)

-

Share transactions
Proceeds from sales of shares

41,069,245

1,022,916,685

Reinvestment of distributions

554,508

-

Cost of shares redeemed

(124,937,315)

(99,472,748)

Net increase (decrease) in net assets resulting from share transactions

(83,313,562)

923,443,937

Total increase (decrease) in net assets

(45,053,196)

986,533,552

 

 

 

Net Assets

Beginning of period

986,533,552

-

End of period (including undistributed net investment income of $741,238 and undistributed net investment income of $267,114, respectively)

$ 941,480,356

$ 986,533,552

Other Information

Shares

Sold

3,819,646

102,189,613

Issued in reinvestment of distributions

53,627

-

Redeemed

(11,582,366)

(9,516,047)

Net increase (decrease)

(7,709,093)

92,673,566

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

Semiannual Report

Financial Highlights

 

Six months ended May 31, 2015

Year ended
November 30,

 

(Unaudited)

2014 G

Selected Per-Share Data

 

 

Net asset value, beginning of period

$ 10.65

$ 10.00

Income from Investment Operations

 

 

Net investment income (loss) D

  .01

  .01

Net realized and unrealized gain (loss)

  .43

  .64

Total from investment operations

  .44

  .65

Distributions from net investment income

  (.01)

  -

Net asset value, end of period

$ 11.08

$ 10.65

Total ReturnB, C

  4.10%

  6.50%

Ratios to Average Net AssetsE,H

 

 

Expenses before reductions

  .77%A

  .77%A

Expenses net of fee waivers, if any

  .77%A

  .77%A

Expenses net of all reductions

  .76%A

  .77%A

Net investment income (loss)

  .22%A

  .23%A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 941,480

$ 986,534

Portfolio turnover rateF, I

  56%A

  26%I,J

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 For the period June 6, 2014 (commencement of operations) to November 30, 2014.

H Expense ratios reflect operating expenses of the Fund. 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 Fund 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 Fund.

I Portfolio turnover rate excludes securities received or delivered in-kind.

J Amount not annualized

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Series Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, as well as a roll forward of Level 3 investments, 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. 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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

Expenses. 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 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, partnerships, 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

$ 145,345,222

Gross unrealized depreciation

(19,541,284)

Net unrealized appreciation (depreciation) on securities

$ 125,803,938

 

 

Tax Cost

$ 823,267,052

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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.

No expiration

 

Short-term

$ (10,798,116)

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $262,028,487and $372,039,443, respectively.

Semiannual Report

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 Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. The Fund's performance adjustment will not take effect until June 1, 2015. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

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 $3,750 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average Interest Rate

Interest Expense

Borrower

$ 21,445,000

.37%

$ 656

6. 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. At period end, there were no security loans outstanding. 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 $37,067. During the period, there were no securities loaned to FCM.

Semiannual Report

7. 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 $17,144 for the period.

8. 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.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) 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 Northern Trust Company

Chicago, IL

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
 

AXM1-SANN-0715
1.9860269.100
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity Advisor®

Series Growth Opportunities Fund

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, and (2) ongoing costs, including management 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, 2014 to May 31, 2015).

Actual Expenses

The first line of the accompanying table 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 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 provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio B

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Actual

.74%

$ 1,000.00

$ 1,047.60

$ 3.78

Hypothetical A

 

$ 1,000.00

$ 1,021.24

$ 3.73

A 5% return per year before expenses

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

* Expenses are equal to the Fund's 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.4

6.0

Salesforce.com, Inc.

4.3

3.7

Regeneron Pharmaceuticals, Inc.

4.2

3.6

Google, Inc. Class A

2.2

2.3

Google, Inc. Class C

2.1

2.2

Facebook, Inc. Class A

2.1

2.1

Seattle Genetics, Inc.

2.0

1.5

Microsoft Corp.

1.8

1.9

Visa, Inc. Class A

1.7

1.7

Amazon.com, Inc.

1.7

1.4

 

28.5

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.2

34.9

Health Care

22.2

19.8

Consumer Discretionary

16.4

15.6

Consumer Staples

8.5

9.8

Industrials

6.9

7.5

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

axs103306

Stocks 97.8%

 

axs103308

Stocks 97.7%

 

axs103310

Convertible
Securities 0.5%

 

axs103312

Convertible
Securities 0.2%

 

axs103314

Short-Term Investments and Net Other Assets (Liabilities) 1.7%

 

axs103316

Short-Term Investments and Net Other Assets (Liabilities) 2.1%

 

* Foreign investments

6.0%

 

** Foreign investments

5.8%

 

axs103318

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

CONSUMER DISCRETIONARY - 16.4%

Auto Components - 0.2%

Tenneco, Inc. (a)

27,600

$ 1,620,672

Automobiles - 0.4%

Tesla Motors, Inc. (a)

14,300

3,586,440

Hotels, Restaurants & Leisure - 2.6%

Arcos Dorados Holdings, Inc. Class A (d)

54,400

299,744

Buffalo Wild Wings, Inc. (a)

13,100

1,999,977

Chipotle Mexican Grill, Inc. (a)

6,300

3,877,776

Chuy's Holdings, Inc. (a)(d)

36,000

935,640

Dunkin' Brands Group, Inc.

41,800

2,230,448

Las Vegas Sands Corp.

32,000

1,626,560

McDonald's Corp.

32,500

3,117,725

Panera Bread Co. Class A (a)

6,300

1,146,600

Starbucks Corp.

145,000

7,534,200

Starwood Hotels & Resorts Worldwide, Inc.

13,800

1,142,088

 

23,910,758

Household Durables - 0.3%

Lennar Corp. Class A

32,100

1,496,823

Toll Brothers, Inc. (a)

24,300

878,931

Tupperware Brands Corp.

13,400

880,916

 

3,256,670

Internet & Catalog Retail - 2.1%

Amazon.com, Inc. (a)

36,200

15,538,126

Priceline Group, Inc. (a)

3,200

3,750,528

 

19,288,654

Media - 3.9%

AMC Networks, Inc. Class A (a)

40,000

3,143,600

Comcast Corp. Class A

256,500

14,994,990

IMAX Corp. (a)

96,100

3,876,674

Liberty Global PLC Class A (a)

39,500

2,272,435

Lions Gate Entertainment Corp.

59,700

1,975,473

The Walt Disney Co.

59,800

6,600,126

Twenty-First Century Fox, Inc. Class A

98,500

3,309,600

 

36,172,898

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.4%

Dollar General Corp.

32,800

$ 2,380,952

Target Corp.

11,300

896,316

 

3,277,268

Specialty Retail - 2.3%

Bed Bath & Beyond, Inc. (a)

15,700

1,119,724

CarMax, Inc. (a)

51,100

3,630,144

DSW, Inc. Class A

31,900

1,105,335

Five Below, Inc. (a)

25,000

831,250

GNC Holdings, Inc.

20,400

908,616

Home Depot, Inc.

72,800

8,111,376

Lumber Liquidators Holdings, Inc. (a)(d)

100,400

2,048,160

TJX Companies, Inc.

55,300

3,560,214

 

21,314,819

Textiles, Apparel & Luxury Goods - 4.2%

Deckers Outdoor Corp. (a)

31,000

2,112,650

Fossil Group, Inc. (a)

35,300

2,506,653

Kate Spade & Co. (a)

52,900

1,310,862

lululemon athletica, Inc. (a)

241,300

14,427,327

Michael Kors Holdings Ltd. (a)

50,300

2,338,950

NIKE, Inc. Class B

36,300

3,690,621

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

97,500

10,322,325

Under Armour, Inc. Class A (sub. vtg.) (a)

22,600

1,772,066

 

38,481,454

TOTAL CONSUMER DISCRETIONARY

150,909,633

CONSUMER STAPLES - 8.3%

Beverages - 1.8%

Monster Beverage Corp. (a)

34,100

4,340,248

PepsiCo, Inc.

43,600

4,204,348

SABMiller PLC

22,300

1,190,871

The Coca-Cola Co.

157,100

6,434,816

 

16,170,283

Food & Staples Retailing - 2.5%

Costco Wholesale Corp.

60,900

8,683,731

CVS Health Corp.

70,800

7,248,504

Wal-Mart Stores, Inc.

8,200

609,014

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Walgreens Boots Alliance, Inc.

54,900

$ 4,712,616

Whole Foods Market, Inc.

47,600

1,963,024

 

23,216,889

Food Products - 1.5%

Bunge Ltd.

14,800

1,369,888

Keurig Green Mountain, Inc.

102,500

8,839,600

Mead Johnson Nutrition Co. Class A

23,400

2,276,820

Mondelez International, Inc.

30,200

1,256,018

 

13,742,326

Household Products - 0.7%

Procter & Gamble Co.

64,800

5,079,672

Svenska Cellulosa AB (SCA) (B Shares)

59,300

1,546,745

 

6,626,417

Personal Products - 0.3%

Avon Products, Inc.

27,400

184,128

Herbalife Ltd. (a)

47,500

2,471,425

 

2,655,553

Tobacco - 1.5%

Altria Group, Inc.

147,000

7,526,400

Lorillard, Inc.

19,500

1,413,360

Philip Morris International, Inc.

55,100

4,577,157

 

13,516,917

TOTAL CONSUMER STAPLES

75,928,385

ENERGY - 2.7%

Energy Equipment & Services - 0.8%

FMC Technologies, Inc. (a)

23,200

969,528

Halliburton Co.

28,000

1,271,200

National Oilwell Varco, Inc.

19,900

978,881

Schlumberger Ltd.

48,100

4,366,037

 

7,585,646

Oil, Gas & Consumable Fuels - 1.9%

Anadarko Petroleum Corp.

17,200

1,438,092

Cabot Oil & Gas Corp.

63,700

2,163,252

Chesapeake Energy Corp. (d)

34,000

479,740

Concho Resources, Inc. (a)

14,500

1,744,350

Continental Resources, Inc. (a)

36,000

1,640,160

EOG Resources, Inc.

10,200

904,638

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Exxon Mobil Corp.

200

$ 17,040

Golar LNG Ltd.

6,600

313,566

Hess Corp.

29,800

2,012,096

Noble Energy, Inc.

24,900

1,090,122

Occidental Petroleum Corp.

49,000

3,831,310

PDC Energy, Inc. (a)

11,600

691,824

Range Resources Corp.

3,900

216,099

Southwestern Energy Co. (a)

19,300

497,361

 

17,039,650

TOTAL ENERGY

24,625,296

FINANCIALS - 3.5%

Banks - 1.1%

Bank of America Corp.

67,800

1,118,700

Citigroup, Inc.

24,700

1,335,776

HDFC Bank Ltd. sponsored ADR

35,800

2,134,396

JPMorgan Chase & Co.

47,200

3,104,816

Signature Bank (a)

4,000

558,600

Wells Fargo & Co.

30,100

1,684,396

 

9,936,684

Capital Markets - 0.8%

BlackRock, Inc. Class A

5,500

2,011,790

Charles Schwab Corp.

132,400

4,190,460

Goldman Sachs Group, Inc.

5,800

1,195,902

T. Rowe Price Group, Inc.

7,200

580,968

 

7,979,120

Consumer Finance - 1.5%

American Express Co.

117,500

9,367,100

Discover Financial Services

75,700

4,411,039

 

13,778,139

Diversified Financial Services - 0.1%

BM&F BOVESPA SA

191,200

673,878

TOTAL FINANCIALS

32,367,821

HEALTH CARE - 22.2%

Biotechnology - 17.6%

ACADIA Pharmaceuticals, Inc. (a)

49,135

2,024,362

Agios Pharmaceuticals, Inc. (a)

400

48,808

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Alexion Pharmaceuticals, Inc. (a)

50,400

$ 8,257,536

Alkermes PLC (a)

39,061

2,386,627

Alnylam Pharmaceuticals, Inc. (a)

51,977

6,813,665

Amarin Corp. PLC ADR (a)(d)

469,900

1,085,469

Amgen, Inc.

55,600

8,688,056

Asterias Biotherapeutics, Inc. (a)

21,395

240,052

Avalanche Biotechnologies, Inc. (a)

6,900

257,232

Biogen, Inc. (a)

22,900

9,091,071

BioMarin Pharmaceutical, Inc. (a)

32,400

4,068,468

BioTime, Inc. warrants 10/1/18 (a)

26,180

49,742

bluebird bio, Inc. (a)

26,613

5,169,575

Celgene Corp. (a)

26,600

3,044,104

Celldex Therapeutics, Inc. (a)

56,400

1,628,268

Cepheid, Inc. (a)

33,000

1,820,610

Clovis Oncology, Inc. (a)

10,200

942,888

Esperion Therapeutics, Inc. (a)

28,600

3,074,786

Exelixis, Inc. (a)

73,579

231,774

Geron Corp. (a)

513,500

1,982,110

Gilead Sciences, Inc.

135,100

15,167,677

ImmunoGen, Inc. (a)(d)

178,200

1,600,236

Immunomedics, Inc. (a)

1,700

6,562

Insmed, Inc. (a)

92,800

2,036,032

Intercept Pharmaceuticals, Inc. (a)

2,200

561,429

Ironwood Pharmaceuticals, Inc. Class A (a)

45,018

635,204

Isis Pharmaceuticals, Inc. (a)

23,705

1,595,821

Lexicon Pharmaceuticals, Inc. (a)(d)

242,427

1,704,262

Merrimack Pharmaceuticals, Inc. (a)

163,000

1,923,400

Ophthotech Corp. (a)

53,700

2,686,074

Prothena Corp. PLC (a)

32,300

1,273,912

Receptos, Inc. (a)

26,700

4,402,563

Regeneron Pharmaceuticals, Inc. (a)

75,000

38,442,000

Regulus Therapeutics, Inc. (a)

8,700

122,844

Rigel Pharmaceuticals, Inc. (a)

181,900

634,831

Seattle Genetics, Inc. (a)(d)

428,300

18,455,447

Spark Therapeutics, Inc.

900

66,276

Swedish Orphan Biovitrum AB (a)

96,200

1,455,439

TG Therapeutics, Inc. (a)

122,300

1,925,002

Transition Therapeutics, Inc. (a)

178,600

1,382,363

uniQure B.V. (a)

1,100

31,614

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Vertex Pharmaceuticals, Inc. (a)

17,000

$ 2,180,930

XOMA Corp. (a)(d)

791,900

2,787,488

 

161,982,609

Health Care Equipment & Supplies - 0.5%

Abbott Laboratories

21,600

1,049,760

Baxter International, Inc.

9,500

632,795

Zeltiq Aesthetics, Inc. (a)

112,900

3,100,234

 

4,782,789

Health Care Providers & Services - 0.7%

Accretive Health, Inc. (a)(d)

143,800

773,644

BioScrip, Inc. (a)(d)

184,400

654,620

Express Scripts Holding Co. (a)

31,000

2,701,340

McKesson Corp.

10,500

2,490,915

 

6,620,519

Health Care Technology - 0.4%

Allscripts Healthcare Solutions, Inc. (a)

60,500

851,235

athenahealth, Inc. (a)(d)

23,400

2,728,440

Castlight Health, Inc. Class B (a)

28,800

251,424

 

3,831,099

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

22,800

4,698,624

Pharmaceuticals - 2.5%

AbbVie, Inc.

37,100

2,470,489

AcelRx Pharmaceuticals, Inc. (a)(d)

179,078

626,773

Actavis PLC (a)

24,660

7,565,935

Cempra, Inc. (a)

44,879

1,647,508

Intra-Cellular Therapies, Inc. (a)

9,605

252,131

Jazz Pharmaceuticals PLC (a)

3,500

627,725

Johnson & Johnson

9,100

911,274

Mallinckrodt PLC (a)

7,542

976,236

Mylan N.V.

29,800

2,164,374

Theravance Biopharma, Inc. (a)

22,370

312,062

Theravance, Inc. (d)

86,000

1,453,400

Valeant Pharmaceuticals International (Canada) (a)

14,100

3,361,052

XenoPort, Inc. (a)

43,100

256,876

 

22,625,835

TOTAL HEALTH CARE

204,541,475

Common Stocks - continued

Shares

Value

INDUSTRIALS - 6.9%

Aerospace & Defense - 0.6%

Honeywell International, Inc.

30,200

$ 3,146,840

The Boeing Co.

16,300

2,290,476

 

5,437,316

Air Freight & Logistics - 0.6%

FedEx Corp.

18,300

3,169,926

United Parcel Service, Inc. Class B

26,600

2,639,252

 

5,809,178

Airlines - 2.1%

American Airlines Group, Inc.

56,900

2,410,853

Delta Air Lines, Inc.

34,100

1,463,572

Southwest Airlines Co.

123,100

4,560,855

Spirit Airlines, Inc. (a)

80,000

5,085,600

United Continental Holdings, Inc. (a)

114,900

6,272,391

 

19,793,271

Building Products - 0.1%

Caesarstone Sdot-Yam Ltd.

9,100

562,562

Industrial Conglomerates - 1.1%

3M Co.

16,700

2,656,636

Danaher Corp.

65,500

5,653,960

General Electric Co.

53,500

1,458,945

 

9,769,541

Machinery - 0.3%

Caterpillar, Inc.

17,800

1,518,696

Cummins, Inc.

7,100

962,405

 

2,481,101

Road & Rail - 2.1%

CSX Corp.

22,900

780,432

Genesee & Wyoming, Inc. Class A (a)

19,300

1,589,162

Hertz Global Holdings, Inc. (a)

173,600

3,452,904

J.B. Hunt Transport Services, Inc.

26,200

2,201,324

Kansas City Southern

18,200

1,647,100

Union Pacific Corp.

96,600

9,747,906

 

19,418,828

TOTAL INDUSTRIALS

63,271,797

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 35.0%

Communications Equipment - 1.6%

Infinera Corp. (a)

332,900

$ 6,871,056

QUALCOMM, Inc.

118,000

8,222,240

 

15,093,296

Electronic Equipment & Components - 0.5%

IPG Photonics Corp. (a)(d)

22,600

2,143,384

Trimble Navigation Ltd. (a)

93,900

2,201,016

 

4,344,400

Internet Software & Services - 8.3%

Akamai Technologies, Inc. (a)

42,400

3,233,848

Alibaba Group Holding Ltd. sponsored ADR

12,500

1,116,500

Cornerstone OnDemand, Inc. (a)

59,000

1,836,670

eBay, Inc. (a)

47,900

2,939,144

Facebook, Inc. Class A (a)

241,200

19,100,628

Google, Inc.:

Class A (a)

36,400

19,849,648

Class C

36,800

19,581,648

LinkedIn Corp. Class A (a)

4,500

877,185

Opower, Inc. (a)

10,100

119,584

Qihoo 360 Technology Co. Ltd. ADR (a)

18,800

978,540

Rackspace Hosting, Inc. (a)

35,600

1,427,204

Tencent Holdings Ltd.

80,400

1,603,410

Twitter, Inc. (a)

50,400

1,848,168

Web.com Group, Inc. (a)

68,700

1,557,429

Wix.com Ltd. (a)

19,800

493,218

 

76,562,824

IT Services - 3.7%

Cognizant Technology Solutions Corp. Class A (a)

36,600

2,368,752

IBM Corp.

26,600

4,512,690

MasterCard, Inc. Class A

117,700

10,859,002

Visa, Inc. Class A

230,300

15,817,004

 

33,557,448

Semiconductors & Semiconductor Equipment - 4.0%

Applied Materials, Inc.

48,800

982,344

Applied Micro Circuits Corp. (a)

373,200

2,384,748

Cavium, Inc. (a)

19,900

1,400,363

Cree, Inc. (a)(d)

200,600

6,074,168

Cypress Semiconductor Corp.

315,600

4,333,188

First Solar, Inc. (a)

27,600

1,371,996

Intel Corp.

24,900

858,054

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Mellanox Technologies Ltd. (a)

45,200

$ 2,274,464

Micron Technology, Inc. (a)

20,600

575,358

NVIDIA Corp.

426,700

9,442,871

Rambus, Inc. (a)

167,100

2,554,959

Silicon Laboratories, Inc. (a)

65,500

3,631,320

Xilinx, Inc.

15,000

711,300

 

36,595,133

Software - 10.1%

Adobe Systems, Inc. (a)

30,700

2,428,063

Citrix Systems, Inc. (a)

8,700

565,587

Fortinet, Inc. (a)

66,400

2,659,984

Interactive Intelligence Group, Inc. (a)(d)

58,700

2,537,601

Intuit, Inc.

39,700

4,134,755

Microsoft Corp.

356,200

16,691,532

NetSuite, Inc. (a)

32,500

3,036,150

Oracle Corp.

81,900

3,561,831

Qlik Technologies, Inc. (a)

37,000

1,338,290

Red Hat, Inc. (a)

130,200

10,060,554

Salesforce.com, Inc. (a)

550,200

40,027,050

ServiceNow, Inc. (a)

31,900

2,443,859

Splunk, Inc. (a)

10,300

696,486

TiVo, Inc. (a)

63,800

671,814

VMware, Inc. Class A (a)

7,100

619,972

Workday, Inc. Class A (a)

15,600

1,231,152

 

92,704,680

Technology Hardware, Storage & Peripherals - 6.8%

3D Systems Corp. (a)(d)

8,000

174,960

Apple, Inc.

447,900

58,352,411

Nimble Storage, Inc. (a)(d)

121,800

3,152,184

SanDisk Corp.

11,800

806,884

 

62,486,439

TOTAL INFORMATION TECHNOLOGY

321,344,220

MATERIALS - 1.8%

Chemicals - 1.3%

E.I. du Pont de Nemours & Co.

22,200

1,576,422

Monsanto Co.

82,500

9,650,850

The Mosaic Co.

23,900

1,095,815

 

12,323,087

Common Stocks - continued

Shares

Value

MATERIALS - continued

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

23,900

$ 1,556,846

Sealed Air Corp.

62,800

3,058,360

 

4,615,206

TOTAL MATERIALS

16,938,293

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc. (a)

21,700

1,203,916

Verizon Communications, Inc.

43,900

2,170,416

 

3,374,332

Wireless Telecommunication Services - 0.5%

RingCentral, Inc. (a)(d)

156,200

2,669,458

T-Mobile U.S., Inc. (a)

44,100

1,714,608

 

4,384,066

TOTAL TELECOMMUNICATION SERVICES

7,758,398

UTILITIES - 0.2%

Independent Power and Renewable Electricity Producers - 0.2%

NRG Energy, Inc.

34,400

866,880

Ormat Technologies, Inc. (d)

14,000

519,400

 

1,386,280

TOTAL COMMON STOCKS

(Cost $745,042,901)


899,071,598

Convertible Preferred Stocks - 0.5%

 

 

 

 

CONSUMER STAPLES - 0.2%

Food & Staples Retailing - 0.1%

Blue Apron, Inc. Series D (e)

56,277

749,998

Tobacco - 0.1%

PAX Labs, Inc. Series C (e)

273,248

1,052,005

TOTAL CONSUMER STAPLES

1,802,003

FINANCIALS - 0.1%

Real Estate Management & Development - 0.1%

Redfin Corp. Series G (e)

282,324

1,055,892

Convertible Preferred Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 0.2%

Internet Software & Services - 0.2%

Uber Technologies, Inc. Series D, 8.00% (e)

55,696

$ 1,855,657

Software - 0.0%

Cloudera, Inc. Series F (a)(e)

10,396

221,643

TOTAL INFORMATION TECHNOLOGY

2,077,300

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $3,748,404)


4,935,195

Money Market Funds - 5.8%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

16,199,532

16,199,532

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

36,651,766

36,651,766

TOTAL MONEY MARKET FUNDS

(Cost $52,851,298)


52,851,298

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $801,642,603)

956,858,091

NET OTHER ASSETS (LIABILITIES) - (4.1)%

(37,281,009)

NET ASSETS - 100%

$ 919,577,082

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $4,935,195 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Blue Apron, Inc. Series D

5/18/15

$ 749,998

Security

Acquisition Date

Acquisition Cost

Cloudera, Inc. Series F

2/5/14

$ 151,366

PAX Labs, Inc. Series C

5/22/15

$ 1,052,005

Redfin Corp. Series G

12/16/14

$ 931,020

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 864,015

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

$ 11,960

Fidelity Securities Lending Cash Central Fund

153,164

Total

$ 165,124

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 150,909,633

$ 150,909,633

$ -

$ -

Consumer Staples

77,730,388

75,928,385

-

1,802,003

Energy

24,625,296

24,625,296

-

-

Financials

33,423,713

32,367,821

-

1,055,892

Health Care

204,541,475

204,541,475

-

-

Industrials

63,271,797

63,271,797

-

-

Information Technology

323,421,520

319,740,810

1,603,410

2,077,300

Materials

16,938,293

16,938,293

-

-

Telecommunication Services

7,758,398

7,758,398

-

-

Utilities

1,386,280

1,386,280

-

-

Money Market Funds

52,851,298

52,851,298

-

-

Total Investments in Securities:

$ 956,858,091

$ 950,319,486

$ 1,603,410

$ 4,935,195

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 

May 31, 2015 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $35,068,611) - See accompanying schedule:

Unaffiliated issuers (cost $748,791,305)

$ 904,006,793

 

Fidelity Central Funds (cost $52,851,298)

52,851,298

 

Total Investments (cost $801,642,603)

 

$ 956,858,091

Foreign currency held at value (cost $11,180)

11,180

Receivable for investments sold

3,059,131

Receivable for fund shares sold

115,549

Dividends receivable

544,036

Distributions receivable from Fidelity Central Funds

27,544

Prepaid expenses

481

Other receivables

1,050

Total assets

960,617,062

 

 

 

Liabilities

Payable for investments purchased

$ 3,307,144

Payable for fund shares redeemed

489,605

Accrued management fee

396,601

Other affiliated payables

161,885

Other payables and accrued expenses

32,979

Collateral on securities loaned, at value

36,651,766

Total liabilities

41,039,980

 

 

 

Net Assets

$ 919,577,082

Net Assets consist of:

 

Paid in capital

$ 742,455,359

Undistributed net investment income

2,976,590

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

18,929,761

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

155,215,372

Net Assets, for 75,847,900 shares outstanding

$ 919,577,082

Net Asset Value, offering price and redemption price per share ($919,577,082 ÷ 75,847,900 shares)

$ 12.12

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2015 (Unaudited)

Investment Income

 

 

Dividends

 

$ 4,480,467

Special dividends

 

1,880,260

Income from Fidelity Central Funds

 

165,124

Total income

 

6,525,851

 

 

 

Expenses

Management fee
Basic fee

$ 2,639,074

Performance adjustment

(160,935)

Transfer agent fees

840,622

Accounting and security lending fees

166,054

Custodian fees and expenses

10,404

Independent trustees' compensation

2,033

Audit

35,863

Legal

712

Interest

2,792

Miscellaneous

4,997

Total expenses before reductions

3,541,616

Expense reductions

(2,710)

3,538,906

Net investment income (loss)

2,986,945

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

19,299,572

Foreign currency transactions

(659)

Total net realized gain (loss)

 

19,298,913

Change in net unrealized appreciation (depreciation) on:

Investment securities

23,828,711

Assets and liabilities in foreign currencies

306

Total change in net unrealized appreciation (depreciation)

 

23,829,017

Net gain (loss)

43,127,930

Net increase (decrease) in net assets resulting from operations

$ 46,114,875

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

Semiannual Report

Statement of Changes in Net Assets

 

Six months ended
May 31, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,986,945

$ 1,437,377

Net realized gain (loss)

19,298,913

16,692,827

Change in net unrealized appreciation (depreciation)

23,829,017

113,648,526

Net increase (decrease) in net assets resulting
from operations

46,114,875

131,778,730

Distributions to shareholders from net investment income

(1,322,749)

(333,170)

Distributions to shareholders from net realized gain

(16,291,441)

(1,631,844)

Total distributions

(17,614,190)

(1,965,014)

Share transactions
Proceeds from sales of shares

10,057,329

50,651,921

Reinvestment of distributions

17,614,190

1,965,014

Cost of shares redeemed

(111,058,369)

(60,248,672)

Net increase (decrease) in net assets resulting from share transactions

(83,386,850)

(7,631,737)

Total increase (decrease) in net assets

(54,886,165)

122,181,979

 

 

 

Net Assets

Beginning of period

974,463,247

852,281,268

End of period (including undistributed net investment income of $2,976,590 and undistributed net investment income of $1,312,394, respectively)

$ 919,577,082

$ 974,463,247

Other Information

Shares

Sold

842,139

4,789,638

Issued in reinvestment of distributions

1,574,182

187,502

Redeemed

(9,228,577)

(5,664,379)

Net increase (decrease)

(6,812,256)

(687,239)

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

Semiannual Report

Financial Highlights

 

Six months ended
May 31, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013H

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 11.79

$ 10.23

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .04G

  .02

  -J

Net realized and unrealized gain (loss)

  .50

  1.56

  .23

Total from investment operations

  .54

  1.58

  .23

Distributions from net investment income

  (.02)

  -J

  -

Distributions from net realized gain

  (.20)

  (.02)

  -

Total distributions

  (.21)K

  (.02)

  -

Net asset value, end of period

$ 12.12

$ 11.79

$ 10.23

Total ReturnB, C

  4.76%

  15.51%

  2.30%

Ratios to Average Net AssetsE,I

 

 

 

Expenses before reductions

  .74%A

  .77%

  .85%A

Expenses net of fee waivers, if any

  .74%A

  .77%

  .85%A

Expenses net of all reductions

  .74%A

  .77%

  .85%A

Net investment income (loss)

  .62%A,G

  .16%

  .38%A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 919,577

$ 974,463

$ 852,281

Portfolio turnover rate F

  13%A

  16%

  65%L

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 $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .23%.

H For the period November 7, 2013 (commencement of operations) to November 30, 2013.

I Expense ratios reflect operating expenses of the Fund. 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 Fund 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 Fund.

J Amount represents less than $.01 per share.

K Total distributions of $.21 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.197 per share.

L Amount not annualized.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Series 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. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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.

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 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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, 2015 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Expenses. 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 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, futures contracts, passive foreign investment companies (PFIC), 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

$ 203,846,968

Gross unrealized depreciation

(48,912,617)

Net unrealized appreciation (depreciation) on securities

$ 154,934,351

 

 

Tax cost

$ 801,923,740

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

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $58,841,364 and $152,004,964, respectively.

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 Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% 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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

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 $5,900 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average
Interest Rate

Interest Expense

Borrower

$ 71,000,000

.35%

$ 2,792

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 $757 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

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 $153,164. During the period, there were no 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 $2,694 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 $16.

9. 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.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all the outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) 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

State Street Bank & Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
 

AXS3-SANN-0715
1.967933.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity Advisor®

Series Small Cap Fund

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, and (2) ongoing costs, including management 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, 2014 to May 31, 2015).

Actual Expenses

The first line of the accompanying table 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 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 provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Actual

1.00%

$ 1,000.00

$ 1,082.40

$ 5.19

HypotheticalA

 

$ 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 the Fund's 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

2.9

2.5

Community Health Systems, Inc.

2.7

2.3

CDW Corp.

2.4

2.0

West Corp.

2.3

1.5

Office Depot, Inc.

2.3

1.6

BofI Holding, Inc.

2.2

1.8

United Therapeutics Corp.

2.1

1.5

Primerica, Inc.

1.8

2.2

The Ensign Group, Inc.

1.8

1.6

World Fuel Services Corp.

1.8

1.6

 

22.3

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

21.4

22.1

Information Technology

20.3

18.6

Health Care

14.8

14.4

Industrials

14.6

15.2

Consumer Discretionary

13.9

13.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015 *

As of November 30, 2014 **

axm183720

Stocks and
Equity Futures 98.8%

 

axm183722

Stocks and
Equity Futures 99.1%

 

axm183724

Other Investments 0.4%

 

axm183726

Other Investments 0.5%

 

axm183728

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.8%

 

axm183730

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.4%

 

* Foreign investments

11.7%

 

** Foreign investments

12.5%

 

axm183732

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%

Shares

Value

CONSUMER DISCRETIONARY - 13.9%

Diversified Consumer Services - 1.5%

DeVry, Inc.

82,600

$ 2,627,506

Meiko Network Japan Co. Ltd.

222,100

2,577,054

Tsukada Global Holdings, Inc.

392,500

2,524,123

 

7,728,683

Household Durables - 1.4%

Iida Group Holdings Co. Ltd.

153,300

2,483,320

Tupperware Brands Corp.

77,800

5,114,572

 

7,597,892

Leisure Products - 1.0%

Smith & Wesson Holding Corp. (a)

353,700

5,202,927

Multiline Retail - 1.0%

Big Lots, Inc.

123,800

5,434,820

Specialty Retail - 8.1%

Aarons, Inc. Class A

181,400

6,354,442

Hibbett Sports, Inc. (a)(e)

138,200

6,433,210

Jumbo SA

35,381

334,187

Office Depot, Inc. (a)

1,282,320

11,887,106

Sally Beauty Holdings, Inc. (a)

176,900

5,521,049

Select Comfort Corp. (a)

238,900

7,441,735

Staples, Inc.

290,100

4,776,497

 

42,748,226

Textiles, Apparel & Luxury Goods - 0.9%

Fossil Group, Inc. (a)

70,700

5,020,407

TOTAL CONSUMER DISCRETIONARY

73,732,955

CONSUMER STAPLES - 1.7%

Food & Staples Retailing - 1.7%

Ain Pharmaciez, Inc.

27,700

1,098,245

Sundrug Co. Ltd.

65,700

3,471,206

Tsuruha Holdings, Inc.

62,100

4,655,528

 

9,224,979

ENERGY - 2.9%

Energy Equipment & Services - 0.9%

Cathedral Energy Services Ltd.

479,300

867,180

Oil States International, Inc. (a)

56,600

2,313,808

Pason Systems, Inc.

73,000

1,306,087

 

4,487,075

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 2.0%

Delek Logistics Partners LP

25,726

$ 1,196,259

World Fuel Services Corp.

187,725

9,391,882

 

10,588,141

TOTAL ENERGY

15,075,216

FINANCIALS - 21.0%

Banks - 5.5%

Bank of the Ozarks, Inc.

86,000

3,781,420

ConnectOne Bancorp, Inc.

162,635

3,163,251

East West Bancorp, Inc.

138,994

5,962,843

First NBC Bank Holding Co. (a)

140,300

4,768,797

Investors Bancorp, Inc.

565,999

6,797,648

Wilshire Bancorp, Inc.

398,600

4,400,544

 

28,874,503

Consumer Finance - 2.2%

PRA Group, Inc. (a)(e)

106,100

6,022,236

SLM Corp. (a)

563,500

5,781,510

 

11,803,746

Insurance - 7.0%

CNO Financial Group, Inc.

375,400

6,757,200

Enstar Group Ltd. (a)

26,000

3,942,120

HCC Insurance Holdings, Inc.

128,000

7,319,040

Primerica, Inc.

219,100

9,690,793

Reinsurance Group of America, Inc.

85,300

7,979,815

RenaissanceRe Holdings Ltd.

11,900

1,215,109

 

36,904,077

Real Estate Investment Trusts - 3.5%

American Realty Capital Properties, Inc.

346,800

3,076,116

Corrections Corp. of America

196,300

6,901,908

EPR Properties

57,100

3,292,957

MFA Financial, Inc.

689,800

5,477,012

 

18,747,993

Real Estate Management & Development - 0.3%

Relo Holdings Corp.

19,200

1,537,718

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 2.5%

BofI Holding, Inc. (a)(e)

123,800

$ 11,657,008

Meridian Bancorp, Inc. (a)

124,600

1,599,864

 

13,256,872

TOTAL FINANCIALS

111,124,909

HEALTH CARE - 14.8%

Biotechnology - 2.1%

United Therapeutics Corp. (a)

59,700

10,968,084

Health Care Equipment & Supplies - 0.9%

The Cooper Companies, Inc.

24,800

4,507,896

Health Care Providers & Services - 9.5%

Aceto Corp.

212,200

5,001,554

AmSurg Corp. (a)

126,100

8,491,574

Community Health Systems, Inc. (a)

256,000

14,159,360

Health Net, Inc. (a)

68,100

4,238,544

MEDNAX, Inc. (a)

51,920

3,695,666

Providence Service Corp. (a)

106,100

5,099,166

The Ensign Group, Inc.

204,800

9,496,576

 

50,182,440

Life Sciences Tools & Services - 1.0%

VWR Corp. (e)

191,200

5,214,024

Pharmaceuticals - 1.3%

Jazz Pharmaceuticals PLC (a)

25,800

4,627,230

Sawai Pharmaceutical Co. Ltd.

43,800

2,518,612

 

7,145,842

TOTAL HEALTH CARE

78,018,286

INDUSTRIALS - 14.6%

Aerospace & Defense - 2.1%

Engility Holdings, Inc.

106,100

2,962,312

Moog, Inc. Class A (a)

70,700

4,852,141

Teledyne Technologies, Inc. (a)

34,600

3,506,018

 

11,320,471

Commercial Services & Supplies - 5.7%

Deluxe Corp.

139,900

8,929,817

Mitie Group PLC

817,800

3,878,519

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

UniFirst Corp.

44,200

$ 5,052,502

West Corp.

402,800

12,325,680

 

30,186,518

Electrical Equipment - 0.8%

EnerSys

65,971

4,396,307

Machinery - 4.3%

Federal Signal Corp.

318,400

4,737,792

Hy-Lok Corp.

120,411

3,961,101

Standex International Corp.

93,900

7,512,939

TriMas Corp. (a)

221,100

6,389,790

 

22,601,622

Marine - 0.4%

SITC International Holdings Co. Ltd.

2,775,000

1,878,954

Professional Services - 0.8%

Benefit One, Inc.

214,900

4,123,307

Transportation Infrastructure - 0.5%

Wesco Aircraft Holdings, Inc. (a)

172,000

2,538,720

TOTAL INDUSTRIALS

77,045,899

INFORMATION TECHNOLOGY - 20.3%

Electronic Equipment & Components - 6.8%

Belden, Inc.

70,700

5,968,494

CDW Corp.

341,300

12,662,230

Insight Enterprises, Inc. (a)

16,500

483,945

SYNNEX Corp.

92,182

7,620,686

Zebra Technologies Corp. Class A (a)

85,300

9,352,292

 

36,087,647

Internet Software & Services - 1.6%

Stamps.com, Inc. (a)

123,700

8,323,773

IT Services - 9.7%

Blackhawk Network Holdings, Inc. (a)

152,300

5,239,120

Cardtronics, Inc. (a)

172,800

6,307,200

EPAM Systems, Inc. (a)

45,100

3,243,141

EVERTEC, Inc.

45,776

1,017,600

Genpact Ltd. (a)

195,700

4,401,293

Global Payments, Inc.

145,100

15,145,538

MoneyGram International, Inc. (a)

354,800

3,448,656

Perficient, Inc. (a)

137,600

2,603,392

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Syntel, Inc. (a)

141,200

$ 6,708,412

WEX, Inc. (a)

30,200

3,424,378

 

51,538,730

Software - 2.2%

NIIT Technologies Ltd. (a)

280,385

1,679,551

Sword Group

82,661

1,906,518

Verint Systems, Inc. (a)

105,800

6,842,086

Zensar Technologies Ltd. (a)

97,116

1,179,325

 

11,607,480

TOTAL INFORMATION TECHNOLOGY

107,557,630

MATERIALS - 3.4%

Chemicals - 1.6%

PolyOne Corp.

209,600

8,151,344

Containers & Packaging - 1.4%

Sealed Air Corp.

153,600

7,480,320

Paper & Forest Products - 0.4%

Neenah Paper, Inc.

36,329

2,190,275

TOTAL MATERIALS

17,821,939

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Amcom Telecommunications Ltd.

248,271

446,067

APT Satellite Holdings Ltd.

480,750

576,628

Asia Satellite Telecommunications Holdings Ltd.

120,000

423,285

iiNet Ltd.

34,583

259,116

 

1,705,096

TOTAL COMMON STOCKS

(Cost $412,684,035)


491,306,909

U.S. Treasury Obligations - 0.3%

 

Principal
Amount (d)

 

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/18/15 to 7/30/15 (h)
(Cost $1,619,971)

$ 1,620,000


1,619,998

Preferred Securities - 0.4%

 

Principal
Amount (d)

Value

FINANCIALS - 0.4%

Diversified Financial Services - 0.4%

Baggot Securities Ltd. 10.24% (f)(g)

(Cost $2,687,396)

EUR

1,730,000

$ 2,047,418

Money Market Funds - 10.0%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

24,790,766

24,790,766

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

27,943,125

27,943,125

TOTAL MONEY MARKET FUNDS

(Cost $52,733,891)


52,733,891

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $469,725,293)

547,708,216

NET OTHER ASSETS (LIABILITIES) - (3.6)%

(18,810,331)

NET ASSETS - 100%

$ 528,897,885

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

251 ICE Russell 2000 Index Contracts (United States)

June 2015

$ 31,231,930

$ 120,011

 

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $45,491,067.

The face value of futures purchased as a percentage of net assets is 5.9%

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $2,047,418 or 0.4% of net assets.

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

(h) 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 $1,303,998.

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

$ 33,341

Fidelity Securities Lending Cash Central Fund

29,466

Total

$ 62,807

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 73,732,955

$ 66,148,458

$ 7,584,497

$ -

Consumer Staples

9,224,979

-

9,224,979

-

Energy

15,075,216

15,075,216

-

-

Financials

111,124,909

109,587,191

1,537,718

-

Health Care

78,018,286

75,499,674

2,518,612

-

Industrials

77,045,899

72,922,592

4,123,307

-

Information Technology

107,557,630

107,557,630

-

-

Materials

17,821,939

17,821,939

-

-

Telecommunication Services

1,705,096

1,705,096

-

-

U.S. Government and Government Agency Obligations

1,619,998

-

1,619,998

-

Preferred Securities

2,047,418

-

2,047,418

-

Money Market Funds

52,733,891

52,733,891

-

-

Total Investments in Securities:

$ 547,708,216

$ 519,051,687

$ 28,656,529

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 120,011

$ 120,011

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

Level 1 to Level 2

$ 24,254,518

Level 2 to Level 1

$ 0

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, 2015. 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

Value

 

Asset

Liability

Equity Risk

Futures Contracts (a)

$ 120,011

$ -

Total Value of Derivatives

$ 120,011

$ -

(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

88.3%

Japan

4.8%

Bermuda

2.0%

Ireland

1.2%

Others (Individually Less Than 1%)

3.7%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $27,240,841) - See accompanying schedule:

Unaffiliated issuers (cost $416,991,402)

$ 494,974,325

 

Fidelity Central Funds (cost $52,733,891)

52,733,891

 

Total Investments (cost $469,725,293)

 

$ 547,708,216

Receivable for investments sold

17,974,570

Receivable for fund shares sold

67,522

Dividends receivable

314,883

Distributions receivable from Fidelity Central Funds

10,021

Prepaid expenses

263

Other receivables

10,942

Total assets

566,086,417

 

 

 

Liabilities

Payable to custodian bank

$ 4,219,007

Payable for investments purchased

4,021,751

Payable for fund shares redeemed

285,825

Accrued management fee

356,071

Payable for daily variation margin for derivative instruments

218,262

Other affiliated payables

93,406

Other payables and accrued expenses

51,085

Collateral on securities loaned, at value

27,943,125

Total liabilities

37,188,532

 

 

 

Net Assets

$ 528,897,885

Net Assets consist of:

 

Paid in capital

$ 447,069,204

Undistributed net investment income

931,926

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,812,901

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

78,083,854

Net Assets, for 45,053,920 shares outstanding

$ 528,897,885

Net Asset Value, offering price and redemption price per share ($528,897,885 ÷ 45,053,920 shares)

$ 11.74

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

Semiannual Report

Statement of Operations

Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 2,810,540

Special dividends

 

1,213,147

Interest

 

16,424

Income from Fidelity Central Funds

 

62,807

Total income

 

4,102,918

 

 

 

Expenses

Management fee
Basic fee

$ 1,824,125

Performance adjustment

216,138

Transfer agent fees

457,740

Accounting and security lending fees

101,776

Custodian fees and expenses

17,411

Independent trustees' compensation

1,093

Audit

28,506

Legal

384

Miscellaneous

2,346

Total expenses before reductions

2,649,519

Expense reductions

(38,907)

2,610,612

Net investment income (loss)

1,492,306

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

210,568

Foreign currency transactions

(47,087)

Futures contracts

3,515,703

Total net realized gain (loss)

 

3,679,184

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $20,885)

36,552,596

Assets and liabilities in foreign currencies

20,935

Futures contracts

(476,022)

Total change in net unrealized appreciation (depreciation)

 

36,097,509

Net gain (loss)

39,776,693

Net increase (decrease) in net assets resulting from operations

$ 41,268,999

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,492,306

$ 811,029

Net realized gain (loss)

3,679,184

15,399,988

Change in net unrealized appreciation (depreciation)

36,097,509

24,000,565

Net increase (decrease) in net assets resulting
from operations

41,268,999

40,211,582

Distributions to shareholders from net investment income

(873,571)

(371,126)

Distributions to shareholders from net realized gain

(14,905,741)

(1,499,894)

Total distributions

(15,779,312)

(1,871,020)

Share transactions
Proceeds from sales of shares

24,156,004

76,149,969

Reinvestment of distributions

15,779,312

1,871,020

Cost of shares redeemed

(54,353,763)

(84,073,515)

Net increase (decrease) in net assets resulting from share transactions

(14,418,447)

(6,052,526)

Total increase (decrease) in net assets

11,071,240

32,288,036

 

 

 

Net Assets

Beginning of period

517,826,645

485,538,609

End of period (including undistributed net investment income of $931,926 and undistributed net investment income of $313,191, respectively)

$ 528,897,885

$ 517,826,645

Other Information

Shares

Sold

2,150,763

7,246,431

Issued in reinvestment of distributions

1,453,584

179,493

Redeemed

(4,812,751)

(7,909,428)

Net increase (decrease)

(1,208,404)

(483,504)

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

Semiannual Report

Financial Highlights

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 11.19

$ 10.39

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .03G

  .02

  -H, K

Net realized and unrealized gain (loss)

  .86

  .82

  .39

Total from investment operations

  .89

  .84

  .39

Distributions from net investment income

  (.02)

  (.01)

  -

Distributions from net realized gain

  (.32)

  (.03)

  -

Total distributions

  (.34)

  (.04)

  -

Net asset value, end of period

$ 11.74

$ 11.19

$ 10.39

Total ReturnB, C

  8.24%

  8.12%

  3.90%

Ratios to Average Net AssetsE, J

 

 

 

Expenses before reductions

  1.01%A

  .94%

  1.07%A

Expenses net of fee waivers, if any

  1.00%A

  .94%

  .95%A

Expenses net of all reductions

  1.00%A

  .94%

  .95%A

Net investment income (loss)

  .57%A, G

  .16%

  (.25)%A, H

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 528,898

$ 517,827

$ 485,539

Portfolio turnover rateF

  33%A

  58%

  4%L

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 $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .11%.

H Investment income per share reflects a large, non-recurring dividend which amounted to less than $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.36)%.

I For the period November 7, 2013 (commencement of operations) to November 30, 2013.

J Expense ratios reflect operating expenses of the Fund. 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 Fund 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 Fund.

K Amount represents less than $.01 per share.

L Amount not annualized

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Series 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. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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.

2. Investments in Fidelity Central Funds.

The Fund invest 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 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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, 2015, including information on transfers between Levels 1 and 2, 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

Semiannual Report

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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

Expenses. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Distributions are declared and recorded on the ex-dividend date. 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 futures contracts, foreign currency transactions, partnerships 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

$ 94,367,891

Gross unrealized depreciation

(16,432,686)

Net unrealized appreciation (depreciation) on securities

$ 77,935,205

 

 

Tax cost

$ 469,773,011

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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

Semiannual Report

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Futures Contracts - continued

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. 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 $3,515,703 and a change in net unrealized appreciation (depreciation) of $(476,022) 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 $77,977,892 and $111,798,523, respectively.

6. 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 .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 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 Fund's relative investment performance 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 .78% 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.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .18% of average net assets.

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 $4,114 for the period.

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 $406 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

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 $29,466. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through January 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $33,811. Effective January 31, 2015 the expense limitation was discontinued.

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 $5,096 for the period.

10. 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.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) 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

State Street Bank & Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
 

AXS5-SANN-0715
1.967944.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Small Cap

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.11%

 

 

 

Actual

 

$ 1,000.00

$ 1,079.80

$ 5.76

HypotheticalA

 

$ 1,000.00

$ 1,019.40

$ 5.59

Class T

1.34%

 

 

 

Actual

 

$ 1,000.00

$ 1,078.50

$ 6.94

HypotheticalA

 

$ 1,000.00

$ 1,018.25

$ 6.74

Class B

1.91%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.20

$ 9.88

HypotheticalA

 

$ 1,000.00

$ 1,015.41

$ 9.60

Class C

1.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.30

$ 9.68

HypotheticalA

 

$ 1,000.00

$ 1,015.61

$ 9.40

Institutional Class

.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.30

$ 4.36

HypotheticalA

 

$ 1,000.00

$ 1,020.74

$ 4.23

Class Z

.69%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.70

$ 3.58

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

2.8

2.5

Community Health Systems, Inc.

2.6

2.3

CDW Corp.

2.3

2.1

West Corp.

2.2

1.5

Office Depot, Inc.

2.2

1.6

BofI Holding, Inc.

2.1

1.8

United Therapeutics Corp.

2.1

1.5

Primerica, Inc.

1.8

2.2

The Ensign Group, Inc.

1.8

1.6

World Fuel Services Corp.

1.7

1.6

 

21.6

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.4

20.7

Financials

21.0

22.7

Consumer Discretionary

14.9

14.6

Health Care

14.4

14.5

Industrials

14.3

15.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

asc183751

Stocks and Equity
Futures 98.9%

 

asc183753

Stocks and Equity
Futures 98.9%

 

asc183755

Other Investments 0.4%

 

asc183757

Other Investments 0.6%

 

asc183759

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.7%

 

asc183761

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

* Foreign investments

14.2%

 

** Foreign investments

15.1%

 

asc183763

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.9%

Diversified Consumer Services - 1.6%

DeVry, Inc.

485,700

$ 15,450

Meiko Network Japan Co. Ltd. (f)

1,577,900

18,309

Tsukada Global Holdings, Inc. (e)(f)

2,800,000

18,006

 

51,765

Household Durables - 1.5%

Iida Group Holdings Co. Ltd.

1,050,000

17,009

Tupperware Brands Corp.

440,000

28,926

 

45,935

Leisure Products - 0.9%

Smith & Wesson Holding Corp. (a)(e)

2,000,000

29,420

Multiline Retail - 1.0%

Big Lots, Inc.

700,000

30,730

Specialty Retail - 9.0%

Aarons, Inc. Class A

1,072,000

37,552

Genesco, Inc. (a)

500,000

33,095

Hibbett Sports, Inc. (a)(e)

800,000

37,240

Jumbo SA

303,981

2,871

Office Depot, Inc. (a)

7,514,200

69,657

Sally Beauty Holdings, Inc. (a)

1,000,000

31,210

Select Comfort Corp. (a)

1,400,000

43,610

Staples, Inc.

1,700,000

27,991

 

283,226

Textiles, Apparel & Luxury Goods - 0.9%

Fossil Group, Inc. (a)

400,000

28,404

TOTAL CONSUMER DISCRETIONARY

469,480

CONSUMER STAPLES - 2.0%

Food & Staples Retailing - 2.0%

Ain Pharmaciez, Inc.

190,000

7,533

Sundrug Co. Ltd.

450,000

23,775

Tsuruha Holdings, Inc.

425,000

31,862

 

63,170

ENERGY - 2.8%

Energy Equipment & Services - 0.9%

Cathedral Energy Services Ltd. (f)

3,363,407

6,085

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Oil States International, Inc. (a)

320,000

$ 13,082

Pason Systems, Inc.

500,000

8,946

 

28,113

Oil, Gas & Consumable Fuels - 1.9%

Delek Logistics Partners LP

145,040

6,744

World Fuel Services Corp.

1,100,000

55,033

 

61,777

TOTAL ENERGY

89,890

FINANCIALS - 20.6%

Banks - 5.3%

Bank of the Ozarks, Inc.

500,000

21,985

ConnectOne Bancorp, Inc.

949,361

18,465

East West Bancorp, Inc.

814,506

34,942

First NBC Bank Holding Co. (a)

800,000

27,192

Investors Bancorp, Inc.

3,316,299

39,829

Wilshire Bancorp, Inc.

2,253,000

24,873

 

167,286

Consumer Finance - 2.1%

PRA Group, Inc. (a)(e)

600,000

34,056

SLM Corp. (a)

3,185,800

32,686

 

66,742

Insurance - 7.0%

CNO Financial Group, Inc.

2,200,000

39,600

Enstar Group Ltd. (a)

150,000

22,743

HCC Insurance Holdings, Inc.

750,000

42,885

Primerica, Inc.

1,300,000

57,499

Reinsurance Group of America, Inc.

500,000

46,775

RenaissanceRe Holdings Ltd.

108,700

11,099

 

220,601

Real Estate Investment Trusts - 3.4%

American Realty Capital Properties, Inc.

2,000,000

17,740

Corrections Corp. of America

1,150,000

40,434

EPR Properties

330,000

19,031

MFA Financial, Inc.

3,900,000

30,966

 

108,171

Real Estate Management & Development - 0.4%

Relo Holdings Corp.

140,000

11,213

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 2.4%

BofI Holding, Inc. (a)(e)

700,000

$ 65,912

Meridian Bancorp, Inc. (a)

780,381

10,020

 

75,932

TOTAL FINANCIALS

649,945

HEALTH CARE - 14.4%

Biotechnology - 2.1%

United Therapeutics Corp. (a)

350,000

64,302

Health Care Equipment & Supplies - 0.8%

The Cooper Companies, Inc.

140,000

25,448

Health Care Providers & Services - 9.2%

Aceto Corp.

1,200,000

28,284

AmSurg Corp. (a)

713,000

48,013

Community Health Systems, Inc. (a)

1,500,000

82,965

Health Net, Inc. (a)

400,000

24,896

MEDNAX, Inc. (a)

300,000

21,354

Providence Service Corp. (a)

600,000

28,836

The Ensign Group, Inc.

1,200,000

55,644

 

289,992

Life Sciences Tools & Services - 0.9%

VWR Corp. (e)

1,081,000

29,479

Pharmaceuticals - 1.4%

Jazz Pharmaceuticals PLC (a)

150,000

26,903

Sawai Pharmaceutical Co. Ltd.

300,000

17,251

 

44,154

TOTAL HEALTH CARE

453,375

INDUSTRIALS - 14.3%

Aerospace & Defense - 2.1%

Engility Holdings, Inc.

600,000

16,752

Moog, Inc. Class A (a)

400,000

27,452

Teledyne Technologies, Inc. (a)

200,000

20,266

 

64,470

Commercial Services & Supplies - 5.6%

Deluxe Corp.

800,000

51,064

Mitie Group PLC

5,600,000

26,559

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

UniFirst Corp.

250,000

$ 28,578

West Corp.

2,300,000

70,380

 

176,581

Electrical Equipment - 0.8%

EnerSys

386,926

25,785

Machinery - 4.1%

Federal Signal Corp.

1,800,000

26,784

Hy-Lok Corp. (f)

700,000

23,028

Standex International Corp.

550,000

44,006

TriMas Corp. (a)

1,250,000

36,125

 

129,943

Marine - 0.4%

SITC International Holdings Co. Ltd.

19,000,000

12,865

Professional Services - 0.8%

Benefit One, Inc.

1,350,000

25,903

Transportation Infrastructure - 0.5%

Wesco Aircraft Holdings, Inc. (a)

1,000,000

14,760

TOTAL INDUSTRIALS

450,307

INFORMATION TECHNOLOGY - 21.4%

Electronic Equipment & Components - 6.6%

Belden, Inc.

400,000

33,768

CDW Corp.

2,000,000

74,200

Insight Enterprises, Inc. (a)

100,000

2,933

SYNNEX Corp.

520,913

43,064

Zebra Technologies Corp. Class A (a)

500,000

54,820

 

208,785

Internet Software & Services - 1.5%

Stamps.com, Inc. (a)

725,000

48,785

IT Services - 9.5%

Blackhawk Network Holdings, Inc. (a)

900,000

30,960

Cardtronics, Inc. (a)

1,000,000

36,500

EPAM Systems, Inc. (a)

250,000

17,978

EVERTEC, Inc.

340,639

7,572

Genpact Ltd. (a)

1,100,000

24,739

Global Payments, Inc.

850,000

88,721

MoneyGram International, Inc. (a)

2,050,000

19,926

Perficient, Inc. (a)

800,000

15,136

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Syntel, Inc. (a)

800,000

$ 38,008

WEX, Inc. (a)

170,000

19,276

 

298,816

Software - 3.8%

NIIT Technologies Ltd. (a)(f)

3,800,000

22,763

Sword Group (f)

587,339

13,547

Verint Systems, Inc. (a)

620,000

40,095

Zensar Technologies Ltd. (a)(f)

3,500,000

42,502

 

118,907

TOTAL INFORMATION TECHNOLOGY

675,293

MATERIALS - 3.3%

Chemicals - 1.5%

PolyOne Corp.

1,200,000

46,668

Containers & Packaging - 1.4%

Sealed Air Corp.

900,000

43,830

Paper & Forest Products - 0.4%

Neenah Paper, Inc.

216,240

13,037

TOTAL MATERIALS

103,535

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

Amcom Telecommunications Ltd.

1,700,000

3,054

APT Satellite Holdings Ltd.

3,150,000

3,778

Asia Satellite Telecommunications Holdings Ltd.

800,000

2,822

iiNet Ltd.

236,805

1,774

 

11,428

TOTAL COMMON STOCKS

(Cost $2,120,659)


2,966,423

U.S. Treasury Obligations - 0.4%

 

Principal
Amount
(000s) (d)

 

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/18/15 to 7/16/15 (i)
(Cost $11,900)

$ 11,900


11,900

Preferred Securities - 0.4%

 

Principal Amount
(000s) (d)

Value (000s)

FINANCIALS - 0.4%

Diversified Financial Services - 0.4%

Baggot Securities Ltd. 10.24% (g)(h)

(Cost $18,643)

EUR

12,000

$ 14,207

Money Market Funds - 6.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

166,409,308

166,409

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

52,823,983

52,824

TOTAL MONEY MARKET FUNDS

(Cost $219,233)


219,233

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $2,370,435)

3,211,763

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(57,897)

NET ASSETS - 100%

$ 3,153,866

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,211 ICE Russell 2000 Index Contracts (United States)

June 2015

$ 150,685

$ 1,586

The face value of futures purchased as a percentage of net assets is 4.8%

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $14,207,000 or 0.5% of net assets.

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

(i) 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 $6,388,000.

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

$ 159

Fidelity Securities Lending Cash Central Fund

125

Total

$ 284

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

Cathedral Energy Services Ltd.

$ 8,984

$ 376

$ -

$ 274

$ 6,085

Hy-Lok Corp.

19,901

-

-

212

23,028

Meiko Network Japan Co. Ltd.

16,216

-

-

203

18,309

NIIT Technologies Ltd.

23,245

-

-

-

22,763

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Stamps.com, Inc.

$ 40,163

$ -

$ 8,260

$ -

$ -

Sword Group

12,905

-

-

668

13,547

The Ensign Group, Inc.

47,304

-

-

180

-

Tsukada Global Holdings, Inc.

17,524

-

-

105

18,006

Zensar Technologies Ltd.

33,225

-

-

255

42,502

Total

$ 219,467

$ 376

$ 8,260

$ 1,897

$ 144,240

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 469,480

$ 416,156

$ 53,324

$ -

Consumer Staples

63,170

-

63,170

-

Energy

89,890

89,890

-

-

Financials

649,945

638,732

11,213

-

Health Care

453,375

436,124

17,251

-

Industrials

450,307

424,404

25,903

-

Information Technology

675,293

675,293

-

-

Materials

103,535

103,535

-

-

Telecommunication Services

11,428

11,428

-

-

U.S. Government and Government Agency Obligations

11,900

-

11,900

-

Preferred Securities

14,207

-

14,207

-

Money Market Funds

219,233

219,233

-

-

Total Investments in Securities:

$ 3,211,763

$ 3,014,795

$ 196,968

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,586

$ 1,586

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 149,638

Level 2 to Level 1

$ 0

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, 2015. 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

Value

(Amounts in thousands)

Asset

Liability

Equity Risk

Futures Contracts (a)

$ 1,586

$ -

Total Value of Derivatives

$ 1,586

$ -

(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

85.8%

Japan

5.4%

India

2.1%

Bermuda

2.0%

Ireland

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $51,319) - See accompanying schedule:

Unaffiliated issuers (cost $2,036,658)

$ 2,848,290

 

Fidelity Central Funds (cost $219,233)

219,233

 

Other affiliated issuers (cost $114,544)

144,240

 

Total Investments (cost $2,370,435)

 

$ 3,211,763

Cash

 

1

Receivable for investments sold

24,213

Receivable for fund shares sold

2,964

Dividends receivable

1,880

Distributions receivable from Fidelity Central Funds

41

Prepaid expenses

1

Other receivables

9

Total assets

3,240,872

 

 

 

Liabilities

Payable for investments purchased

$ 19,770

Payable for fund shares redeemed

9,744

Accrued management fee

2,050

Distribution and service plan fees payable

932

Payable for daily variation margin for derivative instruments

1,026

Other affiliated payables

609

Other payables and accrued expenses

51

Collateral on securities loaned, at value

52,824

Total liabilities

87,006

 

 

 

Net Assets

$ 3,153,866

Net Assets consist of:

 

Paid in capital

$ 2,210,767

Undistributed net investment income

4,136

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

96,095

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

842,868

Net Assets

$ 3,153,866

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,111,259 ÷ 38,902.3 shares)

$ 28.57

 

 

 

Maximum offering price per share (100/94.25 of $28.57)

$ 30.31

Class T:
Net Asset Value and redemption price per share ($960,646 ÷ 35,622.0 shares)

$ 26.97

 

 

 

Maximum offering price per share (100/96.50 of $26.97)

$ 27.95

Class B:
Net Asset Value and offering price per share ($27,977 ÷ 1,219.6 shares)A

$ 22.94

 

 

 

Class C:
Net Asset Value and offering price per share ($331,293 ÷ 14,193.1 shares)A

$ 23.34

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($678,008 ÷ 22,138.9 shares)

$ 30.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($44,683 ÷ 1,463.0 shares)

$ 30.54

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends (including $1,897 earned from other affiliated issuers)

 

$ 17,102

Special dividends

 

6,860

Interest

 

114

Income from Fidelity Central Funds

 

284

Total income

 

24,360

 

 

 

Expenses

Management fee
Basic fee

$ 10,731

Performance adjustment

(1,464)

Transfer agent fees

3,154

Distribution and service plan fees

5,507

Accounting and security lending fees

455

Custodian fees and expenses

54

Independent trustees' compensation

6

Registration fees

67

Audit

34

Legal

3

Miscellaneous

9

Total expenses before reductions

18,556

Expense reductions

(33)

18,523

Net investment income (loss)

5,837

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

78,462

Other affiliated issuers

5,440

 

Foreign currency transactions

(300)

Futures contracts

12,363

Total net realized gain (loss)

 

95,965

Change in net unrealized appreciation (depreciation) on:

Investment securities

128,345

Assets and liabilities in foreign currencies

82

Futures contracts

1,509

Total change in net unrealized appreciation (depreciation)

 

129,936

Net gain (loss)

225,901

Net increase (decrease) in net assets resulting from operations

$ 231,738

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,837

$ 1,228

Net realized gain (loss)

95,965

448,042

Change in net unrealized appreciation (depreciation)

129,936

(182,506)

Net increase (decrease) in net assets resulting from operations

231,738

266,764

Distributions to shareholders from net investment income

(1,701)

(1,611)

Distributions to shareholders from net realized gain

(353,938)

(400,188)

Total distributions

(355,639)

(401,799)

Share transactions - net increase (decrease)

226,971

(287,435)

Total increase (decrease) in net assets

103,070

(422,470)

 

 

 

Net Assets

Beginning of period

3,050,796

3,473,266

End of period (including undistributed net investment income of $4,136 and undistributed net investment income of $0, respectively)

$ 3,153,866

$ 3,050,796

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

$ 21.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .07 H

  .04

  .12 I

  (.03)

  (.09) J

  (.13)

Net realized and unrealized gain (loss)

  2.06

  2.36

  8.45

  .79

  .67

  3.48

Total from investment operations

  2.13

  2.40

  8.57

  .76

  .58

  3.35

Distributions from net investment income

  -

  (.01)

  (.05)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.51)

  (.06)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 28.57

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

Total ReturnB, C, D

  7.98%

  9.06%

  38.30%

  3.87%

  2.17%

  15.95%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.44%

Expenses net of fee waivers, if any

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.40%

Expenses net of all reductions

  1.11%A

  .97%

  1.00%

  1.06%

  1.31%

  1.40%

Net investment income (loss)

  .48%A,H

  .14%

  .46%I

  (.13)%

  (.35)%J

  (.58)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,111

$ 1,097

$ 1,263

$ 1,212

$ 1,461

$ 1,501

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. 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 .29%. J 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)%. K 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

$ 20.37

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03 H

  (.02)

  .06 I

  (.07)

  (.13) J

  (.18)

Net realized and unrealized gain (loss)

  1.95

  2.23

  8.13

  .75

  .64

  3.38

Total from investment operations

  1.98

  2.21

  8.19

  .68

  .51

  3.20

Distributions from net investment income

  -

  -

  (.01)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.50)

  (.02)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 26.97

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

Total ReturnB, C, D

  7.85%

  8.79%

  38.11%

  3.64%

  1.94%

  15.71%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of fee waivers, if any

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of all reductions

  1.34%A

  1.20%

  1.21%

  1.25%

  1.51%

  1.63%

Net investment income (loss)

  .24%A,H

  (.08)%

  .25%I

  (.33)%

  (.55)%J

  (.81)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 961

$ 958

$ 1,113

$ 1,054

$ 1,244

$ 1,356

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.20)%. 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 .09%. J 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 (.70)%. K 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 B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

$ 18.82

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.04) H

  (.16)

  (.08) I

  (.18)

  (.25) J

  (.27)

Net realized and unrealized gain (loss)

  1.66

  1.94

  7.26

  .67

  .61

  3.11

Total from investment operations

  1.62

  1.78

  7.18

  .49

  .36

  2.84

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 22.94

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

Total ReturnB, C, D

  7.52%

  8.16%

  37.26%

  3.03%

  1.39%

  15.09%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.22%

Expenses net of fee waivers, if any

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.15%

Expenses net of all reductions

  1.91%A

  1.79%

  1.80%

  1.84%

  2.10%

  2.14%

Net investment income (loss)

  (.33)%A,H

  (.68)%

  (.34)%I

  (.92)%

  (1.14)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 28

$ 31

$ 40

$ 40

$ 55

$ 76

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.77)%. 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 (.51)%. J 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)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

$ 19.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.03) H

  (.15)

  (.07) I

  (.17)

  (.24) J

  (.27)

Net realized and unrealized gain (loss)

  1.68

  1.98

  7.34

  .68

  .60

  3.14

Total from investment operations

  1.65

  1.83

  7.27

  .51

  .36

  2.87

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 23.34

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

Total ReturnB, C, D

  7.53%

  8.26%

  37.28%

  3.10%

  1.37%

  15.11%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.18%

Expenses net of fee waivers, if any

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.15%

Expenses net of all reductions

  1.87%A

  1.73%

  1.75%

  1.80%

  2.05%

  2.14%

Net investment income (loss)

  (.28)%A,H

  (.62)%

  (.29)%I

  (.88)%

  (1.10)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 331

$ 317

$ 334

$ 284

$ 328

$ 336

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.73)%. 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 (.45)%. J 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 (1.25)%. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

$ 21.86

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .11G

  .13

  .21H

  .04

  (.01) I

  (.07)

Net realized and unrealized gain (loss)

  2.21

  2.50

  8.94

  .83

  .69

  3.63

Total from investment operations

  2.32

  2.63

  9.15

  .87

  .68

  3.56

Distributions from net investment income

  (.08)

  (.06)

  (.13)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.49)

  (3.56)

  (.15) K

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 30.63

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

Total ReturnB, C

  8.13%

  9.33%

  38.79%

  4.15%

  2.49%

  16.29%

Ratios to Average Net Assets E, J

 

 

 

 

 

Expenses before reductions

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of fee waivers, if any

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of all reductions

  .84%A

  .70%

  .70%

  .74%

  1.00%

  1.12%

Net investment income (loss)

  .75%A,G

  .41%

  .76%H

  .18%

  (.05)%I

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 678

$ 627

$ 718

$ 1,141

$ 1,314

$ 1,165

Portfolio turnover rateF

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .30%. 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 .59%. 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 (.19)%. 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. K 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 31.76

$ 32.74

$ 29.79

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .13 G

  .17

  .02 H

Net realized and unrealized gain (loss)

  2.19

  2.51

  2.93

Total from investment operations

  2.32

  2.68

  2.95

Distributions from net investment income

  (.14)

  (.16)

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  -

Total distributions

  (3.54) K

  (3.66)

  -

Net asset value, end of period

$ 30.54

$ 31.76

$ 32.74

Total ReturnB, C

  8.17%

  9.52%

  9.90%

Ratios to Average Net Assets E, J

 

 

 

Expenses before reductions

  .69%A

  .55%

  .56%A

Expenses net of fee waivers, if any

  .69%A

  .55%

  .56%A

Expenses net of all reductions

  .69%A

  .54%

  .55%A

Net investment income (loss)

  .90%A,G

  .57%

  .26%H

Supplemental Data

 

 

 

Net assets, end of period (in millions)

$ 45

$ 20

$ 5

Portfolio turnover rateF

  24% A

  39%

  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. 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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%. I For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013. 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. 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. K Total distributions of $3.54 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $3.406 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

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 futures contracts, foreign currency transactions, partnerships 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

$ 938,302

Gross unrealized depreciation

(96,975)

Net unrealized appreciation (depreciation) on securities

$ 841,327

 

 

Tax cost

$ 2,370,436

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 $12,363 and a change in net unrealized appreciation (depreciation) of $1,509 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 $344,321 and $597,040, respectively.

6. 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 .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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 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 .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 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%

$ 1,365

$ 21

Class T

.25%

.25%

2,381

24

Class B

.75%

.25%

148

111

Class C

.75%

.25%

1,613

103

 

 

 

$ 5,507

$ 259

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

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

$ 87

Class T

14

Class B*

6

Class C*

8

 

$ 115

* 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
Class-Level
Average
Net Assets*

Class A

$ 1,165

.21

Class T

949

.20

Class B

40

.27

Class C

361

.22

Institutional Class

631

.20

Class Z

8

.05

 

$ 3,154

 

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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 $21 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. 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 $125, including $2 from securities loaned to FCM.

Semiannual Report

9. 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 $33 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional class expenses during the period in the amount of two dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ -

$ 284

Institutional Class

1,619

1,305

Class Z

82

22

Total

$ 1,701

$ 1,611

From net realized gain

 

 

Class A

$ 123,666

$ 142,771

Class T

113,567

131,371

Class B

4,225

5,267

Class C

42,961

43,783

Institutional Class

67,403

76,492

Class Z

2,116

504

Total

$ 353,938

$ 400,188

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

3,618

5,882

$ 100,412

$ 166,699

Reinvestment of distributions

4,474

4,985

119,319

134,212

Shares redeemed

(5,950)

(14,908)

(164,936)

(422,262)

Net increase (decrease)

2,142

(4,041)

$ 54,795

$ (121,351)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

3,147

5,277

$ 82,683

$ 141,817

Reinvestment of distributions

4,384

4,931

110,516

126,640

Shares redeemed

(5,652)

(13,972)

(148,628)

(376,684)

Net increase (decrease)

1,879

(3,764)

$ 44,571

$ (108,227)

Class B

 

 

 

 

Shares sold

15

13

$ 333

$ 288

Reinvestment of distributions

189

220

4,069

4,958

Shares redeemed

(240)

(484)

(5,394)

(11,378)

Net increase (decrease)

(36)

(251)

$ (992)

$ (6,132)

Class C

 

 

 

 

Shares sold

981

1,271

$ 22,311

$ 30,236

Reinvestment of distributions

1,812

1,754

39,668

40,042

Shares redeemed

(1,251)

(2,841)

(28,622)

(67,748)

Net increase (decrease)

1,542

184

$ 33,357

$ 2,530

Institutional Class

 

 

 

 

Shares sold

3,925

5,735

$ 117,175

$ 172,958

Reinvestment of distributions

2,131

2,348

60,822

67,135

Shares redeemed

(3,636)

(10,306)

(107,337)

(308,759)

Net increase (decrease)

2,420

(2,223)

$ 70,660

$ (68,666)

Class Z

 

 

 

 

Shares sold

877

611

$ 25,549

$ 18,714

Reinvestment of distributions

77

18

2,198

526

Shares redeemed

(107)

(159)

(3,167)

(4,829)

Net increase (decrease)

847

470

$ 24,580

$ 14,411

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCF-USAN-0715
1.786801.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Small Cap

Fund - Institutional Class

(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.11%

 

 

 

Actual

 

$ 1,000.00

$ 1,079.80

$ 5.76

HypotheticalA

 

$ 1,000.00

$ 1,019.40

$ 5.59

Class T

1.34%

 

 

 

Actual

 

$ 1,000.00

$ 1,078.50

$ 6.94

HypotheticalA

 

$ 1,000.00

$ 1,018.25

$ 6.74

Class B

1.91%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.20

$ 9.88

HypotheticalA

 

$ 1,000.00

$ 1,015.41

$ 9.60

Class C

1.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.30

$ 9.68

HypotheticalA

 

$ 1,000.00

$ 1,015.61

$ 9.40

Institutional Class

.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.30

$ 4.36

HypotheticalA

 

$ 1,000.00

$ 1,020.74

$ 4.23

Class Z

.69%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.70

$ 3.58

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

2.8

2.5

Community Health Systems, Inc.

2.6

2.3

CDW Corp.

2.3

2.1

West Corp.

2.2

1.5

Office Depot, Inc.

2.2

1.6

BofI Holding, Inc.

2.1

1.8

United Therapeutics Corp.

2.1

1.5

Primerica, Inc.

1.8

2.2

The Ensign Group, Inc.

1.8

1.6

World Fuel Services Corp.

1.7

1.6

 

21.6

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.4

20.7

Financials

21.0

22.7

Consumer Discretionary

14.9

14.6

Health Care

14.4

14.5

Industrials

14.3

15.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

cfi183774

Stocks and Equity
Futures 98.9%

 

cfi183776

Stocks and Equity
Futures 98.9%

 

cfi183778

Other Investments 0.4%

 

cfi183780

Other Investments 0.6%

 

cfi183782

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.7%

 

cfi183784

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

* Foreign investments

14.2%

 

** Foreign investments

15.1%

 

cfi183786

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.9%

Diversified Consumer Services - 1.6%

DeVry, Inc.

485,700

$ 15,450

Meiko Network Japan Co. Ltd. (f)

1,577,900

18,309

Tsukada Global Holdings, Inc. (e)(f)

2,800,000

18,006

 

51,765

Household Durables - 1.5%

Iida Group Holdings Co. Ltd.

1,050,000

17,009

Tupperware Brands Corp.

440,000

28,926

 

45,935

Leisure Products - 0.9%

Smith & Wesson Holding Corp. (a)(e)

2,000,000

29,420

Multiline Retail - 1.0%

Big Lots, Inc.

700,000

30,730

Specialty Retail - 9.0%

Aarons, Inc. Class A

1,072,000

37,552

Genesco, Inc. (a)

500,000

33,095

Hibbett Sports, Inc. (a)(e)

800,000

37,240

Jumbo SA

303,981

2,871

Office Depot, Inc. (a)

7,514,200

69,657

Sally Beauty Holdings, Inc. (a)

1,000,000

31,210

Select Comfort Corp. (a)

1,400,000

43,610

Staples, Inc.

1,700,000

27,991

 

283,226

Textiles, Apparel & Luxury Goods - 0.9%

Fossil Group, Inc. (a)

400,000

28,404

TOTAL CONSUMER DISCRETIONARY

469,480

CONSUMER STAPLES - 2.0%

Food & Staples Retailing - 2.0%

Ain Pharmaciez, Inc.

190,000

7,533

Sundrug Co. Ltd.

450,000

23,775

Tsuruha Holdings, Inc.

425,000

31,862

 

63,170

ENERGY - 2.8%

Energy Equipment & Services - 0.9%

Cathedral Energy Services Ltd. (f)

3,363,407

6,085

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Oil States International, Inc. (a)

320,000

$ 13,082

Pason Systems, Inc.

500,000

8,946

 

28,113

Oil, Gas & Consumable Fuels - 1.9%

Delek Logistics Partners LP

145,040

6,744

World Fuel Services Corp.

1,100,000

55,033

 

61,777

TOTAL ENERGY

89,890

FINANCIALS - 20.6%

Banks - 5.3%

Bank of the Ozarks, Inc.

500,000

21,985

ConnectOne Bancorp, Inc.

949,361

18,465

East West Bancorp, Inc.

814,506

34,942

First NBC Bank Holding Co. (a)

800,000

27,192

Investors Bancorp, Inc.

3,316,299

39,829

Wilshire Bancorp, Inc.

2,253,000

24,873

 

167,286

Consumer Finance - 2.1%

PRA Group, Inc. (a)(e)

600,000

34,056

SLM Corp. (a)

3,185,800

32,686

 

66,742

Insurance - 7.0%

CNO Financial Group, Inc.

2,200,000

39,600

Enstar Group Ltd. (a)

150,000

22,743

HCC Insurance Holdings, Inc.

750,000

42,885

Primerica, Inc.

1,300,000

57,499

Reinsurance Group of America, Inc.

500,000

46,775

RenaissanceRe Holdings Ltd.

108,700

11,099

 

220,601

Real Estate Investment Trusts - 3.4%

American Realty Capital Properties, Inc.

2,000,000

17,740

Corrections Corp. of America

1,150,000

40,434

EPR Properties

330,000

19,031

MFA Financial, Inc.

3,900,000

30,966

 

108,171

Real Estate Management & Development - 0.4%

Relo Holdings Corp.

140,000

11,213

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 2.4%

BofI Holding, Inc. (a)(e)

700,000

$ 65,912

Meridian Bancorp, Inc. (a)

780,381

10,020

 

75,932

TOTAL FINANCIALS

649,945

HEALTH CARE - 14.4%

Biotechnology - 2.1%

United Therapeutics Corp. (a)

350,000

64,302

Health Care Equipment & Supplies - 0.8%

The Cooper Companies, Inc.

140,000

25,448

Health Care Providers & Services - 9.2%

Aceto Corp.

1,200,000

28,284

AmSurg Corp. (a)

713,000

48,013

Community Health Systems, Inc. (a)

1,500,000

82,965

Health Net, Inc. (a)

400,000

24,896

MEDNAX, Inc. (a)

300,000

21,354

Providence Service Corp. (a)

600,000

28,836

The Ensign Group, Inc.

1,200,000

55,644

 

289,992

Life Sciences Tools & Services - 0.9%

VWR Corp. (e)

1,081,000

29,479

Pharmaceuticals - 1.4%

Jazz Pharmaceuticals PLC (a)

150,000

26,903

Sawai Pharmaceutical Co. Ltd.

300,000

17,251

 

44,154

TOTAL HEALTH CARE

453,375

INDUSTRIALS - 14.3%

Aerospace & Defense - 2.1%

Engility Holdings, Inc.

600,000

16,752

Moog, Inc. Class A (a)

400,000

27,452

Teledyne Technologies, Inc. (a)

200,000

20,266

 

64,470

Commercial Services & Supplies - 5.6%

Deluxe Corp.

800,000

51,064

Mitie Group PLC

5,600,000

26,559

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

UniFirst Corp.

250,000

$ 28,578

West Corp.

2,300,000

70,380

 

176,581

Electrical Equipment - 0.8%

EnerSys

386,926

25,785

Machinery - 4.1%

Federal Signal Corp.

1,800,000

26,784

Hy-Lok Corp. (f)

700,000

23,028

Standex International Corp.

550,000

44,006

TriMas Corp. (a)

1,250,000

36,125

 

129,943

Marine - 0.4%

SITC International Holdings Co. Ltd.

19,000,000

12,865

Professional Services - 0.8%

Benefit One, Inc.

1,350,000

25,903

Transportation Infrastructure - 0.5%

Wesco Aircraft Holdings, Inc. (a)

1,000,000

14,760

TOTAL INDUSTRIALS

450,307

INFORMATION TECHNOLOGY - 21.4%

Electronic Equipment & Components - 6.6%

Belden, Inc.

400,000

33,768

CDW Corp.

2,000,000

74,200

Insight Enterprises, Inc. (a)

100,000

2,933

SYNNEX Corp.

520,913

43,064

Zebra Technologies Corp. Class A (a)

500,000

54,820

 

208,785

Internet Software & Services - 1.5%

Stamps.com, Inc. (a)

725,000

48,785

IT Services - 9.5%

Blackhawk Network Holdings, Inc. (a)

900,000

30,960

Cardtronics, Inc. (a)

1,000,000

36,500

EPAM Systems, Inc. (a)

250,000

17,978

EVERTEC, Inc.

340,639

7,572

Genpact Ltd. (a)

1,100,000

24,739

Global Payments, Inc.

850,000

88,721

MoneyGram International, Inc. (a)

2,050,000

19,926

Perficient, Inc. (a)

800,000

15,136

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Syntel, Inc. (a)

800,000

$ 38,008

WEX, Inc. (a)

170,000

19,276

 

298,816

Software - 3.8%

NIIT Technologies Ltd. (a)(f)

3,800,000

22,763

Sword Group (f)

587,339

13,547

Verint Systems, Inc. (a)

620,000

40,095

Zensar Technologies Ltd. (a)(f)

3,500,000

42,502

 

118,907

TOTAL INFORMATION TECHNOLOGY

675,293

MATERIALS - 3.3%

Chemicals - 1.5%

PolyOne Corp.

1,200,000

46,668

Containers & Packaging - 1.4%

Sealed Air Corp.

900,000

43,830

Paper & Forest Products - 0.4%

Neenah Paper, Inc.

216,240

13,037

TOTAL MATERIALS

103,535

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

Amcom Telecommunications Ltd.

1,700,000

3,054

APT Satellite Holdings Ltd.

3,150,000

3,778

Asia Satellite Telecommunications Holdings Ltd.

800,000

2,822

iiNet Ltd.

236,805

1,774

 

11,428

TOTAL COMMON STOCKS

(Cost $2,120,659)


2,966,423

U.S. Treasury Obligations - 0.4%

 

Principal
Amount
(000s) (d)

 

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/18/15 to 7/16/15 (i)
(Cost $11,900)

$ 11,900


11,900

Preferred Securities - 0.4%

 

Principal Amount
(000s) (d)

Value (000s)

FINANCIALS - 0.4%

Diversified Financial Services - 0.4%

Baggot Securities Ltd. 10.24% (g)(h)

(Cost $18,643)

EUR

12,000

$ 14,207

Money Market Funds - 6.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

166,409,308

166,409

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

52,823,983

52,824

TOTAL MONEY MARKET FUNDS

(Cost $219,233)


219,233

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $2,370,435)

3,211,763

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(57,897)

NET ASSETS - 100%

$ 3,153,866

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,211 ICE Russell 2000 Index Contracts (United States)

June 2015

$ 150,685

$ 1,586

The face value of futures purchased as a percentage of net assets is 4.8%

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $14,207,000 or 0.5% of net assets.

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

(i) 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 $6,388,000.

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

$ 159

Fidelity Securities Lending Cash Central Fund

125

Total

$ 284

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

Cathedral Energy Services Ltd.

$ 8,984

$ 376

$ -

$ 274

$ 6,085

Hy-Lok Corp.

19,901

-

-

212

23,028

Meiko Network Japan Co. Ltd.

16,216

-

-

203

18,309

NIIT Technologies Ltd.

23,245

-

-

-

22,763

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Stamps.com, Inc.

$ 40,163

$ -

$ 8,260

$ -

$ -

Sword Group

12,905

-

-

668

13,547

The Ensign Group, Inc.

47,304

-

-

180

-

Tsukada Global Holdings, Inc.

17,524

-

-

105

18,006

Zensar Technologies Ltd.

33,225

-

-

255

42,502

Total

$ 219,467

$ 376

$ 8,260

$ 1,897

$ 144,240

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 469,480

$ 416,156

$ 53,324

$ -

Consumer Staples

63,170

-

63,170

-

Energy

89,890

89,890

-

-

Financials

649,945

638,732

11,213

-

Health Care

453,375

436,124

17,251

-

Industrials

450,307

424,404

25,903

-

Information Technology

675,293

675,293

-

-

Materials

103,535

103,535

-

-

Telecommunication Services

11,428

11,428

-

-

U.S. Government and Government Agency Obligations

11,900

-

11,900

-

Preferred Securities

14,207

-

14,207

-

Money Market Funds

219,233

219,233

-

-

Total Investments in Securities:

$ 3,211,763

$ 3,014,795

$ 196,968

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,586

$ 1,586

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 149,638

Level 2 to Level 1

$ 0

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, 2015. 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

Value

(Amounts in thousands)

Asset

Liability

Equity Risk

Futures Contracts (a)

$ 1,586

$ -

Total Value of Derivatives

$ 1,586

$ -

(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

85.8%

Japan

5.4%

India

2.1%

Bermuda

2.0%

Ireland

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $51,319) - See accompanying schedule:

Unaffiliated issuers (cost $2,036,658)

$ 2,848,290

 

Fidelity Central Funds (cost $219,233)

219,233

 

Other affiliated issuers (cost $114,544)

144,240

 

Total Investments (cost $2,370,435)

 

$ 3,211,763

Cash

 

1

Receivable for investments sold

24,213

Receivable for fund shares sold

2,964

Dividends receivable

1,880

Distributions receivable from Fidelity Central Funds

41

Prepaid expenses

1

Other receivables

9

Total assets

3,240,872

 

 

 

Liabilities

Payable for investments purchased

$ 19,770

Payable for fund shares redeemed

9,744

Accrued management fee

2,050

Distribution and service plan fees payable

932

Payable for daily variation margin for derivative instruments

1,026

Other affiliated payables

609

Other payables and accrued expenses

51

Collateral on securities loaned, at value

52,824

Total liabilities

87,006

 

 

 

Net Assets

$ 3,153,866

Net Assets consist of:

 

Paid in capital

$ 2,210,767

Undistributed net investment income

4,136

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

96,095

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

842,868

Net Assets

$ 3,153,866

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,111,259 ÷ 38,902.3 shares)

$ 28.57

 

 

 

Maximum offering price per share (100/94.25 of $28.57)

$ 30.31

Class T:
Net Asset Value and redemption price per share ($960,646 ÷ 35,622.0 shares)

$ 26.97

 

 

 

Maximum offering price per share (100/96.50 of $26.97)

$ 27.95

Class B:
Net Asset Value and offering price per share ($27,977 ÷ 1,219.6 shares)A

$ 22.94

 

 

 

Class C:
Net Asset Value and offering price per share ($331,293 ÷ 14,193.1 shares)A

$ 23.34

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($678,008 ÷ 22,138.9 shares)

$ 30.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($44,683 ÷ 1,463.0 shares)

$ 30.54

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends (including $1,897 earned from other affiliated issuers)

 

$ 17,102

Special dividends

 

6,860

Interest

 

114

Income from Fidelity Central Funds

 

284

Total income

 

24,360

 

 

 

Expenses

Management fee
Basic fee

$ 10,731

Performance adjustment

(1,464)

Transfer agent fees

3,154

Distribution and service plan fees

5,507

Accounting and security lending fees

455

Custodian fees and expenses

54

Independent trustees' compensation

6

Registration fees

67

Audit

34

Legal

3

Miscellaneous

9

Total expenses before reductions

18,556

Expense reductions

(33)

18,523

Net investment income (loss)

5,837

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

78,462

Other affiliated issuers

5,440

 

Foreign currency transactions

(300)

Futures contracts

12,363

Total net realized gain (loss)

 

95,965

Change in net unrealized appreciation (depreciation) on:

Investment securities

128,345

Assets and liabilities in foreign currencies

82

Futures contracts

1,509

Total change in net unrealized appreciation (depreciation)

 

129,936

Net gain (loss)

225,901

Net increase (decrease) in net assets resulting from operations

$ 231,738

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,837

$ 1,228

Net realized gain (loss)

95,965

448,042

Change in net unrealized appreciation (depreciation)

129,936

(182,506)

Net increase (decrease) in net assets resulting from operations

231,738

266,764

Distributions to shareholders from net investment income

(1,701)

(1,611)

Distributions to shareholders from net realized gain

(353,938)

(400,188)

Total distributions

(355,639)

(401,799)

Share transactions - net increase (decrease)

226,971

(287,435)

Total increase (decrease) in net assets

103,070

(422,470)

 

 

 

Net Assets

Beginning of period

3,050,796

3,473,266

End of period (including undistributed net investment income of $4,136 and undistributed net investment income of $0, respectively)

$ 3,153,866

$ 3,050,796

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

$ 21.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .07 H

  .04

  .12 I

  (.03)

  (.09) J

  (.13)

Net realized and unrealized gain (loss)

  2.06

  2.36

  8.45

  .79

  .67

  3.48

Total from investment operations

  2.13

  2.40

  8.57

  .76

  .58

  3.35

Distributions from net investment income

  -

  (.01)

  (.05)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.51)

  (.06)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 28.57

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

Total ReturnB, C, D

  7.98%

  9.06%

  38.30%

  3.87%

  2.17%

  15.95%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.44%

Expenses net of fee waivers, if any

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.40%

Expenses net of all reductions

  1.11%A

  .97%

  1.00%

  1.06%

  1.31%

  1.40%

Net investment income (loss)

  .48%A,H

  .14%

  .46%I

  (.13)%

  (.35)%J

  (.58)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,111

$ 1,097

$ 1,263

$ 1,212

$ 1,461

$ 1,501

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. 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 .29%. J 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)%. K 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

$ 20.37

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03 H

  (.02)

  .06 I

  (.07)

  (.13) J

  (.18)

Net realized and unrealized gain (loss)

  1.95

  2.23

  8.13

  .75

  .64

  3.38

Total from investment operations

  1.98

  2.21

  8.19

  .68

  .51

  3.20

Distributions from net investment income

  -

  -

  (.01)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.50)

  (.02)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 26.97

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

Total ReturnB, C, D

  7.85%

  8.79%

  38.11%

  3.64%

  1.94%

  15.71%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of fee waivers, if any

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of all reductions

  1.34%A

  1.20%

  1.21%

  1.25%

  1.51%

  1.63%

Net investment income (loss)

  .24%A,H

  (.08)%

  .25%I

  (.33)%

  (.55)%J

  (.81)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 961

$ 958

$ 1,113

$ 1,054

$ 1,244

$ 1,356

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.20)%. 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 .09%. J 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 (.70)%. K 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 B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

$ 18.82

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.04) H

  (.16)

  (.08) I

  (.18)

  (.25) J

  (.27)

Net realized and unrealized gain (loss)

  1.66

  1.94

  7.26

  .67

  .61

  3.11

Total from investment operations

  1.62

  1.78

  7.18

  .49

  .36

  2.84

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 22.94

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

Total ReturnB, C, D

  7.52%

  8.16%

  37.26%

  3.03%

  1.39%

  15.09%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.22%

Expenses net of fee waivers, if any

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.15%

Expenses net of all reductions

  1.91%A

  1.79%

  1.80%

  1.84%

  2.10%

  2.14%

Net investment income (loss)

  (.33)%A,H

  (.68)%

  (.34)%I

  (.92)%

  (1.14)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 28

$ 31

$ 40

$ 40

$ 55

$ 76

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.77)%. 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 (.51)%. J 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)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

$ 19.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.03) H

  (.15)

  (.07) I

  (.17)

  (.24) J

  (.27)

Net realized and unrealized gain (loss)

  1.68

  1.98

  7.34

  .68

  .60

  3.14

Total from investment operations

  1.65

  1.83

  7.27

  .51

  .36

  2.87

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 23.34

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

Total ReturnB, C, D

  7.53%

  8.26%

  37.28%

  3.10%

  1.37%

  15.11%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.18%

Expenses net of fee waivers, if any

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.15%

Expenses net of all reductions

  1.87%A

  1.73%

  1.75%

  1.80%

  2.05%

  2.14%

Net investment income (loss)

  (.28)%A,H

  (.62)%

  (.29)%I

  (.88)%

  (1.10)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 331

$ 317

$ 334

$ 284

$ 328

$ 336

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.73)%. 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 (.45)%. J 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 (1.25)%. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

$ 21.86

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .11G

  .13

  .21H

  .04

  (.01) I

  (.07)

Net realized and unrealized gain (loss)

  2.21

  2.50

  8.94

  .83

  .69

  3.63

Total from investment operations

  2.32

  2.63

  9.15

  .87

  .68

  3.56

Distributions from net investment income

  (.08)

  (.06)

  (.13)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.49)

  (3.56)

  (.15) K

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 30.63

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

Total ReturnB, C

  8.13%

  9.33%

  38.79%

  4.15%

  2.49%

  16.29%

Ratios to Average Net Assets E, J

 

 

 

 

 

Expenses before reductions

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of fee waivers, if any

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of all reductions

  .84%A

  .70%

  .70%

  .74%

  1.00%

  1.12%

Net investment income (loss)

  .75%A,G

  .41%

  .76%H

  .18%

  (.05)%I

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 678

$ 627

$ 718

$ 1,141

$ 1,314

$ 1,165

Portfolio turnover rateF

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .30%. 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 .59%. 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 (.19)%. 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. K 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 31.76

$ 32.74

$ 29.79

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .13 G

  .17

  .02 H

Net realized and unrealized gain (loss)

  2.19

  2.51

  2.93

Total from investment operations

  2.32

  2.68

  2.95

Distributions from net investment income

  (.14)

  (.16)

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  -

Total distributions

  (3.54) K

  (3.66)

  -

Net asset value, end of period

$ 30.54

$ 31.76

$ 32.74

Total ReturnB, C

  8.17%

  9.52%

  9.90%

Ratios to Average Net Assets E, J

 

 

 

Expenses before reductions

  .69%A

  .55%

  .56%A

Expenses net of fee waivers, if any

  .69%A

  .55%

  .56%A

Expenses net of all reductions

  .69%A

  .54%

  .55%A

Net investment income (loss)

  .90%A,G

  .57%

  .26%H

Supplemental Data

 

 

 

Net assets, end of period (in millions)

$ 45

$ 20

$ 5

Portfolio turnover rateF

  24% A

  39%

  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. 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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%. I For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013. 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. 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. K Total distributions of $3.54 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $3.406 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

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 futures contracts, foreign currency transactions, partnerships 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

$ 938,302

Gross unrealized depreciation

(96,975)

Net unrealized appreciation (depreciation) on securities

$ 841,327

 

 

Tax cost

$ 2,370,436

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 $12,363 and a change in net unrealized appreciation (depreciation) of $1,509 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 $344,321 and $597,040, respectively.

6. 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 .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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 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 .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 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%

$ 1,365

$ 21

Class T

.25%

.25%

2,381

24

Class B

.75%

.25%

148

111

Class C

.75%

.25%

1,613

103

 

 

 

$ 5,507

$ 259

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

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

$ 87

Class T

14

Class B*

6

Class C*

8

 

$ 115

* 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
Class-Level
Average
Net Assets*

Class A

$ 1,165

.21

Class T

949

.20

Class B

40

.27

Class C

361

.22

Institutional Class

631

.20

Class Z

8

.05

 

$ 3,154

 

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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 $21 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. 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 $125, including $2 from securities loaned to FCM.

Semiannual Report

9. 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 $33 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional class expenses during the period in the amount of two dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ -

$ 284

Institutional Class

1,619

1,305

Class Z

82

22

Total

$ 1,701

$ 1,611

From net realized gain

 

 

Class A

$ 123,666

$ 142,771

Class T

113,567

131,371

Class B

4,225

5,267

Class C

42,961

43,783

Institutional Class

67,403

76,492

Class Z

2,116

504

Total

$ 353,938

$ 400,188

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

3,618

5,882

$ 100,412

$ 166,699

Reinvestment of distributions

4,474

4,985

119,319

134,212

Shares redeemed

(5,950)

(14,908)

(164,936)

(422,262)

Net increase (decrease)

2,142

(4,041)

$ 54,795

$ (121,351)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

3,147

5,277

$ 82,683

$ 141,817

Reinvestment of distributions

4,384

4,931

110,516

126,640

Shares redeemed

(5,652)

(13,972)

(148,628)

(376,684)

Net increase (decrease)

1,879

(3,764)

$ 44,571

$ (108,227)

Class B

 

 

 

 

Shares sold

15

13

$ 333

$ 288

Reinvestment of distributions

189

220

4,069

4,958

Shares redeemed

(240)

(484)

(5,394)

(11,378)

Net increase (decrease)

(36)

(251)

$ (992)

$ (6,132)

Class C

 

 

 

 

Shares sold

981

1,271

$ 22,311

$ 30,236

Reinvestment of distributions

1,812

1,754

39,668

40,042

Shares redeemed

(1,251)

(2,841)

(28,622)

(67,748)

Net increase (decrease)

1,542

184

$ 33,357

$ 2,530

Institutional Class

 

 

 

 

Shares sold

3,925

5,735

$ 117,175

$ 172,958

Reinvestment of distributions

2,131

2,348

60,822

67,135

Shares redeemed

(3,636)

(10,306)

(107,337)

(308,759)

Net increase (decrease)

2,420

(2,223)

$ 70,660

$ (68,666)

Class Z

 

 

 

 

Shares sold

877

611

$ 25,549

$ 18,714

Reinvestment of distributions

77

18

2,198

526

Shares redeemed

(107)

(159)

(3,167)

(4,829)

Net increase (decrease)

847

470

$ 24,580

$ 14,411

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCFI-USAN-0715
1.786802.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Small Cap

Fund - Class Z

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.11%

 

 

 

Actual

 

$ 1,000.00

$ 1,079.80

$ 5.76

HypotheticalA

 

$ 1,000.00

$ 1,019.40

$ 5.59

Class T

1.34%

 

 

 

Actual

 

$ 1,000.00

$ 1,078.50

$ 6.94

HypotheticalA

 

$ 1,000.00

$ 1,018.25

$ 6.74

Class B

1.91%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.20

$ 9.88

HypotheticalA

 

$ 1,000.00

$ 1,015.41

$ 9.60

Class C

1.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.30

$ 9.68

HypotheticalA

 

$ 1,000.00

$ 1,015.61

$ 9.40

Institutional Class

.84%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.30

$ 4.36

HypotheticalA

 

$ 1,000.00

$ 1,020.74

$ 4.23

Class Z

.69%

 

 

 

Actual

 

$ 1,000.00

$ 1,081.70

$ 3.58

HypotheticalA

 

$ 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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Global Payments, Inc.

2.8

2.5

Community Health Systems, Inc.

2.6

2.3

CDW Corp.

2.3

2.1

West Corp.

2.2

1.5

Office Depot, Inc.

2.2

1.6

BofI Holding, Inc.

2.1

1.8

United Therapeutics Corp.

2.1

1.5

Primerica, Inc.

1.8

2.2

The Ensign Group, Inc.

1.8

1.6

World Fuel Services Corp.

1.7

1.6

 

21.6

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.4

20.7

Financials

21.0

22.7

Consumer Discretionary

14.9

14.6

Health Care

14.4

14.5

Industrials

14.3

15.1

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

cfz183796

Stocks and Equity
Futures 98.9%

 

cfz183798

Stocks and Equity
Futures 98.9%

 

cfz183800

Other Investments 0.4%

 

cfz183802

Other Investments 0.6%

 

cfz183804

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.7%

 

cfz183806

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

* Foreign investments

14.2%

 

** Foreign investments

15.1%

 

cfz183808

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.9%

Diversified Consumer Services - 1.6%

DeVry, Inc.

485,700

$ 15,450

Meiko Network Japan Co. Ltd. (f)

1,577,900

18,309

Tsukada Global Holdings, Inc. (e)(f)

2,800,000

18,006

 

51,765

Household Durables - 1.5%

Iida Group Holdings Co. Ltd.

1,050,000

17,009

Tupperware Brands Corp.

440,000

28,926

 

45,935

Leisure Products - 0.9%

Smith & Wesson Holding Corp. (a)(e)

2,000,000

29,420

Multiline Retail - 1.0%

Big Lots, Inc.

700,000

30,730

Specialty Retail - 9.0%

Aarons, Inc. Class A

1,072,000

37,552

Genesco, Inc. (a)

500,000

33,095

Hibbett Sports, Inc. (a)(e)

800,000

37,240

Jumbo SA

303,981

2,871

Office Depot, Inc. (a)

7,514,200

69,657

Sally Beauty Holdings, Inc. (a)

1,000,000

31,210

Select Comfort Corp. (a)

1,400,000

43,610

Staples, Inc.

1,700,000

27,991

 

283,226

Textiles, Apparel & Luxury Goods - 0.9%

Fossil Group, Inc. (a)

400,000

28,404

TOTAL CONSUMER DISCRETIONARY

469,480

CONSUMER STAPLES - 2.0%

Food & Staples Retailing - 2.0%

Ain Pharmaciez, Inc.

190,000

7,533

Sundrug Co. Ltd.

450,000

23,775

Tsuruha Holdings, Inc.

425,000

31,862

 

63,170

ENERGY - 2.8%

Energy Equipment & Services - 0.9%

Cathedral Energy Services Ltd. (f)

3,363,407

6,085

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Oil States International, Inc. (a)

320,000

$ 13,082

Pason Systems, Inc.

500,000

8,946

 

28,113

Oil, Gas & Consumable Fuels - 1.9%

Delek Logistics Partners LP

145,040

6,744

World Fuel Services Corp.

1,100,000

55,033

 

61,777

TOTAL ENERGY

89,890

FINANCIALS - 20.6%

Banks - 5.3%

Bank of the Ozarks, Inc.

500,000

21,985

ConnectOne Bancorp, Inc.

949,361

18,465

East West Bancorp, Inc.

814,506

34,942

First NBC Bank Holding Co. (a)

800,000

27,192

Investors Bancorp, Inc.

3,316,299

39,829

Wilshire Bancorp, Inc.

2,253,000

24,873

 

167,286

Consumer Finance - 2.1%

PRA Group, Inc. (a)(e)

600,000

34,056

SLM Corp. (a)

3,185,800

32,686

 

66,742

Insurance - 7.0%

CNO Financial Group, Inc.

2,200,000

39,600

Enstar Group Ltd. (a)

150,000

22,743

HCC Insurance Holdings, Inc.

750,000

42,885

Primerica, Inc.

1,300,000

57,499

Reinsurance Group of America, Inc.

500,000

46,775

RenaissanceRe Holdings Ltd.

108,700

11,099

 

220,601

Real Estate Investment Trusts - 3.4%

American Realty Capital Properties, Inc.

2,000,000

17,740

Corrections Corp. of America

1,150,000

40,434

EPR Properties

330,000

19,031

MFA Financial, Inc.

3,900,000

30,966

 

108,171

Real Estate Management & Development - 0.4%

Relo Holdings Corp.

140,000

11,213

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 2.4%

BofI Holding, Inc. (a)(e)

700,000

$ 65,912

Meridian Bancorp, Inc. (a)

780,381

10,020

 

75,932

TOTAL FINANCIALS

649,945

HEALTH CARE - 14.4%

Biotechnology - 2.1%

United Therapeutics Corp. (a)

350,000

64,302

Health Care Equipment & Supplies - 0.8%

The Cooper Companies, Inc.

140,000

25,448

Health Care Providers & Services - 9.2%

Aceto Corp.

1,200,000

28,284

AmSurg Corp. (a)

713,000

48,013

Community Health Systems, Inc. (a)

1,500,000

82,965

Health Net, Inc. (a)

400,000

24,896

MEDNAX, Inc. (a)

300,000

21,354

Providence Service Corp. (a)

600,000

28,836

The Ensign Group, Inc.

1,200,000

55,644

 

289,992

Life Sciences Tools & Services - 0.9%

VWR Corp. (e)

1,081,000

29,479

Pharmaceuticals - 1.4%

Jazz Pharmaceuticals PLC (a)

150,000

26,903

Sawai Pharmaceutical Co. Ltd.

300,000

17,251

 

44,154

TOTAL HEALTH CARE

453,375

INDUSTRIALS - 14.3%

Aerospace & Defense - 2.1%

Engility Holdings, Inc.

600,000

16,752

Moog, Inc. Class A (a)

400,000

27,452

Teledyne Technologies, Inc. (a)

200,000

20,266

 

64,470

Commercial Services & Supplies - 5.6%

Deluxe Corp.

800,000

51,064

Mitie Group PLC

5,600,000

26,559

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

UniFirst Corp.

250,000

$ 28,578

West Corp.

2,300,000

70,380

 

176,581

Electrical Equipment - 0.8%

EnerSys

386,926

25,785

Machinery - 4.1%

Federal Signal Corp.

1,800,000

26,784

Hy-Lok Corp. (f)

700,000

23,028

Standex International Corp.

550,000

44,006

TriMas Corp. (a)

1,250,000

36,125

 

129,943

Marine - 0.4%

SITC International Holdings Co. Ltd.

19,000,000

12,865

Professional Services - 0.8%

Benefit One, Inc.

1,350,000

25,903

Transportation Infrastructure - 0.5%

Wesco Aircraft Holdings, Inc. (a)

1,000,000

14,760

TOTAL INDUSTRIALS

450,307

INFORMATION TECHNOLOGY - 21.4%

Electronic Equipment & Components - 6.6%

Belden, Inc.

400,000

33,768

CDW Corp.

2,000,000

74,200

Insight Enterprises, Inc. (a)

100,000

2,933

SYNNEX Corp.

520,913

43,064

Zebra Technologies Corp. Class A (a)

500,000

54,820

 

208,785

Internet Software & Services - 1.5%

Stamps.com, Inc. (a)

725,000

48,785

IT Services - 9.5%

Blackhawk Network Holdings, Inc. (a)

900,000

30,960

Cardtronics, Inc. (a)

1,000,000

36,500

EPAM Systems, Inc. (a)

250,000

17,978

EVERTEC, Inc.

340,639

7,572

Genpact Ltd. (a)

1,100,000

24,739

Global Payments, Inc.

850,000

88,721

MoneyGram International, Inc. (a)

2,050,000

19,926

Perficient, Inc. (a)

800,000

15,136

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Syntel, Inc. (a)

800,000

$ 38,008

WEX, Inc. (a)

170,000

19,276

 

298,816

Software - 3.8%

NIIT Technologies Ltd. (a)(f)

3,800,000

22,763

Sword Group (f)

587,339

13,547

Verint Systems, Inc. (a)

620,000

40,095

Zensar Technologies Ltd. (a)(f)

3,500,000

42,502

 

118,907

TOTAL INFORMATION TECHNOLOGY

675,293

MATERIALS - 3.3%

Chemicals - 1.5%

PolyOne Corp.

1,200,000

46,668

Containers & Packaging - 1.4%

Sealed Air Corp.

900,000

43,830

Paper & Forest Products - 0.4%

Neenah Paper, Inc.

216,240

13,037

TOTAL MATERIALS

103,535

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

Amcom Telecommunications Ltd.

1,700,000

3,054

APT Satellite Holdings Ltd.

3,150,000

3,778

Asia Satellite Telecommunications Holdings Ltd.

800,000

2,822

iiNet Ltd.

236,805

1,774

 

11,428

TOTAL COMMON STOCKS

(Cost $2,120,659)


2,966,423

U.S. Treasury Obligations - 0.4%

 

Principal
Amount
(000s) (d)

 

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/18/15 to 7/16/15 (i)
(Cost $11,900)

$ 11,900


11,900

Preferred Securities - 0.4%

 

Principal Amount
(000s) (d)

Value (000s)

FINANCIALS - 0.4%

Diversified Financial Services - 0.4%

Baggot Securities Ltd. 10.24% (g)(h)

(Cost $18,643)

EUR

12,000

$ 14,207

Money Market Funds - 6.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

166,409,308

166,409

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

52,823,983

52,824

TOTAL MONEY MARKET FUNDS

(Cost $219,233)


219,233

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $2,370,435)

3,211,763

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(57,897)

NET ASSETS - 100%

$ 3,153,866

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

1,211 ICE Russell 2000 Index Contracts (United States)

June 2015

$ 150,685

$ 1,586

The face value of futures purchased as a percentage of net assets is 4.8%

Currency Abbreviations

EUR

-

European Monetary Unit

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.

(c) Investment made with cash collateral received from securities on loan.

(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 $14,207,000 or 0.5% of net assets.

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

(i) 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 $6,388,000.

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

$ 159

Fidelity Securities Lending Cash Central Fund

125

Total

$ 284

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

Cathedral Energy Services Ltd.

$ 8,984

$ 376

$ -

$ 274

$ 6,085

Hy-Lok Corp.

19,901

-

-

212

23,028

Meiko Network Japan Co. Ltd.

16,216

-

-

203

18,309

NIIT Technologies Ltd.

23,245

-

-

-

22,763

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Stamps.com, Inc.

$ 40,163

$ -

$ 8,260

$ -

$ -

Sword Group

12,905

-

-

668

13,547

The Ensign Group, Inc.

47,304

-

-

180

-

Tsukada Global Holdings, Inc.

17,524

-

-

105

18,006

Zensar Technologies Ltd.

33,225

-

-

255

42,502

Total

$ 219,467

$ 376

$ 8,260

$ 1,897

$ 144,240

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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

$ 469,480

$ 416,156

$ 53,324

$ -

Consumer Staples

63,170

-

63,170

-

Energy

89,890

89,890

-

-

Financials

649,945

638,732

11,213

-

Health Care

453,375

436,124

17,251

-

Industrials

450,307

424,404

25,903

-

Information Technology

675,293

675,293

-

-

Materials

103,535

103,535

-

-

Telecommunication Services

11,428

11,428

-

-

U.S. Government and Government Agency Obligations

11,900

-

11,900

-

Preferred Securities

14,207

-

14,207

-

Money Market Funds

219,233

219,233

-

-

Total Investments in Securities:

$ 3,211,763

$ 3,014,795

$ 196,968

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 1,586

$ 1,586

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2015. 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

$ 149,638

Level 2 to Level 1

$ 0

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, 2015. 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

Value

(Amounts in thousands)

Asset

Liability

Equity Risk

Futures Contracts (a)

$ 1,586

$ -

Total Value of Derivatives

$ 1,586

$ -

(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

85.8%

Japan

5.4%

India

2.1%

Bermuda

2.0%

Ireland

1.3%

Others (Individually Less Than 1%)

3.4%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $51,319) - See accompanying schedule:

Unaffiliated issuers (cost $2,036,658)

$ 2,848,290

 

Fidelity Central Funds (cost $219,233)

219,233

 

Other affiliated issuers (cost $114,544)

144,240

 

Total Investments (cost $2,370,435)

 

$ 3,211,763

Cash

 

1

Receivable for investments sold

24,213

Receivable for fund shares sold

2,964

Dividends receivable

1,880

Distributions receivable from Fidelity Central Funds

41

Prepaid expenses

1

Other receivables

9

Total assets

3,240,872

 

 

 

Liabilities

Payable for investments purchased

$ 19,770

Payable for fund shares redeemed

9,744

Accrued management fee

2,050

Distribution and service plan fees payable

932

Payable for daily variation margin for derivative instruments

1,026

Other affiliated payables

609

Other payables and accrued expenses

51

Collateral on securities loaned, at value

52,824

Total liabilities

87,006

 

 

 

Net Assets

$ 3,153,866

Net Assets consist of:

 

Paid in capital

$ 2,210,767

Undistributed net investment income

4,136

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

96,095

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

842,868

Net Assets

$ 3,153,866

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($1,111,259 ÷ 38,902.3 shares)

$ 28.57

 

 

 

Maximum offering price per share (100/94.25 of $28.57)

$ 30.31

Class T:
Net Asset Value and redemption price per share ($960,646 ÷ 35,622.0 shares)

$ 26.97

 

 

 

Maximum offering price per share (100/96.50 of $26.97)

$ 27.95

Class B:
Net Asset Value and offering price per share ($27,977 ÷ 1,219.6 shares)A

$ 22.94

 

 

 

Class C:
Net Asset Value and offering price per share ($331,293 ÷ 14,193.1 shares)A

$ 23.34

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($678,008 ÷ 22,138.9 shares)

$ 30.63

 

 

 

Class Z:
Net Asset Value, offering price and redemption price per share ($44,683 ÷ 1,463.0 shares)

$ 30.54

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

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends (including $1,897 earned from other affiliated issuers)

 

$ 17,102

Special dividends

 

6,860

Interest

 

114

Income from Fidelity Central Funds

 

284

Total income

 

24,360

 

 

 

Expenses

Management fee
Basic fee

$ 10,731

Performance adjustment

(1,464)

Transfer agent fees

3,154

Distribution and service plan fees

5,507

Accounting and security lending fees

455

Custodian fees and expenses

54

Independent trustees' compensation

6

Registration fees

67

Audit

34

Legal

3

Miscellaneous

9

Total expenses before reductions

18,556

Expense reductions

(33)

18,523

Net investment income (loss)

5,837

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

78,462

Other affiliated issuers

5,440

 

Foreign currency transactions

(300)

Futures contracts

12,363

Total net realized gain (loss)

 

95,965

Change in net unrealized appreciation (depreciation) on:

Investment securities

128,345

Assets and liabilities in foreign currencies

82

Futures contracts

1,509

Total change in net unrealized appreciation (depreciation)

 

129,936

Net gain (loss)

225,901

Net increase (decrease) in net assets resulting from operations

$ 231,738

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, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,837

$ 1,228

Net realized gain (loss)

95,965

448,042

Change in net unrealized appreciation (depreciation)

129,936

(182,506)

Net increase (decrease) in net assets resulting from operations

231,738

266,764

Distributions to shareholders from net investment income

(1,701)

(1,611)

Distributions to shareholders from net realized gain

(353,938)

(400,188)

Total distributions

(355,639)

(401,799)

Share transactions - net increase (decrease)

226,971

(287,435)

Total increase (decrease) in net assets

103,070

(422,470)

 

 

 

Net Assets

Beginning of period

3,050,796

3,473,266

End of period (including undistributed net investment income of $4,136 and undistributed net investment income of $0, respectively)

$ 3,153,866

$ 3,050,796

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

$ 21.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .07 H

  .04

  .12 I

  (.03)

  (.09) J

  (.13)

Net realized and unrealized gain (loss)

  2.06

  2.36

  8.45

  .79

  .67

  3.48

Total from investment operations

  2.13

  2.40

  8.57

  .76

  .58

  3.35

Distributions from net investment income

  -

  (.01)

  (.05)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.51)

  (.06)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 28.57

$ 29.85

$ 30.96

$ 22.45

$ 23.60

$ 24.35

Total ReturnB, C, D

  7.98%

  9.06%

  38.30%

  3.87%

  2.17%

  15.95%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.44%

Expenses net of fee waivers, if any

  1.11%A

  .98%

  1.01%

  1.06%

  1.31%

  1.40%

Expenses net of all reductions

  1.11%A

  .97%

  1.00%

  1.06%

  1.31%

  1.40%

Net investment income (loss)

  .48%A,H

  .14%

  .46%I

  (.13)%

  (.35)%J

  (.58)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,111

$ 1,097

$ 1,263

$ 1,212

$ 1,461

$ 1,501

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. 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 .29%. J 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)%. K 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

$ 20.37

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  .03 H

  (.02)

  .06 I

  (.07)

  (.13) J

  (.18)

Net realized and unrealized gain (loss)

  1.95

  2.23

  8.13

  .75

  .64

  3.38

Total from investment operations

  1.98

  2.21

  8.19

  .68

  .51

  3.20

Distributions from net investment income

  -

  -

  (.01)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.41)

  (3.50)

  (.02)

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 26.97

$ 28.40

$ 29.69

$ 21.52

$ 22.75

$ 23.57

Total ReturnB, C, D

  7.85%

  8.79%

  38.11%

  3.64%

  1.94%

  15.71%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of fee waivers, if any

  1.34%A

  1.20%

  1.22%

  1.26%

  1.51%

  1.63%

Expenses net of all reductions

  1.34%A

  1.20%

  1.21%

  1.25%

  1.51%

  1.63%

Net investment income (loss)

  .24%A,H

  (.08)%

  .25%I

  (.33)%

  (.55)%J

  (.81)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 961

$ 958

$ 1,113

$ 1,054

$ 1,244

$ 1,356

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.20)%. 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 .09%. J 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 (.70)%. K 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 B

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

$ 18.82

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.04) H

  (.16)

  (.08) I

  (.18)

  (.25) J

  (.27)

Net realized and unrealized gain (loss)

  1.66

  1.94

  7.26

  .67

  .61

  3.11

Total from investment operations

  1.62

  1.78

  7.18

  .49

  .36

  2.84

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 22.94

$ 24.73

$ 26.45

$ 19.27

$ 20.69

$ 21.66

Total ReturnB, C, D

  7.52%

  8.16%

  37.26%

  3.03%

  1.39%

  15.09%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.22%

Expenses net of fee waivers, if any

  1.91%A

  1.80%

  1.81%

  1.85%

  2.10%

  2.15%

Expenses net of all reductions

  1.91%A

  1.79%

  1.80%

  1.84%

  2.10%

  2.14%

Net investment income (loss)

  (.33)%A,H

  (.68)%

  (.34)%I

  (.92)%

  (1.14)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 28

$ 31

$ 40

$ 40

$ 55

$ 76

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.77)%. 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 (.51)%. J 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)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

$ 19.00

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) E

  (.03) H

  (.15)

  (.07) I

  (.17)

  (.24) J

  (.27)

Net realized and unrealized gain (loss)

  1.68

  1.98

  7.34

  .68

  .60

  3.14

Total from investment operations

  1.65

  1.83

  7.27

  .51

  .36

  2.87

Distributions from net realized gain

  (3.41)

  (3.50)

  -

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 23.34

$ 25.10

$ 26.77

$ 19.50

$ 20.90

$ 21.87

Total ReturnB, C, D

  7.53%

  8.26%

  37.28%

  3.10%

  1.37%

  15.11%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.18%

Expenses net of fee waivers, if any

  1.87%A

  1.73%

  1.76%

  1.81%

  2.06%

  2.15%

Expenses net of all reductions

  1.87%A

  1.73%

  1.75%

  1.80%

  2.05%

  2.14%

Net investment income (loss)

  (.28)%A,H

  (.62)%

  (.29)%I

  (.88)%

  (1.10)%J

  (1.33)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 331

$ 317

$ 334

$ 284

$ 328

$ 336

Portfolio turnover rateG

  24% A

  39%

  34%

  69%

  38%

  43%

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. 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 (.73)%. 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 (.45)%. J 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 (1.25)%. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

$ 21.86

Income from Investment
Operations

 

 

 

 

 

Net investment income (loss) D

  .11G

  .13

  .21H

  .04

  (.01) I

  (.07)

Net realized and unrealized gain (loss)

  2.21

  2.50

  8.94

  .83

  .69

  3.63

Total from investment operations

  2.32

  2.63

  9.15

  .87

  .68

  3.56

Distributions from net investment income

  (.08)

  (.06)

  (.13)

  -

  -

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  (.01)

  (1.91)

  (1.33)

  -

Total distributions

  (3.49)

  (3.56)

  (.15) K

  (1.91)

  (1.33)

  -

Net asset value, end of period

$ 30.63

$ 31.80

$ 32.73

$ 23.73

$ 24.77

$ 25.42

Total ReturnB, C

  8.13%

  9.33%

  38.79%

  4.15%

  2.49%

  16.29%

Ratios to Average Net Assets E, J

 

 

 

 

 

Expenses before reductions

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of fee waivers, if any

  .84%A

  .70%

  .71%

  .75%

  1.01%

  1.12%

Expenses net of all reductions

  .84%A

  .70%

  .70%

  .74%

  1.00%

  1.12%

Net investment income (loss)

  .75%A,G

  .41%

  .76%H

  .18%

  (.05)%I

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 678

$ 627

$ 718

$ 1,141

$ 1,314

$ 1,165

Portfolio turnover rateF

  24% A

  39%

  34%

  69%

  38%

  43%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .30%. 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 .59%. 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 (.19)%. 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. K 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, 2015

Years ended
November 30,

 

(Unaudited)

2014

2013 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 31.76

$ 32.74

$ 29.79

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .13 G

  .17

  .02 H

Net realized and unrealized gain (loss)

  2.19

  2.51

  2.93

Total from investment operations

  2.32

  2.68

  2.95

Distributions from net investment income

  (.14)

  (.16)

  -

Distributions from net realized gain

  (3.41)

  (3.50)

  -

Total distributions

  (3.54) K

  (3.66)

  -

Net asset value, end of period

$ 30.54

$ 31.76

$ 32.74

Total ReturnB, C

  8.17%

  9.52%

  9.90%

Ratios to Average Net Assets E, J

 

 

 

Expenses before reductions

  .69%A

  .55%

  .56%A

Expenses net of fee waivers, if any

  .69%A

  .55%

  .56%A

Expenses net of all reductions

  .69%A

  .54%

  .55%A

Net investment income (loss)

  .90%A,G

  .57%

  .26%H

Supplemental Data

 

 

 

Net assets, end of period (in millions)

$ 45

$ 20

$ 5

Portfolio turnover rateF

  24% A

  39%

  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. 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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%. I For the period August 13, 2013 (commencement of sale of shares) to November 30, 2013. 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. 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. K Total distributions of $3.54 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $3.406 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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),

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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, 2015, including information on transfers between Levels 1 and 2, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Foreign Currency - continued

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

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 futures contracts, foreign currency transactions, partnerships 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

$ 938,302

Gross unrealized depreciation

(96,975)

Net unrealized appreciation (depreciation) on securities

$ 841,327

 

 

Tax cost

$ 2,370,436

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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 $12,363 and a change in net unrealized appreciation (depreciation) of $1,509 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 $344,321 and $597,040, respectively.

6. 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 .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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 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 .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 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%

$ 1,365

$ 21

Class T

.25%

.25%

2,381

24

Class B

.75%

.25%

148

111

Class C

.75%

.25%

1,613

103

 

 

 

$ 5,507

$ 259

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

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

$ 87

Class T

14

Class B*

6

Class C*

8

 

$ 115

* 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
Class-Level
Average
Net Assets*

Class A

$ 1,165

.21

Class T

949

.20

Class B

40

.27

Class C

361

.22

Institutional Class

631

.20

Class Z

8

.05

 

$ 3,154

 

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

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 $21 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. 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 $125, including $2 from securities loaned to FCM.

Semiannual Report

9. 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 $33 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Institutional class expenses during the period in the amount of two dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31, 2015

Year ended
November 30, 2014

From net investment income

 

 

Class A

$ -

$ 284

Institutional Class

1,619

1,305

Class Z

82

22

Total

$ 1,701

$ 1,611

From net realized gain

 

 

Class A

$ 123,666

$ 142,771

Class T

113,567

131,371

Class B

4,225

5,267

Class C

42,961

43,783

Institutional Class

67,403

76,492

Class Z

2,116

504

Total

$ 353,938

$ 400,188

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

3,618

5,882

$ 100,412

$ 166,699

Reinvestment of distributions

4,474

4,985

119,319

134,212

Shares redeemed

(5,950)

(14,908)

(164,936)

(422,262)

Net increase (decrease)

2,142

(4,041)

$ 54,795

$ (121,351)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions - continued

 

Shares

Dollars

 

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

3,147

5,277

$ 82,683

$ 141,817

Reinvestment of distributions

4,384

4,931

110,516

126,640

Shares redeemed

(5,652)

(13,972)

(148,628)

(376,684)

Net increase (decrease)

1,879

(3,764)

$ 44,571

$ (108,227)

Class B

 

 

 

 

Shares sold

15

13

$ 333

$ 288

Reinvestment of distributions

189

220

4,069

4,958

Shares redeemed

(240)

(484)

(5,394)

(11,378)

Net increase (decrease)

(36)

(251)

$ (992)

$ (6,132)

Class C

 

 

 

 

Shares sold

981

1,271

$ 22,311

$ 30,236

Reinvestment of distributions

1,812

1,754

39,668

40,042

Shares redeemed

(1,251)

(2,841)

(28,622)

(67,748)

Net increase (decrease)

1,542

184

$ 33,357

$ 2,530

Institutional Class

 

 

 

 

Shares sold

3,925

5,735

$ 117,175

$ 172,958

Reinvestment of distributions

2,131

2,348

60,822

67,135

Shares redeemed

(3,636)

(10,306)

(107,337)

(308,759)

Net increase (decrease)

2,420

(2,223)

$ 70,660

$ (68,666)

Class Z

 

 

 

 

Shares sold

877

611

$ 25,549

$ 18,714

Reinvestment of distributions

77

18

2,198

526

Shares redeemed

(107)

(159)

(3,167)

(4,829)

Net increase (decrease)

847

470

$ 24,580

$ 14,411

12. 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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

ASCFZ-USAN-0715
1.9585489.101
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Stock Selector Mid Cap

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.01%

 

 

 

Actual

 

$ 1,000.00

$ 1,057.90

$ 5.18

HypotheticalA

 

$ 1,000.00

$ 1,019.90

$ 5.09

Class T

1.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.50

$ 6.41

HypotheticalA

 

$ 1,000.00

$ 1,018.70

$ 6.29

Class B

1.86%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.60

$ 9.52

HypotheticalA

 

$ 1,000.00

$ 1,015.66

$ 9.35

Class C

1.77%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.90

$ 9.06

HypotheticalA

 

$ 1,000.00

$ 1,016.11

$ 8.90

Fidelity Stock Selector Mid Cap Fund

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,059.00

$ 4.00

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Institutional Class

.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,058.70

$ 4.47

HypotheticalA

 

$ 1,000.00

$ 1,020.59

$ 4.38

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

AMETEK, Inc.

2.6

1.5

Roper Industries, Inc.

2.5

1.5

TransDigm Group, Inc.

2.4

0.8

J.B. Hunt Transport Services, Inc.

1.9

1.9

Ecolab, Inc.

1.6

1.0

Qorvo, Inc.

1.5

0.9

Jarden Corp.

1.5

1.3

AMC Networks, Inc. Class A

1.4

0.0

HD Supply Holdings, Inc.

1.3

0.8

Capital One Financial Corp.

1.3

1.2

 

18.0

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.9

22.8

Information Technology

17.1

17.6

Industrials

16.2

16.4

Consumer Discretionary

13.2

13.2

Health Care

8.5

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

mca194

Stocks and
Equity Futures 98.4%

 

mca196

Stocks and
Equity Futures 98.3%

 

mca198

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.6%

 

mca200

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.7%

 

* Foreign investments

6.2%

 

** Foreign investments

7.1%

 

mca202

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Auto Components - 0.7%

Dorman Products, Inc. (a)(d)

163,000

$ 7,606

Tenneco, Inc. (a)

190,500

11,186

 

18,792

Automobiles - 0.7%

Harley-Davidson, Inc.

337,800

18,069

Diversified Consumer Services - 1.3%

ServiceMaster Global Holdings, Inc.

1,011,600

33,980

Household Durables - 3.1%

Jarden Corp. (a)

739,672

39,247

NVR, Inc. (a)

17,400

23,674

Tupperware Brands Corp.

263,980

17,354

 

80,275

Internet & Catalog Retail - 1.2%

HSN, Inc.

144,700

9,711

Liberty Interactive Corp. Series A (a)

792,410

22,164

 

31,875

Media - 4.4%

AMC Networks, Inc. Class A (a)

462,000

36,309

Discovery Communications, Inc. Class A (a)(d)

600,800

20,391

Liberty Broadband Corp. Class A (a)

306,581

16,528

Liberty Media Corp. Class A (a)

449,700

17,230

Starz Series A (a)

281,900

11,829

The Madison Square Garden Co. Class A (a)

175,000

14,950

 

117,237

Multiline Retail - 0.4%

Dollar General Corp.

149,440

10,848

Specialty Retail - 1.4%

Bed Bath & Beyond, Inc. (a)

296,800

21,168

GameStop Corp. Class A (d)

376,300

16,335

 

37,503

TOTAL CONSUMER DISCRETIONARY

348,579

CONSUMER STAPLES - 4.0%

Beverages - 0.7%

Coca-Cola Enterprises, Inc.

214,300

9,478

Dr. Pepper Snapple Group, Inc.

77,900

5,970

Molson Coors Brewing Co. Class B

54,500

3,999

 

19,447

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 1.1%

Campbell Soup Co.

158,900

$ 7,681

Mead Johnson Nutrition Co. Class A

41,200

4,009

Pinnacle Foods, Inc.

100,800

4,249

The J.M. Smucker Co.

58,303

6,912

Tyson Foods, Inc. Class A

116,500

4,945

 

27,796

Household Products - 1.9%

Church & Dwight Co., Inc.

291,200

24,452

Energizer Holdings, Inc.

176,300

24,980

 

49,432

Tobacco - 0.3%

Universal Corp.

156,900

8,079

TOTAL CONSUMER STAPLES

104,754

ENERGY - 4.5%

Energy Equipment & Services - 1.3%

Bristow Group, Inc.

185,000

10,730

Dril-Quip, Inc. (a)

169,100

12,781

Helmerich & Payne, Inc. (d)

162,080

11,830

 

35,341

Oil, Gas & Consumable Fuels - 3.2%

Cabot Oil & Gas Corp.

348,100

11,821

Cimarex Energy Co.

79,100

9,137

Energen Corp.

223,700

15,480

Enviva Partners LP

114,600

2,333

Genesis Energy LP

232,000

11,282

HollyFrontier Corp.

153,400

6,389

Marathon Petroleum Corp.

100,900

10,439

Stone Energy Corp. (a)

506,400

6,877

Whiting Petroleum Corp. (a)

278,200

9,178

 

82,936

TOTAL ENERGY

118,277

FINANCIALS - 22.9%

Banks - 2.4%

Aldermore Group PLC

1,177,100

4,813

Huntington Bancshares, Inc.

1,380,978

15,370

Prosperity Bancshares, Inc.

237,400

12,718

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Banks - continued

Shawbrook Group Ltd.

988,900

$ 5,747

Synovus Financial Corp.

563,727

16,359

The Jammu & Kashmir Bank Ltd.

2,612,786

4,410

Virgin Money Holdings Uk PLC (a)

485,200

3,226

 

62,643

Capital Markets - 4.8%

Artisan Partners Asset Management, Inc.

456,500

20,136

Fortress Investment Group LLC

1,860,200

14,565

Interactive Brokers Group, Inc.

728,867

26,021

KCG Holdings, Inc. Class A (a)

600,000

8,094

Lazard Ltd. Class A

67,400

3,745

MLP AG

1,566,600

7,154

Moelis & Co. Class A

324,000

9,351

Oaktree Capital Group LLC Class A

102,900

5,636

Och-Ziff Capital Management Group LLC Class A

479,100

6,008

Raymond James Financial, Inc.

269,100

15,640

Virtus Investment Partners, Inc.

33,000

4,106

Vontobel Holdings AG

95,000

4,346

WisdomTree Investments, Inc. (d)

131,000

2,798

 

127,600

Consumer Finance - 3.8%

ACOM Co. Ltd. (a)(d)

4,157,000

13,276

Capital One Financial Corp.

423,900

35,421

Enova International, Inc. (a)

219,167

4,274

Navient Corp.

300,316

5,787

SLM Corp. (a)

1,405,916

14,425

Springleaf Holdings, Inc. (a)

585,380

27,817

 

101,000

Diversified Financial Services - 0.2%

Alexander Forbes Group Holding (a)

5,274,128

3,987

Insurance - 2.7%

AmTrust Financial Services, Inc.

185,000

11,133

Arthur J. Gallagher & Co.

655,000

31,735

Direct Line Insurance Group PLC

3,391,591

17,479

Fairfax Financial Holdings Ltd. (sub. vtg.)

24,300

12,240

 

72,587

Real Estate Investment Trusts - 8.5%

Alexandria Real Estate Equities, Inc.

216,275

20,055

Altisource Residential Corp. Class B

412,021

7,383

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

American Campus Communities, Inc.

374,000

$ 14,590

Camden Property Trust (SBI)

233,000

17,470

Corrections Corp. of America

119,000

4,184

Cousins Properties, Inc.

621,200

5,995

DCT Industrial Trust, Inc.

175,549

5,742

Duke Realty LP

378,600

7,405

Essex Property Trust, Inc.

39,600

8,816

Extra Space Storage, Inc.

160,200

11,219

FelCor Lodging Trust, Inc.

1,107,700

11,897

Gramercy Property Trust, Inc.

265,075

7,054

Lamar Advertising Co. Class A

201,600

12,221

Liberty Property Trust (SBI)

245,500

8,578

Potlatch Corp.

19,700

715

Ramco-Gershenson Properties Trust (SBI)

804,800

13,859

Redwood Trust, Inc.

315,900

5,089

Sabra Health Care REIT, Inc.

543,000

14,390

SL Green Realty Corp.

73,565

8,729

Taubman Centers, Inc.

123,300

9,128

Urban Edge Properties

825,700

17,835

Weyerhaeuser Co.

180,200

5,867

WP Glimcher, Inc.

385,600

5,425

 

223,646

Real Estate Management & Development - 0.4%

CBRE Group, Inc. (a)

285,500

10,918

Thrifts & Mortgage Finance - 0.1%

Ocwen Financial Corp. (a)(d)

195,063

1,982

TOTAL FINANCIALS

604,363

HEALTH CARE - 8.5%

Biotechnology - 1.3%

AMAG Pharmaceuticals, Inc. (a)

160,000

11,133

Puma Biotechnology, Inc. (a)

46,000

8,991

Vertex Pharmaceuticals, Inc. (a)

112,000

14,368

 

34,492

Health Care Equipment & Supplies - 3.0%

Boston Scientific Corp. (a)

1,500,000

27,405

CONMED Corp.

22,685

1,260

The Cooper Companies, Inc.

140,000

25,448

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Tornier NV (a)

460,000

$ 12,227

Zimmer Holdings, Inc.

120,000

13,691

 

80,031

Health Care Providers & Services - 1.8%

Adeptus Health, Inc. Class A (d)

126,800

8,882

HCA Holdings, Inc. (a)

128,000

10,474

MEDNAX, Inc. (a)

280,000

19,930

Surgical Care Affiliates, Inc. (a)

240,000

9,118

 

48,404

Health Care Technology - 0.3%

Cerner Corp. (a)

100,000

6,729

Life Sciences Tools & Services - 0.4%

Agilent Technologies, Inc.

260,000

10,709

Pharmaceuticals - 1.7%

Actavis PLC (a)

35,000

10,738

Endo Health Solutions, Inc. (a)

160,000

13,402

Mallinckrodt PLC (a)

78,000

10,096

Prestige Brands Holdings, Inc. (a)

210,000

9,223

 

43,459

TOTAL HEALTH CARE

223,824

INDUSTRIALS - 16.2%

Aerospace & Defense - 3.8%

BE Aerospace, Inc.

428,600

24,576

Meggitt PLC

1,692,826

13,156

TransDigm Group, Inc.

280,610

63,429

 

101,161

Building Products - 0.9%

A.O. Smith Corp.

318,700

22,749

Commercial Services & Supplies - 0.8%

KAR Auction Services, Inc.

596,879

22,240

Electrical Equipment - 2.6%

AMETEK, Inc.

1,264,290

67,965

Industrial Conglomerates - 2.5%

Roper Industries, Inc.

379,920

66,471

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 1.6%

AGCO Corp. (d)

381,700

$ 19,383

WABCO Holdings, Inc. (a)

171,518

21,683

 

41,066

Road & Rail - 1.9%

J.B. Hunt Transport Services, Inc.

589,440

49,525

Trading Companies & Distributors - 2.1%

HD Supply Holdings, Inc. (a)

1,093,700

35,491

Watsco, Inc.

160,600

20,223

 

55,714

TOTAL INDUSTRIALS

426,891

INFORMATION TECHNOLOGY - 17.1%

Communications Equipment - 1.3%

F5 Networks, Inc. (a)

143,200

17,999

Juniper Networks, Inc.

310,000

8,618

Ruckus Wireless, Inc. (a)

706,400

7,424

 

34,041

Electronic Equipment & Components - 1.0%

Trimble Navigation Ltd. (a)

1,112,300

26,072

Internet Software & Services - 1.6%

Endurance International Group Holdings, Inc. (a)

416,600

8,469

HomeAway, Inc. (a)

335,000

9,403

Rackspace Hosting, Inc. (a)

602,100

24,138

Velti PLC (a)(f)

215,084

2

 

42,012

IT Services - 3.7%

Alliance Data Systems Corp. (a)

75,300

22,442

Cognizant Technology Solutions Corp. Class A (a)

366,600

23,726

Maximus, Inc.

320,500

20,951

VeriFone Systems, Inc. (a)

470,000

17,940

Virtusa Corp. (a)

297,000

13,514

 

98,573

Semiconductors & Semiconductor Equipment - 3.5%

Cree, Inc. (a)(d)

558,600

16,914

Cypress Semiconductor Corp.

716,500

9,838

Marvell Technology Group Ltd.

1,401,500

19,607

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Qorvo, Inc. (a)

479,925

$ 39,426

Semtech Corp. (a)

275,400

5,883

 

91,668

Software - 5.3%

Autodesk, Inc. (a)

233,400

12,639

Citrix Systems, Inc. (a)

151,600

9,856

CommVault Systems, Inc. (a)

267,700

11,894

Fair Isaac Corp.

127,000

11,140

Parametric Technology Corp. (a)

568,842

23,476

Rovi Corp. (a)

555,700

9,314

Salesforce.com, Inc. (a)

103,200

7,508

SolarWinds, Inc. (a)

296,100

14,050

Solera Holdings, Inc.

290,500

14,330

Synopsys, Inc. (a)

528,300

26,357

 

140,564

Technology Hardware, Storage & Peripherals - 0.7%

SanDisk Corp.

134,200

9,177

Western Digital Corp.

94,200

9,171

 

18,348

TOTAL INFORMATION TECHNOLOGY

451,278

MATERIALS - 7.5%

Chemicals - 5.4%

Airgas, Inc.

312,304

31,836

CF Industries Holdings, Inc.

37,700

11,909

Ecolab, Inc.

369,479

42,361

PPG Industries, Inc.

118,800

27,192

W.R. Grace & Co. (a)

306,897

30,054

 

143,352

Containers & Packaging - 1.0%

Rock-Tenn Co. Class A

419,000

27,294

Metals & Mining - 1.1%

Reliance Steel & Aluminum Co.

439,445

28,037

TOTAL MATERIALS

198,683

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.0%

Cogent Communications Group, Inc.

34,400

$ 1,081

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. (a)

35,200

1,369

Telephone & Data Systems, Inc.

63,300

1,879

 

3,248

TOTAL TELECOMMUNICATION SERVICES

4,329

UTILITIES - 4.2%

Electric Utilities - 1.8%

Cleco Corp.

93,060

5,049

Hawaiian Electric Industries, Inc.

174,800

5,338

OGE Energy Corp.

492,126

15,502

PNM Resources, Inc.

592,100

15,744

Portland General Electric Co.

219,900

7,688

 

49,321

Gas Utilities - 1.3%

AGL Resources, Inc.

48,200

2,428

Atmos Energy Corp.

199,440

10,774

National Fuel Gas Co.

201,311

12,934

Questar Corp.

71,000

1,612

Southwest Gas Corp.

109,500

5,963

 

33,711

Independent Power and Renewable Electricity Producers - 0.7%

Black Hills Corp.

189,953

9,076

Calpine Corp. (a)

334,800

6,729

Dynegy, Inc. (a)

102,100

3,302

 

19,107

Multi-Utilities - 0.4%

MDU Resources Group, Inc.

467,775

9,795

TOTAL UTILITIES

111,934

TOTAL COMMON STOCKS

(Cost $2,355,200)


2,592,912

U.S. Treasury Obligations - 0.0%

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Bills, yield at date of purchase 0.01% 7/30/15 (e)
(Cost $860)

$ 860

$ 860

Money Market Funds - 4.2%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

53,037,227

53,037

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

56,637,317

56,637

TOTAL MONEY MARKET FUNDS

(Cost $109,674)


109,674

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $2,465,734)

2,703,446

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(63,233)

NET ASSETS - 100%

$ 2,640,213

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

29 CME E-mini S&P MidCap 400 Index Contracts (United States)

June 2015

$ 4,417

$ (24)

 

The face value of futures purchased as a percentage of net assets is 0.2%

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.

(c) Investment made with cash collateral received from securities on loan.

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

(e) 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 $369,000.

(f) 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 $2,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Velti PLC

4/19/13

$ 323

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

$ 36

Fidelity Securities Lending Cash Central Fund

163

Total

$ 199

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 348,579

$ 348,579

$ -

$ -

Consumer Staples

104,754

104,754

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Energy

$ 118,277

$ 118,277

$ -

$ -

Financials

604,363

591,087

13,276

-

Health Care

223,824

223,824

-

-

Industrials

426,891

426,891

-

-

Information Technology

451,278

451,276

2

-

Materials

198,683

198,683

-

-

Telecommunication Services

4,329

4,329

-

-

Utilities

111,934

111,934

-

-

U.S. Government and Government Agency Obligations

860

-

860

-

Money Market Funds

109,674

109,674

-

-

Total Investments in Securities:

$ 2,703,446

$ 2,689,308

$ 14,138

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (24)

$ (24)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Futures Contracts (a)

$ -

$ (24)

Total Value of Derivatives

$ -

$ (24)

(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.

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, 2015 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $55,028) - See accompanying schedule:

Unaffiliated issuers (cost $2,356,060)

$ 2,593,772

 

Fidelity Central Funds (cost $109,674)

109,674

 

Total Investments (cost $2,465,734)

 

$ 2,703,446

Foreign currency held at value (cost $267)

267

Receivable for investments sold

20,200

Receivable for fund shares sold

4,918

Dividends receivable

1,497

Distributions receivable from Fidelity Central Funds

28

Prepaid expenses

1

Other receivables

43

Total assets

2,730,400

 

 

 

Liabilities

Payable to custodian bank

$ 231

Payable for investments purchased

29,027

Payable for fund shares redeemed

1,970

Accrued management fee

1,060

Distribution and service plan fees payable

624

Payable for daily variation margin for derivative instruments

50

Other affiliated payables

547

Other payables and accrued expenses

41

Collateral on securities loaned, at value

56,637

Total liabilities

90,187

 

 

 

Net Assets

$ 2,640,213

Net Assets consist of:

 

Paid in capital

$ 2,463,640

Distributions in excess of net investment income

(821)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(60,288)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

237,682

Net Assets

$ 2,640,213

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, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($657,530 ÷ 19,545.3 shares)

$ 33.64

 

 

 

Maximum offering price per share (100/94.25 of $33.64)

$ 35.69

Class T:
Net Asset Value and redemption price per share ($785,018 ÷ 23,201.7 shares)

$ 33.83

 

 

 

Maximum offering price per share (100/96.50 of $33.83)

$ 35.06

Class B:
Net Asset Value and offering price per share ($13,255 ÷ 426.9 shares)A

$ 31.05

 

 

 

Class C:
Net Asset Value and offering price per share ($174,774 ÷ 5,619.9 shares)A

$ 31.10

 

 

 

Fidelity Stock Selector Mid Cap Fund:
Net Asset Value, offering price and redemption price per share ($576,449 ÷ 16,473.6 shares)

$ 34.99

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($433,187 ÷ 12,353.2 shares)

$ 35.07

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, 2015 (Unaudited)

Investment Income

 

 

Dividends

 

$ 14,807

Income from Fidelity Central Funds

 

199

Total income

 

15,006

 

 

 

Expenses

Management fee
Basic fee

$ 7,143

Performance adjustment

(407)

Transfer agent fees

2,886

Distribution and service plan fees

3,740

Accounting and security lending fees

394

Custodian fees and expenses

30

Independent trustees' compensation

6

Registration fees

67

Audit

31

Legal

7

Miscellaneous

8

Total expenses before reductions

13,905

Expense reductions

(123)

13,782

Net investment income (loss)

1,224

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

176,986

Foreign currency transactions

26

Futures contracts

305

Total net realized gain (loss)

 

177,317

Change in net unrealized appreciation (depreciation) on:

Investment securities

(33,123)

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

 

(33,124)

Net gain (loss)

144,193

Net increase (decrease) in net assets resulting from operations

$ 145,417

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,224

$ 3,875

Net realized gain (loss)

177,317

302,104

Change in net unrealized appreciation (depreciation)

(33,124)

(34,271)

Net increase (decrease) in net assets resulting from operations

145,417

271,708

Distributions to shareholders from net investment income

(2,753)

(1,252)

Share transactions - net increase (decrease)

(59,644)

147,034

Total increase (decrease) in net assets

83,020

417,490

 

 

 

Net Assets

Beginning of period

2,557,193

2,139,703

End of period (including distributions in excess of net investment income of $821 and undistributed net investment income of $708, respectively)

$ 2,640,213

$ 2,557,193

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

$ 15.75

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .02

  .08

  .10

  .09

  .08H

  (.02)

Net realized and unrealized gain (loss)

  1.82

  3.36

  6.29

  3.02

  (.15)

  3.55

Total from investment operations

  1.84

  3.44

  6.39

  3.11

  (.07)

  3.53

Distributions from net investment income

  -

  (.01)

  (.14)

  (.10)

  -

  (.03) I

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03) I

Total distributions

  -

  (.01)

  (.18)

  (.10)

  -

  (.06)

Net asset value, end of period

$ 33.64

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

Total ReturnB, C, D

  5.79%

  12.11%

  29.07%

  16.32%

  (.36)%

  22.48%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of fee waivers, if any

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of all reductions

  1.00%A

  1.05%

  .92%

  .94%

  .91%

  .84%

Net investment income (loss)

  .15%A

  .26%

  .39%

  .41%

  .39%H

  (.12)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 658

$ 652

$ 692

$ 593

$ 644

$ 945

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 .12%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

$ 15.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

  .01

  .04

  .05

  .04H

  (.05)

Net realized and unrealized gain (loss)

  1.82

  3.38

  6.36

  3.05

  (.15)

  3.59

Total from investment operations

  1.81

  3.39

  6.40

  3.10

  (.11)

  3.54

Distributions from net investment income

  -

  -

  (.09)

  (.04)

  -

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.02) I

Total distributions

  -

  -

  (.13)

  (.04)

  -

  (.02)

Net asset value, end of period

$ 33.83

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

Total ReturnB, C, D

  5.65%

  11.84%

  28.80%

  16.12%

  (.57)%

  22.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of fee waivers, if any

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of all reductions

  1.24%A

  1.27%

  1.13%

  1.13%

  1.10%

  1.01%

Net investment income (loss)

  (.09)%A

  .03%

  .17%

  .22%

  .20%H

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 785

$ 794

$ 817

$ 755

$ 871

$ 1,282

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 (.07)%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.11)

  (.16)

  (.10)

  (.07)

  (.07)H

  (.15)

Net realized and unrealized gain (loss)

  1.69

  3.12

  5.90

  2.84

  (.14)

  3.37

Total from investment operations

  1.58

  2.96

  5.80

  2.77

  (.21)

  3.22

Distributions from net investment income

  -

  -

  -

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  -

  -

  -

Total distributions

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 31.05

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

Total ReturnB, C, D

  5.36%

  11.17%

  28.01%

  15.44%

  (1.16)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of fee waivers, if any

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of all reductions

  1.85%A

  1.88%

  1.74%

  1.73%

  1.70%

  1.61%

Net investment income (loss)

  (.70)%A

  (.58)%

  (.43)%

  (.38)%

  (.40)%H

  (.90)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 13

$ 16

$ 21

$ 22

$ 28

$ 75

Portfolio turnover rateG

  97% A

  89%

  79%J

  72%

  198%

  141%

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. 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 (.67)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.09)

  (.14)

  (.09)

  (.06)

  (.07)H

  (.14)

Net realized and unrealized gain (loss)

  1.68

  3.13

  5.91

  2.84

  (.13)

  3.36

Total from investment operations

  1.59

  2.99

  5.82

  2.78

  (.20)

  3.22

Distributions from net investment income

  -

  -

  (.02)

  -

  -

  -

Distributions from net realized gain

  -

  -

  (.01)

  -

  -

  -

Total distributions

  -

  -

  (.03)

  -

  -

  -

Net asset value, end of period

$ 31.10

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

Total ReturnB, C, D

  5.39%

  11.27%

  28.09%

  15.49%

  (1.10)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of fee waivers, if any

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of all reductions

  1.76%A

  1.80%

  1.67%

  1.68%

  1.65%

  1.58%

Net investment income (loss)

  (.61)%

  (.49)%

  (.36)%

  (.33)%

  (.35)%H

  (.86)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 175

$ 172

$ 172

$ 141

$ 150

$ 189

Portfolio turnover rateG

  97% A

  89%

  79% J

  72%

  198%

  141%

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. 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 (.62)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Fidelity Stock Selector Mid Cap Fund

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012G

Selected Per-Share Data

 

 

 

 

Net asset value, beginning of period

$ 33.14

$ 29.56

$ 23.14

$ 21.20

Income from Investment Operations

 

 

 

 

Net investment income (loss) D

  .07

  .16

  .17

  .09

Net realized and unrealized gain (loss)

  1.88

  3.49

  6.54

  1.85

Total from investment operations

  1.95

  3.65

  6.71

  1.94

Distributions from net investment income

  (.10)

  (.07)

  (.25)

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

Total distributions

  (.10)

  (.07)

  (.29)

  -

Net asset value, end of period

$ 34.99

$ 33.14

$ 29.56

$ 23.14

Total ReturnB, C

  5.90%

  12.38%

  29.36%

  9.15%

Ratios to Average Net Assets E, H

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .71%

  .59%A

Expenses net of fee waivers, if any

  .78%A

  .81%

  .71%

  .59%A

Expenses net of all reductions

  .77%A

  .81%

  .69%

  .58%A

Net investment income (loss)

  .38%A

  .50%

  .62%

  .86%A

Supplemental Data

 

 

 

 

Net assets, end of period (in millions)

$ 576

$ 553

$ 225

$ 1

Portfolio turnover rateF

  97% A

  89%

  79% I

  72%

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 For the period June 6, 2012 (commencement of sale of shares) to November 30, 2012. 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. I The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

$ 16.40

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

  .16

  .18

  .15

  .14G

  .04

Net realized and unrealized gain (loss)

  1.90

  3.50

  6.56

  3.15

  (.15)

  3.69

Total from investment operations

  1.95

  3.66

  6.74

  3.30

  (.01)

  3.73

Distributions from net investment income

  (.10)

  (.08)

  (.20)

  (.17)

  -

  (.08)H

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03)H

Total distributions

  (.10)

  (.08)

  (.24)

  (.17)

  -

  (.11)

Net asset value, end of period

$ 35.07

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

Total ReturnB, C

  5.87%

  12.39%

  29.44%

  16.66%

  (.05)%

  22.86%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of fee waivers, if any

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of all reductions

  .86%A

  .80%

  .65%

  .64%

  .61%

  .52%

Net investment income (loss)

  .29%A

  .51%

  .66%

  .71%

  .69%G

  .20%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 433

$ 371

$ 214

$ 172

$ 234

$ 354

Portfolio turnover rateF

  97%A

  89%

  79%J

  72%

  198%

  141%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. H The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Stock Selector Mid 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, Fidelity Stock Selector Mid Cap Fund 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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. 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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.

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

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

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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, 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

$ 347,830

Gross unrealized depreciation

(111,078)

Net unrealized appreciation (depreciation) on securities

$ 236,752

 

 

Tax cost

$ 2,466,694

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

 

2015

$ (935)

2016

(89,710)

2017

(148,171)

Total capital loss carryforward

$ (238,816)

The Fund acquired $1,185 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $935 per year.

Semiannual Report

3. Significant Accounting Policies - continued

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 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 $305 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,233,812 and $1,291,195, respectively.

Semiannual Report

6. 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 relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% 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%

$ 821

$ 11

Class T

.25%

.25%

1,977

27

Class B

.75%

.25%

74

56

Class C

.75%

.25%

868

23

 

 

 

$ 3,740

$ 117

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. 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

$ 21

Class T

11

Class B*

2

Class C*

2

 

$ 36

* 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
Class-Level Average
Net Assets*

Class A

$ 675

.21

Class T

752

.19

Class B

22

.30

Class C

181

.21

Fidelity Stock Selector Mid Cap Fund

629

.22

Institutional Class

627

.31

 

$ 2,886

 

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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 $20 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Security Lending - continued

as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $163, including $6 from securities loaned to FCM.

9. 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 $123 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Stock Selector Mid Cap Fund expenses during the period in the amount of four hundred and one dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ -

$ 146

Fidelity Stock Selector Mid Cap Fund

1,666

530

Institutional Class

1,087

576

Total

$ 2,753

$ 1,252

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

785

1,462

$ 25,751

$ 44,155

Reinvestment of distributions

-

5

-

134

Shares redeemed

(1,742)

(5,341)

(57,044)

(162,259)

Net increase (decrease)

(957)

(3,874)

$ (31,293)

$ (117,970)

Semiannual Report

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

1,005

1,902

$ 33,216

$ 57,696

Reinvestment of distributions

-

-

-

-

Shares redeemed

(2,593)

(5,637)

(85,585)

(170,461)

Net increase (decrease)

(1,588)

(3,735)

$ (52,369)

$ (112,765)

Class B

 

 

 

 

Shares sold

1

3

$ 16

$ 76

Reinvestment of distributions

-

-

-

-

Shares redeemed

(116)

(244)

(3,530)

(6,801)

Net increase (decrease)

(115)

(241)

$ (3,514)

$ (6,725)

Class C

 

 

 

 

Shares sold

149

175

$ 4,581

$ 4,902

Reinvestment of distributions

-

-

-

-

Shares redeemed

(356)

(833)

(10,812)

(23,364)

Net increase (decrease)

(207)

(658)

$ (6,231)

$ (18,462)

Fidelity Stock Selector Mid Cap Fund

 

 

 

 

Shares sold

511

10,810

$ 17,514

$ 334,414

Reinvestment of distributions

49

18

1,651

518

Shares redeemed

(772)

(1,745)

(26,497)

(54,485)

Net increase (decrease)

(212)

9,083

$ (7,332)

$ 280,447

Institutional Class

 

 

 

 

Shares sold

2,098

5,585

$ 71,758

$ 173,899

Reinvestment of distributions

30

17

1,015

502

Shares redeemed

(932)

(1,659)

(31,678)

(51,892)

Net increase (decrease)

1,196

3,943

$ 41,095

$ 122,509

12. 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.

At the end of the period, Strategic Advisers Small-Mid Cap Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

MC-USAN-0715
1.786799.112

Semiannual Report

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor ®
Stock Selector Mid Cap

Fund - Institutional Class

(To be renamed Class I
effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.01%

 

 

 

Actual

 

$ 1,000.00

$ 1,057.90

$ 5.18

HypotheticalA

 

$ 1,000.00

$ 1,019.90

$ 5.09

Class T

1.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.50

$ 6.41

HypotheticalA

 

$ 1,000.00

$ 1,018.70

$ 6.29

Class B

1.86%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.60

$ 9.52

HypotheticalA

 

$ 1,000.00

$ 1,015.66

$ 9.35

Class C

1.77%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.90

$ 9.06

HypotheticalA

 

$ 1,000.00

$ 1,016.11

$ 8.90

Fidelity Stock Selector Mid Cap Fund

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,059.00

$ 4.00

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Institutional Class

.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,058.70

$ 4.47

HypotheticalA

 

$ 1,000.00

$ 1,020.59

$ 4.38

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

AMETEK, Inc.

2.6

1.5

Roper Industries, Inc.

2.5

1.5

TransDigm Group, Inc.

2.4

0.8

J.B. Hunt Transport Services, Inc.

1.9

1.9

Ecolab, Inc.

1.6

1.0

Qorvo, Inc.

1.5

0.9

Jarden Corp.

1.5

1.3

AMC Networks, Inc. Class A

1.4

0.0

HD Supply Holdings, Inc.

1.3

0.8

Capital One Financial Corp.

1.3

1.2

 

18.0

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.9

22.8

Information Technology

17.1

17.6

Industrials

16.2

16.4

Consumer Discretionary

13.2

13.2

Health Care

8.5

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

mci212

Stocks and
Equity Futures 98.4%

 

mci214

Stocks and
Equity Futures 98.3%

 

mci216

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.6%

 

mci218

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.7%

 

* Foreign investments

6.2%

 

** Foreign investments

7.1%

 

mci220

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Auto Components - 0.7%

Dorman Products, Inc. (a)(d)

163,000

$ 7,606

Tenneco, Inc. (a)

190,500

11,186

 

18,792

Automobiles - 0.7%

Harley-Davidson, Inc.

337,800

18,069

Diversified Consumer Services - 1.3%

ServiceMaster Global Holdings, Inc.

1,011,600

33,980

Household Durables - 3.1%

Jarden Corp. (a)

739,672

39,247

NVR, Inc. (a)

17,400

23,674

Tupperware Brands Corp.

263,980

17,354

 

80,275

Internet & Catalog Retail - 1.2%

HSN, Inc.

144,700

9,711

Liberty Interactive Corp. Series A (a)

792,410

22,164

 

31,875

Media - 4.4%

AMC Networks, Inc. Class A (a)

462,000

36,309

Discovery Communications, Inc. Class A (a)(d)

600,800

20,391

Liberty Broadband Corp. Class A (a)

306,581

16,528

Liberty Media Corp. Class A (a)

449,700

17,230

Starz Series A (a)

281,900

11,829

The Madison Square Garden Co. Class A (a)

175,000

14,950

 

117,237

Multiline Retail - 0.4%

Dollar General Corp.

149,440

10,848

Specialty Retail - 1.4%

Bed Bath & Beyond, Inc. (a)

296,800

21,168

GameStop Corp. Class A (d)

376,300

16,335

 

37,503

TOTAL CONSUMER DISCRETIONARY

348,579

CONSUMER STAPLES - 4.0%

Beverages - 0.7%

Coca-Cola Enterprises, Inc.

214,300

9,478

Dr. Pepper Snapple Group, Inc.

77,900

5,970

Molson Coors Brewing Co. Class B

54,500

3,999

 

19,447

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 1.1%

Campbell Soup Co.

158,900

$ 7,681

Mead Johnson Nutrition Co. Class A

41,200

4,009

Pinnacle Foods, Inc.

100,800

4,249

The J.M. Smucker Co.

58,303

6,912

Tyson Foods, Inc. Class A

116,500

4,945

 

27,796

Household Products - 1.9%

Church & Dwight Co., Inc.

291,200

24,452

Energizer Holdings, Inc.

176,300

24,980

 

49,432

Tobacco - 0.3%

Universal Corp.

156,900

8,079

TOTAL CONSUMER STAPLES

104,754

ENERGY - 4.5%

Energy Equipment & Services - 1.3%

Bristow Group, Inc.

185,000

10,730

Dril-Quip, Inc. (a)

169,100

12,781

Helmerich & Payne, Inc. (d)

162,080

11,830

 

35,341

Oil, Gas & Consumable Fuels - 3.2%

Cabot Oil & Gas Corp.

348,100

11,821

Cimarex Energy Co.

79,100

9,137

Energen Corp.

223,700

15,480

Enviva Partners LP

114,600

2,333

Genesis Energy LP

232,000

11,282

HollyFrontier Corp.

153,400

6,389

Marathon Petroleum Corp.

100,900

10,439

Stone Energy Corp. (a)

506,400

6,877

Whiting Petroleum Corp. (a)

278,200

9,178

 

82,936

TOTAL ENERGY

118,277

FINANCIALS - 22.9%

Banks - 2.4%

Aldermore Group PLC

1,177,100

4,813

Huntington Bancshares, Inc.

1,380,978

15,370

Prosperity Bancshares, Inc.

237,400

12,718

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Banks - continued

Shawbrook Group Ltd.

988,900

$ 5,747

Synovus Financial Corp.

563,727

16,359

The Jammu & Kashmir Bank Ltd.

2,612,786

4,410

Virgin Money Holdings Uk PLC (a)

485,200

3,226

 

62,643

Capital Markets - 4.8%

Artisan Partners Asset Management, Inc.

456,500

20,136

Fortress Investment Group LLC

1,860,200

14,565

Interactive Brokers Group, Inc.

728,867

26,021

KCG Holdings, Inc. Class A (a)

600,000

8,094

Lazard Ltd. Class A

67,400

3,745

MLP AG

1,566,600

7,154

Moelis & Co. Class A

324,000

9,351

Oaktree Capital Group LLC Class A

102,900

5,636

Och-Ziff Capital Management Group LLC Class A

479,100

6,008

Raymond James Financial, Inc.

269,100

15,640

Virtus Investment Partners, Inc.

33,000

4,106

Vontobel Holdings AG

95,000

4,346

WisdomTree Investments, Inc. (d)

131,000

2,798

 

127,600

Consumer Finance - 3.8%

ACOM Co. Ltd. (a)(d)

4,157,000

13,276

Capital One Financial Corp.

423,900

35,421

Enova International, Inc. (a)

219,167

4,274

Navient Corp.

300,316

5,787

SLM Corp. (a)

1,405,916

14,425

Springleaf Holdings, Inc. (a)

585,380

27,817

 

101,000

Diversified Financial Services - 0.2%

Alexander Forbes Group Holding (a)

5,274,128

3,987

Insurance - 2.7%

AmTrust Financial Services, Inc.

185,000

11,133

Arthur J. Gallagher & Co.

655,000

31,735

Direct Line Insurance Group PLC

3,391,591

17,479

Fairfax Financial Holdings Ltd. (sub. vtg.)

24,300

12,240

 

72,587

Real Estate Investment Trusts - 8.5%

Alexandria Real Estate Equities, Inc.

216,275

20,055

Altisource Residential Corp. Class B

412,021

7,383

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

American Campus Communities, Inc.

374,000

$ 14,590

Camden Property Trust (SBI)

233,000

17,470

Corrections Corp. of America

119,000

4,184

Cousins Properties, Inc.

621,200

5,995

DCT Industrial Trust, Inc.

175,549

5,742

Duke Realty LP

378,600

7,405

Essex Property Trust, Inc.

39,600

8,816

Extra Space Storage, Inc.

160,200

11,219

FelCor Lodging Trust, Inc.

1,107,700

11,897

Gramercy Property Trust, Inc.

265,075

7,054

Lamar Advertising Co. Class A

201,600

12,221

Liberty Property Trust (SBI)

245,500

8,578

Potlatch Corp.

19,700

715

Ramco-Gershenson Properties Trust (SBI)

804,800

13,859

Redwood Trust, Inc.

315,900

5,089

Sabra Health Care REIT, Inc.

543,000

14,390

SL Green Realty Corp.

73,565

8,729

Taubman Centers, Inc.

123,300

9,128

Urban Edge Properties

825,700

17,835

Weyerhaeuser Co.

180,200

5,867

WP Glimcher, Inc.

385,600

5,425

 

223,646

Real Estate Management & Development - 0.4%

CBRE Group, Inc. (a)

285,500

10,918

Thrifts & Mortgage Finance - 0.1%

Ocwen Financial Corp. (a)(d)

195,063

1,982

TOTAL FINANCIALS

604,363

HEALTH CARE - 8.5%

Biotechnology - 1.3%

AMAG Pharmaceuticals, Inc. (a)

160,000

11,133

Puma Biotechnology, Inc. (a)

46,000

8,991

Vertex Pharmaceuticals, Inc. (a)

112,000

14,368

 

34,492

Health Care Equipment & Supplies - 3.0%

Boston Scientific Corp. (a)

1,500,000

27,405

CONMED Corp.

22,685

1,260

The Cooper Companies, Inc.

140,000

25,448

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Tornier NV (a)

460,000

$ 12,227

Zimmer Holdings, Inc.

120,000

13,691

 

80,031

Health Care Providers & Services - 1.8%

Adeptus Health, Inc. Class A (d)

126,800

8,882

HCA Holdings, Inc. (a)

128,000

10,474

MEDNAX, Inc. (a)

280,000

19,930

Surgical Care Affiliates, Inc. (a)

240,000

9,118

 

48,404

Health Care Technology - 0.3%

Cerner Corp. (a)

100,000

6,729

Life Sciences Tools & Services - 0.4%

Agilent Technologies, Inc.

260,000

10,709

Pharmaceuticals - 1.7%

Actavis PLC (a)

35,000

10,738

Endo Health Solutions, Inc. (a)

160,000

13,402

Mallinckrodt PLC (a)

78,000

10,096

Prestige Brands Holdings, Inc. (a)

210,000

9,223

 

43,459

TOTAL HEALTH CARE

223,824

INDUSTRIALS - 16.2%

Aerospace & Defense - 3.8%

BE Aerospace, Inc.

428,600

24,576

Meggitt PLC

1,692,826

13,156

TransDigm Group, Inc.

280,610

63,429

 

101,161

Building Products - 0.9%

A.O. Smith Corp.

318,700

22,749

Commercial Services & Supplies - 0.8%

KAR Auction Services, Inc.

596,879

22,240

Electrical Equipment - 2.6%

AMETEK, Inc.

1,264,290

67,965

Industrial Conglomerates - 2.5%

Roper Industries, Inc.

379,920

66,471

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 1.6%

AGCO Corp. (d)

381,700

$ 19,383

WABCO Holdings, Inc. (a)

171,518

21,683

 

41,066

Road & Rail - 1.9%

J.B. Hunt Transport Services, Inc.

589,440

49,525

Trading Companies & Distributors - 2.1%

HD Supply Holdings, Inc. (a)

1,093,700

35,491

Watsco, Inc.

160,600

20,223

 

55,714

TOTAL INDUSTRIALS

426,891

INFORMATION TECHNOLOGY - 17.1%

Communications Equipment - 1.3%

F5 Networks, Inc. (a)

143,200

17,999

Juniper Networks, Inc.

310,000

8,618

Ruckus Wireless, Inc. (a)

706,400

7,424

 

34,041

Electronic Equipment & Components - 1.0%

Trimble Navigation Ltd. (a)

1,112,300

26,072

Internet Software & Services - 1.6%

Endurance International Group Holdings, Inc. (a)

416,600

8,469

HomeAway, Inc. (a)

335,000

9,403

Rackspace Hosting, Inc. (a)

602,100

24,138

Velti PLC (a)(f)

215,084

2

 

42,012

IT Services - 3.7%

Alliance Data Systems Corp. (a)

75,300

22,442

Cognizant Technology Solutions Corp. Class A (a)

366,600

23,726

Maximus, Inc.

320,500

20,951

VeriFone Systems, Inc. (a)

470,000

17,940

Virtusa Corp. (a)

297,000

13,514

 

98,573

Semiconductors & Semiconductor Equipment - 3.5%

Cree, Inc. (a)(d)

558,600

16,914

Cypress Semiconductor Corp.

716,500

9,838

Marvell Technology Group Ltd.

1,401,500

19,607

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Qorvo, Inc. (a)

479,925

$ 39,426

Semtech Corp. (a)

275,400

5,883

 

91,668

Software - 5.3%

Autodesk, Inc. (a)

233,400

12,639

Citrix Systems, Inc. (a)

151,600

9,856

CommVault Systems, Inc. (a)

267,700

11,894

Fair Isaac Corp.

127,000

11,140

Parametric Technology Corp. (a)

568,842

23,476

Rovi Corp. (a)

555,700

9,314

Salesforce.com, Inc. (a)

103,200

7,508

SolarWinds, Inc. (a)

296,100

14,050

Solera Holdings, Inc.

290,500

14,330

Synopsys, Inc. (a)

528,300

26,357

 

140,564

Technology Hardware, Storage & Peripherals - 0.7%

SanDisk Corp.

134,200

9,177

Western Digital Corp.

94,200

9,171

 

18,348

TOTAL INFORMATION TECHNOLOGY

451,278

MATERIALS - 7.5%

Chemicals - 5.4%

Airgas, Inc.

312,304

31,836

CF Industries Holdings, Inc.

37,700

11,909

Ecolab, Inc.

369,479

42,361

PPG Industries, Inc.

118,800

27,192

W.R. Grace & Co. (a)

306,897

30,054

 

143,352

Containers & Packaging - 1.0%

Rock-Tenn Co. Class A

419,000

27,294

Metals & Mining - 1.1%

Reliance Steel & Aluminum Co.

439,445

28,037

TOTAL MATERIALS

198,683

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.0%

Cogent Communications Group, Inc.

34,400

$ 1,081

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. (a)

35,200

1,369

Telephone & Data Systems, Inc.

63,300

1,879

 

3,248

TOTAL TELECOMMUNICATION SERVICES

4,329

UTILITIES - 4.2%

Electric Utilities - 1.8%

Cleco Corp.

93,060

5,049

Hawaiian Electric Industries, Inc.

174,800

5,338

OGE Energy Corp.

492,126

15,502

PNM Resources, Inc.

592,100

15,744

Portland General Electric Co.

219,900

7,688

 

49,321

Gas Utilities - 1.3%

AGL Resources, Inc.

48,200

2,428

Atmos Energy Corp.

199,440

10,774

National Fuel Gas Co.

201,311

12,934

Questar Corp.

71,000

1,612

Southwest Gas Corp.

109,500

5,963

 

33,711

Independent Power and Renewable Electricity Producers - 0.7%

Black Hills Corp.

189,953

9,076

Calpine Corp. (a)

334,800

6,729

Dynegy, Inc. (a)

102,100

3,302

 

19,107

Multi-Utilities - 0.4%

MDU Resources Group, Inc.

467,775

9,795

TOTAL UTILITIES

111,934

TOTAL COMMON STOCKS

(Cost $2,355,200)


2,592,912

U.S. Treasury Obligations - 0.0%

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Bills, yield at date of purchase 0.01% 7/30/15 (e)
(Cost $860)

$ 860

$ 860

Money Market Funds - 4.2%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

53,037,227

53,037

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

56,637,317

56,637

TOTAL MONEY MARKET FUNDS

(Cost $109,674)


109,674

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $2,465,734)

2,703,446

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(63,233)

NET ASSETS - 100%

$ 2,640,213

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

29 CME E-mini S&P MidCap 400 Index Contracts (United States)

June 2015

$ 4,417

$ (24)

 

The face value of futures purchased as a percentage of net assets is 0.2%

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.

(c) Investment made with cash collateral received from securities on loan.

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

(e) 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 $369,000.

(f) 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 $2,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Velti PLC

4/19/13

$ 323

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

$ 36

Fidelity Securities Lending Cash Central Fund

163

Total

$ 199

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 348,579

$ 348,579

$ -

$ -

Consumer Staples

104,754

104,754

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Energy

$ 118,277

$ 118,277

$ -

$ -

Financials

604,363

591,087

13,276

-

Health Care

223,824

223,824

-

-

Industrials

426,891

426,891

-

-

Information Technology

451,278

451,276

2

-

Materials

198,683

198,683

-

-

Telecommunication Services

4,329

4,329

-

-

Utilities

111,934

111,934

-

-

U.S. Government and Government Agency Obligations

860

-

860

-

Money Market Funds

109,674

109,674

-

-

Total Investments in Securities:

$ 2,703,446

$ 2,689,308

$ 14,138

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (24)

$ (24)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Futures Contracts (a)

$ -

$ (24)

Total Value of Derivatives

$ -

$ (24)

(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.

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, 2015 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $55,028) - See accompanying schedule:

Unaffiliated issuers (cost $2,356,060)

$ 2,593,772

 

Fidelity Central Funds (cost $109,674)

109,674

 

Total Investments (cost $2,465,734)

 

$ 2,703,446

Foreign currency held at value (cost $267)

267

Receivable for investments sold

20,200

Receivable for fund shares sold

4,918

Dividends receivable

1,497

Distributions receivable from Fidelity Central Funds

28

Prepaid expenses

1

Other receivables

43

Total assets

2,730,400

 

 

 

Liabilities

Payable to custodian bank

$ 231

Payable for investments purchased

29,027

Payable for fund shares redeemed

1,970

Accrued management fee

1,060

Distribution and service plan fees payable

624

Payable for daily variation margin for derivative instruments

50

Other affiliated payables

547

Other payables and accrued expenses

41

Collateral on securities loaned, at value

56,637

Total liabilities

90,187

 

 

 

Net Assets

$ 2,640,213

Net Assets consist of:

 

Paid in capital

$ 2,463,640

Distributions in excess of net investment income

(821)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(60,288)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

237,682

Net Assets

$ 2,640,213

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, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($657,530 ÷ 19,545.3 shares)

$ 33.64

 

 

 

Maximum offering price per share (100/94.25 of $33.64)

$ 35.69

Class T:
Net Asset Value and redemption price per share ($785,018 ÷ 23,201.7 shares)

$ 33.83

 

 

 

Maximum offering price per share (100/96.50 of $33.83)

$ 35.06

Class B:
Net Asset Value and offering price per share ($13,255 ÷ 426.9 shares)A

$ 31.05

 

 

 

Class C:
Net Asset Value and offering price per share ($174,774 ÷ 5,619.9 shares)A

$ 31.10

 

 

 

Fidelity Stock Selector Mid Cap Fund:
Net Asset Value, offering price and redemption price per share ($576,449 ÷ 16,473.6 shares)

$ 34.99

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($433,187 ÷ 12,353.2 shares)

$ 35.07

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, 2015 (Unaudited)

Investment Income

 

 

Dividends

 

$ 14,807

Income from Fidelity Central Funds

 

199

Total income

 

15,006

 

 

 

Expenses

Management fee
Basic fee

$ 7,143

Performance adjustment

(407)

Transfer agent fees

2,886

Distribution and service plan fees

3,740

Accounting and security lending fees

394

Custodian fees and expenses

30

Independent trustees' compensation

6

Registration fees

67

Audit

31

Legal

7

Miscellaneous

8

Total expenses before reductions

13,905

Expense reductions

(123)

13,782

Net investment income (loss)

1,224

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

176,986

Foreign currency transactions

26

Futures contracts

305

Total net realized gain (loss)

 

177,317

Change in net unrealized appreciation (depreciation) on:

Investment securities

(33,123)

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

 

(33,124)

Net gain (loss)

144,193

Net increase (decrease) in net assets resulting from operations

$ 145,417

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,224

$ 3,875

Net realized gain (loss)

177,317

302,104

Change in net unrealized appreciation (depreciation)

(33,124)

(34,271)

Net increase (decrease) in net assets resulting from operations

145,417

271,708

Distributions to shareholders from net investment income

(2,753)

(1,252)

Share transactions - net increase (decrease)

(59,644)

147,034

Total increase (decrease) in net assets

83,020

417,490

 

 

 

Net Assets

Beginning of period

2,557,193

2,139,703

End of period (including distributions in excess of net investment income of $821 and undistributed net investment income of $708, respectively)

$ 2,640,213

$ 2,557,193

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

$ 15.75

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .02

  .08

  .10

  .09

  .08H

  (.02)

Net realized and unrealized gain (loss)

  1.82

  3.36

  6.29

  3.02

  (.15)

  3.55

Total from investment operations

  1.84

  3.44

  6.39

  3.11

  (.07)

  3.53

Distributions from net investment income

  -

  (.01)

  (.14)

  (.10)

  -

  (.03) I

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03) I

Total distributions

  -

  (.01)

  (.18)

  (.10)

  -

  (.06)

Net asset value, end of period

$ 33.64

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

Total ReturnB, C, D

  5.79%

  12.11%

  29.07%

  16.32%

  (.36)%

  22.48%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of fee waivers, if any

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of all reductions

  1.00%A

  1.05%

  .92%

  .94%

  .91%

  .84%

Net investment income (loss)

  .15%A

  .26%

  .39%

  .41%

  .39%H

  (.12)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 658

$ 652

$ 692

$ 593

$ 644

$ 945

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 .12%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

$ 15.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

  .01

  .04

  .05

  .04H

  (.05)

Net realized and unrealized gain (loss)

  1.82

  3.38

  6.36

  3.05

  (.15)

  3.59

Total from investment operations

  1.81

  3.39

  6.40

  3.10

  (.11)

  3.54

Distributions from net investment income

  -

  -

  (.09)

  (.04)

  -

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.02) I

Total distributions

  -

  -

  (.13)

  (.04)

  -

  (.02)

Net asset value, end of period

$ 33.83

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

Total ReturnB, C, D

  5.65%

  11.84%

  28.80%

  16.12%

  (.57)%

  22.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of fee waivers, if any

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of all reductions

  1.24%A

  1.27%

  1.13%

  1.13%

  1.10%

  1.01%

Net investment income (loss)

  (.09)%A

  .03%

  .17%

  .22%

  .20%H

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 785

$ 794

$ 817

$ 755

$ 871

$ 1,282

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 (.07)%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.11)

  (.16)

  (.10)

  (.07)

  (.07)H

  (.15)

Net realized and unrealized gain (loss)

  1.69

  3.12

  5.90

  2.84

  (.14)

  3.37

Total from investment operations

  1.58

  2.96

  5.80

  2.77

  (.21)

  3.22

Distributions from net investment income

  -

  -

  -

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  -

  -

  -

Total distributions

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 31.05

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

Total ReturnB, C, D

  5.36%

  11.17%

  28.01%

  15.44%

  (1.16)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of fee waivers, if any

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of all reductions

  1.85%A

  1.88%

  1.74%

  1.73%

  1.70%

  1.61%

Net investment income (loss)

  (.70)%A

  (.58)%

  (.43)%

  (.38)%

  (.40)%H

  (.90)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 13

$ 16

$ 21

$ 22

$ 28

$ 75

Portfolio turnover rateG

  97% A

  89%

  79%J

  72%

  198%

  141%

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. 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 (.67)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.09)

  (.14)

  (.09)

  (.06)

  (.07)H

  (.14)

Net realized and unrealized gain (loss)

  1.68

  3.13

  5.91

  2.84

  (.13)

  3.36

Total from investment operations

  1.59

  2.99

  5.82

  2.78

  (.20)

  3.22

Distributions from net investment income

  -

  -

  (.02)

  -

  -

  -

Distributions from net realized gain

  -

  -

  (.01)

  -

  -

  -

Total distributions

  -

  -

  (.03)

  -

  -

  -

Net asset value, end of period

$ 31.10

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

Total ReturnB, C, D

  5.39%

  11.27%

  28.09%

  15.49%

  (1.10)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of fee waivers, if any

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of all reductions

  1.76%A

  1.80%

  1.67%

  1.68%

  1.65%

  1.58%

Net investment income (loss)

  (.61)%

  (.49)%

  (.36)%

  (.33)%

  (.35)%H

  (.86)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 175

$ 172

$ 172

$ 141

$ 150

$ 189

Portfolio turnover rateG

  97% A

  89%

  79% J

  72%

  198%

  141%

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. 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 (.62)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Fidelity Stock Selector Mid Cap Fund

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012G

Selected Per-Share Data

 

 

 

 

Net asset value, beginning of period

$ 33.14

$ 29.56

$ 23.14

$ 21.20

Income from Investment Operations

 

 

 

 

Net investment income (loss) D

  .07

  .16

  .17

  .09

Net realized and unrealized gain (loss)

  1.88

  3.49

  6.54

  1.85

Total from investment operations

  1.95

  3.65

  6.71

  1.94

Distributions from net investment income

  (.10)

  (.07)

  (.25)

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

Total distributions

  (.10)

  (.07)

  (.29)

  -

Net asset value, end of period

$ 34.99

$ 33.14

$ 29.56

$ 23.14

Total ReturnB, C

  5.90%

  12.38%

  29.36%

  9.15%

Ratios to Average Net Assets E, H

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .71%

  .59%A

Expenses net of fee waivers, if any

  .78%A

  .81%

  .71%

  .59%A

Expenses net of all reductions

  .77%A

  .81%

  .69%

  .58%A

Net investment income (loss)

  .38%A

  .50%

  .62%

  .86%A

Supplemental Data

 

 

 

 

Net assets, end of period (in millions)

$ 576

$ 553

$ 225

$ 1

Portfolio turnover rateF

  97% A

  89%

  79% I

  72%

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 For the period June 6, 2012 (commencement of sale of shares) to November 30, 2012. 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. I The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

$ 16.40

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

  .16

  .18

  .15

  .14G

  .04

Net realized and unrealized gain (loss)

  1.90

  3.50

  6.56

  3.15

  (.15)

  3.69

Total from investment operations

  1.95

  3.66

  6.74

  3.30

  (.01)

  3.73

Distributions from net investment income

  (.10)

  (.08)

  (.20)

  (.17)

  -

  (.08)H

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03)H

Total distributions

  (.10)

  (.08)

  (.24)

  (.17)

  -

  (.11)

Net asset value, end of period

$ 35.07

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

Total ReturnB, C

  5.87%

  12.39%

  29.44%

  16.66%

  (.05)%

  22.86%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of fee waivers, if any

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of all reductions

  .86%A

  .80%

  .65%

  .64%

  .61%

  .52%

Net investment income (loss)

  .29%A

  .51%

  .66%

  .71%

  .69%G

  .20%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 433

$ 371

$ 214

$ 172

$ 234

$ 354

Portfolio turnover rateF

  97%A

  89%

  79%J

  72%

  198%

  141%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. H The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Stock Selector Mid 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, Fidelity Stock Selector Mid Cap Fund 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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. 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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.

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

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

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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, 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

$ 347,830

Gross unrealized depreciation

(111,078)

Net unrealized appreciation (depreciation) on securities

$ 236,752

 

 

Tax cost

$ 2,466,694

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

 

2015

$ (935)

2016

(89,710)

2017

(148,171)

Total capital loss carryforward

$ (238,816)

The Fund acquired $1,185 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $935 per year.

Semiannual Report

3. Significant Accounting Policies - continued

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 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 $305 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,233,812 and $1,291,195, respectively.

Semiannual Report

6. 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 relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% 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%

$ 821

$ 11

Class T

.25%

.25%

1,977

27

Class B

.75%

.25%

74

56

Class C

.75%

.25%

868

23

 

 

 

$ 3,740

$ 117

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. 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

$ 21

Class T

11

Class B*

2

Class C*

2

 

$ 36

* 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
Class-Level Average
Net Assets*

Class A

$ 675

.21

Class T

752

.19

Class B

22

.30

Class C

181

.21

Fidelity Stock Selector Mid Cap Fund

629

.22

Institutional Class

627

.31

 

$ 2,886

 

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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 $20 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Security Lending - continued

as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $163, including $6 from securities loaned to FCM.

9. 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 $123 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Stock Selector Mid Cap Fund expenses during the period in the amount of four hundred and one dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ -

$ 146

Fidelity Stock Selector Mid Cap Fund

1,666

530

Institutional Class

1,087

576

Total

$ 2,753

$ 1,252

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

785

1,462

$ 25,751

$ 44,155

Reinvestment of distributions

-

5

-

134

Shares redeemed

(1,742)

(5,341)

(57,044)

(162,259)

Net increase (decrease)

(957)

(3,874)

$ (31,293)

$ (117,970)

Semiannual Report

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

1,005

1,902

$ 33,216

$ 57,696

Reinvestment of distributions

-

-

-

-

Shares redeemed

(2,593)

(5,637)

(85,585)

(170,461)

Net increase (decrease)

(1,588)

(3,735)

$ (52,369)

$ (112,765)

Class B

 

 

 

 

Shares sold

1

3

$ 16

$ 76

Reinvestment of distributions

-

-

-

-

Shares redeemed

(116)

(244)

(3,530)

(6,801)

Net increase (decrease)

(115)

(241)

$ (3,514)

$ (6,725)

Class C

 

 

 

 

Shares sold

149

175

$ 4,581

$ 4,902

Reinvestment of distributions

-

-

-

-

Shares redeemed

(356)

(833)

(10,812)

(23,364)

Net increase (decrease)

(207)

(658)

$ (6,231)

$ (18,462)

Fidelity Stock Selector Mid Cap Fund

 

 

 

 

Shares sold

511

10,810

$ 17,514

$ 334,414

Reinvestment of distributions

49

18

1,651

518

Shares redeemed

(772)

(1,745)

(26,497)

(54,485)

Net increase (decrease)

(212)

9,083

$ (7,332)

$ 280,447

Institutional Class

 

 

 

 

Shares sold

2,098

5,585

$ 71,758

$ 173,899

Reinvestment of distributions

30

17

1,015

502

Shares redeemed

(932)

(1,659)

(31,678)

(51,892)

Net increase (decrease)

1,196

3,943

$ 41,095

$ 122,509

12. 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.

At the end of the period, Strategic Advisers Small-Mid Cap Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)

MCI-USAN-0715
1.786800.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity®
Stock Selector Mid Cap

Fund

(A class of Fidelity Advisor® Stock Selector Mid Cap Fund)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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 1-800-544-8544 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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 RatioB

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014
to May 31, 2015

Class A

1.01%

 

 

 

Actual

 

$ 1,000.00

$ 1,057.90

$ 5.18

HypotheticalA

 

$ 1,000.00

$ 1,019.90

$ 5.09

Class T

1.25%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.50

$ 6.41

HypotheticalA

 

$ 1,000.00

$ 1,018.70

$ 6.29

Class B

1.86%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.60

$ 9.52

HypotheticalA

 

$ 1,000.00

$ 1,015.66

$ 9.35

Class C

1.77%

 

 

 

Actual

 

$ 1,000.00

$ 1,053.90

$ 9.06

HypotheticalA

 

$ 1,000.00

$ 1,016.11

$ 8.90

Fidelity Stock Selector Mid Cap Fund

.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,059.00

$ 4.00

HypotheticalA

 

$ 1,000.00

$ 1,021.04

$ 3.93

Institutional Class

.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,058.70

$ 4.47

HypotheticalA

 

$ 1,000.00

$ 1,020.59

$ 4.38

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

AMETEK, Inc.

2.6

1.5

Roper Industries, Inc.

2.5

1.5

TransDigm Group, Inc.

2.4

0.8

J.B. Hunt Transport Services, Inc.

1.9

1.9

Ecolab, Inc.

1.6

1.0

Qorvo, Inc.

1.5

0.9

Jarden Corp.

1.5

1.3

AMC Networks, Inc. Class A

1.4

0.0

HD Supply Holdings, Inc.

1.3

0.8

Capital One Financial Corp.

1.3

1.2

 

18.0

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.9

22.8

Information Technology

17.1

17.6

Industrials

16.2

16.4

Consumer Discretionary

13.2

13.2

Health Care

8.5

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

skd230

Stocks and
Equity Futures 98.4%

 

skd232

Stocks and
Equity Futures 98.3%

 

skd234

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.6%

 

skd236

Short-Term
Investments and
Net Other Assets
(Liabilities) 1.7%

 

* Foreign investments

6.2%

 

** Foreign investments

7.1%

 

skd238

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Auto Components - 0.7%

Dorman Products, Inc. (a)(d)

163,000

$ 7,606

Tenneco, Inc. (a)

190,500

11,186

 

18,792

Automobiles - 0.7%

Harley-Davidson, Inc.

337,800

18,069

Diversified Consumer Services - 1.3%

ServiceMaster Global Holdings, Inc.

1,011,600

33,980

Household Durables - 3.1%

Jarden Corp. (a)

739,672

39,247

NVR, Inc. (a)

17,400

23,674

Tupperware Brands Corp.

263,980

17,354

 

80,275

Internet & Catalog Retail - 1.2%

HSN, Inc.

144,700

9,711

Liberty Interactive Corp. Series A (a)

792,410

22,164

 

31,875

Media - 4.4%

AMC Networks, Inc. Class A (a)

462,000

36,309

Discovery Communications, Inc. Class A (a)(d)

600,800

20,391

Liberty Broadband Corp. Class A (a)

306,581

16,528

Liberty Media Corp. Class A (a)

449,700

17,230

Starz Series A (a)

281,900

11,829

The Madison Square Garden Co. Class A (a)

175,000

14,950

 

117,237

Multiline Retail - 0.4%

Dollar General Corp.

149,440

10,848

Specialty Retail - 1.4%

Bed Bath & Beyond, Inc. (a)

296,800

21,168

GameStop Corp. Class A (d)

376,300

16,335

 

37,503

TOTAL CONSUMER DISCRETIONARY

348,579

CONSUMER STAPLES - 4.0%

Beverages - 0.7%

Coca-Cola Enterprises, Inc.

214,300

9,478

Dr. Pepper Snapple Group, Inc.

77,900

5,970

Molson Coors Brewing Co. Class B

54,500

3,999

 

19,447

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - 1.1%

Campbell Soup Co.

158,900

$ 7,681

Mead Johnson Nutrition Co. Class A

41,200

4,009

Pinnacle Foods, Inc.

100,800

4,249

The J.M. Smucker Co.

58,303

6,912

Tyson Foods, Inc. Class A

116,500

4,945

 

27,796

Household Products - 1.9%

Church & Dwight Co., Inc.

291,200

24,452

Energizer Holdings, Inc.

176,300

24,980

 

49,432

Tobacco - 0.3%

Universal Corp.

156,900

8,079

TOTAL CONSUMER STAPLES

104,754

ENERGY - 4.5%

Energy Equipment & Services - 1.3%

Bristow Group, Inc.

185,000

10,730

Dril-Quip, Inc. (a)

169,100

12,781

Helmerich & Payne, Inc. (d)

162,080

11,830

 

35,341

Oil, Gas & Consumable Fuels - 3.2%

Cabot Oil & Gas Corp.

348,100

11,821

Cimarex Energy Co.

79,100

9,137

Energen Corp.

223,700

15,480

Enviva Partners LP

114,600

2,333

Genesis Energy LP

232,000

11,282

HollyFrontier Corp.

153,400

6,389

Marathon Petroleum Corp.

100,900

10,439

Stone Energy Corp. (a)

506,400

6,877

Whiting Petroleum Corp. (a)

278,200

9,178

 

82,936

TOTAL ENERGY

118,277

FINANCIALS - 22.9%

Banks - 2.4%

Aldermore Group PLC

1,177,100

4,813

Huntington Bancshares, Inc.

1,380,978

15,370

Prosperity Bancshares, Inc.

237,400

12,718

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Banks - continued

Shawbrook Group Ltd.

988,900

$ 5,747

Synovus Financial Corp.

563,727

16,359

The Jammu & Kashmir Bank Ltd.

2,612,786

4,410

Virgin Money Holdings Uk PLC (a)

485,200

3,226

 

62,643

Capital Markets - 4.8%

Artisan Partners Asset Management, Inc.

456,500

20,136

Fortress Investment Group LLC

1,860,200

14,565

Interactive Brokers Group, Inc.

728,867

26,021

KCG Holdings, Inc. Class A (a)

600,000

8,094

Lazard Ltd. Class A

67,400

3,745

MLP AG

1,566,600

7,154

Moelis & Co. Class A

324,000

9,351

Oaktree Capital Group LLC Class A

102,900

5,636

Och-Ziff Capital Management Group LLC Class A

479,100

6,008

Raymond James Financial, Inc.

269,100

15,640

Virtus Investment Partners, Inc.

33,000

4,106

Vontobel Holdings AG

95,000

4,346

WisdomTree Investments, Inc. (d)

131,000

2,798

 

127,600

Consumer Finance - 3.8%

ACOM Co. Ltd. (a)(d)

4,157,000

13,276

Capital One Financial Corp.

423,900

35,421

Enova International, Inc. (a)

219,167

4,274

Navient Corp.

300,316

5,787

SLM Corp. (a)

1,405,916

14,425

Springleaf Holdings, Inc. (a)

585,380

27,817

 

101,000

Diversified Financial Services - 0.2%

Alexander Forbes Group Holding (a)

5,274,128

3,987

Insurance - 2.7%

AmTrust Financial Services, Inc.

185,000

11,133

Arthur J. Gallagher & Co.

655,000

31,735

Direct Line Insurance Group PLC

3,391,591

17,479

Fairfax Financial Holdings Ltd. (sub. vtg.)

24,300

12,240

 

72,587

Real Estate Investment Trusts - 8.5%

Alexandria Real Estate Equities, Inc.

216,275

20,055

Altisource Residential Corp. Class B

412,021

7,383

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - continued

American Campus Communities, Inc.

374,000

$ 14,590

Camden Property Trust (SBI)

233,000

17,470

Corrections Corp. of America

119,000

4,184

Cousins Properties, Inc.

621,200

5,995

DCT Industrial Trust, Inc.

175,549

5,742

Duke Realty LP

378,600

7,405

Essex Property Trust, Inc.

39,600

8,816

Extra Space Storage, Inc.

160,200

11,219

FelCor Lodging Trust, Inc.

1,107,700

11,897

Gramercy Property Trust, Inc.

265,075

7,054

Lamar Advertising Co. Class A

201,600

12,221

Liberty Property Trust (SBI)

245,500

8,578

Potlatch Corp.

19,700

715

Ramco-Gershenson Properties Trust (SBI)

804,800

13,859

Redwood Trust, Inc.

315,900

5,089

Sabra Health Care REIT, Inc.

543,000

14,390

SL Green Realty Corp.

73,565

8,729

Taubman Centers, Inc.

123,300

9,128

Urban Edge Properties

825,700

17,835

Weyerhaeuser Co.

180,200

5,867

WP Glimcher, Inc.

385,600

5,425

 

223,646

Real Estate Management & Development - 0.4%

CBRE Group, Inc. (a)

285,500

10,918

Thrifts & Mortgage Finance - 0.1%

Ocwen Financial Corp. (a)(d)

195,063

1,982

TOTAL FINANCIALS

604,363

HEALTH CARE - 8.5%

Biotechnology - 1.3%

AMAG Pharmaceuticals, Inc. (a)

160,000

11,133

Puma Biotechnology, Inc. (a)

46,000

8,991

Vertex Pharmaceuticals, Inc. (a)

112,000

14,368

 

34,492

Health Care Equipment & Supplies - 3.0%

Boston Scientific Corp. (a)

1,500,000

27,405

CONMED Corp.

22,685

1,260

The Cooper Companies, Inc.

140,000

25,448

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Tornier NV (a)

460,000

$ 12,227

Zimmer Holdings, Inc.

120,000

13,691

 

80,031

Health Care Providers & Services - 1.8%

Adeptus Health, Inc. Class A (d)

126,800

8,882

HCA Holdings, Inc. (a)

128,000

10,474

MEDNAX, Inc. (a)

280,000

19,930

Surgical Care Affiliates, Inc. (a)

240,000

9,118

 

48,404

Health Care Technology - 0.3%

Cerner Corp. (a)

100,000

6,729

Life Sciences Tools & Services - 0.4%

Agilent Technologies, Inc.

260,000

10,709

Pharmaceuticals - 1.7%

Actavis PLC (a)

35,000

10,738

Endo Health Solutions, Inc. (a)

160,000

13,402

Mallinckrodt PLC (a)

78,000

10,096

Prestige Brands Holdings, Inc. (a)

210,000

9,223

 

43,459

TOTAL HEALTH CARE

223,824

INDUSTRIALS - 16.2%

Aerospace & Defense - 3.8%

BE Aerospace, Inc.

428,600

24,576

Meggitt PLC

1,692,826

13,156

TransDigm Group, Inc.

280,610

63,429

 

101,161

Building Products - 0.9%

A.O. Smith Corp.

318,700

22,749

Commercial Services & Supplies - 0.8%

KAR Auction Services, Inc.

596,879

22,240

Electrical Equipment - 2.6%

AMETEK, Inc.

1,264,290

67,965

Industrial Conglomerates - 2.5%

Roper Industries, Inc.

379,920

66,471

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 1.6%

AGCO Corp. (d)

381,700

$ 19,383

WABCO Holdings, Inc. (a)

171,518

21,683

 

41,066

Road & Rail - 1.9%

J.B. Hunt Transport Services, Inc.

589,440

49,525

Trading Companies & Distributors - 2.1%

HD Supply Holdings, Inc. (a)

1,093,700

35,491

Watsco, Inc.

160,600

20,223

 

55,714

TOTAL INDUSTRIALS

426,891

INFORMATION TECHNOLOGY - 17.1%

Communications Equipment - 1.3%

F5 Networks, Inc. (a)

143,200

17,999

Juniper Networks, Inc.

310,000

8,618

Ruckus Wireless, Inc. (a)

706,400

7,424

 

34,041

Electronic Equipment & Components - 1.0%

Trimble Navigation Ltd. (a)

1,112,300

26,072

Internet Software & Services - 1.6%

Endurance International Group Holdings, Inc. (a)

416,600

8,469

HomeAway, Inc. (a)

335,000

9,403

Rackspace Hosting, Inc. (a)

602,100

24,138

Velti PLC (a)(f)

215,084

2

 

42,012

IT Services - 3.7%

Alliance Data Systems Corp. (a)

75,300

22,442

Cognizant Technology Solutions Corp. Class A (a)

366,600

23,726

Maximus, Inc.

320,500

20,951

VeriFone Systems, Inc. (a)

470,000

17,940

Virtusa Corp. (a)

297,000

13,514

 

98,573

Semiconductors & Semiconductor Equipment - 3.5%

Cree, Inc. (a)(d)

558,600

16,914

Cypress Semiconductor Corp.

716,500

9,838

Marvell Technology Group Ltd.

1,401,500

19,607

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Qorvo, Inc. (a)

479,925

$ 39,426

Semtech Corp. (a)

275,400

5,883

 

91,668

Software - 5.3%

Autodesk, Inc. (a)

233,400

12,639

Citrix Systems, Inc. (a)

151,600

9,856

CommVault Systems, Inc. (a)

267,700

11,894

Fair Isaac Corp.

127,000

11,140

Parametric Technology Corp. (a)

568,842

23,476

Rovi Corp. (a)

555,700

9,314

Salesforce.com, Inc. (a)

103,200

7,508

SolarWinds, Inc. (a)

296,100

14,050

Solera Holdings, Inc.

290,500

14,330

Synopsys, Inc. (a)

528,300

26,357

 

140,564

Technology Hardware, Storage & Peripherals - 0.7%

SanDisk Corp.

134,200

9,177

Western Digital Corp.

94,200

9,171

 

18,348

TOTAL INFORMATION TECHNOLOGY

451,278

MATERIALS - 7.5%

Chemicals - 5.4%

Airgas, Inc.

312,304

31,836

CF Industries Holdings, Inc.

37,700

11,909

Ecolab, Inc.

369,479

42,361

PPG Industries, Inc.

118,800

27,192

W.R. Grace & Co. (a)

306,897

30,054

 

143,352

Containers & Packaging - 1.0%

Rock-Tenn Co. Class A

419,000

27,294

Metals & Mining - 1.1%

Reliance Steel & Aluminum Co.

439,445

28,037

TOTAL MATERIALS

198,683

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.0%

Cogent Communications Group, Inc.

34,400

$ 1,081

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. (a)

35,200

1,369

Telephone & Data Systems, Inc.

63,300

1,879

 

3,248

TOTAL TELECOMMUNICATION SERVICES

4,329

UTILITIES - 4.2%

Electric Utilities - 1.8%

Cleco Corp.

93,060

5,049

Hawaiian Electric Industries, Inc.

174,800

5,338

OGE Energy Corp.

492,126

15,502

PNM Resources, Inc.

592,100

15,744

Portland General Electric Co.

219,900

7,688

 

49,321

Gas Utilities - 1.3%

AGL Resources, Inc.

48,200

2,428

Atmos Energy Corp.

199,440

10,774

National Fuel Gas Co.

201,311

12,934

Questar Corp.

71,000

1,612

Southwest Gas Corp.

109,500

5,963

 

33,711

Independent Power and Renewable Electricity Producers - 0.7%

Black Hills Corp.

189,953

9,076

Calpine Corp. (a)

334,800

6,729

Dynegy, Inc. (a)

102,100

3,302

 

19,107

Multi-Utilities - 0.4%

MDU Resources Group, Inc.

467,775

9,795

TOTAL UTILITIES

111,934

TOTAL COMMON STOCKS

(Cost $2,355,200)


2,592,912

U.S. Treasury Obligations - 0.0%

 

Principal Amount (000s)

Value (000s)

U.S. Treasury Bills, yield at date of purchase 0.01% 7/30/15 (e)
(Cost $860)

$ 860

$ 860

Money Market Funds - 4.2%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

53,037,227

53,037

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

56,637,317

56,637

TOTAL MONEY MARKET FUNDS

(Cost $109,674)


109,674

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $2,465,734)

2,703,446

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(63,233)

NET ASSETS - 100%

$ 2,640,213

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

29 CME E-mini S&P MidCap 400 Index Contracts (United States)

June 2015

$ 4,417

$ (24)

 

The face value of futures purchased as a percentage of net assets is 0.2%

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.

(c) Investment made with cash collateral received from securities on loan.

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

(e) 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 $369,000.

(f) 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 $2,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Velti PLC

4/19/13

$ 323

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

$ 36

Fidelity Securities Lending Cash Central Fund

163

Total

$ 199

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 348,579

$ 348,579

$ -

$ -

Consumer Staples

104,754

104,754

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Energy

$ 118,277

$ 118,277

$ -

$ -

Financials

604,363

591,087

13,276

-

Health Care

223,824

223,824

-

-

Industrials

426,891

426,891

-

-

Information Technology

451,278

451,276

2

-

Materials

198,683

198,683

-

-

Telecommunication Services

4,329

4,329

-

-

Utilities

111,934

111,934

-

-

U.S. Government and Government Agency Obligations

860

-

860

-

Money Market Funds

109,674

109,674

-

-

Total Investments in Securities:

$ 2,703,446

$ 2,689,308

$ 14,138

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (24)

$ (24)

$ -

$ -

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, 2015. 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

Value
(Amounts in thousands)

 

Asset

Liability

Equity Risk

Futures Contracts (a)

$ -

$ (24)

Total Value of Derivatives

$ -

$ (24)

(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.

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, 2015 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $55,028) - See accompanying schedule:

Unaffiliated issuers (cost $2,356,060)

$ 2,593,772

 

Fidelity Central Funds (cost $109,674)

109,674

 

Total Investments (cost $2,465,734)

 

$ 2,703,446

Foreign currency held at value (cost $267)

267

Receivable for investments sold

20,200

Receivable for fund shares sold

4,918

Dividends receivable

1,497

Distributions receivable from Fidelity Central Funds

28

Prepaid expenses

1

Other receivables

43

Total assets

2,730,400

 

 

 

Liabilities

Payable to custodian bank

$ 231

Payable for investments purchased

29,027

Payable for fund shares redeemed

1,970

Accrued management fee

1,060

Distribution and service plan fees payable

624

Payable for daily variation margin for derivative instruments

50

Other affiliated payables

547

Other payables and accrued expenses

41

Collateral on securities loaned, at value

56,637

Total liabilities

90,187

 

 

 

Net Assets

$ 2,640,213

Net Assets consist of:

 

Paid in capital

$ 2,463,640

Distributions in excess of net investment income

(821)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(60,288)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

237,682

Net Assets

$ 2,640,213

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, 2015 (Unaudited)

Calculation of Maximum Offering Price

Class A:
Net Asset Value and redemption price per share ($657,530 ÷ 19,545.3 shares)

$ 33.64

 

 

 

Maximum offering price per share (100/94.25 of $33.64)

$ 35.69

Class T:
Net Asset Value and redemption price per share ($785,018 ÷ 23,201.7 shares)

$ 33.83

 

 

 

Maximum offering price per share (100/96.50 of $33.83)

$ 35.06

Class B:
Net Asset Value and offering price per share ($13,255 ÷ 426.9 shares)A

$ 31.05

 

 

 

Class C:
Net Asset Value and offering price per share ($174,774 ÷ 5,619.9 shares)A

$ 31.10

 

 

 

Fidelity Stock Selector Mid Cap Fund:
Net Asset Value, offering price and redemption price per share ($576,449 ÷ 16,473.6 shares)

$ 34.99

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($433,187 ÷ 12,353.2 shares)

$ 35.07

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, 2015 (Unaudited)

Investment Income

 

 

Dividends

 

$ 14,807

Income from Fidelity Central Funds

 

199

Total income

 

15,006

 

 

 

Expenses

Management fee
Basic fee

$ 7,143

Performance adjustment

(407)

Transfer agent fees

2,886

Distribution and service plan fees

3,740

Accounting and security lending fees

394

Custodian fees and expenses

30

Independent trustees' compensation

6

Registration fees

67

Audit

31

Legal

7

Miscellaneous

8

Total expenses before reductions

13,905

Expense reductions

(123)

13,782

Net investment income (loss)

1,224

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

176,986

Foreign currency transactions

26

Futures contracts

305

Total net realized gain (loss)

 

177,317

Change in net unrealized appreciation (depreciation) on:

Investment securities

(33,123)

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

 

(33,124)

Net gain (loss)

144,193

Net increase (decrease) in net assets resulting from operations

$ 145,417

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, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,224

$ 3,875

Net realized gain (loss)

177,317

302,104

Change in net unrealized appreciation (depreciation)

(33,124)

(34,271)

Net increase (decrease) in net assets resulting from operations

145,417

271,708

Distributions to shareholders from net investment income

(2,753)

(1,252)

Share transactions - net increase (decrease)

(59,644)

147,034

Total increase (decrease) in net assets

83,020

417,490

 

 

 

Net Assets

Beginning of period

2,557,193

2,139,703

End of period (including distributions in excess of net investment income of $821 and undistributed net investment income of $708, respectively)

$ 2,640,213

$ 2,557,193

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

$ 15.75

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .02

  .08

  .10

  .09

  .08H

  (.02)

Net realized and unrealized gain (loss)

  1.82

  3.36

  6.29

  3.02

  (.15)

  3.55

Total from investment operations

  1.84

  3.44

  6.39

  3.11

  (.07)

  3.53

Distributions from net investment income

  -

  (.01)

  (.14)

  (.10)

  -

  (.03) I

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03) I

Total distributions

  -

  (.01)

  (.18)

  (.10)

  -

  (.06)

Net asset value, end of period

$ 33.64

$ 31.80

$ 28.37

$ 22.16

$ 19.15

$ 19.22

Total ReturnB, C, D

  5.79%

  12.11%

  29.07%

  16.32%

  (.36)%

  22.48%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of fee waivers, if any

  1.01%A

  1.05%

  .95%

  .94%

  .92%

  .86%

Expenses net of all reductions

  1.00%A

  1.05%

  .92%

  .94%

  .91%

  .84%

Net investment income (loss)

  .15%A

  .26%

  .39%

  .41%

  .39%H

  (.12)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 658

$ 652

$ 692

$ 593

$ 644

$ 945

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 .12%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class T

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

$ 15.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.01)

  .01

  .04

  .05

  .04H

  (.05)

Net realized and unrealized gain (loss)

  1.82

  3.38

  6.36

  3.05

  (.15)

  3.59

Total from investment operations

  1.81

  3.39

  6.40

  3.10

  (.11)

  3.54

Distributions from net investment income

  -

  -

  (.09)

  (.04)

  -

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.02) I

Total distributions

  -

  -

  (.13)

  (.04)

  -

  (.02)

Net asset value, end of period

$ 33.83

$ 32.02

$ 28.63

$ 22.36

$ 19.30

$ 19.41

Total ReturnB, C, D

  5.65%

  11.84%

  28.80%

  16.12%

  (.57)%

  22.31%

Ratios to Average Net Assets F, J

 

 

 

 

 

Expenses before reductions

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of fee waivers, if any

  1.25%A

  1.28%

  1.16%

  1.14%

  1.11%

  1.03%

Expenses net of all reductions

  1.24%A

  1.27%

  1.13%

  1.13%

  1.10%

  1.01%

Net investment income (loss)

  (.09)%A

  .03%

  .17%

  .22%

  .20%H

  (.30)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 785

$ 794

$ 817

$ 755

$ 871

$ 1,282

Portfolio turnover rateG

  97%A

  89%

  79%K

  72%

  198%

  141%

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 (.07)%. I The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. K The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class B

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.11)

  (.16)

  (.10)

  (.07)

  (.07)H

  (.15)

Net realized and unrealized gain (loss)

  1.69

  3.12

  5.90

  2.84

  (.14)

  3.37

Total from investment operations

  1.58

  2.96

  5.80

  2.77

  (.21)

  3.22

Distributions from net investment income

  -

  -

  -

  -

  -

  -

Distributions from net realized gain

  -

  -

  -

  -

  -

  -

Total distributions

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 31.05

$ 29.47

$ 26.51

$ 20.71

$ 17.94

$ 18.15

Total ReturnB, C, D

  5.36%

  11.17%

  28.01%

  15.44%

  (1.16)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

Expenses before reductions

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of fee waivers, if any

  1.86%A

  1.89%

  1.76%

  1.73%

  1.71%

  1.63%

Expenses net of all reductions

  1.85%A

  1.88%

  1.74%

  1.73%

  1.70%

  1.61%

Net investment income (loss)

  (.70)%A

  (.58)%

  (.43)%

  (.38)%

  (.40)%H

  (.90)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 13

$ 16

$ 21

$ 22

$ 28

$ 75

Portfolio turnover rateG

  97% A

  89%

  79%J

  72%

  198%

  141%

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. 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 (.67)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Class C

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

$ 14.93

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  (.09)

  (.14)

  (.09)

  (.06)

  (.07)H

  (.14)

Net realized and unrealized gain (loss)

  1.68

  3.13

  5.91

  2.84

  (.13)

  3.36

Total from investment operations

  1.59

  2.99

  5.82

  2.78

  (.20)

  3.22

Distributions from net investment income

  -

  -

  (.02)

  -

  -

  -

Distributions from net realized gain

  -

  -

  (.01)

  -

  -

  -

Total distributions

  -

  -

  (.03)

  -

  -

  -

Net asset value, end of period

$ 31.10

$ 29.51

$ 26.52

$ 20.73

$ 17.95

$ 18.15

Total ReturnB, C, D

  5.39%

  11.27%

  28.09%

  15.49%

  (1.10)%

  21.57%

Ratios to Average Net Assets F, I

 

 

 

 

 

 

Expenses before reductions

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of fee waivers, if any

  1.77%A

  1.80%

  1.69%

  1.68%

  1.66%

  1.60%

Expenses net of all reductions

  1.76%A

  1.80%

  1.67%

  1.68%

  1.65%

  1.58%

Net investment income (loss)

  (.61)%

  (.49)%

  (.36)%

  (.33)%

  (.35)%H

  (.86)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 175

$ 172

$ 172

$ 141

$ 150

$ 189

Portfolio turnover rateG

  97% A

  89%

  79% J

  72%

  198%

  141%

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. 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 (.62)%. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

Semiannual Report

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

Financial Highlights - Fidelity Stock Selector Mid Cap Fund

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012G

Selected Per-Share Data

 

 

 

 

Net asset value, beginning of period

$ 33.14

$ 29.56

$ 23.14

$ 21.20

Income from Investment Operations

 

 

 

 

Net investment income (loss) D

  .07

  .16

  .17

  .09

Net realized and unrealized gain (loss)

  1.88

  3.49

  6.54

  1.85

Total from investment operations

  1.95

  3.65

  6.71

  1.94

Distributions from net investment income

  (.10)

  (.07)

  (.25)

  -

Distributions from net realized gain

  -

  -

  (.04)

  -

Total distributions

  (.10)

  (.07)

  (.29)

  -

Net asset value, end of period

$ 34.99

$ 33.14

$ 29.56

$ 23.14

Total ReturnB, C

  5.90%

  12.38%

  29.36%

  9.15%

Ratios to Average Net Assets E, H

 

 

 

 

Expenses before reductions

  .78%A

  .81%

  .71%

  .59%A

Expenses net of fee waivers, if any

  .78%A

  .81%

  .71%

  .59%A

Expenses net of all reductions

  .77%A

  .81%

  .69%

  .58%A

Net investment income (loss)

  .38%A

  .50%

  .62%

  .86%A

Supplemental Data

 

 

 

 

Net assets, end of period (in millions)

$ 576

$ 553

$ 225

$ 1

Portfolio turnover rateF

  97% A

  89%

  79% I

  72%

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 For the period June 6, 2012 (commencement of sale of shares) to November 30, 2012. 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. I The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

$ 16.40

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .05

  .16

  .18

  .15

  .14G

  .04

Net realized and unrealized gain (loss)

  1.90

  3.50

  6.56

  3.15

  (.15)

  3.69

Total from investment operations

  1.95

  3.66

  6.74

  3.30

  (.01)

  3.73

Distributions from net investment income

  (.10)

  (.08)

  (.20)

  (.17)

  -

  (.08)H

Distributions from net realized gain

  -

  -

  (.04)

  -

  -

  (.03)H

Total distributions

  (.10)

  (.08)

  (.24)

  (.17)

  -

  (.11)

Net asset value, end of period

$ 35.07

$ 33.22

$ 29.64

$ 23.14

$ 20.01

$ 20.02

Total ReturnB, C

  5.87%

  12.39%

  29.44%

  16.66%

  (.05)%

  22.86%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of fee waivers, if any

  .87%A

  .80%

  .67%

  .65%

  .62%

  .54%

Expenses net of all reductions

  .86%A

  .80%

  .65%

  .64%

  .61%

  .52%

Net investment income (loss)

  .29%A

  .51%

  .66%

  .71%

  .69%G

  .20%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 433

$ 371

$ 214

$ 172

$ 234

$ 354

Portfolio turnover rateF

  97%A

  89%

  79%J

  72%

  198%

  141%

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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%. H The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. 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. J The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Stock Selector Mid 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, Fidelity Stock Selector Mid Cap Fund 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

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. 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, 2015, 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.

Semiannual Report

3. Significant Accounting Policies - continued

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.

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

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

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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, 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

$ 347,830

Gross unrealized depreciation

(111,078)

Net unrealized appreciation (depreciation) on securities

$ 236,752

 

 

Tax cost

$ 2,466,694

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

 

2015

$ (935)

2016

(89,710)

2017

(148,171)

Total capital loss carryforward

$ (238,816)

The Fund acquired $1,185 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $935 per year.

Semiannual Report

3. Significant Accounting Policies - continued

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 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 $305 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,233,812 and $1,291,195, respectively.

Semiannual Report

6. 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 relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% 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%

$ 821

$ 11

Class T

.25%

.25%

1,977

27

Class B

.75%

.25%

74

56

Class C

.75%

.25%

868

23

 

 

 

$ 3,740

$ 117

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. 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

$ 21

Class T

11

Class B*

2

Class C*

2

 

$ 36

* 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
Class-Level Average
Net Assets*

Class A

$ 675

.21

Class T

752

.19

Class B

22

.30

Class C

181

.21

Fidelity Stock Selector Mid Cap Fund

629

.22

Institutional Class

627

.31

 

$ 2,886

 

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

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 $20 for the period.

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 $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Security Lending - continued

as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $163, including $6 from securities loaned to FCM.

9. 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 $123 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Stock Selector Mid Cap Fund expenses during the period in the amount of four hundred and one dollars.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ -

$ 146

Fidelity Stock Selector Mid Cap Fund

1,666

530

Institutional Class

1,087

576

Total

$ 2,753

$ 1,252

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class A

 

 

 

 

Shares sold

785

1,462

$ 25,751

$ 44,155

Reinvestment of distributions

-

5

-

134

Shares redeemed

(1,742)

(5,341)

(57,044)

(162,259)

Net increase (decrease)

(957)

(3,874)

$ (31,293)

$ (117,970)

Semiannual Report

11. Share Transactions - continued

 

Shares

Dollars

Six months ended
May 31,
2015

Year ended
November 30,
2014

Six months ended
May 31,
2015

Year ended
November 30,
2014

Class T

 

 

 

 

Shares sold

1,005

1,902

$ 33,216

$ 57,696

Reinvestment of distributions

-

-

-

-

Shares redeemed

(2,593)

(5,637)

(85,585)

(170,461)

Net increase (decrease)

(1,588)

(3,735)

$ (52,369)

$ (112,765)

Class B

 

 

 

 

Shares sold

1

3

$ 16

$ 76

Reinvestment of distributions

-

-

-

-

Shares redeemed

(116)

(244)

(3,530)

(6,801)

Net increase (decrease)

(115)

(241)

$ (3,514)

$ (6,725)

Class C

 

 

 

 

Shares sold

149

175

$ 4,581

$ 4,902

Reinvestment of distributions

-

-

-

-

Shares redeemed

(356)

(833)

(10,812)

(23,364)

Net increase (decrease)

(207)

(658)

$ (6,231)

$ (18,462)

Fidelity Stock Selector Mid Cap Fund

 

 

 

 

Shares sold

511

10,810

$ 17,514

$ 334,414

Reinvestment of distributions

49

18

1,651

518

Shares redeemed

(772)

(1,745)

(26,497)

(54,485)

Net increase (decrease)

(212)

9,083

$ (7,332)

$ 280,447

Institutional Class

 

 

 

 

Shares sold

2,098

5,585

$ 71,758

$ 173,899

Reinvestment of distributions

30

17

1,015

502

Shares redeemed

(932)

(1,659)

(31,678)

(51,892)

Net increase (decrease)

1,196

3,943

$ 41,095

$ 122,509

12. 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.

At the end of the period, Strategic Advisers Small-Mid Cap Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) skd240
1-800-544-5555

skd242
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
 

SKD-USAN-0715
1.940901.102
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Value Strategies

Fund - Institutional Class

(To be renamed Class I effective July 1, 2015)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to
May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.30

$ 4.91

Hypothetical A

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.16%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 5.99

Hypothetical A

 

$ 1,000.00

$ 1,019.15

$ 5.84

Class B

1.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,066.90

$ 9.17

Hypothetical A

 

$ 1,000.00

$ 1,016.06

$ 8.95

Class C

1.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.30

$ 8.81

Hypothetical A

 

$ 1,000.00

$ 1,016.40

$ 8.60

Fidelity Value Strategies Fund

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.80

$ 3.51

Hypothetical A

 

$ 1,000.00

$ 1,021.54

$ 3.43

Class K

.52%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.60

$ 2.69

Hypothetical A

 

$ 1,000.00

$ 1,022.34

$ 2.62

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.90

$ 3.62

Hypothetical A

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

5.3

5.5

Apple, Inc.

4.8

4.2

Delphi Automotive PLC

4.1

3.3

Bank of America Corp.

3.6

3.6

Symantec Corp.

3.1

3.1

General Motors Co.

3.0

2.7

Sanofi SA sponsored ADR

2.6

3.3

U.S. Bancorp

2.4

2.4

Universal Health Services, Inc. Class B

2.3

1.8

St. Jude Medical, Inc.

2.2

2.0

 

33.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.0

20.3

Health Care

16.3

15.1

Information Technology

13.7

14.0

Financials

12.8

12.9

Materials

8.6

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

iso252

Stocks 97.1%

 

iso254

Stocks 93.6%

 

iso256

Bonds 0.5%

 

iso258

Bonds 0.2%

 

iso260

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.4%

 

iso262

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.2%

 

* Foreign investments

17.5%

 

** Foreign investments

17.0%

 

iso264

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 4.7%

Delphi Automotive PLC

719,777

$ 62,606

Tenneco, Inc. (a)

164,524

9,661

 

72,267

Automobiles - 3.3%

General Motors Co.

1,284,836

46,216

Volkswagen AG

18,856

4,546

 

50,762

Diversified Consumer Services - 1.4%

Service Corp. International

729,650

21,204

Hotels, Restaurants & Leisure - 2.0%

Cedar Fair LP (depositary unit)

227,420

13,716

Wyndham Worldwide Corp.

199,867

16,971

 

30,687

Household Durables - 3.7%

Lennar Corp. Class A (d)

424,700

19,804

PulteGroup, Inc.

744,504

14,280

Ryland Group, Inc.

151,400

6,369

Standard Pacific Corp. (a)

1,866,450

15,380

 

55,833

Leisure Products - 3.0%

Hasbro, Inc.

266,797

19,244

Vista Outdoor, Inc. (a)

557,700

25,704

 

44,948

Media - 1.0%

Omnicom Group, Inc.

120,112

8,952

Regal Entertainment Group Class A (d)

330,800

6,934

 

15,886

Specialty Retail - 3.5%

Asbury Automotive Group, Inc. (a)

343,641

29,251

GameStop Corp. Class A (d)

410,113

17,803

Vitamin Shoppe, Inc. (a)

172,300

6,840

 

53,894

Textiles, Apparel & Luxury Goods - 0.4%

PVH Corp.

64,100

6,707

TOTAL CONSUMER DISCRETIONARY

352,188

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 6.6%

Beverages - 2.2%

Cott Corp.

3,511,564

$ 33,676

Food & Staples Retailing - 1.6%

CVS Health Corp.

237,100

24,274

Food Products - 2.1%

Bunge Ltd.

102,214

9,461

Calavo Growers, Inc.

232,028

11,706

SunOpta, Inc. (a)

984,885

9,987

 

31,154

Household Products - 0.7%

Procter & Gamble Co.

142,100

11,139

TOTAL CONSUMER STAPLES

100,243

ENERGY - 3.4%

Energy Equipment & Services - 0.5%

Halliburton Co.

183,600

8,335

Oil, Gas & Consumable Fuels - 2.9%

EP Energy Corp. (a)(d)

274,600

3,611

HollyFrontier Corp.

153,000

6,372

Kinder Morgan, Inc.

170,400

7,070

The Williams Companies, Inc.

154,500

7,895

Valero Energy Corp.

327,300

19,389

 

44,337

TOTAL ENERGY

52,672

FINANCIALS - 12.8%

Banks - 9.7%

Bank of America Corp.

3,355,213

55,361

CIT Group, Inc.

157,349

7,279

Citigroup, Inc.

227,323

12,294

JPMorgan Chase & Co.

116,400

7,657

Regions Financial Corp.

778,163

7,852

U.S. Bancorp

862,484

37,182

Wells Fargo & Co.

377,370

21,118

 

148,743

Capital Markets - 0.8%

The Blackstone Group LP

267,400

11,712

Insurance - 2.3%

AFLAC, Inc.

251,686

15,660

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

201,698

$ 11,822

Unum Group

235,260

8,225

 

35,707

TOTAL FINANCIALS

196,162

HEALTH CARE - 16.3%

Health Care Equipment & Supplies - 6.5%

Alere, Inc. (a)

172,283

8,886

Boston Scientific Corp. (a)

1,785,400

32,619

C.R. Bard, Inc.

75,400

12,842

St. Jude Medical, Inc.

463,300

34,168

Zimmer Holdings, Inc.

87,600

9,994

 

98,509

Health Care Providers & Services - 3.2%

DaVita HealthCare Partners, Inc. (a)

158,496

13,279

Universal Health Services, Inc. Class B

278,914

36,142

 

49,421

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

180,700

7,443

PerkinElmer, Inc.

207,500

10,941

 

18,384

Pharmaceuticals - 5.4%

Johnson & Johnson

187,800

18,806

Merck & Co., Inc.

390,800

23,796

Sanofi SA sponsored ADR

815,544

40,296

 

82,898

TOTAL HEALTH CARE

249,212

INDUSTRIALS - 6.9%

Aerospace & Defense - 4.3%

Esterline Technologies Corp. (a)

180,022

19,473

Honeywell International, Inc.

139,500

14,536

Orbital ATK, Inc.

278,850

21,332

Textron, Inc.

223,717

10,116

 

65,457

Machinery - 1.9%

Blount International, Inc.

506,704

5,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

86,300

$ 8,085

Ingersoll-Rand PLC

208,100

14,313

 

28,261

Trading Companies & Distributors - 0.7%

Aircastle Ltd.

467,200

11,334

TOTAL INDUSTRIALS

105,052

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.4%

Cisco Systems, Inc.

204,600

5,997

IT Services - 0.7%

Fidelity National Information Services, Inc.

165,730

10,391

Semiconductors & Semiconductor Equipment - 3.4%

Cypress Semiconductor Corp.

1,507,475

20,698

MagnaChip Semiconductor Corp. (a)

978,700

7,017

Micron Technology, Inc. (a)

559,183

15,618

ON Semiconductor Corp. (a)

646,970

8,579

 

51,912

Software - 4.4%

Microsoft Corp.

429,324

20,118

Symantec Corp.

1,886,671

46,459

 

66,577

Technology Hardware, Storage & Peripherals - 4.8%

Apple, Inc.

566,160

73,759

TOTAL INFORMATION TECHNOLOGY

208,636

MATERIALS - 8.6%

Chemicals - 7.9%

Ashland, Inc.

83,100

10,587

Axiall Corp.

284,126

10,714

LyondellBasell Industries NV Class A

801,292

81,009

PPG Industries, Inc.

77,296

17,692

 

120,002

Containers & Packaging - 0.7%

Rock-Tenn Co. Class A

166,200

10,826

TOTAL MATERIALS

130,828

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 2.0%

Level 3 Communications, Inc. (a)

558,139

$ 30,966

UTILITIES - 3.8%

Electric Utilities - 0.4%

NextEra Energy, Inc.

67,700

6,928

Independent Power and Renewable Electricity Producers - 2.1%

Calpine Corp. (a)

822,963

16,542

The AES Corp.

1,127,600

15,335

 

31,877

Multi-Utilities - 1.3%

Sempra Energy

179,639

19,306

TOTAL UTILITIES

58,111

TOTAL COMMON STOCKS

(Cost $870,999)


1,484,070

Nonconvertible Bonds - 0.5%

 

Principal Amount (000s)

 

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Peabody Energy Corp. 6.25% 11/15/21
(Cost $14,154)

$ 15,405


7,587

Money Market Funds - 3.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

34,921,635

34,922

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

24,011,079

24,011

TOTAL MONEY MARKET FUNDS

(Cost $58,933)


58,933

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $944,086)

1,550,590

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(23,002)

NET ASSETS - 100%

$ 1,527,588

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.

(c) Investment made with cash collateral received from securities on loan.

(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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 24

Fidelity Securities Lending Cash Central Fund

485

Total

$ 509

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 352,188

$ 352,188

$ -

$ -

Consumer Staples

100,243

100,243

-

-

Energy

52,672

52,672

-

-

Financials

196,162

196,162

-

-

Health Care

249,212

249,212

-

-

Industrials

105,052

105,052

-

-

Information Technology

208,636

208,636

-

-

Materials

130,828

130,828

-

-

Telecommunication Services

30,966

30,966

-

-

Utilities

58,111

58,111

-

-

Corporate Bonds

7,587

-

7,587

-

Money Market Funds

58,933

58,933

-

-

Total Investments in Securities:

$ 1,550,590

$ 1,543,003

$ 7,587

$ -

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

United States of America

82.5%

Netherlands

5.3%

Bailiwick of Jersey

4.1%

Canada

2.9%

France

2.6%

Bermuda

1.3%

Ireland

1.0%

Others (Individually Less Than 1%)

0.3%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $24,402) - See accompanying schedule:

Unaffiliated issuers (cost $885,153)

$ 1,491,657

 

Fidelity Central Funds (cost $58,933)

58,933

 

Total Investments (cost $944,086)

 

$ 1,550,590

Receivable for fund shares sold

381

Dividends receivable

2,978

Interest receivable

43

Distributions receivable from Fidelity Central Funds

108

Prepaid expenses

1

Other receivables

2

Total assets

1,554,103

 

 

 

Liabilities

Payable for fund shares redeemed

1,354

Accrued management fee

589

Distribution and service plan fees payable

239

Other affiliated payables

290

Other payables and accrued expenses

32

Collateral on securities loaned, at value

24,011

Total liabilities

26,515

 

 

 

Net Assets

$ 1,527,588

Net Assets consist of:

 

Paid in capital

$ 1,112,801

Undistributed net investment income

5,872

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(197,589)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

606,504

Net Assets

$ 1,527,588

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($241,818 ÷ 5,848.3 shares)

$ 41.35

 

 

 

Maximum offering price per share (100/94.25 of $41.35)

$ 43.87

Class T:
Net Asset Value and redemption price per share ($330,396 ÷ 7,708.1 shares)

$ 42.86

 

 

 

Maximum offering price per share (100/96.50 of $42.86)

$ 44.41

Class B:
Net Asset Value and offering price per share ($5,763 ÷ 152.4 shares)A

$ 37.81

 

 

 

Class C:
Net Asset Value and offering price per share ($54,793 ÷ 1,466.6 shares)A

$ 37.36

 

 

 

 

 

 

Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($722,881 ÷ 15,620.9 shares)

$ 46.28

 

 

 

Class K:
Net Asset Value, offering price and redemption price per share ($84,977 ÷ 1,836.9 shares)

$ 46.26

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($86,960 ÷ 1,969.8 shares)

$ 44.15

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,234

Interest

 

719

Income from Fidelity Central Funds

 

509

Total income

 

13,462

 

 

 

Expenses

Management fee
Basic fee

$ 4,206

Performance adjustment

(921)

Transfer agent fees

1,515

Distribution and service plan fees

1,407

Accounting and security lending fees

244

Custodian fees and expenses

7

Independent trustees' compensation

3

Registration fees

75

Audit

37

Legal

2

Miscellaneous

7

Total expenses before reductions

6,582

Expense reductions

(8)

6,574

Net investment income (loss)

6,888

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

56,255

Total net realized gain (loss)

 

56,255

Change in net unrealized appreciation (depreciation) on:

Investment securities

41,867

Assets and liabilities in foreign currencies

3

Total change in net unrealized appreciation (depreciation)

 

41,870

Net gain (loss)

98,125

Net increase (decrease) in net assets resulting from operations

$ 105,013

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,888

$ 12,033

Net realized gain (loss)

56,255

6,319

Change in net unrealized appreciation (depreciation)

41,870

112,825

Net increase (decrease) in net assets resulting
from operations

105,013

131,177

Distributions to shareholders from net investment income

(12,722)

(10,331)

Distributions to shareholders from net realized gain

(298)

-

Total distributions

(13,020)

(10,331)

Share transactions - net increase (decrease)

(149,516)

(53,813)

Total increase (decrease) in net assets

(57,523)

67,033

 

 

 

Net Assets

Beginning of period

1,585,111

1,518,078

End of period (including undistributed net investment income of $5,872 and undistributed net investment income of $11,706, respectively)

$ 1,527,588

$ 1,585,111

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

$ 18.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .25

  .23

  - H

  .13 I

  .03 J

Net realized and unrealized gain (loss)

  2.59

  2.87

  8.25

  5.03

  (.49)

  4.32

Total from investment operations

  2.75

  3.12

  8.48

  5.03

  (.36)

  4.35

Distributions from net investment income

  (.31)

  (.23)

  (.08)

  (.12)

  (.03) K

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) K

  (.01)

Total distributions

  (.31) M

  (.23)

  (.08)

  (.12)

  (.04)

  (.01)

Net asset value, end of period

$ 41.35

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

Total ReturnB, C, D

  7.13%

  8.74%

  30.77%

  22.29%

  (1.57)%

  23.16%

Ratios to Average Net Assets F, L

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of fee waivers, if any

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of all reductions

  .95%A

  .96%

  1.03%

  1.21%

  1.17%

  1.07%

Net investment income (loss)

  .81%A

  .68%

  .73%

  -%H

  .51% I

  .12% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 242

$ 233

$ 243

$ 203

$ 190

$ 221

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.28)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%. J 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 (.05)%. K The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. L 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. M Total distributions of $.31 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

$ 19.44

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .18

  .18

  (.05) H

  .08 I

  (.01) J

Net realized and unrealized gain (loss)

  2.68

  2.98

  8.54

  5.22

  (.50)

  4.48

Total from investment operations

  2.80

  3.16

  8.72

  5.17

  (.42)

  4.47

Distributions from net investment income

  (.22)

  (.16)

  (.02)

  (.07)

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.22) L

  (.16)

  (.02)

  (.07)

  -

  (.01)

Net asset value, end of period

$ 42.86

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

Total ReturnB, C, D

  7.00%

  8.51%

  30.52%

  22.08%

  (1.76)%

  22.98%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of fee waivers, if any

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of all reductions

  1.16%A

  1.17%

  1.22%

  1.38%

  1.35%

  1.25%

Net investment income (loss)

  .59%A

  .47%

  .54%

  (.17)% H

  .33% I

  (.06)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 330

$ 324

$ 335

$ 283

$ 274

$ 344

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.29)%. J 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 (.23)%. K 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. L Total distributions of $.22 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

$ 17.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -

  (.05)

  (.02)

  (.18) H

  (.06) I

  (.13) J

Net realized and unrealized gain (loss)

  2.37

  2.63

  7.54

  4.65

  (.44)

  4.03

Total from investment operations

  2.37

  2.58

  7.52

  4.47

  (.50)

  3.90

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.81

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

Total ReturnB, C, D

  6.69%

  7.85%

  29.68%

  21.42%

  (2.34)%

  22.29%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of fee waivers, if any

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of all reductions

  1.78%A

  1.78%

  1.82%

  1.97%

  1.93%

  1.82%

Net investment income (loss)

  (.02)%A

  (.14)%

  (.07)%

  (.76)% H

  (.25)% I

  (.64)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 7

$ 11

$ 13

$ 16

$ 30

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.04)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.87)%. J 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 (.80)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

$ 17.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

  (.03)

  (.01)

  (.17) H

  (.05) I

  (.12) J

Net realized and unrealized gain (loss)

  2.35

  2.60

  7.47

  4.59

  (.44)

  3.97

Total from investment operations

  2.36

  2.57

  7.46

  4.42

  (.49)

  3.85

Distributions from net investment income

  (.06)

  (.02)

  -

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.07)

  (.02)

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.36

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

Total ReturnB, C, D

  6.73%

  7.91%

  29.77%

  21.41%

  (2.32)%

  22.25%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of fee waivers, if any

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of all reductions

  1.71%A

  1.72%

  1.77%

  1.95%

  1.92%

  1.82%

Net investment income (loss)

  .05%A

  (.08)%

  (.02)%

  (.75)% H

  (.24)% I

  (.63)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 55

$ 53

$ 54

$ 43

$ 40

$ 49

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.02)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.86)%. J 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 (.80)%. K 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 - Fidelity Value Strategies Fund

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

$ 20.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .40

  .37

  .09 G

  .22 H

  .09 I

Net realized and unrealized gain (loss)

  2.90

  3.21

  9.20

  5.62

  (.54)

  4.83

Total from investment operations

  3.14

  3.61

  9.57

  5.71

  (.32)

  4.92

Distributions from net investment income

  (.41)

  (.33)

  (.18)

  (.19)

  (.10) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.33)

  (.18)

  (.19)

  (.11)

  (.01)

Net asset value, end of period

$ 46.28

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

Total ReturnB, C

  7.28%

  9.05%

  31.14%

  22.69%

  (1.29)%

  23.54%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of fee waivers, if any

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of all reductions

  .68%A

  .69%

  .72%

  .89%

  .88%

  .80%

Net investment income (loss)

  1.07%A

  .95%

  1.03%

  .31% G

  .80% H

  .39% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 723

$ 786

$ 681

$ 396

$ 284

$ 360

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .18%. 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 .22%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

$ 20.86

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .27

  .47

  .43

  .14 G

  .28 H

  .15 I

Net realized and unrealized gain (loss)

  2.90

  3.20

  9.18

  5.61

  (.55)

  4.82

Total from investment operations

  3.17

  3.67

  9.61

  5.75

  (.27)

  4.97

Distributions from net investment income

  (.47)

  (.38)

  (.22)

  (.24)

  (.16) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.48)

  (.38)

  (.22)

  (.24)

  (.17)

  (.01)

Net asset value, end of period

$ 46.26

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

Total ReturnB, C

  7.36%

  9.21%

  31.34%

  22.93%

  (1.11)%

  23.81%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of fee waivers, if any

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of all reductions

  .52%A

  .53%

  .57%

  .71%

  .68%

  .56%

Net investment income (loss)

  1.23%A

  1.11%

  1.18%

  .50% G

  1.00% H

  .62% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 97

$ 119

$ 70

$ 47

$ 47

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. 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 .46%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

$ 19.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .22

  .37

  .34

  .08 G

  .22 H

  .10 I

Net realized and unrealized gain (loss)

  2.78

  3.06

  8.79

  5.37

  (.53)

  4.63

Total from investment operations

  3.00

  3.43

  9.13

  5.45

  (.31)

  4.73

Distributions from net investment income

  (.41)

  (.32)

  (.18)

  (.20)

  (.11) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.32)

  (.18)

  (.20)

  (.12)

  (.01)

Net asset value, end of period

$ 44.15

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

Total ReturnB, C

  7.29%

  9.01%

  31.11%

  22.67%

  (1.30)%

  23.67%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of fee waivers, if any

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of all reductions

  .70%A

  .71%

  .75%

  .90%

  .86%

  .73%

Net investment income (loss)

  1.06%

  .93%

  1.00%

  .31% G

  .82% H

  .46% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 87

$ 86

$ 74

$ 66

$ 52

$ 53

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%. 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 .29%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Value Strategies 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, Fidelity Value Strategies Fund, Class K 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

Debt securities, including restricted securities, are valued base 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.

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, 2015, 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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), partnerships, market discount, deferred trustees compensation, 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

$ 627,892

Gross unrealized depreciation

(23,972)

Net unrealized appreciation (depreciation) on securities and other investments

$ 603,920

 

 

Tax cost

$ 946,670

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

 

2016

$ (52,256)

2017

(187,132)

Total capital loss carryforward

$ (239,388)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,252 and $116,379, respectively.

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 relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .43% 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 294

$ 6

Class T

.25%

.25%

813

16

Class B

.75%

.25%

32

24

Class C

.75%

.25%

268

14

 

 

 

$ 1,407

$ 60

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.

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

 

Retained
by FDC

Class A

$ 11

Class T

4

Class B*

1

Class C*

1

 

$ 17

* 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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 261

.22

Class T

302

.19

Class B

10

.30

Class C

62

.23

Fidelity Value Strategies Fund

765

.21

Class K

20

.05

Institutional Class

95

.22

 

$ 1,515

 

* 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 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, the Fund did not borrow on this line of credit.

Semiannual Report

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 $485, including $3 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 $7 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Value Strategies Fund expenses during the period in the amount of $1.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 1,818

$ 1,567

Class T

1,723

1,415

Class C

88

32

Fidelity Value Strategies Fund

7,313

5,578

Fidelity Value Strategies Fund Class K

938

1,131

Institutional Class

842

608

Total

$ 12,722

$ 10,331

From net realized gain

 

 

Class A

$ 48

$ -

Class T

64

-

Class C

12

-

Fidelity Value Strategies Fund

142

-

Fidelity Value Strategies Fund Class K

16

-

Institutional Class

16

-

Total

$ 298

$ -

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

231

546

$ 9,217

$ 20,399

Reinvestment of distributions

46

41

1,760

1,447

Shares redeemed

(411)

(1,342)

(16,286)

(50,201)

Net increase (decrease)

(134)

(755)

$ (5,309)

$ (28,355)

Class T

 

 

 

 

Shares sold

277

435

$ 11,420

$ 16,774

Reinvestment of distributions

41

35

1,646

1,293

Shares redeemed

(659)

(1,420)

(26,990)

(54,916)

Net increase (decrease)

(341)

(950)

$ (13,924)

$ (36,849)

Class B

 

 

 

 

Shares sold

-*

1

$ 13

$ 30

Shares redeemed

(53)

(140)

(1,917)

(4,799)

Net increase (decrease)

(53)

(139)

$ (1,904)

$ (4,769)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class C

 

 

 

 

Shares sold

76

125

$ 2,752

$ 4,210

Reinvestment of distributions

3

1

95

29

Shares redeemed

(114)

(282)

(4,128)

(9,502)

Net increase (decrease)

(35)

(156)

$ (1,281)

$ (5,263)

Fidelity Value Strategies Fund

 

 

 

 

Shares sold

494

7,626

$ 21,929

$ 315,612

Reinvestment of distributions

106

127

4,551

4,998

Shares redeemed

(3,016)

(6,627)

(133,055)

(273,372)

Net increase (decrease)

(2,416)

1,126

$ (106,575)

$ 47,238

Fidelity Value Strategies Fund Class K

 

 

 

 

Shares sold

169

669

$ 7,534

$ 27,831

Reinvestment of distributions

22

29

954

1,131

Shares redeemed

(581)

(1,437)

(25,285)

(60,236)

Net increase (decrease)

(390)

(739)

$ (16,797)

$ (31,274)

Institutional Class

 

 

 

 

Shares sold

150

522

$ 6,404

$ 20,905

Reinvestment of distributions

18

14

748

523

Shares redeemed

(257)

(403)

(10,878)

(15,969)

Net increase (decrease)

(89)

133

$ (3,726)

$ 5,459

* Amount represents three hundred and thirty four shares.

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.

FMR Investment Management (U.K.) Limited

Fidelity Management & Research
(Japan) Limited

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)

ISO-USAN-0715
1.786806.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity® Value Strategies Fund

Class K

(A Class of Fidelity Advisor® Value
Strategies Fund)

(Fidelity Investment logo)(registered trademark)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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 1-800-835-5092 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to
May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.30

$ 4.91

Hypothetical A

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.16%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 5.99

Hypothetical A

 

$ 1,000.00

$ 1,019.15

$ 5.84

Class B

1.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,066.90

$ 9.17

Hypothetical A

 

$ 1,000.00

$ 1,016.06

$ 8.95

Class C

1.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.30

$ 8.81

Hypothetical A

 

$ 1,000.00

$ 1,016.40

$ 8.60

Fidelity Value Strategies Fund

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.80

$ 3.51

Hypothetical A

 

$ 1,000.00

$ 1,021.54

$ 3.43

Class K

.52%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.60

$ 2.69

Hypothetical A

 

$ 1,000.00

$ 1,022.34

$ 2.62

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.90

$ 3.62

Hypothetical A

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

5.3

5.5

Apple, Inc.

4.8

4.2

Delphi Automotive PLC

4.1

3.3

Bank of America Corp.

3.6

3.6

Symantec Corp.

3.1

3.1

General Motors Co.

3.0

2.7

Sanofi SA sponsored ADR

2.6

3.3

U.S. Bancorp

2.4

2.4

Universal Health Services, Inc. Class B

2.3

1.8

St. Jude Medical, Inc.

2.2

2.0

 

33.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.0

20.3

Health Care

16.3

15.1

Information Technology

13.7

14.0

Financials

12.8

12.9

Materials

8.6

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

sok274

Stocks 97.1%

 

sok276

Stocks 93.6%

 

sok278

Bonds 0.5%

 

sok280

Bonds 0.2%

 

sok282

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.4%

 

sok284

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.2%

 

* Foreign investments

17.5%

 

** Foreign investments

17.0%

 

sok286

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 4.7%

Delphi Automotive PLC

719,777

$ 62,606

Tenneco, Inc. (a)

164,524

9,661

 

72,267

Automobiles - 3.3%

General Motors Co.

1,284,836

46,216

Volkswagen AG

18,856

4,546

 

50,762

Diversified Consumer Services - 1.4%

Service Corp. International

729,650

21,204

Hotels, Restaurants & Leisure - 2.0%

Cedar Fair LP (depositary unit)

227,420

13,716

Wyndham Worldwide Corp.

199,867

16,971

 

30,687

Household Durables - 3.7%

Lennar Corp. Class A (d)

424,700

19,804

PulteGroup, Inc.

744,504

14,280

Ryland Group, Inc.

151,400

6,369

Standard Pacific Corp. (a)

1,866,450

15,380

 

55,833

Leisure Products - 3.0%

Hasbro, Inc.

266,797

19,244

Vista Outdoor, Inc. (a)

557,700

25,704

 

44,948

Media - 1.0%

Omnicom Group, Inc.

120,112

8,952

Regal Entertainment Group Class A (d)

330,800

6,934

 

15,886

Specialty Retail - 3.5%

Asbury Automotive Group, Inc. (a)

343,641

29,251

GameStop Corp. Class A (d)

410,113

17,803

Vitamin Shoppe, Inc. (a)

172,300

6,840

 

53,894

Textiles, Apparel & Luxury Goods - 0.4%

PVH Corp.

64,100

6,707

TOTAL CONSUMER DISCRETIONARY

352,188

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 6.6%

Beverages - 2.2%

Cott Corp.

3,511,564

$ 33,676

Food & Staples Retailing - 1.6%

CVS Health Corp.

237,100

24,274

Food Products - 2.1%

Bunge Ltd.

102,214

9,461

Calavo Growers, Inc.

232,028

11,706

SunOpta, Inc. (a)

984,885

9,987

 

31,154

Household Products - 0.7%

Procter & Gamble Co.

142,100

11,139

TOTAL CONSUMER STAPLES

100,243

ENERGY - 3.4%

Energy Equipment & Services - 0.5%

Halliburton Co.

183,600

8,335

Oil, Gas & Consumable Fuels - 2.9%

EP Energy Corp. (a)(d)

274,600

3,611

HollyFrontier Corp.

153,000

6,372

Kinder Morgan, Inc.

170,400

7,070

The Williams Companies, Inc.

154,500

7,895

Valero Energy Corp.

327,300

19,389

 

44,337

TOTAL ENERGY

52,672

FINANCIALS - 12.8%

Banks - 9.7%

Bank of America Corp.

3,355,213

55,361

CIT Group, Inc.

157,349

7,279

Citigroup, Inc.

227,323

12,294

JPMorgan Chase & Co.

116,400

7,657

Regions Financial Corp.

778,163

7,852

U.S. Bancorp

862,484

37,182

Wells Fargo & Co.

377,370

21,118

 

148,743

Capital Markets - 0.8%

The Blackstone Group LP

267,400

11,712

Insurance - 2.3%

AFLAC, Inc.

251,686

15,660

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

201,698

$ 11,822

Unum Group

235,260

8,225

 

35,707

TOTAL FINANCIALS

196,162

HEALTH CARE - 16.3%

Health Care Equipment & Supplies - 6.5%

Alere, Inc. (a)

172,283

8,886

Boston Scientific Corp. (a)

1,785,400

32,619

C.R. Bard, Inc.

75,400

12,842

St. Jude Medical, Inc.

463,300

34,168

Zimmer Holdings, Inc.

87,600

9,994

 

98,509

Health Care Providers & Services - 3.2%

DaVita HealthCare Partners, Inc. (a)

158,496

13,279

Universal Health Services, Inc. Class B

278,914

36,142

 

49,421

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

180,700

7,443

PerkinElmer, Inc.

207,500

10,941

 

18,384

Pharmaceuticals - 5.4%

Johnson & Johnson

187,800

18,806

Merck & Co., Inc.

390,800

23,796

Sanofi SA sponsored ADR

815,544

40,296

 

82,898

TOTAL HEALTH CARE

249,212

INDUSTRIALS - 6.9%

Aerospace & Defense - 4.3%

Esterline Technologies Corp. (a)

180,022

19,473

Honeywell International, Inc.

139,500

14,536

Orbital ATK, Inc.

278,850

21,332

Textron, Inc.

223,717

10,116

 

65,457

Machinery - 1.9%

Blount International, Inc.

506,704

5,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

86,300

$ 8,085

Ingersoll-Rand PLC

208,100

14,313

 

28,261

Trading Companies & Distributors - 0.7%

Aircastle Ltd.

467,200

11,334

TOTAL INDUSTRIALS

105,052

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.4%

Cisco Systems, Inc.

204,600

5,997

IT Services - 0.7%

Fidelity National Information Services, Inc.

165,730

10,391

Semiconductors & Semiconductor Equipment - 3.4%

Cypress Semiconductor Corp.

1,507,475

20,698

MagnaChip Semiconductor Corp. (a)

978,700

7,017

Micron Technology, Inc. (a)

559,183

15,618

ON Semiconductor Corp. (a)

646,970

8,579

 

51,912

Software - 4.4%

Microsoft Corp.

429,324

20,118

Symantec Corp.

1,886,671

46,459

 

66,577

Technology Hardware, Storage & Peripherals - 4.8%

Apple, Inc.

566,160

73,759

TOTAL INFORMATION TECHNOLOGY

208,636

MATERIALS - 8.6%

Chemicals - 7.9%

Ashland, Inc.

83,100

10,587

Axiall Corp.

284,126

10,714

LyondellBasell Industries NV Class A

801,292

81,009

PPG Industries, Inc.

77,296

17,692

 

120,002

Containers & Packaging - 0.7%

Rock-Tenn Co. Class A

166,200

10,826

TOTAL MATERIALS

130,828

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 2.0%

Level 3 Communications, Inc. (a)

558,139

$ 30,966

UTILITIES - 3.8%

Electric Utilities - 0.4%

NextEra Energy, Inc.

67,700

6,928

Independent Power and Renewable Electricity Producers - 2.1%

Calpine Corp. (a)

822,963

16,542

The AES Corp.

1,127,600

15,335

 

31,877

Multi-Utilities - 1.3%

Sempra Energy

179,639

19,306

TOTAL UTILITIES

58,111

TOTAL COMMON STOCKS

(Cost $870,999)


1,484,070

Nonconvertible Bonds - 0.5%

 

Principal Amount (000s)

 

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Peabody Energy Corp. 6.25% 11/15/21
(Cost $14,154)

$ 15,405


7,587

Money Market Funds - 3.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

34,921,635

34,922

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

24,011,079

24,011

TOTAL MONEY MARKET FUNDS

(Cost $58,933)


58,933

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $944,086)

1,550,590

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(23,002)

NET ASSETS - 100%

$ 1,527,588

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.

(c) Investment made with cash collateral received from securities on loan.

(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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 24

Fidelity Securities Lending Cash Central Fund

485

Total

$ 509

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 352,188

$ 352,188

$ -

$ -

Consumer Staples

100,243

100,243

-

-

Energy

52,672

52,672

-

-

Financials

196,162

196,162

-

-

Health Care

249,212

249,212

-

-

Industrials

105,052

105,052

-

-

Information Technology

208,636

208,636

-

-

Materials

130,828

130,828

-

-

Telecommunication Services

30,966

30,966

-

-

Utilities

58,111

58,111

-

-

Corporate Bonds

7,587

-

7,587

-

Money Market Funds

58,933

58,933

-

-

Total Investments in Securities:

$ 1,550,590

$ 1,543,003

$ 7,587

$ -

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

United States of America

82.5%

Netherlands

5.3%

Bailiwick of Jersey

4.1%

Canada

2.9%

France

2.6%

Bermuda

1.3%

Ireland

1.0%

Others (Individually Less Than 1%)

0.3%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $24,402) - See accompanying schedule:

Unaffiliated issuers (cost $885,153)

$ 1,491,657

 

Fidelity Central Funds (cost $58,933)

58,933

 

Total Investments (cost $944,086)

 

$ 1,550,590

Receivable for fund shares sold

381

Dividends receivable

2,978

Interest receivable

43

Distributions receivable from Fidelity Central Funds

108

Prepaid expenses

1

Other receivables

2

Total assets

1,554,103

 

 

 

Liabilities

Payable for fund shares redeemed

1,354

Accrued management fee

589

Distribution and service plan fees payable

239

Other affiliated payables

290

Other payables and accrued expenses

32

Collateral on securities loaned, at value

24,011

Total liabilities

26,515

 

 

 

Net Assets

$ 1,527,588

Net Assets consist of:

 

Paid in capital

$ 1,112,801

Undistributed net investment income

5,872

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(197,589)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

606,504

Net Assets

$ 1,527,588

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($241,818 ÷ 5,848.3 shares)

$ 41.35

 

 

 

Maximum offering price per share (100/94.25 of $41.35)

$ 43.87

Class T:
Net Asset Value and redemption price per share ($330,396 ÷ 7,708.1 shares)

$ 42.86

 

 

 

Maximum offering price per share (100/96.50 of $42.86)

$ 44.41

Class B:
Net Asset Value and offering price per share ($5,763 ÷ 152.4 shares)A

$ 37.81

 

 

 

Class C:
Net Asset Value and offering price per share ($54,793 ÷ 1,466.6 shares)A

$ 37.36

 

 

 

 

 

 

Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($722,881 ÷ 15,620.9 shares)

$ 46.28

 

 

 

Class K:
Net Asset Value, offering price and redemption price per share ($84,977 ÷ 1,836.9 shares)

$ 46.26

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($86,960 ÷ 1,969.8 shares)

$ 44.15

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,234

Interest

 

719

Income from Fidelity Central Funds

 

509

Total income

 

13,462

 

 

 

Expenses

Management fee
Basic fee

$ 4,206

Performance adjustment

(921)

Transfer agent fees

1,515

Distribution and service plan fees

1,407

Accounting and security lending fees

244

Custodian fees and expenses

7

Independent trustees' compensation

3

Registration fees

75

Audit

37

Legal

2

Miscellaneous

7

Total expenses before reductions

6,582

Expense reductions

(8)

6,574

Net investment income (loss)

6,888

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

56,255

Total net realized gain (loss)

 

56,255

Change in net unrealized appreciation (depreciation) on:

Investment securities

41,867

Assets and liabilities in foreign currencies

3

Total change in net unrealized appreciation (depreciation)

 

41,870

Net gain (loss)

98,125

Net increase (decrease) in net assets resulting from operations

$ 105,013

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,888

$ 12,033

Net realized gain (loss)

56,255

6,319

Change in net unrealized appreciation (depreciation)

41,870

112,825

Net increase (decrease) in net assets resulting
from operations

105,013

131,177

Distributions to shareholders from net investment income

(12,722)

(10,331)

Distributions to shareholders from net realized gain

(298)

-

Total distributions

(13,020)

(10,331)

Share transactions - net increase (decrease)

(149,516)

(53,813)

Total increase (decrease) in net assets

(57,523)

67,033

 

 

 

Net Assets

Beginning of period

1,585,111

1,518,078

End of period (including undistributed net investment income of $5,872 and undistributed net investment income of $11,706, respectively)

$ 1,527,588

$ 1,585,111

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

$ 18.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .25

  .23

  - H

  .13 I

  .03 J

Net realized and unrealized gain (loss)

  2.59

  2.87

  8.25

  5.03

  (.49)

  4.32

Total from investment operations

  2.75

  3.12

  8.48

  5.03

  (.36)

  4.35

Distributions from net investment income

  (.31)

  (.23)

  (.08)

  (.12)

  (.03) K

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) K

  (.01)

Total distributions

  (.31) M

  (.23)

  (.08)

  (.12)

  (.04)

  (.01)

Net asset value, end of period

$ 41.35

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

Total ReturnB, C, D

  7.13%

  8.74%

  30.77%

  22.29%

  (1.57)%

  23.16%

Ratios to Average Net Assets F, L

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of fee waivers, if any

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of all reductions

  .95%A

  .96%

  1.03%

  1.21%

  1.17%

  1.07%

Net investment income (loss)

  .81%A

  .68%

  .73%

  -%H

  .51% I

  .12% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 242

$ 233

$ 243

$ 203

$ 190

$ 221

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.28)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%. J 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 (.05)%. K The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. L 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. M Total distributions of $.31 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

$ 19.44

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .18

  .18

  (.05) H

  .08 I

  (.01) J

Net realized and unrealized gain (loss)

  2.68

  2.98

  8.54

  5.22

  (.50)

  4.48

Total from investment operations

  2.80

  3.16

  8.72

  5.17

  (.42)

  4.47

Distributions from net investment income

  (.22)

  (.16)

  (.02)

  (.07)

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.22) L

  (.16)

  (.02)

  (.07)

  -

  (.01)

Net asset value, end of period

$ 42.86

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

Total ReturnB, C, D

  7.00%

  8.51%

  30.52%

  22.08%

  (1.76)%

  22.98%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of fee waivers, if any

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of all reductions

  1.16%A

  1.17%

  1.22%

  1.38%

  1.35%

  1.25%

Net investment income (loss)

  .59%A

  .47%

  .54%

  (.17)% H

  .33% I

  (.06)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 330

$ 324

$ 335

$ 283

$ 274

$ 344

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.29)%. J 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 (.23)%. K 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. L Total distributions of $.22 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

$ 17.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -

  (.05)

  (.02)

  (.18) H

  (.06) I

  (.13) J

Net realized and unrealized gain (loss)

  2.37

  2.63

  7.54

  4.65

  (.44)

  4.03

Total from investment operations

  2.37

  2.58

  7.52

  4.47

  (.50)

  3.90

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.81

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

Total ReturnB, C, D

  6.69%

  7.85%

  29.68%

  21.42%

  (2.34)%

  22.29%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of fee waivers, if any

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of all reductions

  1.78%A

  1.78%

  1.82%

  1.97%

  1.93%

  1.82%

Net investment income (loss)

  (.02)%A

  (.14)%

  (.07)%

  (.76)% H

  (.25)% I

  (.64)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 7

$ 11

$ 13

$ 16

$ 30

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.04)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.87)%. J 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 (.80)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

$ 17.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

  (.03)

  (.01)

  (.17) H

  (.05) I

  (.12) J

Net realized and unrealized gain (loss)

  2.35

  2.60

  7.47

  4.59

  (.44)

  3.97

Total from investment operations

  2.36

  2.57

  7.46

  4.42

  (.49)

  3.85

Distributions from net investment income

  (.06)

  (.02)

  -

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.07)

  (.02)

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.36

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

Total ReturnB, C, D

  6.73%

  7.91%

  29.77%

  21.41%

  (2.32)%

  22.25%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of fee waivers, if any

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of all reductions

  1.71%A

  1.72%

  1.77%

  1.95%

  1.92%

  1.82%

Net investment income (loss)

  .05%A

  (.08)%

  (.02)%

  (.75)% H

  (.24)% I

  (.63)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 55

$ 53

$ 54

$ 43

$ 40

$ 49

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.02)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.86)%. J 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 (.80)%. K 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 - Fidelity Value Strategies Fund

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

$ 20.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .40

  .37

  .09 G

  .22 H

  .09 I

Net realized and unrealized gain (loss)

  2.90

  3.21

  9.20

  5.62

  (.54)

  4.83

Total from investment operations

  3.14

  3.61

  9.57

  5.71

  (.32)

  4.92

Distributions from net investment income

  (.41)

  (.33)

  (.18)

  (.19)

  (.10) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.33)

  (.18)

  (.19)

  (.11)

  (.01)

Net asset value, end of period

$ 46.28

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

Total ReturnB, C

  7.28%

  9.05%

  31.14%

  22.69%

  (1.29)%

  23.54%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of fee waivers, if any

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of all reductions

  .68%A

  .69%

  .72%

  .89%

  .88%

  .80%

Net investment income (loss)

  1.07%A

  .95%

  1.03%

  .31% G

  .80% H

  .39% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 723

$ 786

$ 681

$ 396

$ 284

$ 360

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .18%. 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 .22%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

$ 20.86

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .27

  .47

  .43

  .14 G

  .28 H

  .15 I

Net realized and unrealized gain (loss)

  2.90

  3.20

  9.18

  5.61

  (.55)

  4.82

Total from investment operations

  3.17

  3.67

  9.61

  5.75

  (.27)

  4.97

Distributions from net investment income

  (.47)

  (.38)

  (.22)

  (.24)

  (.16) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.48)

  (.38)

  (.22)

  (.24)

  (.17)

  (.01)

Net asset value, end of period

$ 46.26

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

Total ReturnB, C

  7.36%

  9.21%

  31.34%

  22.93%

  (1.11)%

  23.81%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of fee waivers, if any

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of all reductions

  .52%A

  .53%

  .57%

  .71%

  .68%

  .56%

Net investment income (loss)

  1.23%A

  1.11%

  1.18%

  .50% G

  1.00% H

  .62% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 97

$ 119

$ 70

$ 47

$ 47

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. 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 .46%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

$ 19.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .22

  .37

  .34

  .08 G

  .22 H

  .10 I

Net realized and unrealized gain (loss)

  2.78

  3.06

  8.79

  5.37

  (.53)

  4.63

Total from investment operations

  3.00

  3.43

  9.13

  5.45

  (.31)

  4.73

Distributions from net investment income

  (.41)

  (.32)

  (.18)

  (.20)

  (.11) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.32)

  (.18)

  (.20)

  (.12)

  (.01)

Net asset value, end of period

$ 44.15

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

Total ReturnB, C

  7.29%

  9.01%

  31.11%

  22.67%

  (1.30)%

  23.67%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of fee waivers, if any

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of all reductions

  .70%A

  .71%

  .75%

  .90%

  .86%

  .73%

Net investment income (loss)

  1.06%

  .93%

  1.00%

  .31% G

  .82% H

  .46% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 87

$ 86

$ 74

$ 66

$ 52

$ 53

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%. 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 .29%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Value Strategies 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, Fidelity Value Strategies Fund, Class K 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

Debt securities, including restricted securities, are valued base 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.

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, 2015, 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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), partnerships, market discount, deferred trustees compensation, 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

$ 627,892

Gross unrealized depreciation

(23,972)

Net unrealized appreciation (depreciation) on securities and other investments

$ 603,920

 

 

Tax cost

$ 946,670

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

 

2016

$ (52,256)

2017

(187,132)

Total capital loss carryforward

$ (239,388)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,252 and $116,379, respectively.

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 relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .43% 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 294

$ 6

Class T

.25%

.25%

813

16

Class B

.75%

.25%

32

24

Class C

.75%

.25%

268

14

 

 

 

$ 1,407

$ 60

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.

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

 

Retained
by FDC

Class A

$ 11

Class T

4

Class B*

1

Class C*

1

 

$ 17

* 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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 261

.22

Class T

302

.19

Class B

10

.30

Class C

62

.23

Fidelity Value Strategies Fund

765

.21

Class K

20

.05

Institutional Class

95

.22

 

$ 1,515

 

* 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 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, the Fund did not borrow on this line of credit.

Semiannual Report

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 $485, including $3 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 $7 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Value Strategies Fund expenses during the period in the amount of $1.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 1,818

$ 1,567

Class T

1,723

1,415

Class C

88

32

Fidelity Value Strategies Fund

7,313

5,578

Fidelity Value Strategies Fund Class K

938

1,131

Institutional Class

842

608

Total

$ 12,722

$ 10,331

From net realized gain

 

 

Class A

$ 48

$ -

Class T

64

-

Class C

12

-

Fidelity Value Strategies Fund

142

-

Fidelity Value Strategies Fund Class K

16

-

Institutional Class

16

-

Total

$ 298

$ -

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

231

546

$ 9,217

$ 20,399

Reinvestment of distributions

46

41

1,760

1,447

Shares redeemed

(411)

(1,342)

(16,286)

(50,201)

Net increase (decrease)

(134)

(755)

$ (5,309)

$ (28,355)

Class T

 

 

 

 

Shares sold

277

435

$ 11,420

$ 16,774

Reinvestment of distributions

41

35

1,646

1,293

Shares redeemed

(659)

(1,420)

(26,990)

(54,916)

Net increase (decrease)

(341)

(950)

$ (13,924)

$ (36,849)

Class B

 

 

 

 

Shares sold

-*

1

$ 13

$ 30

Shares redeemed

(53)

(140)

(1,917)

(4,799)

Net increase (decrease)

(53)

(139)

$ (1,904)

$ (4,769)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class C

 

 

 

 

Shares sold

76

125

$ 2,752

$ 4,210

Reinvestment of distributions

3

1

95

29

Shares redeemed

(114)

(282)

(4,128)

(9,502)

Net increase (decrease)

(35)

(156)

$ (1,281)

$ (5,263)

Fidelity Value Strategies Fund

 

 

 

 

Shares sold

494

7,626

$ 21,929

$ 315,612

Reinvestment of distributions

106

127

4,551

4,998

Shares redeemed

(3,016)

(6,627)

(133,055)

(273,372)

Net increase (decrease)

(2,416)

1,126

$ (106,575)

$ 47,238

Fidelity Value Strategies Fund Class K

 

 

 

 

Shares sold

169

669

$ 7,534

$ 27,831

Reinvestment of distributions

22

29

954

1,131

Shares redeemed

(581)

(1,437)

(25,285)

(60,236)

Net increase (decrease)

(390)

(739)

$ (16,797)

$ (31,274)

Institutional Class

 

 

 

 

Shares sold

150

522

$ 6,404

$ 20,905

Reinvestment of distributions

18

14

748

523

Shares redeemed

(257)

(403)

(10,878)

(15,969)

Net increase (decrease)

(89)

133

$ (3,726)

$ 5,459

* Amount represents three hundred and thirty four shares.

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
 

SOI-K-USAN-0715
1.863338.106
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity® Value Strategies Fund

(A Class of Fidelity Advisor® Value
Strategies Fund)

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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 1-800-544-8544 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to
May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.30

$ 4.91

Hypothetical A

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.16%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 5.99

Hypothetical A

 

$ 1,000.00

$ 1,019.15

$ 5.84

Class B

1.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,066.90

$ 9.17

Hypothetical A

 

$ 1,000.00

$ 1,016.06

$ 8.95

Class C

1.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.30

$ 8.81

Hypothetical A

 

$ 1,000.00

$ 1,016.40

$ 8.60

Fidelity Value Strategies Fund

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.80

$ 3.51

Hypothetical A

 

$ 1,000.00

$ 1,021.54

$ 3.43

Class K

.52%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.60

$ 2.69

Hypothetical A

 

$ 1,000.00

$ 1,022.34

$ 2.62

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.90

$ 3.62

Hypothetical A

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

5.3

5.5

Apple, Inc.

4.8

4.2

Delphi Automotive PLC

4.1

3.3

Bank of America Corp.

3.6

3.6

Symantec Corp.

3.1

3.1

General Motors Co.

3.0

2.7

Sanofi SA sponsored ADR

2.6

3.3

U.S. Bancorp

2.4

2.4

Universal Health Services, Inc. Class B

2.3

1.8

St. Jude Medical, Inc.

2.2

2.0

 

33.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.0

20.3

Health Care

16.3

15.1

Information Technology

13.7

14.0

Financials

12.8

12.9

Materials

8.6

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

soi296

Stocks 97.1%

 

soi298

Stocks 93.6%

 

soi300

Bonds 0.5%

 

soi302

Bonds 0.2%

 

soi304

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.4%

 

soi306

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.2%

 

* Foreign investments

17.5%

 

** Foreign investments

17.0%

 

soi308

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 4.7%

Delphi Automotive PLC

719,777

$ 62,606

Tenneco, Inc. (a)

164,524

9,661

 

72,267

Automobiles - 3.3%

General Motors Co.

1,284,836

46,216

Volkswagen AG

18,856

4,546

 

50,762

Diversified Consumer Services - 1.4%

Service Corp. International

729,650

21,204

Hotels, Restaurants & Leisure - 2.0%

Cedar Fair LP (depositary unit)

227,420

13,716

Wyndham Worldwide Corp.

199,867

16,971

 

30,687

Household Durables - 3.7%

Lennar Corp. Class A (d)

424,700

19,804

PulteGroup, Inc.

744,504

14,280

Ryland Group, Inc.

151,400

6,369

Standard Pacific Corp. (a)

1,866,450

15,380

 

55,833

Leisure Products - 3.0%

Hasbro, Inc.

266,797

19,244

Vista Outdoor, Inc. (a)

557,700

25,704

 

44,948

Media - 1.0%

Omnicom Group, Inc.

120,112

8,952

Regal Entertainment Group Class A (d)

330,800

6,934

 

15,886

Specialty Retail - 3.5%

Asbury Automotive Group, Inc. (a)

343,641

29,251

GameStop Corp. Class A (d)

410,113

17,803

Vitamin Shoppe, Inc. (a)

172,300

6,840

 

53,894

Textiles, Apparel & Luxury Goods - 0.4%

PVH Corp.

64,100

6,707

TOTAL CONSUMER DISCRETIONARY

352,188

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 6.6%

Beverages - 2.2%

Cott Corp.

3,511,564

$ 33,676

Food & Staples Retailing - 1.6%

CVS Health Corp.

237,100

24,274

Food Products - 2.1%

Bunge Ltd.

102,214

9,461

Calavo Growers, Inc.

232,028

11,706

SunOpta, Inc. (a)

984,885

9,987

 

31,154

Household Products - 0.7%

Procter & Gamble Co.

142,100

11,139

TOTAL CONSUMER STAPLES

100,243

ENERGY - 3.4%

Energy Equipment & Services - 0.5%

Halliburton Co.

183,600

8,335

Oil, Gas & Consumable Fuels - 2.9%

EP Energy Corp. (a)(d)

274,600

3,611

HollyFrontier Corp.

153,000

6,372

Kinder Morgan, Inc.

170,400

7,070

The Williams Companies, Inc.

154,500

7,895

Valero Energy Corp.

327,300

19,389

 

44,337

TOTAL ENERGY

52,672

FINANCIALS - 12.8%

Banks - 9.7%

Bank of America Corp.

3,355,213

55,361

CIT Group, Inc.

157,349

7,279

Citigroup, Inc.

227,323

12,294

JPMorgan Chase & Co.

116,400

7,657

Regions Financial Corp.

778,163

7,852

U.S. Bancorp

862,484

37,182

Wells Fargo & Co.

377,370

21,118

 

148,743

Capital Markets - 0.8%

The Blackstone Group LP

267,400

11,712

Insurance - 2.3%

AFLAC, Inc.

251,686

15,660

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

201,698

$ 11,822

Unum Group

235,260

8,225

 

35,707

TOTAL FINANCIALS

196,162

HEALTH CARE - 16.3%

Health Care Equipment & Supplies - 6.5%

Alere, Inc. (a)

172,283

8,886

Boston Scientific Corp. (a)

1,785,400

32,619

C.R. Bard, Inc.

75,400

12,842

St. Jude Medical, Inc.

463,300

34,168

Zimmer Holdings, Inc.

87,600

9,994

 

98,509

Health Care Providers & Services - 3.2%

DaVita HealthCare Partners, Inc. (a)

158,496

13,279

Universal Health Services, Inc. Class B

278,914

36,142

 

49,421

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

180,700

7,443

PerkinElmer, Inc.

207,500

10,941

 

18,384

Pharmaceuticals - 5.4%

Johnson & Johnson

187,800

18,806

Merck & Co., Inc.

390,800

23,796

Sanofi SA sponsored ADR

815,544

40,296

 

82,898

TOTAL HEALTH CARE

249,212

INDUSTRIALS - 6.9%

Aerospace & Defense - 4.3%

Esterline Technologies Corp. (a)

180,022

19,473

Honeywell International, Inc.

139,500

14,536

Orbital ATK, Inc.

278,850

21,332

Textron, Inc.

223,717

10,116

 

65,457

Machinery - 1.9%

Blount International, Inc.

506,704

5,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

86,300

$ 8,085

Ingersoll-Rand PLC

208,100

14,313

 

28,261

Trading Companies & Distributors - 0.7%

Aircastle Ltd.

467,200

11,334

TOTAL INDUSTRIALS

105,052

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.4%

Cisco Systems, Inc.

204,600

5,997

IT Services - 0.7%

Fidelity National Information Services, Inc.

165,730

10,391

Semiconductors & Semiconductor Equipment - 3.4%

Cypress Semiconductor Corp.

1,507,475

20,698

MagnaChip Semiconductor Corp. (a)

978,700

7,017

Micron Technology, Inc. (a)

559,183

15,618

ON Semiconductor Corp. (a)

646,970

8,579

 

51,912

Software - 4.4%

Microsoft Corp.

429,324

20,118

Symantec Corp.

1,886,671

46,459

 

66,577

Technology Hardware, Storage & Peripherals - 4.8%

Apple, Inc.

566,160

73,759

TOTAL INFORMATION TECHNOLOGY

208,636

MATERIALS - 8.6%

Chemicals - 7.9%

Ashland, Inc.

83,100

10,587

Axiall Corp.

284,126

10,714

LyondellBasell Industries NV Class A

801,292

81,009

PPG Industries, Inc.

77,296

17,692

 

120,002

Containers & Packaging - 0.7%

Rock-Tenn Co. Class A

166,200

10,826

TOTAL MATERIALS

130,828

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 2.0%

Level 3 Communications, Inc. (a)

558,139

$ 30,966

UTILITIES - 3.8%

Electric Utilities - 0.4%

NextEra Energy, Inc.

67,700

6,928

Independent Power and Renewable Electricity Producers - 2.1%

Calpine Corp. (a)

822,963

16,542

The AES Corp.

1,127,600

15,335

 

31,877

Multi-Utilities - 1.3%

Sempra Energy

179,639

19,306

TOTAL UTILITIES

58,111

TOTAL COMMON STOCKS

(Cost $870,999)


1,484,070

Nonconvertible Bonds - 0.5%

 

Principal Amount (000s)

 

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Peabody Energy Corp. 6.25% 11/15/21
(Cost $14,154)

$ 15,405


7,587

Money Market Funds - 3.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

34,921,635

34,922

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

24,011,079

24,011

TOTAL MONEY MARKET FUNDS

(Cost $58,933)


58,933

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $944,086)

1,550,590

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(23,002)

NET ASSETS - 100%

$ 1,527,588

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.

(c) Investment made with cash collateral received from securities on loan.

(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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 24

Fidelity Securities Lending Cash Central Fund

485

Total

$ 509

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 352,188

$ 352,188

$ -

$ -

Consumer Staples

100,243

100,243

-

-

Energy

52,672

52,672

-

-

Financials

196,162

196,162

-

-

Health Care

249,212

249,212

-

-

Industrials

105,052

105,052

-

-

Information Technology

208,636

208,636

-

-

Materials

130,828

130,828

-

-

Telecommunication Services

30,966

30,966

-

-

Utilities

58,111

58,111

-

-

Corporate Bonds

7,587

-

7,587

-

Money Market Funds

58,933

58,933

-

-

Total Investments in Securities:

$ 1,550,590

$ 1,543,003

$ 7,587

$ -

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

United States of America

82.5%

Netherlands

5.3%

Bailiwick of Jersey

4.1%

Canada

2.9%

France

2.6%

Bermuda

1.3%

Ireland

1.0%

Others (Individually Less Than 1%)

0.3%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $24,402) - See accompanying schedule:

Unaffiliated issuers (cost $885,153)

$ 1,491,657

 

Fidelity Central Funds (cost $58,933)

58,933

 

Total Investments (cost $944,086)

 

$ 1,550,590

Receivable for fund shares sold

381

Dividends receivable

2,978

Interest receivable

43

Distributions receivable from Fidelity Central Funds

108

Prepaid expenses

1

Other receivables

2

Total assets

1,554,103

 

 

 

Liabilities

Payable for fund shares redeemed

1,354

Accrued management fee

589

Distribution and service plan fees payable

239

Other affiliated payables

290

Other payables and accrued expenses

32

Collateral on securities loaned, at value

24,011

Total liabilities

26,515

 

 

 

Net Assets

$ 1,527,588

Net Assets consist of:

 

Paid in capital

$ 1,112,801

Undistributed net investment income

5,872

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(197,589)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

606,504

Net Assets

$ 1,527,588

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($241,818 ÷ 5,848.3 shares)

$ 41.35

 

 

 

Maximum offering price per share (100/94.25 of $41.35)

$ 43.87

Class T:
Net Asset Value and redemption price per share ($330,396 ÷ 7,708.1 shares)

$ 42.86

 

 

 

Maximum offering price per share (100/96.50 of $42.86)

$ 44.41

Class B:
Net Asset Value and offering price per share ($5,763 ÷ 152.4 shares)A

$ 37.81

 

 

 

Class C:
Net Asset Value and offering price per share ($54,793 ÷ 1,466.6 shares)A

$ 37.36

 

 

 

 

 

 

Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($722,881 ÷ 15,620.9 shares)

$ 46.28

 

 

 

Class K:
Net Asset Value, offering price and redemption price per share ($84,977 ÷ 1,836.9 shares)

$ 46.26

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($86,960 ÷ 1,969.8 shares)

$ 44.15

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,234

Interest

 

719

Income from Fidelity Central Funds

 

509

Total income

 

13,462

 

 

 

Expenses

Management fee
Basic fee

$ 4,206

Performance adjustment

(921)

Transfer agent fees

1,515

Distribution and service plan fees

1,407

Accounting and security lending fees

244

Custodian fees and expenses

7

Independent trustees' compensation

3

Registration fees

75

Audit

37

Legal

2

Miscellaneous

7

Total expenses before reductions

6,582

Expense reductions

(8)

6,574

Net investment income (loss)

6,888

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

56,255

Total net realized gain (loss)

 

56,255

Change in net unrealized appreciation (depreciation) on:

Investment securities

41,867

Assets and liabilities in foreign currencies

3

Total change in net unrealized appreciation (depreciation)

 

41,870

Net gain (loss)

98,125

Net increase (decrease) in net assets resulting from operations

$ 105,013

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,888

$ 12,033

Net realized gain (loss)

56,255

6,319

Change in net unrealized appreciation (depreciation)

41,870

112,825

Net increase (decrease) in net assets resulting
from operations

105,013

131,177

Distributions to shareholders from net investment income

(12,722)

(10,331)

Distributions to shareholders from net realized gain

(298)

-

Total distributions

(13,020)

(10,331)

Share transactions - net increase (decrease)

(149,516)

(53,813)

Total increase (decrease) in net assets

(57,523)

67,033

 

 

 

Net Assets

Beginning of period

1,585,111

1,518,078

End of period (including undistributed net investment income of $5,872 and undistributed net investment income of $11,706, respectively)

$ 1,527,588

$ 1,585,111

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

$ 18.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .25

  .23

  - H

  .13 I

  .03 J

Net realized and unrealized gain (loss)

  2.59

  2.87

  8.25

  5.03

  (.49)

  4.32

Total from investment operations

  2.75

  3.12

  8.48

  5.03

  (.36)

  4.35

Distributions from net investment income

  (.31)

  (.23)

  (.08)

  (.12)

  (.03) K

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) K

  (.01)

Total distributions

  (.31) M

  (.23)

  (.08)

  (.12)

  (.04)

  (.01)

Net asset value, end of period

$ 41.35

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

Total ReturnB, C, D

  7.13%

  8.74%

  30.77%

  22.29%

  (1.57)%

  23.16%

Ratios to Average Net Assets F, L

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of fee waivers, if any

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of all reductions

  .95%A

  .96%

  1.03%

  1.21%

  1.17%

  1.07%

Net investment income (loss)

  .81%A

  .68%

  .73%

  -%H

  .51% I

  .12% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 242

$ 233

$ 243

$ 203

$ 190

$ 221

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.28)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%. J 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 (.05)%. K The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. L 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. M Total distributions of $.31 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

$ 19.44

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .18

  .18

  (.05) H

  .08 I

  (.01) J

Net realized and unrealized gain (loss)

  2.68

  2.98

  8.54

  5.22

  (.50)

  4.48

Total from investment operations

  2.80

  3.16

  8.72

  5.17

  (.42)

  4.47

Distributions from net investment income

  (.22)

  (.16)

  (.02)

  (.07)

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.22) L

  (.16)

  (.02)

  (.07)

  -

  (.01)

Net asset value, end of period

$ 42.86

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

Total ReturnB, C, D

  7.00%

  8.51%

  30.52%

  22.08%

  (1.76)%

  22.98%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of fee waivers, if any

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of all reductions

  1.16%A

  1.17%

  1.22%

  1.38%

  1.35%

  1.25%

Net investment income (loss)

  .59%A

  .47%

  .54%

  (.17)% H

  .33% I

  (.06)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 330

$ 324

$ 335

$ 283

$ 274

$ 344

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.29)%. J 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 (.23)%. K 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. L Total distributions of $.22 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

$ 17.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -

  (.05)

  (.02)

  (.18) H

  (.06) I

  (.13) J

Net realized and unrealized gain (loss)

  2.37

  2.63

  7.54

  4.65

  (.44)

  4.03

Total from investment operations

  2.37

  2.58

  7.52

  4.47

  (.50)

  3.90

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.81

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

Total ReturnB, C, D

  6.69%

  7.85%

  29.68%

  21.42%

  (2.34)%

  22.29%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of fee waivers, if any

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of all reductions

  1.78%A

  1.78%

  1.82%

  1.97%

  1.93%

  1.82%

Net investment income (loss)

  (.02)%A

  (.14)%

  (.07)%

  (.76)% H

  (.25)% I

  (.64)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 7

$ 11

$ 13

$ 16

$ 30

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.04)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.87)%. J 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 (.80)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

$ 17.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

  (.03)

  (.01)

  (.17) H

  (.05) I

  (.12) J

Net realized and unrealized gain (loss)

  2.35

  2.60

  7.47

  4.59

  (.44)

  3.97

Total from investment operations

  2.36

  2.57

  7.46

  4.42

  (.49)

  3.85

Distributions from net investment income

  (.06)

  (.02)

  -

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.07)

  (.02)

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.36

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

Total ReturnB, C, D

  6.73%

  7.91%

  29.77%

  21.41%

  (2.32)%

  22.25%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of fee waivers, if any

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of all reductions

  1.71%A

  1.72%

  1.77%

  1.95%

  1.92%

  1.82%

Net investment income (loss)

  .05%A

  (.08)%

  (.02)%

  (.75)% H

  (.24)% I

  (.63)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 55

$ 53

$ 54

$ 43

$ 40

$ 49

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.02)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.86)%. J 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 (.80)%. K 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 - Fidelity Value Strategies Fund

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

$ 20.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .40

  .37

  .09 G

  .22 H

  .09 I

Net realized and unrealized gain (loss)

  2.90

  3.21

  9.20

  5.62

  (.54)

  4.83

Total from investment operations

  3.14

  3.61

  9.57

  5.71

  (.32)

  4.92

Distributions from net investment income

  (.41)

  (.33)

  (.18)

  (.19)

  (.10) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.33)

  (.18)

  (.19)

  (.11)

  (.01)

Net asset value, end of period

$ 46.28

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

Total ReturnB, C

  7.28%

  9.05%

  31.14%

  22.69%

  (1.29)%

  23.54%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of fee waivers, if any

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of all reductions

  .68%A

  .69%

  .72%

  .89%

  .88%

  .80%

Net investment income (loss)

  1.07%A

  .95%

  1.03%

  .31% G

  .80% H

  .39% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 723

$ 786

$ 681

$ 396

$ 284

$ 360

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .18%. 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 .22%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

$ 20.86

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .27

  .47

  .43

  .14 G

  .28 H

  .15 I

Net realized and unrealized gain (loss)

  2.90

  3.20

  9.18

  5.61

  (.55)

  4.82

Total from investment operations

  3.17

  3.67

  9.61

  5.75

  (.27)

  4.97

Distributions from net investment income

  (.47)

  (.38)

  (.22)

  (.24)

  (.16) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.48)

  (.38)

  (.22)

  (.24)

  (.17)

  (.01)

Net asset value, end of period

$ 46.26

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

Total ReturnB, C

  7.36%

  9.21%

  31.34%

  22.93%

  (1.11)%

  23.81%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of fee waivers, if any

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of all reductions

  .52%A

  .53%

  .57%

  .71%

  .68%

  .56%

Net investment income (loss)

  1.23%A

  1.11%

  1.18%

  .50% G

  1.00% H

  .62% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 97

$ 119

$ 70

$ 47

$ 47

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. 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 .46%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

$ 19.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .22

  .37

  .34

  .08 G

  .22 H

  .10 I

Net realized and unrealized gain (loss)

  2.78

  3.06

  8.79

  5.37

  (.53)

  4.63

Total from investment operations

  3.00

  3.43

  9.13

  5.45

  (.31)

  4.73

Distributions from net investment income

  (.41)

  (.32)

  (.18)

  (.20)

  (.11) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.32)

  (.18)

  (.20)

  (.12)

  (.01)

Net asset value, end of period

$ 44.15

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

Total ReturnB, C

  7.29%

  9.01%

  31.11%

  22.67%

  (1.30)%

  23.67%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of fee waivers, if any

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of all reductions

  .70%A

  .71%

  .75%

  .90%

  .86%

  .73%

Net investment income (loss)

  1.06%

  .93%

  1.00%

  .31% G

  .82% H

  .46% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 87

$ 86

$ 74

$ 66

$ 52

$ 53

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%. 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 .29%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Value Strategies 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, Fidelity Value Strategies Fund, Class K 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

Debt securities, including restricted securities, are valued base 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.

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, 2015, 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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), partnerships, market discount, deferred trustees compensation, 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

$ 627,892

Gross unrealized depreciation

(23,972)

Net unrealized appreciation (depreciation) on securities and other investments

$ 603,920

 

 

Tax cost

$ 946,670

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

 

2016

$ (52,256)

2017

(187,132)

Total capital loss carryforward

$ (239,388)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,252 and $116,379, respectively.

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 relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .43% 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 294

$ 6

Class T

.25%

.25%

813

16

Class B

.75%

.25%

32

24

Class C

.75%

.25%

268

14

 

 

 

$ 1,407

$ 60

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.

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

 

Retained
by FDC

Class A

$ 11

Class T

4

Class B*

1

Class C*

1

 

$ 17

* 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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 261

.22

Class T

302

.19

Class B

10

.30

Class C

62

.23

Fidelity Value Strategies Fund

765

.21

Class K

20

.05

Institutional Class

95

.22

 

$ 1,515

 

* 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 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, the Fund did not borrow on this line of credit.

Semiannual Report

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 $485, including $3 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 $7 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Value Strategies Fund expenses during the period in the amount of $1.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 1,818

$ 1,567

Class T

1,723

1,415

Class C

88

32

Fidelity Value Strategies Fund

7,313

5,578

Fidelity Value Strategies Fund Class K

938

1,131

Institutional Class

842

608

Total

$ 12,722

$ 10,331

From net realized gain

 

 

Class A

$ 48

$ -

Class T

64

-

Class C

12

-

Fidelity Value Strategies Fund

142

-

Fidelity Value Strategies Fund Class K

16

-

Institutional Class

16

-

Total

$ 298

$ -

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

231

546

$ 9,217

$ 20,399

Reinvestment of distributions

46

41

1,760

1,447

Shares redeemed

(411)

(1,342)

(16,286)

(50,201)

Net increase (decrease)

(134)

(755)

$ (5,309)

$ (28,355)

Class T

 

 

 

 

Shares sold

277

435

$ 11,420

$ 16,774

Reinvestment of distributions

41

35

1,646

1,293

Shares redeemed

(659)

(1,420)

(26,990)

(54,916)

Net increase (decrease)

(341)

(950)

$ (13,924)

$ (36,849)

Class B

 

 

 

 

Shares sold

-*

1

$ 13

$ 30

Shares redeemed

(53)

(140)

(1,917)

(4,799)

Net increase (decrease)

(53)

(139)

$ (1,904)

$ (4,769)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class C

 

 

 

 

Shares sold

76

125

$ 2,752

$ 4,210

Reinvestment of distributions

3

1

95

29

Shares redeemed

(114)

(282)

(4,128)

(9,502)

Net increase (decrease)

(35)

(156)

$ (1,281)

$ (5,263)

Fidelity Value Strategies Fund

 

 

 

 

Shares sold

494

7,626

$ 21,929

$ 315,612

Reinvestment of distributions

106

127

4,551

4,998

Shares redeemed

(3,016)

(6,627)

(133,055)

(273,372)

Net increase (decrease)

(2,416)

1,126

$ (106,575)

$ 47,238

Fidelity Value Strategies Fund Class K

 

 

 

 

Shares sold

169

669

$ 7,534

$ 27,831

Reinvestment of distributions

22

29

954

1,131

Shares redeemed

(581)

(1,437)

(25,285)

(60,236)

Net increase (decrease)

(390)

(739)

$ (16,797)

$ (31,274)

Institutional Class

 

 

 

 

Shares sold

150

522

$ 6,404

$ 20,905

Reinvestment of distributions

18

14

748

523

Shares redeemed

(257)

(403)

(10,878)

(15,969)

Net increase (decrease)

(89)

133

$ (3,726)

$ 5,459

* Amount represents three hundred and thirty four shares.

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.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) 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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions and
Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) soi310
1-800-544-5555

soi312
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
 

SOI-USAN-0715
1.786807.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

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

Value Strategies

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

Semiannual Report

May 31, 2015

(Fidelity Cover Art)

Contents

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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, 2014 to May 31, 2015).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period*
December 1, 2014 to
May 31, 2015

Class A

.95%

 

 

 

Actual

 

$ 1,000.00

$ 1,071.30

$ 4.91

Hypothetical A

 

$ 1,000.00

$ 1,020.19

$ 4.78

Class T

1.16%

 

 

 

Actual

 

$ 1,000.00

$ 1,070.00

$ 5.99

Hypothetical A

 

$ 1,000.00

$ 1,019.15

$ 5.84

Class B

1.78%

 

 

 

Actual

 

$ 1,000.00

$ 1,066.90

$ 9.17

Hypothetical A

 

$ 1,000.00

$ 1,016.06

$ 8.95

Class C

1.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,067.30

$ 8.81

Hypothetical A

 

$ 1,000.00

$ 1,016.40

$ 8.60

Fidelity Value Strategies Fund

.68%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.80

$ 3.51

Hypothetical A

 

$ 1,000.00

$ 1,021.54

$ 3.43

Class K

.52%

 

 

 

Actual

 

$ 1,000.00

$ 1,073.60

$ 2.69

Hypothetical A

 

$ 1,000.00

$ 1,022.34

$ 2.62

Institutional Class

.70%

 

 

 

Actual

 

$ 1,000.00

$ 1,072.90

$ 3.62

Hypothetical A

 

$ 1,000.00

$ 1,021.44

$ 3.53

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, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

LyondellBasell Industries NV Class A

5.3

5.5

Apple, Inc.

4.8

4.2

Delphi Automotive PLC

4.1

3.3

Bank of America Corp.

3.6

3.6

Symantec Corp.

3.1

3.1

General Motors Co.

3.0

2.7

Sanofi SA sponsored ADR

2.6

3.3

U.S. Bancorp

2.4

2.4

Universal Health Services, Inc. Class B

2.3

1.8

St. Jude Medical, Inc.

2.2

2.0

 

33.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

23.0

20.3

Health Care

16.3

15.1

Information Technology

13.7

14.0

Financials

12.8

12.9

Materials

8.6

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

soo322

Stocks 97.1%

 

soo324

Stocks 93.6%

 

soo326

Bonds 0.5%

 

soo328

Bonds 0.2%

 

soo330

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.4%

 

soo332

Short-Term
Investments and
Net Other Assets
(Liabilities) 6.2%

 

* Foreign investments

17.5%

 

** Foreign investments

17.0%

 

soo334

Semiannual Report

Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 23.0%

Auto Components - 4.7%

Delphi Automotive PLC

719,777

$ 62,606

Tenneco, Inc. (a)

164,524

9,661

 

72,267

Automobiles - 3.3%

General Motors Co.

1,284,836

46,216

Volkswagen AG

18,856

4,546

 

50,762

Diversified Consumer Services - 1.4%

Service Corp. International

729,650

21,204

Hotels, Restaurants & Leisure - 2.0%

Cedar Fair LP (depositary unit)

227,420

13,716

Wyndham Worldwide Corp.

199,867

16,971

 

30,687

Household Durables - 3.7%

Lennar Corp. Class A (d)

424,700

19,804

PulteGroup, Inc.

744,504

14,280

Ryland Group, Inc.

151,400

6,369

Standard Pacific Corp. (a)

1,866,450

15,380

 

55,833

Leisure Products - 3.0%

Hasbro, Inc.

266,797

19,244

Vista Outdoor, Inc. (a)

557,700

25,704

 

44,948

Media - 1.0%

Omnicom Group, Inc.

120,112

8,952

Regal Entertainment Group Class A (d)

330,800

6,934

 

15,886

Specialty Retail - 3.5%

Asbury Automotive Group, Inc. (a)

343,641

29,251

GameStop Corp. Class A (d)

410,113

17,803

Vitamin Shoppe, Inc. (a)

172,300

6,840

 

53,894

Textiles, Apparel & Luxury Goods - 0.4%

PVH Corp.

64,100

6,707

TOTAL CONSUMER DISCRETIONARY

352,188

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 6.6%

Beverages - 2.2%

Cott Corp.

3,511,564

$ 33,676

Food & Staples Retailing - 1.6%

CVS Health Corp.

237,100

24,274

Food Products - 2.1%

Bunge Ltd.

102,214

9,461

Calavo Growers, Inc.

232,028

11,706

SunOpta, Inc. (a)

984,885

9,987

 

31,154

Household Products - 0.7%

Procter & Gamble Co.

142,100

11,139

TOTAL CONSUMER STAPLES

100,243

ENERGY - 3.4%

Energy Equipment & Services - 0.5%

Halliburton Co.

183,600

8,335

Oil, Gas & Consumable Fuels - 2.9%

EP Energy Corp. (a)(d)

274,600

3,611

HollyFrontier Corp.

153,000

6,372

Kinder Morgan, Inc.

170,400

7,070

The Williams Companies, Inc.

154,500

7,895

Valero Energy Corp.

327,300

19,389

 

44,337

TOTAL ENERGY

52,672

FINANCIALS - 12.8%

Banks - 9.7%

Bank of America Corp.

3,355,213

55,361

CIT Group, Inc.

157,349

7,279

Citigroup, Inc.

227,323

12,294

JPMorgan Chase & Co.

116,400

7,657

Regions Financial Corp.

778,163

7,852

U.S. Bancorp

862,484

37,182

Wells Fargo & Co.

377,370

21,118

 

148,743

Capital Markets - 0.8%

The Blackstone Group LP

267,400

11,712

Insurance - 2.3%

AFLAC, Inc.

251,686

15,660

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

201,698

$ 11,822

Unum Group

235,260

8,225

 

35,707

TOTAL FINANCIALS

196,162

HEALTH CARE - 16.3%

Health Care Equipment & Supplies - 6.5%

Alere, Inc. (a)

172,283

8,886

Boston Scientific Corp. (a)

1,785,400

32,619

C.R. Bard, Inc.

75,400

12,842

St. Jude Medical, Inc.

463,300

34,168

Zimmer Holdings, Inc.

87,600

9,994

 

98,509

Health Care Providers & Services - 3.2%

DaVita HealthCare Partners, Inc. (a)

158,496

13,279

Universal Health Services, Inc. Class B

278,914

36,142

 

49,421

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc.

180,700

7,443

PerkinElmer, Inc.

207,500

10,941

 

18,384

Pharmaceuticals - 5.4%

Johnson & Johnson

187,800

18,806

Merck & Co., Inc.

390,800

23,796

Sanofi SA sponsored ADR

815,544

40,296

 

82,898

TOTAL HEALTH CARE

249,212

INDUSTRIALS - 6.9%

Aerospace & Defense - 4.3%

Esterline Technologies Corp. (a)

180,022

19,473

Honeywell International, Inc.

139,500

14,536

Orbital ATK, Inc.

278,850

21,332

Textron, Inc.

223,717

10,116

 

65,457

Machinery - 1.9%

Blount International, Inc.

506,704

5,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

86,300

$ 8,085

Ingersoll-Rand PLC

208,100

14,313

 

28,261

Trading Companies & Distributors - 0.7%

Aircastle Ltd.

467,200

11,334

TOTAL INDUSTRIALS

105,052

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.4%

Cisco Systems, Inc.

204,600

5,997

IT Services - 0.7%

Fidelity National Information Services, Inc.

165,730

10,391

Semiconductors & Semiconductor Equipment - 3.4%

Cypress Semiconductor Corp.

1,507,475

20,698

MagnaChip Semiconductor Corp. (a)

978,700

7,017

Micron Technology, Inc. (a)

559,183

15,618

ON Semiconductor Corp. (a)

646,970

8,579

 

51,912

Software - 4.4%

Microsoft Corp.

429,324

20,118

Symantec Corp.

1,886,671

46,459

 

66,577

Technology Hardware, Storage & Peripherals - 4.8%

Apple, Inc.

566,160

73,759

TOTAL INFORMATION TECHNOLOGY

208,636

MATERIALS - 8.6%

Chemicals - 7.9%

Ashland, Inc.

83,100

10,587

Axiall Corp.

284,126

10,714

LyondellBasell Industries NV Class A

801,292

81,009

PPG Industries, Inc.

77,296

17,692

 

120,002

Containers & Packaging - 0.7%

Rock-Tenn Co. Class A

166,200

10,826

TOTAL MATERIALS

130,828

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 2.0%

Level 3 Communications, Inc. (a)

558,139

$ 30,966

UTILITIES - 3.8%

Electric Utilities - 0.4%

NextEra Energy, Inc.

67,700

6,928

Independent Power and Renewable Electricity Producers - 2.1%

Calpine Corp. (a)

822,963

16,542

The AES Corp.

1,127,600

15,335

 

31,877

Multi-Utilities - 1.3%

Sempra Energy

179,639

19,306

TOTAL UTILITIES

58,111

TOTAL COMMON STOCKS

(Cost $870,999)


1,484,070

Nonconvertible Bonds - 0.5%

 

Principal Amount (000s)

 

ENERGY - 0.5%

Oil, Gas & Consumable Fuels - 0.5%

Peabody Energy Corp. 6.25% 11/15/21
(Cost $14,154)

$ 15,405


7,587

Money Market Funds - 3.9%

Shares

 

Fidelity Cash Central Fund, 0.15% (b)

34,921,635

34,922

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

24,011,079

24,011

TOTAL MONEY MARKET FUNDS

(Cost $58,933)


58,933

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $944,086)

1,550,590

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(23,002)

NET ASSETS - 100%

$ 1,527,588

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.

(c) Investment made with cash collateral received from securities on loan.

(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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 24

Fidelity Securities Lending Cash Central Fund

485

Total

$ 509

Other Information

The following is a summary of the inputs used, as of May 31, 2015, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 352,188

$ 352,188

$ -

$ -

Consumer Staples

100,243

100,243

-

-

Energy

52,672

52,672

-

-

Financials

196,162

196,162

-

-

Health Care

249,212

249,212

-

-

Industrials

105,052

105,052

-

-

Information Technology

208,636

208,636

-

-

Materials

130,828

130,828

-

-

Telecommunication Services

30,966

30,966

-

-

Utilities

58,111

58,111

-

-

Corporate Bonds

7,587

-

7,587

-

Money Market Funds

58,933

58,933

-

-

Total Investments in Securities:

$ 1,550,590

$ 1,543,003

$ 7,587

$ -

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

United States of America

82.5%

Netherlands

5.3%

Bailiwick of Jersey

4.1%

Canada

2.9%

France

2.6%

Bermuda

1.3%

Ireland

1.0%

Others (Individually Less Than 1%)

0.3%

 

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, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $24,402) - See accompanying schedule:

Unaffiliated issuers (cost $885,153)

$ 1,491,657

 

Fidelity Central Funds (cost $58,933)

58,933

 

Total Investments (cost $944,086)

 

$ 1,550,590

Receivable for fund shares sold

381

Dividends receivable

2,978

Interest receivable

43

Distributions receivable from Fidelity Central Funds

108

Prepaid expenses

1

Other receivables

2

Total assets

1,554,103

 

 

 

Liabilities

Payable for fund shares redeemed

1,354

Accrued management fee

589

Distribution and service plan fees payable

239

Other affiliated payables

290

Other payables and accrued expenses

32

Collateral on securities loaned, at value

24,011

Total liabilities

26,515

 

 

 

Net Assets

$ 1,527,588

Net Assets consist of:

 

Paid in capital

$ 1,112,801

Undistributed net investment income

5,872

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(197,589)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

606,504

Net Assets

$ 1,527,588

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, 2015 (Unaudited)

 

 

 

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($241,818 ÷ 5,848.3 shares)

$ 41.35

 

 

 

Maximum offering price per share (100/94.25 of $41.35)

$ 43.87

Class T:
Net Asset Value and redemption price per share ($330,396 ÷ 7,708.1 shares)

$ 42.86

 

 

 

Maximum offering price per share (100/96.50 of $42.86)

$ 44.41

Class B:
Net Asset Value and offering price per share ($5,763 ÷ 152.4 shares)A

$ 37.81

 

 

 

Class C:
Net Asset Value and offering price per share ($54,793 ÷ 1,466.6 shares)A

$ 37.36

 

 

 

 

 

 

Fidelity Value Strategies Fund:
Net Asset Value, offering price and redemption price per share ($722,881 ÷ 15,620.9 shares)

$ 46.28

 

 

 

Class K:
Net Asset Value, offering price and redemption price per share ($84,977 ÷ 1,836.9 shares)

$ 46.26

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($86,960 ÷ 1,969.8 shares)

$ 44.15

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, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 12,234

Interest

 

719

Income from Fidelity Central Funds

 

509

Total income

 

13,462

 

 

 

Expenses

Management fee
Basic fee

$ 4,206

Performance adjustment

(921)

Transfer agent fees

1,515

Distribution and service plan fees

1,407

Accounting and security lending fees

244

Custodian fees and expenses

7

Independent trustees' compensation

3

Registration fees

75

Audit

37

Legal

2

Miscellaneous

7

Total expenses before reductions

6,582

Expense reductions

(8)

6,574

Net investment income (loss)

6,888

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

56,255

Total net realized gain (loss)

 

56,255

Change in net unrealized appreciation (depreciation) on:

Investment securities

41,867

Assets and liabilities in foreign currencies

3

Total change in net unrealized appreciation (depreciation)

 

41,870

Net gain (loss)

98,125

Net increase (decrease) in net assets resulting from operations

$ 105,013

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, 2015
(Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 6,888

$ 12,033

Net realized gain (loss)

56,255

6,319

Change in net unrealized appreciation (depreciation)

41,870

112,825

Net increase (decrease) in net assets resulting
from operations

105,013

131,177

Distributions to shareholders from net investment income

(12,722)

(10,331)

Distributions to shareholders from net realized gain

(298)

-

Total distributions

(13,020)

(10,331)

Share transactions - net increase (decrease)

(149,516)

(53,813)

Total increase (decrease) in net assets

(57,523)

67,033

 

 

 

Net Assets

Beginning of period

1,585,111

1,518,078

End of period (including undistributed net investment income of $5,872 and undistributed net investment income of $11,706, respectively)

$ 1,527,588

$ 1,585,111

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

Semiannual Report

Financial Highlights - Class A

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

$ 18.77

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .16

  .25

  .23

  - H

  .13 I

  .03 J

Net realized and unrealized gain (loss)

  2.59

  2.87

  8.25

  5.03

  (.49)

  4.32

Total from investment operations

  2.75

  3.12

  8.48

  5.03

  (.36)

  4.35

Distributions from net investment income

  (.31)

  (.23)

  (.08)

  (.12)

  (.03) K

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) K

  (.01)

Total distributions

  (.31) M

  (.23)

  (.08)

  (.12)

  (.04)

  (.01)

Net asset value, end of period

$ 41.35

$ 38.91

$ 36.02

$ 27.62

$ 22.71

$ 23.11

Total ReturnB, C, D

  7.13%

  8.74%

  30.77%

  22.29%

  (1.57)%

  23.16%

Ratios to Average Net Assets F, L

 

 

 

 

 

Expenses before reductions

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of fee waivers, if any

  .95%A

  .96%

  1.04%

  1.21%

  1.18%

  1.08%

Expenses net of all reductions

  .95%A

  .96%

  1.03%

  1.21%

  1.17%

  1.07%

Net investment income (loss)

  .81%A

  .68%

  .73%

  -%H

  .51% I

  .12% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 242

$ 233

$ 243

$ 203

$ 190

$ 221

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.28)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%. J 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 (.05)%. K The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. L 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. M Total distributions of $.31 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

$ 19.44

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .12

  .18

  .18

  (.05) H

  .08 I

  (.01) J

Net realized and unrealized gain (loss)

  2.68

  2.98

  8.54

  5.22

  (.50)

  4.48

Total from investment operations

  2.80

  3.16

  8.72

  5.17

  (.42)

  4.47

Distributions from net investment income

  (.22)

  (.16)

  (.02)

  (.07)

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.22) L

  (.16)

  (.02)

  (.07)

  -

  (.01)

Net asset value, end of period

$ 42.86

$ 40.28

$ 37.28

$ 28.58

$ 23.48

$ 23.90

Total ReturnB, C, D

  7.00%

  8.51%

  30.52%

  22.08%

  (1.76)%

  22.98%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of fee waivers, if any

  1.16%A

  1.17%

  1.23%

  1.38%

  1.35%

  1.26%

Expenses net of all reductions

  1.16%A

  1.17%

  1.22%

  1.38%

  1.35%

  1.25%

Net investment income (loss)

  .59%A

  .47%

  .54%

  (.17)% H

  .33% I

  (.06)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 330

$ 324

$ 335

$ 283

$ 274

$ 344

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.29)%. J 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 (.23)%. K 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. L Total distributions of $.22 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.008 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, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

$ 17.48

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  -

  (.05)

  (.02)

  (.18) H

  (.06) I

  (.13) J

Net realized and unrealized gain (loss)

  2.37

  2.63

  7.54

  4.65

  (.44)

  4.03

Total from investment operations

  2.37

  2.58

  7.52

  4.47

  (.50)

  3.90

Distributions from net realized gain

  -

  -

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.81

$ 35.44

$ 32.86

$ 25.34

$ 20.87

$ 21.37

Total ReturnB, C, D

  6.69%

  7.85%

  29.68%

  21.42%

  (2.34)%

  22.29%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of fee waivers, if any

  1.78%A

  1.78%

  1.83%

  1.97%

  1.93%

  1.83%

Expenses net of all reductions

  1.78%A

  1.78%

  1.82%

  1.97%

  1.93%

  1.82%

Net investment income (loss)

  (.02)%A

  (.14)%

  (.07)%

  (.76)% H

  (.25)% I

  (.64)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 6

$ 7

$ 11

$ 13

$ 16

$ 30

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.04)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.87)%. J 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 (.80)%. K 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 C

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

$ 17.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

  (.03)

  (.01)

  (.17) H

  (.05) I

  (.12) J

Net realized and unrealized gain (loss)

  2.35

  2.60

  7.47

  4.59

  (.44)

  3.97

Total from investment operations

  2.36

  2.57

  7.46

  4.42

  (.49)

  3.85

Distributions from net investment income

  (.06)

  (.02)

  -

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  -

  (.01)

Total distributions

  (.07)

  (.02)

  -

  -

  -

  (.01)

Net asset value, end of period

$ 37.36

$ 35.07

$ 32.52

$ 25.06

$ 20.64

$ 21.13

Total ReturnB, C, D

  6.73%

  7.91%

  29.77%

  21.41%

  (2.32)%

  22.25%

Ratios to Average Net Assets F, K

 

 

 

 

 

Expenses before reductions

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of fee waivers, if any

  1.71%A

  1.72%

  1.78%

  1.95%

  1.92%

  1.83%

Expenses net of all reductions

  1.71%A

  1.72%

  1.77%

  1.95%

  1.92%

  1.82%

Net investment income (loss)

  .05%A

  (.08)%

  (.02)%

  (.75)% H

  (.24)% I

  (.63)% J

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 55

$ 53

$ 54

$ 43

$ 40

$ 49

Portfolio turnover rate G

  4% A

  6%

  22%

  23%

  34%

  99%

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. 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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.02)%. I Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.86)%. J 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 (.80)%. K 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 - Fidelity Value Strategies Fund

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

$ 20.89

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .24

  .40

  .37

  .09 G

  .22 H

  .09 I

Net realized and unrealized gain (loss)

  2.90

  3.21

  9.20

  5.62

  (.54)

  4.83

Total from investment operations

  3.14

  3.61

  9.57

  5.71

  (.32)

  4.92

Distributions from net investment income

  (.41)

  (.33)

  (.18)

  (.19)

  (.10) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.33)

  (.18)

  (.19)

  (.11)

  (.01)

Net asset value, end of period

$ 46.28

$ 43.56

$ 40.28

$ 30.89

$ 25.37

$ 25.80

Total ReturnB, C

  7.28%

  9.05%

  31.14%

  22.69%

  (1.29)%

  23.54%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of fee waivers, if any

  .68%A

  .69%

  .73%

  .89%

  .88%

  .81%

Expenses net of all reductions

  .68%A

  .69%

  .72%

  .89%

  .88%

  .80%

Net investment income (loss)

  1.07%A

  .95%

  1.03%

  .31% G

  .80% H

  .39% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 723

$ 786

$ 681

$ 396

$ 284

$ 360

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .18%. 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 .22%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

$ 20.86

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .27

  .47

  .43

  .14 G

  .28 H

  .15 I

Net realized and unrealized gain (loss)

  2.90

  3.20

  9.18

  5.61

  (.55)

  4.82

Total from investment operations

  3.17

  3.67

  9.61

  5.75

  (.27)

  4.97

Distributions from net investment income

  (.47)

  (.38)

  (.22)

  (.24)

  (.16) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.48)

  (.38)

  (.22)

  (.24)

  (.17)

  (.01)

Net asset value, end of period

$ 46.26

$ 43.57

$ 40.28

$ 30.89

$ 25.38

$ 25.82

Total ReturnB, C

  7.36%

  9.21%

  31.34%

  22.93%

  (1.11)%

  23.81%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of fee waivers, if any

  .52%A

  .53%

  .58%

  .71%

  .68%

  .58%

Expenses net of all reductions

  .52%A

  .53%

  .57%

  .71%

  .68%

  .56%

Net investment income (loss)

  1.23%A

  1.11%

  1.18%

  .50% G

  1.00% H

  .62% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 85

$ 97

$ 119

$ 70

$ 47

$ 47

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. 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 .46%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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 - Institutional Class

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

$ 19.97

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .22

  .37

  .34

  .08 G

  .22 H

  .10 I

Net realized and unrealized gain (loss)

  2.78

  3.06

  8.79

  5.37

  (.53)

  4.63

Total from investment operations

  3.00

  3.43

  9.13

  5.45

  (.31)

  4.73

Distributions from net investment income

  (.41)

  (.32)

  (.18)

  (.20)

  (.11) J

  -

Distributions from net realized gain

  (.01)

  -

  -

  -

  (.01) J

  (.01)

Total distributions

  (.42)

  (.32)

  (.18)

  (.20)

  (.12)

  (.01)

Net asset value, end of period

$ 44.15

$ 41.57

$ 38.46

$ 29.51

$ 24.26

$ 24.69

Total ReturnB, C

  7.29%

  9.01%

  31.11%

  22.67%

  (1.30)%

  23.67%

Ratios to Average Net Assets E, K

 

 

 

 

 

Expenses before reductions

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of fee waivers, if any

  .70%A

  .71%

  .76%

  .90%

  .86%

  .74%

Expenses net of all reductions

  .70%A

  .71%

  .75%

  .90%

  .86%

  .73%

Net investment income (loss)

  1.06%

  .93%

  1.00%

  .31% G

  .82% H

  .46% I

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 87

$ 86

$ 74

$ 66

$ 52

$ 53

Portfolio turnover rate F

  4% A

  6%

  22%

  23%

  34%

  99%

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 $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. H Investment income per share reflects a large, non-recurring dividend which amounted to $.16 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .20%. 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 .29%. J The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. K 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, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® Value Strategies 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, Fidelity Value Strategies Fund, Class K 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.

During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.

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

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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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.

Debt securities, including restricted securities, are valued base 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.

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, 2015, 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - 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 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), partnerships, market discount, deferred trustees compensation, 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

$ 627,892

Gross unrealized depreciation

(23,972)

Net unrealized appreciation (depreciation) on securities and other investments

$ 603,920

 

 

Tax cost

$ 946,670

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

 

2016

$ (52,256)

2017

(187,132)

Total capital loss carryforward

$ (239,388)

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,252 and $116,379, respectively.

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 relative investment performance of Fidelity Value Strategies Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .43% 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.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

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%

$ 294

$ 6

Class T

.25%

.25%

813

16

Class B

.75%

.25%

32

24

Class C

.75%

.25%

268

14

 

 

 

$ 1,407

$ 60

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.

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

 

Retained
by FDC

Class A

$ 11

Class T

4

Class B*

1

Class C*

1

 

$ 17

* 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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

 

Amount

% of
Class-Level Average
Net Assets*

Class A

$ 261

.22

Class T

302

.19

Class B

10

.30

Class C

62

.23

Fidelity Value Strategies Fund

765

.21

Class K

20

.05

Institutional Class

95

.22

 

$ 1,515

 

* 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 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, the Fund did not borrow on this line of credit.

Semiannual Report

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 $485, including $3 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 $7 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Fidelity Value Strategies Fund expenses during the period in the amount of $1.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Class A

$ 1,818

$ 1,567

Class T

1,723

1,415

Class C

88

32

Fidelity Value Strategies Fund

7,313

5,578

Fidelity Value Strategies Fund Class K

938

1,131

Institutional Class

842

608

Total

$ 12,722

$ 10,331

From net realized gain

 

 

Class A

$ 48

$ -

Class T

64

-

Class C

12

-

Fidelity Value Strategies Fund

142

-

Fidelity Value Strategies Fund Class K

16

-

Institutional Class

16

-

Total

$ 298

$ -

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class A

 

 

 

 

Shares sold

231

546

$ 9,217

$ 20,399

Reinvestment of distributions

46

41

1,760

1,447

Shares redeemed

(411)

(1,342)

(16,286)

(50,201)

Net increase (decrease)

(134)

(755)

$ (5,309)

$ (28,355)

Class T

 

 

 

 

Shares sold

277

435

$ 11,420

$ 16,774

Reinvestment of distributions

41

35

1,646

1,293

Shares redeemed

(659)

(1,420)

(26,990)

(54,916)

Net increase (decrease)

(341)

(950)

$ (13,924)

$ (36,849)

Class B

 

 

 

 

Shares sold

-*

1

$ 13

$ 30

Shares redeemed

(53)

(140)

(1,917)

(4,799)

Net increase (decrease)

(53)

(139)

$ (1,904)

$ (4,769)

Semiannual Report

10. Share Transactions - continued

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Class C

 

 

 

 

Shares sold

76

125

$ 2,752

$ 4,210

Reinvestment of distributions

3

1

95

29

Shares redeemed

(114)

(282)

(4,128)

(9,502)

Net increase (decrease)

(35)

(156)

$ (1,281)

$ (5,263)

Fidelity Value Strategies Fund

 

 

 

 

Shares sold

494

7,626

$ 21,929

$ 315,612

Reinvestment of distributions

106

127

4,551

4,998

Shares redeemed

(3,016)

(6,627)

(133,055)

(273,372)

Net increase (decrease)

(2,416)

1,126

$ (106,575)

$ 47,238

Fidelity Value Strategies Fund Class K

 

 

 

 

Shares sold

169

669

$ 7,534

$ 27,831

Reinvestment of distributions

22

29

954

1,131

Shares redeemed

(581)

(1,437)

(25,285)

(60,236)

Net increase (decrease)

(390)

(739)

$ (16,797)

$ (31,274)

Institutional Class

 

 

 

 

Shares sold

150

522

$ 6,404

$ 20,905

Reinvestment of distributions

18

14

748

523

Shares redeemed

(257)

(403)

(10,878)

(15,969)

Net increase (decrease)

(89)

133

$ (3,726)

$ 5,459

* Amount represents three hundred and thirty four shares.

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.

FMR Investment Management (U.K.) Limited

Fidelity Management & Research
(Japan) Limited

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)

SO-USAN-0715
1.786805.112

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 27, 2015

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 27, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

July 27, 2015