N-CSR 1 filing723.htm PRIMARY DOCUMENT

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


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3785  


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


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


Marc Bryant, Secretary

245 Summer St.

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



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30

 

 

Date of reporting period:

November 30, 2016


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




Fidelity Advisor® Equity Growth Fund

Class A, Class T, Class C, Class I and Class Z



Annual Report

November 30, 2016




Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2017 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.institutional.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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2016 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) (6.12)% 11.24% 6.10% 
Class T (incl. 3.50% sales charge) (4.09)% 11.54% 6.15% 
Class C (incl. contingent deferred sales charge) (2.11)% 11.73% 5.94% 
Class I (0.12)% 12.91% 7.08% 
Class Z 0.02% 13.01% 7.13% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Equity Growth Fund - Class A on November 30, 2006, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.


Period Ending Values

$18,082Fidelity Advisor® Equity Growth Fund - Class A

$21,953Russell 3000® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500 index returned 8.06% for the 12 months ending November 30, 2016, rising sharply in the final month on post-election optimism for economic growth. The period began during a fairly volatile stretch, with stocks hampered by persistent oil-price weakness and U.S.-dollar strength. Markets regained positive momentum in February amid U.S. job gains, a rally in energy and other stimuli that helped keep the roughly seven-year uptrend intact. Markets tumbled briefly following the U.K.’s June 23 vote to exit the European Union – dubbed “Brexit” – then recovered quickly and settled into a flattish stretch until the November 8 U.S. presidential election. For the year, 10 of the 11 sectors in the S&P 500 advanced, with six posting double-digit gains. Telecommunication services (+16%) led the way, its strength attributable to demand for dividend-paying equities early in the period, as well as to company-specific news. Cyclical sectors including industrials (+15%), financials (+14%), energy (+13%) and materials (+12%) posted strong gains, the latter two driven by a rebound in commodity prices. Conversely, real estate (+1%) lagged the index due to a late-period slump related to expectations for rising interest rates. Consumer discretionary (+3%) also underperformed, as competitive pressure continued to weigh on brick-and-mortar retailers.

Comments from Portfolio Manager Jason Weiner:  For the year, most of the fund’s share classes (excluding sales charges, if applicable) modestly declined, underperforming the 4.25% gain of the benchmark Russell 3000 Growth Index. Versus the benchmark, picks in health care detracted most, with a non-index stake in Canada-based Valeant Pharmaceuticals International the fund’s largest individual detractor. Several factors contributed to the stock’s decline, including allegations of improper sales practices at the firm. Valeant also announced an accounting error that it said would likely lead to financial restatements. In June, the company paid $47 million to settle the U.S. Department of Justice investigation into its drug-pricing practices. We had sold our position in Valeant by period end. Gilead Sciences was another detractor and a large fund position. The stock was hurt by broad pricing pressures for biotechs, along with concerns about increased competition and expectations for slowing growth for Gilead’s hepatitis C drugs. Conversely, Facebook, the fund's largest holding, was its biggest relative contributor. The fund's shares rose about 13% on the strength of the company's revenue from mobile advertising, increasing sales of video advertisements, and ads on its mobile application Instagram.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Facebook, Inc. Class A 9.2 12.6 
Alphabet, Inc. Class A 6.2 8.1 
Amazon.com, Inc. 3.9 3.2 
Electronic Arts, Inc. 3.1 2.3 
Apple, Inc. 3.1 0.0 
Charter Communications, Inc. Class A 2.9 0.0 
Home Depot, Inc. 2.6 2.5 
Reynolds American, Inc. 2.0 1.7 
UnitedHealth Group, Inc. 1.9 0.0 
Global Payments, Inc. 1.7 0.9 
 36.6  

Top Five Market Sectors as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 38.5 39.1 
Consumer Discretionary 18.1 15.3 
Health Care 13.9 12.2 
Consumer Staples 8.5 6.7 
Industrials 7.2 9.9 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation (% of fund's net assets)

As of November 30, 2016 * 
   Stocks and Equity Futures 97.9% 
   Convertible Securities 1.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.0% 


 * Foreign Investments 7.4%


As of May 31, 2016 * 
   Stocks 92.6% 
   Convertible Securities 1.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.3% 


 * Foreign Investments 7.4%


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments November 30, 2016

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 18.0%   
Diversified Consumer Services - 0.9%   
Bright Horizons Family Solutions, Inc. (a) 166,600 $11,465 
Houghton Mifflin Harcourt Co. (a) 221,900 2,452 
Nord Anglia Education, Inc. (a) 249,236 5,982 
ServiceMaster Global Holdings, Inc. (a) 66,700 2,549 
  22,448 
Hotels, Restaurants & Leisure - 3.8%   
Buffalo Wild Wings, Inc. (a) 12,800 2,158 
Dave & Buster's Entertainment, Inc. (a) 388,700 18,211 
Domino's Pizza, Inc. 62,200 10,452 
Papa John's International, Inc. 160,800 14,208 
Popeyes Louisiana Kitchen, Inc. (a) 116,700 6,988 
Starbucks Corp. 694,002 40,231 
Wingstop, Inc. 149,500 4,588 
  96,836 
Internet & Direct Marketing Retail - 5.0%   
Amazon.com, Inc. (a) 134,100 100,651 
Ctrip.com International Ltd. ADR (a) 291,800 13,198 
Netflix, Inc. (a) 83,300 9,746 
NutriSystem, Inc. 122,400 4,498 
  128,093 
Leisure Products - 0.0%   
NJOY, Inc. (a)(b) 202,642 
Media - 3.5%   
Charter Communications, Inc. Class A (a) 267,600 73,673 
Cinemark Holdings, Inc. 135,700 5,406 
Sirius XM Holdings, Inc. (c) 2,264,400 10,348 
  89,427 
Multiline Retail - 0.6%   
Dollar Tree, Inc. (a) 100,000 8,816 
Ollie's Bargain Outlet Holdings, Inc. (a) 211,800 6,365 
  15,181 
Specialty Retail - 3.4%   
AutoZone, Inc. (a) 21,800 17,073 
Five Below, Inc. (a) 5,700 224 
Home Depot, Inc. 518,244 67,061 
MarineMax, Inc. (a) 209,400 3,937 
  88,295 
Textiles, Apparel & Luxury Goods - 0.8%   
Kate Spade & Co. (a) 824,824 12,249 
LVMH Moet Hennessy - Louis Vuitton SA 40,002 7,279 
  19,528 
TOTAL CONSUMER DISCRETIONARY  459,808 
CONSUMER STAPLES - 8.5%   
Beverages - 3.8%   
Anheuser-Busch InBev SA NV ADR 112,400 11,608 
Constellation Brands, Inc. Class A (sub. vtg.) 71,000 10,731 
Kweichow Moutai Co. Ltd. (A Shares) 64,130 2,973 
Molson Coors Brewing Co. Class B 206,400 20,233 
PepsiCo, Inc. 124,500 12,462 
Pernod Ricard SA ADR 241,700 5,044 
The Coca-Cola Co. 852,826 34,412 
  97,463 
Food & Staples Retailing - 0.8%   
Costco Wholesale Corp. 106,100 15,927 
Whole Foods Market, Inc. 162,383 4,935 
  20,862 
Food Products - 0.5%   
Danone SA 189,500 11,869 
Gores Holdings, Inc. (a) 57,100 739 
  12,608 
Household Products - 0.5%   
Procter & Gamble Co. 161,900 13,350 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 176,900 13,745 
Herbalife Ltd. (a) 200,500 9,831 
  23,576 
Tobacco - 2.0%   
Reynolds American, Inc. 935,100 50,589 
TOTAL CONSUMER STAPLES  218,448 
ENERGY - 1.0%   
Energy Equipment & Services - 0.8%   
Baker Hughes, Inc. 323,100 20,785 
Oil, Gas & Consumable Fuels - 0.2%   
Golar LNG Ltd. 247,548 6,040 
TOTAL ENERGY  26,825 
FINANCIALS - 6.5%   
Banks - 1.8%   
First Republic Bank 302,800 24,799 
HDFC Bank Ltd. 68,446 1,370 
JPMorgan Chase & Co. 216,600 17,365 
Metro Bank PLC 50,300 2,055 
  45,589 
Capital Markets - 3.9%   
BlackRock, Inc. Class A 30,800 11,420 
CME Group, Inc. 331,054 37,379 
E*TRADE Financial Corp. (a) 591,745 20,421 
JMP Group, Inc. 141,100 879 
MSCI, Inc. 191,600 15,098 
S&P Global, Inc. 135,975 16,180 
  101,377 
Diversified Financial Services - 0.5%   
Bats Global Markets, Inc.(c) 86,900 2,763 
Berkshire Hathaway, Inc. Class B (a) 55,800 8,785 
Quantenna Communications, Inc. 83,100 1,578 
  13,126 
Thrifts & Mortgage Finance - 0.3%   
Essent Group Ltd. (a) 229,300 6,998 
TOTAL FINANCIALS  167,090 
HEALTH CARE - 13.9%   
Biotechnology - 6.3%   
Advanced Accelerator Applications SA sponsored ADR 102,800 3,007 
Alexion Pharmaceuticals, Inc. (a) 104,400 12,798 
Amgen, Inc. 232,900 33,554 
Biogen, Inc. (a) 33,800 9,940 
BioMarin Pharmaceutical, Inc. (a) 161,679 13,845 
Cytokinetics, Inc. (a) 73,800 886 
Cytokinetics, Inc. warrants 6/25/17 (a) 856,620 965 
Gilead Sciences, Inc. 170,147 12,540 
Insmed, Inc. (a) 744,220 10,159 
Regeneron Pharmaceuticals, Inc. (a) 43,100 16,345 
Samsung Biologics Co. Ltd. (a) 2,090 273 
TESARO, Inc. (a) 109,300 14,831 
Vertex Pharmaceuticals, Inc. (a) 395,000 32,236 
  161,379 
Health Care Equipment & Supplies - 4.2%   
Boston Scientific Corp. (a) 956,900 19,578 
Danaher Corp. 290,314 22,694 
DexCom, Inc. (a) 74,900 4,890 
Edwards Lifesciences Corp. (a) 65,700 5,443 
Intuitive Surgical, Inc. (a) 34,800 22,402 
Medtronic PLC 235,200 17,172 
Novadaq Technologies, Inc. (a) 683,800 5,436 
ResMed, Inc. 138,400 8,509 
The Cooper Companies, Inc. 14,800 2,434 
  108,558 
Health Care Providers & Services - 2.5%   
HealthEquity, Inc. (a) 223,200 9,939 
Henry Schein, Inc. (a) 25,900 3,858 
UnitedHealth Group, Inc. 308,900 48,905 
VCA, Inc. (a) 24,600 1,540 
  64,242 
Pharmaceuticals - 0.9%   
Allergan PLC 53,800 10,453 
Collegium Pharmaceutical, Inc. (a)(c) 69,300 1,148 
Patheon NV 37,800 1,034 
Zoetis, Inc. Class A 192,100 9,678 
  22,313 
TOTAL HEALTH CARE  356,492 
INDUSTRIALS - 7.2%   
Aerospace & Defense - 0.8%   
Rolls-Royce Holdings PLC 273,000 2,308 
Taser International, Inc. (a)(c) 392,000 10,674 
TransDigm Group, Inc. 33,377 8,392 
  21,374 
Airlines - 0.3%   
Ryanair Holdings PLC sponsored ADR 106,660 8,516 
Building Products - 0.3%   
A.O. Smith Corp. 167,176 8,130 
Commercial Services & Supplies - 0.8%   
KAR Auction Services, Inc. 461,600 19,461 
Electrical Equipment - 1.3%   
Acuity Brands, Inc. 55,500 13,953 
Fortive Corp. 337,107 18,538 
  32,491 
Industrial Conglomerates - 0.9%   
Honeywell International, Inc. 129,100 14,710 
Roper Technologies, Inc. 49,569 8,977 
  23,687 
Machinery - 0.3%   
Allison Transmission Holdings, Inc. 181,600 6,024 
Rational AG 3,600 1,585 
  7,609 
Professional Services - 2.4%   
Equifax, Inc. 128,600 14,718 
Robert Half International, Inc. 173,600 7,789 
TransUnion Holding Co., Inc. (a) 248,600 7,416 
WageWorks, Inc. (a) 418,792 30,928 
  60,851 
Road & Rail - 0.1%   
Swift Transporation Co. (a)(c) 57,400 1,433 
TOTAL INDUSTRIALS  183,552 
INFORMATION TECHNOLOGY - 37.5%   
Electronic Equipment & Components - 0.2%   
CDW Corp. 100,000 5,124 
Internet Software & Services - 18.4%   
Akamai Technologies, Inc. (a) 256,100 17,082 
Alphabet, Inc. Class A (a) 204,450 158,629 
CommerceHub, Inc.:   
Series A, (a) 377,849 5,713 
Series C, (a) 205,960 3,038 
Facebook, Inc. Class A (a) 1,988,600 235,490 
GoDaddy, Inc. (a) 294,900 10,422 
Just Dial Ltd. (a) 139,013 769 
Just Eat Holding Ltd.(a) 825,555 6,048 
Shopify, Inc. Class A (a) 40,800 1,700 
Stamps.com, Inc. (a)(c) 126,400 13,424 
Twilio, Inc. Class A(c) 136,800 4,640 
VeriSign, Inc. (a)(c) 170,600 13,452 
  470,407 
IT Services - 4.3%   
Cognizant Technology Solutions Corp. Class A (a) 116,300 6,406 
Fidelity National Information Services, Inc. 102,600 7,920 
Gartner, Inc. (a) 29,200 3,002 
Global Payments, Inc. 616,800 42,282 
Square, Inc. (a) 103,800 1,343 
Vantiv, Inc. (a) 156,500 8,831 
Visa, Inc. Class A 503,832 38,956 
  108,740 
Semiconductors & Semiconductor Equipment - 1.1%   
Maxim Integrated Products, Inc. 277,228 10,887 
Monolithic Power Systems, Inc. 125,832 10,323 
Qualcomm, Inc. 115,000 7,835 
  29,045 
Software - 9.9%   
Activision Blizzard, Inc. 276,500 10,123 
Adobe Systems, Inc. (a) 376,000 38,657 
Autodesk, Inc. (a) 55,600 4,037 
Blackbaud, Inc. 41,000 2,574 
Computer Modelling Group Ltd. 541,600 3,548 
CyberArk Software Ltd. (a) 53,100 2,709 
Electronic Arts, Inc. (a) 1,010,645 80,084 
Intuit, Inc. 81,700 9,288 
Microsoft Corp. 429,700 25,894 
Mobileye NV (a)(c) 759,800 28,287 
RealPage, Inc. (a) 114,100 3,263 
Red Hat, Inc. (a) 193,800 15,332 
Salesforce.com, Inc. (a) 424,992 30,599 
  254,395 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 703,200 77,718 
Samsung Electronics Co. Ltd. 9,061 13,435 
  91,153 
TOTAL INFORMATION TECHNOLOGY  958,864 
MATERIALS - 1.7%   
Chemicals - 1.0%   
CF Industries Holdings, Inc. 2,600 75 
Monsanto Co. 128,900 13,239 
Sherwin-Williams Co. 44,500 11,956 
  25,270 
Construction Materials - 0.7%   
Eagle Materials, Inc. 179,400 17,438 
TOTAL MATERIALS  42,708 
REAL ESTATE - 2.8%   
Equity Real Estate Investment Trusts (REITs) - 1.4%   
American Tower Corp. 347,200 35,508 
Real Estate Management & Development - 1.4%   
Realogy Holdings Corp. 1,465,618 35,395 
TOTAL REAL ESTATE  70,903 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.2%   
SBA Communications Corp. Class A (a) 53,500 5,294 
TOTAL COMMON STOCKS   
(Cost $2,110,995)  2,489,984 
Convertible Preferred Stocks - 1.1%   
CONSUMER DISCRETIONARY - 0.1%   
Household Durables - 0.1%   
Blu Homes, Inc. Series A, 5.00% (a)(b) 875,350 1,751 
INFORMATION TECHNOLOGY - 1.0%   
Internet Software & Services - 0.9%   
Uber Technologies, Inc. Series D, 8.00% (a)(b) 485,012 23,655 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(b) 105,425 2,741 
TOTAL INFORMATION TECHNOLOGY  26,396 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $13,680)  28,147 
 Principal Amount (000s) Value (000s) 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.3% to 0.37% 12/29/16 to 2/2/17 (d)   
(Cost $6,267) 6,270 6,267 
 Shares Value (000s) 
Money Market Funds - 6.1%   
Fidelity Cash Central Fund, 0.39% (e) 103,359,213 $103,380 
Fidelity Securities Lending Cash Central Fund 0.48% (e)(f) 53,013,152 53,024 
TOTAL MONEY MARKET FUNDS   
(Cost $156,379)  156,404 
TOTAL INVESTMENT PORTFOLIO - 104.7%   
(Cost $2,287,321)  2,680,802 
NET OTHER ASSETS (LIABILITIES) - (4.7)%  (120,291) 
NET ASSETS - 100%  $2,560,511 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
84 CME E-mini S&P 500 Index Contracts (United States) Dec. 2016 9,235 $117 
59 ICE Russell 1000 Growth Index Contracts (United States) Dec. 2016 6,141 51 
TOTAL FUTURES CONTRACTS   $168 

The face value of futures purchased as a percentage of Net Assets is 0.6%

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) 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 $28,147,000 or 1.1% of net assets.

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

 (d) 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 $1,878,000.

 (e) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm,are available on the SEC's website or upon request.

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


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 $693 
Fidelity Securities Lending Cash Central Fund 580 
Total $1,273 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $461,559 $459,808 $-- $1,751 
Consumer Staples 218,448 203,606 14,842 -- 
Energy 26,825 26,825 -- -- 
Financials 167,090 165,720 1,370 -- 
Health Care 356,492 355,527 965 -- 
Industrials 183,552 181,244 2,308 -- 
Information Technology 985,260 958,095 769 26,396 
Materials 42,708 42,708 -- -- 
Real Estate 70,903 70,903 -- -- 
Telecommunication Services 5,294 5,294 -- -- 
U.S. Government and Government Agency Obligations 6,267 -- 6,267 -- 
Money Market Funds 156,404 156,404 -- -- 
Total Investments in Securities: $2,680,802 $2,626,134 $26,521 $28,147 
Derivative Instruments:     
Assets     
Futures Contracts $168 $168 $-- $-- 
Total Assets $168 $168 $-- $-- 
Total Derivative Instruments: $168 $168 $-- $-- 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)     
Investments in Securities:  
Beginning Balance $25,124 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 3,023 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $28,147 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2016 $3,023 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2016. 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 
(Amounts in thousands)   
Equity Risk   
Futures Contracts(a) $168 $- 
Total Equity Risk 168 
Total Value of Derivatives $168 $- 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  November 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $51,349) — See accompanying schedule:
Unaffiliated issuers (cost $2,130,942) 
$2,524,398  
Fidelity Central Funds (cost $156,379) 156,404  
Total Investments (cost $2,287,321)  $2,680,802 
Receivable for investments sold  943 
Receivable for fund shares sold  1,192 
Dividends receivable  2,628 
Interest receivable  
Distributions receivable from Fidelity Central Funds  92 
Prepaid expenses  
Other receivables  144 
Total assets  2,685,808 
Liabilities   
Payable for investments purchased $63,461  
Payable for fund shares redeemed 6,017  
Accrued management fee 1,174  
Distribution and service plan fees payable 777  
Payable for daily variation margin for derivative instruments 170  
Other affiliated payables 492  
Other payables and accrued expenses 192  
Collateral on securities loaned, at value 53,014  
Total liabilities  125,297 
Net Assets  $2,560,511 
Net Assets consist of:   
Paid in capital  $2,024,329 
Accumulated net investment loss  (10,392) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  152,931 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  393,643 
Net Assets  $2,560,511 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($803,315 ÷ 8,363.6 shares)  $96.05 
Maximum offering price per share (100/94.25 of $96.05)  $101.91 
Class T:   
Net Asset Value and redemption price per share ($1,129,340 ÷ 11,921.3 shares)  $94.73 
Maximum offering price per share (100/96.50 of $94.73)  $98.17 
Class C:   
Net Asset Value and offering price per share ($161,196 ÷ 1,904.0 shares)(a)  $84.66 
Class I:   
Net Asset Value, offering price and redemption price per share ($433,602 ÷ 4,186.5 shares)  $103.57 
Class Z:   
Net Asset Value, offering price and redemption price per share ($33,058 ÷ 317.7 shares)  $104.05 

 (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.


Statement of Operations

Amounts in thousands  Year ended November 30, 2016 
Investment Income   
Dividends  $19,978 
Interest  
Income from Fidelity Central Funds  1,273 
Total income  21,259 
Expenses   
Management fee $14,665  
Transfer agent fees 5,243  
Distribution and service plan fees 9,808  
Accounting and security lending fees 801  
Custodian fees and expenses 50  
Independent trustees' fees and expenses 12  
Registration fees 111  
Audit 76  
Legal  
Miscellaneous 22  
Total expenses before reductions 30,797  
Expense reductions (99) 30,698 
Net investment income (loss)  (9,439) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 155,112  
Fidelity Central Funds 52  
Foreign currency transactions (58)  
Futures contracts 557  
Total net realized gain (loss)  155,663 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
(165,561)  
Assets and liabilities in foreign currencies  
Futures contracts 168  
Total change in net unrealized appreciation (depreciation)  (165,390) 
Net gain (loss)  (9,727) 
Net increase (decrease) in net assets resulting from operations  $(19,166) 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2016 Year ended November 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(9,439) $(6,975) 
Net realized gain (loss) 155,663 205,321 
Change in net unrealized appreciation (depreciation) (165,390) (53,557) 
Net increase (decrease) in net assets resulting from operations (19,166) 144,789 
Distributions to shareholders from net realized gain (69,494) – 
Share transactions - net increase (decrease) (226,001) (115,712) 
Total increase (decrease) in net assets (314,661) 29,077 
Net Assets   
Beginning of period 2,875,172 2,846,095 
End of period $2,560,511 $2,875,172 
Other Information   
Accumulated net investment loss end of period $(10,392) $(9,672) 

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


Financial Highlights — Fidelity Advisor Equity Growth Fund Class A

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $98.79 $93.78 $80.87 $61.77 $54.56 
Income from Investment Operations      
Net investment income (loss)A (.24) (.13) (.07) (.05) .02 
Net realized and unrealized gain (loss) (.12) 5.14 12.98 19.15 7.30 
Total from investment operations (.36) 5.01 12.91 19.10 7.32 
Distributions from net realized gain (2.38) – – – (.11) 
Net asset value, end of period $96.05 $98.79 $93.78 $80.87 $61.77 
Total ReturnB,C (.39)% 5.34% 15.96% 30.92% 13.45% 
Ratios to Average Net AssetsD,E      
Expenses before reductions 1.05% 1.05% 1.07% 1.11% 1.14% 
Expenses net of fee waivers, if any 1.05% 1.05% 1.07% 1.11% 1.14% 
Expenses net of all reductions 1.05% 1.04% 1.07% 1.10% 1.14% 
Net investment income (loss) (.25)% (.13)% (.08)% (.07)% .04% 
Supplemental Data      
Net assets, end of period (in millions) $803 $887 $853 $772 $632 
Portfolio turnover rateF 60% 63% 49%G 81% 73% 

 A Calculated based on average shares outstanding during the period.

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

 C Total returns do not include the effect of the sales charges.

 D 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.

 E 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.

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

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


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


Financial Highlights — Fidelity Advisor Equity Growth Fund Class T

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $97.68 $92.94 $80.31 $61.45 $54.26 
Income from Investment Operations      
Net investment income (loss)A (.44) (.34) (.25) (.17) (.08) 
Net realized and unrealized gain (loss) (.13) 5.08 12.88 19.03 7.27 
Total from investment operations (.57) 4.74 12.63 18.86 7.19 
Distributions from net realized gain (2.38) – – – – 
Net asset value, end of period $94.73 $97.68 $92.94 $80.31 $61.45 
Total ReturnB,C (.62)% 5.10% 15.73% 30.69% 13.25% 
Ratios to Average Net AssetsD,E      
Expenses before reductions 1.28% 1.27% 1.28% 1.29% 1.31% 
Expenses net of fee waivers, if any 1.27% 1.27% 1.28% 1.29% 1.31% 
Expenses net of all reductions 1.27% 1.27% 1.28% 1.28% 1.31% 
Net investment income (loss) (.48)% (.36)% (.29)% (.25)% (.13)% 
Supplemental Data      
Net assets, end of period (in millions) $1,129 $1,306 $1,368 $1,283 $1,108 
Portfolio turnover rateF 60% 63% 49%G 81% 73% 

 A Calculated based on average shares outstanding during the period.

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

 C Total returns do not include the effect of the sales charges.

 D 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.

 E 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.

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

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


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


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


Financial Highlights — Fidelity Advisor Equity Growth Fund Class C

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $88.01 $84.18 $73.13 $56.27 $49.96 
Income from Investment Operations      
Net investment income (loss)A (.84) (.77) (.66) (.50) (.37) 
Net realized and unrealized gain (loss) (.13) 4.60 11.71 17.36 6.68 
Total from investment operations (.97) 3.83 11.05 16.86 6.31 
Distributions from net realized gain (2.38) – – – – 
Net asset value, end of period $84.66 $88.01 $84.18 $73.13 $56.27 
Total ReturnB,C (1.15)% 4.55% 15.11% 29.96% 12.63% 
Ratios to Average Net AssetsD,E      
Expenses before reductions 1.81% 1.81% 1.81% 1.84% 1.86% 
Expenses net of fee waivers, if any 1.81% 1.81% 1.81% 1.84% 1.86% 
Expenses net of all reductions 1.81% 1.80% 1.81% 1.83% 1.86% 
Net investment income (loss) (1.01)% (.89)% (.83)% (.79)% (.68)% 
Supplemental Data      
Net assets, end of period (in millions) $161 $183 $175 $157 $133 
Portfolio turnover rateF 60% 63% 49%G 81% 73% 

 A Calculated based on average shares outstanding during the period.

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

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

 D 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.

 E 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.

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

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


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


Financial Highlights — Fidelity Advisor Equity Growth Fund Class I

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $106.06 $100.40 $86.32 $65.92 $58.24 
Income from Investment Operations      
Net investment income (loss)A .02 .15 .20 .20 .25 
Net realized and unrealized gain (loss) (.13) 5.51 13.88 20.40 7.75 
Total from investment operations (.11) 5.66 14.08 20.60 8.00 
Distributions from net investment income – – – (.20) – 
Distributions from net realized gain (2.38) – – – (.32) 
Total distributions (2.38) – – (.20) (.32) 
Net asset value, end of period $103.57 $106.06 $100.40 $86.32 $65.92 
Total ReturnB (.12)% 5.64% 16.31% 31.36% 13.83% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .78% .78% .77% .78% .80% 
Expenses net of fee waivers, if any .78% .77% .77% .78% .80% 
Expenses net of all reductions .77% .77% .77% .77% .79% 
Net investment income (loss) .02% .14% .21% .27% .39% 
Supplemental Data      
Net assets, end of period (in millions) $434 $463 $432 $1,266 $1,063 
Portfolio turnover rateE 60% 63% 49%F 81% 73% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

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


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


Financial Highlights — Fidelity Advisor Equity Growth Fund Class Z

Years ended November 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $106.39 $100.59 $86.36 $78.49 
Income from Investment Operations     
Net investment income (loss)B .17 .29 .33 .09 
Net realized and unrealized gain (loss) (.13) 5.51 13.90 7.78 
Total from investment operations .04 5.80 14.23 7.87 
Distributions from net realized gain (2.38) – – – 
Net asset value, end of period $104.05 $106.39 $100.59 $86.36 
Total ReturnC,D .02% 5.77% 16.48% 10.03% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .64% .64% .64% .64%G 
Expenses net of fee waivers, if any .63% .64% .64% .64%G 
Expenses net of all reductions .63% .63% .64% .63%G 
Net investment income (loss) .16% .28% .35% .38%G 
Supplemental Data     
Net assets, end of period (000 omitted) $33,058 $25,638 $122 $110 
Portfolio turnover rateH 60% 63% 49%I 81% 

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

 B Calculated based on average shares outstanding during the period.

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

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

 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 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.

 G Annualized

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

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


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


Notes to Financial Statements

For the period ended November 30, 2016
(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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All current fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period December 1, 2015 through June 24, 2016.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 11/30/16 Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $28,147 Market approach Discount rate 15.0% - 50.0% / 32.5% Decrease 
   Transaction price $26.00 - $48.77 / $46.41 Increase 
   Discount for lack of marketability 20.0% Decrease 
   Liquidity preference $3.23 Increase 
  Market comparable Price/Earnings multiple (P/E) 5.3 Increase 
  Recovery value Recovery value 0.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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 November 30, 2016, 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 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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.

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. As of November 30, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, partnerships, non-taxable dividends, deferred trustees compensation, capital loss carryforwards, 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 $515,395 
Gross unrealized depreciation (121,987) 
Net unrealized appreciation (depreciation) on securities $393,408 
Tax Cost $2,287,394 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain $153,172 
Net unrealized appreciation (depreciation) on securities and other investments $ 393,401 

The Fund intends to elect to defer to its next fiscal year $10,260 of ordinary losses recognized during the period January 1, 2016 to November 30, 2016.

The tax character of distributions paid was as follows:

 November 30, 2016 November 30, 2015 
Long-term Capital Gains $69,494 $ 0 

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.

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 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 $557 and a change in net unrealized appreciation (depreciation) of $168 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 $1,523,059 and $1,709,196, 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 .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 annual 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:

 Distribution
Fee 
Service
Fee 
Total Fees Retained
by FDC 
Class A -% .25% $2,075 $7 
Class T .25% .25% 5,982 – 
Class B .75% .25% 45 34 
Class C .75% .25% 1,706 126 
   $9,808 $167 

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 $95 
Class T 26 
Class B(a) 
Class C(a) 
 $131 

 (a) 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 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 $1,756 .21 
Class T 2,239 .19 
Class B 12 .28 
Class C 381 .22 
Class I 841 .19 
Class Z 14 .05 
 $5,243  

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 $27 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $7 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. The Fund or borrower may terminate the loan at any time, and 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 $580, including $117 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 $78 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $21.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2016 
Year ended November 30, 2015 
From net realized gain   
Class A $21,468 $– 
Class T 31,793 – 
Class B 295 – 
Class C 4,972 – 
Class I 10,387 – 
Class Z 579 – 
Total $69,494 $– 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended
November 30, 2016 
Year ended November 30, 2015 Year ended
November 30, 2016 
Year ended November 30, 2015 
Class A     
Shares sold 1,246 1,688 $115,920 $162,907 
Reinvestment of distributions 205 – 19,967 – 
Shares redeemed (2,066) (1,807) (193,544) (173,253) 
Net increase (decrease) (615) (119) $(57,657) $(10,346) 
Class T     
Shares sold 1,348 1,492 $123,818 $141,497 
Reinvestment of distributions 321 – 30,879 – 
Shares redeemed (3,117) (2,839) (288,966) (269,251) 
Net increase (decrease) (1,448) (1,347) $(134,269) $(127,754) 
Class B     
Shares sold $126 $164 
Reinvestment of distributions – 278 – 
Shares redeemed (129) (95) (10,265) (7,987) 
Net increase (decrease) (124) (93) $(9,861) $(7,823) 
Class C     
Shares sold 215 365 $17,757 $31,362 
Reinvestment of distributions 52 – 4,525 – 
Shares redeemed (442) (360) (36,398) (30,838) 
Net increase (decrease) (175) $(14,116) $524 
Class I     
Shares sold 822 1,565 $82,756 $159,813 
Reinvestment of distributions 95 – 9,952 – 
Shares redeemed (1,094) (1,508) (110,841) (155,242) 
Net increase (decrease) (177) 57 $(18,133) $4,571 
Class Z     
Shares sold 111 259 $11,539 $27,086 
Reinvestment of distributions – 579 – 
Shares redeemed (40) (19) (4,083) (1,970) 
Net increase (decrease) 77 240 $8,035 $25,116 

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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Equity Growth Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the Fund), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2016, and the related statement of operations for the year then ended, the statement of changes in net assets for the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2016, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Equity Growth Fund as of November 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 13, 2017

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present) and the Finance Committee of the Asolo Repertory Theatre (2016-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and currently Vice Chair of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of certain Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

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 (June 1, 2016 to November 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2016 
Ending
Account Value
November 30, 2016 
Expenses Paid
During Period-B
June 1, 2016
to November 30, 2016 
Class A 1.05%    
Actual  $1,000.00 $1,013.70 $5.29 
Hypothetical-C  $1,000.00 $1,019.75 $5.30 
Class T 1.27%    
Actual  $1,000.00 $1,012.50 $6.39 
Hypothetical-C  $1,000.00 $1,018.65 $6.41 
Class C 1.81%    
Actual  $1,000.00 $1,009.80 $9.09 
Hypothetical-C  $1,000.00 $1,015.95 $9.12 
Class I .78%    
Actual  $1,000.00 $1,015.10 $3.93 
Hypothetical-C  $1,000.00 $1,021.10 $3.94 
Class Z .63%    
Actual  $1,000.00 $1,015.70 $3.17 
Hypothetical-C  $1,000.00 $1,021.85 $3.18 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Equity Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Fidelity Advisor Equity Growth Fund     
Class A 12/28/16 12/27/16 $0.000 $5.721 
 1/17/17 1/13/17 $0.000 $0.112 
Class T 12/28/16 12/27/16 $0.000 $5.721 
 1/17/17 1/13/17 $0.000 $0.112 
Class C 12/28/16 12/27/16 $0.000 $5.721 
 1/17/17 1/13/17 $0.000 $0.112 
Class I 12/28/16 12/27/16 $0.000 $5.721 
 1/17/17 1/13/17 $0.000 $0.112 
Class Z 12/28/16 12/27/16 $0.000 $5.721 
 1/17/17 1/13/17 $0.000 $0.112 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30 2016, $152,382,649, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Equity Growth Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Equity Growth Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Broadridge investment objective categories that have comparable investment mandates. Combining Broadridge investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Broadridge funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Equity Growth Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, Class I, and Class Z ranked below the competitive median for 2015 and the total expense ratio of Class T ranked above the competitive median for 2015. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Class T was above the median of the universe presented for comparison, the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins; (vi) the realization of fall-out benefits in and attribution of fall-out benefits to certain Fidelity business units; (vii) the appropriateness of certain funds' benchmarks; (viii) the rationalization for certain share classes and expenses; (ix) sub-advisory fee rates for comparable investment mandates; (x) product strategy for certain underperforming funds; and (xi) Fidelity's resources and strategy for cybersecurity.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

EPG-ANN-0117
1.539469.119


Fidelity Advisor® Dividend Growth Fund

Class A, Class T, Class C, Class I and Class Z



Annual Report

November 30, 2016




Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2017 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.institutional.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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2016 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) (1.64)% 11.24% 5.18% 
Class T (incl. 3.50% sales charge) 0.50% 11.52% 5.19% 
Class C (incl. contingent deferred sales charge) 2.61% 11.74% 5.03% 
Class I 4.60% 12.85% 6.12% 
Class Z 4.80% 12.98% 6.18% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Dividend Growth Fund - Class A on November 30, 2006, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$16,571Fidelity Advisor® Dividend Growth Fund - Class A

$19,462S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500 index returned 8.06% for the 12 months ending November 30, 2016, rising sharply in the final month on post-election optimism for economic growth. The period began during a fairly volatile stretch, with stocks hampered by persistent oil-price weakness and U.S.-dollar strength. Markets regained positive momentum in February amid U.S. job gains, a rally in energy and other stimuli that helped keep the roughly seven-year uptrend intact. Markets tumbled briefly following the U.K.’s June 23 vote to exit the European Union – dubbed “Brexit” – then recovered quickly and settled into a flattish stretch until the November 8 U.S. presidential election. For the year, 10 of the 11 sectors in the S&P 500 advanced, with six posting double-digit gains. Telecommunication services (+16%) led the way, its strength attributable to demand for dividend-paying equities early in the period, as well as to company-specific news. Cyclical sectors including industrials (+15%), financials (+14%), energy (+13%) and materials (+12%) posted strong gains, the latter two driven by a rebound in commodity prices. Conversely, real estate (+1%) lagged the index due to a late-period slump related to expectations for rising interest rates. Consumer discretionary (+3%) also underperformed, as competitive pressure continued to weigh on brick-and-mortar retailers.

Comments from Portfolio Manager Ramona Persaud:  For the year, the fund’s shares classes (excluding sales charges, if applicable) advanced roughly 4% to 5%, lagging the benchmark S&P 500 index. Versus the benchmark, security selection hurt most, especially within consumer staples and industrials. A non-benchmark position in Israel-based Teva Pharmaceutical Industries was the biggest relative detractor. Teva shares returned about -39% for the fund, largely due to concerns regarding the pricing environment for generic drugs. In addition, investors grew critical when Teva’s acquisition of Allergan's generic-drug business took longer than anticipated; the deal closed in August. Another notable detractor was retail pharmacy and health care company CVS Health. In November, the stock fell after the firm warned of lower-than-expected profitability due to increasing competition. On the positive side, timely positioning in Gilead Sciences was the biggest relative contributor. We beneficially avoided some of the losses the stock experienced through the end of June, and then established an underweighted position in July. This stance helped because the stock continued to struggle due to broad pricing pressure and concerns about increased competition.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 3.6 4.1 
Microsoft Corp. 3.4 3.1 
Wells Fargo & Co. 3.0 2.4 
Johnson & Johnson 3.0 3.0 
Bank of America Corp. 2.9 1.7 
Alphabet, Inc. Class C 2.8 2.0 
JPMorgan Chase & Co. 2.7 2.5 
Exxon Mobil Corp. 2.6 2.8 
Chevron Corp. 2.5 2.4 
Comcast Corp. Class A 2.0 1.4 
 28.5  

Top Five Market Sectors as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 18.4 21.0 
Financials 18.0 16.5 
Consumer Staples 12.4 13.9 
Health Care 10.7 11.6 
Consumer Discretionary 9.6 8.7 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation (% of fund's net assets)

As of November 30, 2016 * 
   Stocks 94.0% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.9% 


 * Foreign investments - 12.1%


As of May 31, 2016 * 
   Stocks 96.2% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.7% 


 * Foreign investments - 14.8%


Investments November 30, 2016

Showing Percentage of Net Assets

Common Stocks - 94.0%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 9.6%   
Diversified Consumer Services - 0.5%   
H&R Block, Inc. 97,206 $2,154 
Service Corp. International 37,800 1,020 
ServiceMaster Global Holdings, Inc. (a) 54,200 2,072 
  5,246 
Hotels, Restaurants & Leisure - 2.0%   
Cedar Fair LP (depositary unit) 41,409 2,527 
Las Vegas Sands Corp. 66,400 4,161 
McDonald's Corp. 93,400 11,140 
Wyndham Worldwide Corp. 32,352 2,329 
  20,157 
Internet & Direct Marketing Retail - 0.4%   
Liberty Interactive Corp. QVC Group Series A (a) 165,700 3,432 
Media - 2.4%   
Charter Communications, Inc. Class A (a) 14,200 3,909 
Comcast Corp. Class A 276,925 19,249 
  23,158 
Multiline Retail - 0.5%   
Target Corp. 64,500 4,982 
Specialty Retail - 3.3%   
AutoZone, Inc. (a) 14,800 11,591 
Foot Locker, Inc. 142,491 10,212 
Kingfisher PLC 4,121 18 
L Brands, Inc. 97,700 6,860 
Ross Stores, Inc. 61,200 4,137 
  32,818 
Textiles, Apparel & Luxury Goods - 0.5%   
VF Corp. 86,300 4,704 
TOTAL CONSUMER DISCRETIONARY  94,497 
CONSUMER STAPLES - 12.4%   
Beverages - 5.6%   
Anheuser-Busch InBev SA NV 19,500 2,026 
Coca-Cola European Partners PLC 59,400 1,928 
Constellation Brands, Inc. Class A (sub. vtg.) 56,600 8,555 
Dr. Pepper Snapple Group, Inc. 81,111 7,036 
Molson Coors Brewing Co. Class B 87,000 8,529 
PepsiCo, Inc. 141,800 14,194 
The Coca-Cola Co. 308,910 12,465 
  54,733 
Food & Staples Retailing - 2.4%   
CVS Health Corp. 167,700 12,894 
Kroger Co. 110,920 3,583 
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 48,780 1,923 
Rite Aid Corp. (a) 118,300 942 
Walgreens Boots Alliance, Inc. 55,323 4,688 
  24,030 
Food Products - 0.5%   
Gores Holdings, Inc. (a) 76,900 996 
Greencore Group PLC 506,105 1,843 
Hilton Food Group PLC 243,744 1,784 
  4,623 
Household Products - 1.5%   
Procter & Gamble Co. 185,188 15,271 
Personal Products - 0.8%   
Coty, Inc. Class A 405,584 7,588 
Tobacco - 1.6%   
British American Tobacco PLC (United Kingdom) 83,657 4,579 
Reynolds American, Inc. 213,700 11,561 
  16,140 
TOTAL CONSUMER STAPLES  122,385 
ENERGY - 9.2%   
Energy Equipment & Services - 0.4%   
Baker Hughes, Inc. 58,400 3,757 
Oil, Gas & Consumable Fuels - 8.8%   
Chevron Corp. 216,890 24,196 
ConocoPhillips Co. 247,400 12,004 
Exxon Mobil Corp. 293,222 25,598 
Imperial Oil Ltd. 247,700 8,480 
Kinder Morgan, Inc. 194,700 4,322 
Northern Oil & Gas, Inc. (a)(b) 128,694 290 
PrairieSky Royalty Ltd. (b) 119,900 2,927 
Suncor Energy, Inc. 289,980 9,235 
  87,052 
TOTAL ENERGY  90,809 
FINANCIALS - 18.0%   
Banks - 13.7%   
Bank of America Corp. 1,350,103 28,514 
Citigroup, Inc. 303,223 17,099 
JPMorgan Chase & Co. 334,693 26,832 
PacWest Bancorp 159,000 8,149 
Stock Yards Bancorp, Inc. 20,700 853 
SunTrust Banks, Inc. 163,100 8,473 
U.S. Bancorp 306,517 15,209 
Wells Fargo & Co. 560,090 29,640 
  134,769 
Capital Markets - 2.1%   
Diamond Hill Investment Group, Inc. 15,100 3,157 
MSCI, Inc. 70,700 5,571 
S&P Global, Inc. 101,567 12,085 
  20,813 
Consumer Finance - 0.4%   
Capital One Financial Corp. 41,400 3,479 
Imperial Holdings, Inc. warrants 4/11/19 (a) 4,481 
  3,479 
Diversified Financial Services - 1.0%   
Berkshire Hathaway, Inc. Class B (a) 65,400 10,297 
Insurance - 0.8%   
Chubb Ltd. 63,600 8,141 
TOTAL FINANCIALS  177,499 
HEALTH CARE - 10.7%   
Biotechnology - 1.9%   
Alexion Pharmaceuticals, Inc. (a) 17,200 2,109 
Amgen, Inc. 90,337 13,015 
Gilead Sciences, Inc. 46,800 3,449 
United Therapeutics Corp. (a) 1,200 151 
  18,724 
Health Care Equipment & Supplies - 2.2%   
Danaher Corp. 123,094 9,622 
Medtronic PLC 162,402 11,857 
  21,479 
Health Care Providers & Services - 0.4%   
McKesson Corp. 30,432 4,376 
Health Care Technology - 0.2%   
CompuGroup Medical AG 43,779 1,726 
Pharmaceuticals - 6.0%   
Allergan PLC 56,900 11,056 
Astellas Pharma, Inc. 45,800 639 
Bristol-Myers Squibb Co. 26,600 1,501 
GlaxoSmithKline PLC 167,900 3,133 
Johnson & Johnson 264,002 29,383 
Sanofi SA sponsored ADR 62,800 2,525 
Teva Pharmaceutical Industries Ltd. sponsored ADR 293,800 11,076 
  59,313 
TOTAL HEALTH CARE  105,618 
INDUSTRIALS - 8.1%   
Aerospace & Defense - 1.8%   
BWX Technologies, Inc. 36,600 1,433 
General Dynamics Corp. 46,500 8,154 
United Technologies Corp. 70,800 7,627 
  17,214 
Commercial Services & Supplies - 0.3%   
Deluxe Corp. 39,500 2,674 
Electrical Equipment - 1.5%   
AMETEK, Inc. 224,800 10,644 
Fortive Corp. 83,197 4,575 
  15,219 
Industrial Conglomerates - 3.5%   
General Electric Co. 573,400 17,638 
Honeywell International, Inc. 55,400 6,312 
Roper Technologies, Inc. 60,096 10,884 
  34,834 
Machinery - 0.9%   
Caterpillar, Inc. 68,100 6,508 
Wabtec Corp. 31,700 2,684 
  9,192 
Professional Services - 0.1%   
Recruit Holdings Co. Ltd. 24,800 954 
Trading Companies & Distributors - 0.0%   
Now, Inc. (a) 17,720 382 
TOTAL INDUSTRIALS  80,469 
INFORMATION TECHNOLOGY - 18.4%   
Communications Equipment - 1.3%   
Cisco Systems, Inc. 431,179 12,858 
Electronic Equipment & Components - 0.3%   
Dell Technologies, Inc. (a) 59,207 3,171 
Internet Software & Services - 2.8%   
Alphabet, Inc. Class C (a) 36,428 27,614 
IT Services - 3.0%   
Accenture PLC Class A 102,000 12,182 
Fidelity National Information Services, Inc. 91,698 7,078 
Sabre Corp. 147,600 3,815 
Total System Services, Inc. 140,700 6,925 
  30,000 
Semiconductors & Semiconductor Equipment - 1.2%   
NXP Semiconductors NV (a) 11,800 1,170 
Qualcomm, Inc. 149,578 10,191 
  11,361 
Software - 6.2%   
Activision Blizzard, Inc. 316,517 11,588 
Constellation Software, Inc. 2,400 1,119 
Micro Focus International PLC 291,300 7,694 
Microsoft Corp. 551,963 33,261 
Oracle Corp. 124,528 5,005 
SAP AG 23,762 1,984 
  60,651 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 324,024 35,811 
TOTAL INFORMATION TECHNOLOGY  181,466 
MATERIALS - 4.9%   
Chemicals - 3.9%   
E.I. du Pont de Nemours & Co. 151,800 11,174 
LyondellBasell Industries NV Class A 112,800 10,188 
Monsanto Co. 71,900 7,385 
The Dow Chemical Co. 88,300 4,920 
The Scotts Miracle-Gro Co. Class A 23,535 2,148 
W.R. Grace & Co. 37,700 2,460 
  38,275 
Containers & Packaging - 1.0%   
Ball Corp. 130,192 9,772 
TOTAL MATERIALS  48,047 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
American Tower Corp. 86,400 8,836 
TELECOMMUNICATION SERVICES - 1.8%   
Diversified Telecommunication Services - 1.8%   
AT&T, Inc. 449,200 17,353 
TOTAL COMMON STOCKS   
(Cost $758,797)  926,979 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 3% 2/27/17
(Cost $791) 
791 727 
 Shares Value (000s) 
Money Market Funds - 6.1%   
Fidelity Cash Central Fund, 0.39% (c) 57,729,550 57,741 
Fidelity Securities Lending Cash Central Fund 0.48% (c)(d) 2,700,110 2,701 
TOTAL MONEY MARKET FUNDS   
(Cost $60,434)  60,442 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $820,022)  988,148 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (1,879) 
NET ASSETS - 100%  $986,269 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


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 $193 
Fidelity Securities Lending Cash Central Fund 26 
Total $219 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $94,497 $94,479 $18 $-- 
Consumer Staples 122,385 117,806 4,579 -- 
Energy 90,809 90,809 -- -- 
Financials 177,499 177,499 -- -- 
Health Care 105,618 101,846 3,772 -- 
Industrials 80,469 79,515 954 -- 
Information Technology 181,466 179,482 1,984 -- 
Materials 48,047 48,047 -- -- 
Real Estate 8,836 8,836 -- -- 
Telecommunication Services 17,353 17,353 -- -- 
Corporate Bonds 727 -- -- 727 
Money Market Funds 60,442 60,442 -- -- 
Total Investments in Securities: $988,148 $976,114 $11,307 $727 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 87.9% 
Ireland 3.7% 
Canada 2.2% 
United Kingdom 1.9% 
Israel 1.3% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 1.9% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  November 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $2,740) — See accompanying schedule:
Unaffiliated issuers (cost $759,588) 
$927,706  
Fidelity Central Funds (cost $60,434) 60,442  
Total Investments (cost $820,022)  $988,148 
Receivable for investments sold  179 
Receivable for fund shares sold  679 
Dividends receivable  2,536 
Interest receivable  
Distributions receivable from Fidelity Central Funds  16 
Prepaid expenses  
Other receivables  
Total assets  991,568 
Liabilities   
Payable for investments purchased $229  
Payable for fund shares redeemed 1,497  
Accrued management fee 271  
Distribution and service plan fees payable 344  
Other affiliated payables 195  
Other payables and accrued expenses 63  
Collateral on securities loaned, at value 2,700  
Total liabilities  5,299 
Net Assets  $986,269 
Net Assets consist of:   
Paid in capital  $818,456 
Undistributed net investment income  9,822 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (10,133) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  168,124 
Net Assets  $986,269 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($355,151 ÷ 21,011.63 shares)  $16.90 
Maximum offering price per share (100/94.25 of $16.90)  $17.93 
Class T:   
Net Asset Value and redemption price per share ($351,358 ÷ 20,904.76 shares)  $16.81 
Maximum offering price per share (100/96.50 of $16.81)  $17.42 
Class C:   
Net Asset Value and offering price per share ($153,838 ÷ 9,579.65 shares)(a)  $16.06 
Class I:   
Net Asset Value, offering price and redemption price per share ($123,467 ÷ 6,975.25 shares)  $17.70 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,455 ÷ 136.79 shares)  $17.95 

 (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.


Statement of Operations

Amounts in thousands  Year ended November 30, 2016 
Investment Income   
Dividends  $21,670 
Interest  24 
Income from Fidelity Central Funds  219 
Total income  21,913 
Expenses   
Management fee   
Basic fee $5,385  
Performance adjustment (1,580)  
Transfer agent fees 2,059  
Distribution and service plan fees 4,221  
Accounting and security lending fees 328  
Custodian fees and expenses 32  
Independent trustees' fees and expenses  
Registration fees 93  
Audit 69  
Legal  
Miscellaneous  
Total expenses before reductions 10,628  
Expense reductions (18) 10,610 
Net investment income (loss)  11,303 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (3,767)  
Fidelity Central Funds 12  
Foreign currency transactions (13)  
Total net realized gain (loss)  (3,768) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
31,303  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  31,304 
Net gain (loss)  27,536 
Net increase (decrease) in net assets resulting from operations  $38,839 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2016 Year ended November 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,303 $10,156 
Net realized gain (loss) (3,768) 57,657 
Change in net unrealized appreciation (depreciation) 31,304 (74,633) 
Net increase (decrease) in net assets resulting from operations 38,839 (6,820) 
Distributions to shareholders from net investment income (8,944) (9,131) 
Distributions to shareholders from net realized gain (56,257) (113,106) 
Total distributions (65,201) (122,237) 
Share transactions - net increase (decrease) (21,716) 43,684 
Total increase (decrease) in net assets (48,078) (85,373) 
Net Assets   
Beginning of period 1,034,347 1,119,720 
End of period $986,269 $1,034,347 
Other Information   
Undistributed net investment income end of period $9,822 $8,234 

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


Financial Highlights — Fidelity Advisor Dividend Growth Fund Class A

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $17.35 $19.65 $17.23 $13.33 $11.45 
Income from Investment Operations      
Net investment income (loss)A .21 .20 .23B .13 .07 
Net realized and unrealized gain (loss) .46 (.34)C 2.29 3.87 1.81 
Total from investment operations .67 (.14) 2.52 4.00 1.88 
Distributions from net investment income (.18) (.19) (.09) (.10) – 
Distributions from net realized gain (.94) (1.96) (.01) – – 
Total distributions (1.12) (2.16)D (.10) (.10) – 
Net asset value, end of period $16.90 $17.35 $19.65 $17.23 $13.33 
Total ReturnE,F 4.36% (.41)%C 14.70% 30.26% 16.42% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .90% 1.01% .94% .98% 1.21% 
Expenses net of fee waivers, if any .90% 1.00% .94% .98% 1.21% 
Expenses net of all reductions .90% 1.00% .94% .97% 1.20% 
Net investment income (loss) 1.33% 1.13% 1.29%B .87% .53% 
Supplemental Data      
Net assets, end of period (in millions) $355 $356 $386 $369 $301 
Portfolio turnover rateI 31% 56% 106% 70% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net 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%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (.51)%.

 D 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.

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

 F Total returns do not include the effect of the sales charges.

 G 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.

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


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


Financial Highlights — Fidelity Advisor Dividend Growth Fund Class T

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $17.25 $19.55 $17.15 $13.26 $11.42 
Income from Investment Operations      
Net investment income (loss)A .17 .15 .19B .10 .04 
Net realized and unrealized gain (loss) .47 (.34)C 2.27 3.86 1.80 
Total from investment operations .64 (.19) 2.46 3.96 1.84 
Distributions from net investment income (.14) (.15) (.06) (.07) – 
Distributions from net realized gain (.94) (1.96) (.01) – – 
Total distributions (1.08) (2.11) (.06)D (.07) – 
Net asset value, end of period $16.81 $17.25 $19.55 $17.15 $13.26 
Total ReturnE,F 4.15% (.67)%C 14.41% 30.05% 16.11% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.14% 1.24% 1.18% 1.20% 1.42% 
Expenses net of fee waivers, if any 1.14% 1.24% 1.18% 1.20% 1.42% 
Expenses net of all reductions 1.14% 1.24% 1.17% 1.19% 1.42% 
Net investment income (loss) 1.09% .89% 1.05%B .65% .32% 
Supplemental Data      
Net assets, end of period (in millions) $351 $372 $412 $375 $304 
Portfolio turnover rateI 31% 56% 106% 70% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net 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%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (.77)%.

 D Total distributions of $.06 per share is comprised of distributions from net investment income of $.55 and distributions from net realized gain of $.007 per share.

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

 F Total returns do not include the effect of the sales charges.

 G 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.

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


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


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


Financial Highlights — Fidelity Advisor Dividend Growth Fund Class C

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $16.53 $18.82 $16.54 $12.79 $11.07 
Income from Investment Operations      
Net investment income (loss)A .09 .06 .09B .02 (.02) 
Net realized and unrealized gain (loss) .44 (.32)C 2.20 3.73 1.74 
Total from investment operations .53 (.26) 2.29 3.75 1.72 
Distributions from net investment income (.06) (.06) – – – 
Distributions from net realized gain (.94) (1.96) (.01) – – 
Total distributions (1.00) (2.03)D (.01) – – 
Net asset value, end of period $16.06 $16.53 $18.82 $16.54 $12.79 
Total ReturnE,F 3.58% (1.16)%C 13.83% 29.36% 15.54% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.66% 1.76% 1.69% 1.72% 1.94% 
Expenses net of fee waivers, if any 1.66% 1.76% 1.69% 1.72% 1.94% 
Expenses net of all reductions 1.66% 1.76% 1.69% 1.71% 1.93% 
Net investment income (loss) .57% .37% .54%B .13% (.20)% 
Supplemental Data      
Net assets, end of period (in millions) $154 $167 $179 $160 $123 
Portfolio turnover rateI 31% 56% 106% 70% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividends 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%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.26)%.

 D 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.

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

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

 G 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.

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


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


Financial Highlights — Fidelity Advisor Dividend Growth Fund Class I

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $18.12 $20.42 $17.91 $13.86 $11.88 
Income from Investment Operations      
Net investment income (loss)A .26 .25 .29B .18 .11 
Net realized and unrealized gain (loss) .49 (.35)C 2.37 4.02 1.87 
Total from investment operations .75 (.10) 2.66 4.20 1.98 
Distributions from net investment income (.22) (.24) (.14) (.15) – 
Distributions from net realized gain (.94) (1.96) (.01) – – 
Total distributions (1.17)D (2.20) (.15) (.15) – 
Net asset value, end of period $17.70 $18.12 $20.42 $17.91 $13.86 
Total ReturnE 4.60% (.14)%C 14.99% 30.63% 16.67% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .67% .76% .69% .70% .91% 
Expenses net of fee waivers, if any .67% .76% .69% .70% .91% 
Expenses net of all reductions .66% .76% .69% .69% .90% 
Net investment income (loss) 1.57% 1.37% 1.54%B 1.15% .83% 
Supplemental Data      
Net assets, end of period (in millions) $123 $125 $131 $135 $103 
Portfolio turnover rateH 31% 56% 106% 70% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net 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%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (.24)%.

 D Total distributions of $1.17 per share is comprised of distributions from net investment inclome of $.224 and distributions from net realized gain of $.941 per share.

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

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


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


Financial Highlights — Fidelity Advisor Dividend Growth Fund Class Z

Years ended November 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $18.36 $20.44 $17.92 $16.59 
Income from Investment Operations     
Net investment income (loss)B .29 .28 .31C .06 
Net realized and unrealized gain (loss) .50 (.35)D 2.38 1.27 
Total from investment operations .79 (.07) 2.69 1.33 
Distributions from net investment income (.26) (.05) (.17) – 
Distributions from net realized gain (.94) (1.96) (.01) – 
Total distributions (1.20) (2.01) (.17)E – 
Net asset value, end of period $17.95 $18.36 $20.44 $17.92 
Total ReturnF,G 4.80% (.01)%D 15.20% 8.02% 
Ratios to Average Net AssetsH,I     
Expenses before reductions .49% .59% .52% .54%J 
Expenses net of fee waivers, if any .49% .59% .52% .54%J 
Expenses net of all reductions .49% .59% .52% .52%J 
Net investment income (loss) 1.74% 1.54% 1.71%C 1.26%J 
Supplemental Data     
Net assets, end of period (000 omitted) $2,455 $8,642 $118 $7,394 
Portfolio turnover rateK 31% 56% 106% 70% 

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

 B Calculated based on average shares outstanding during the period.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (.11)%.

 E 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.

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

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

 H 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.

 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 Annualized

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


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


Notes to Financial Statements

For the period ended November 30, 2016
(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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All current fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period December 1, 2015 through June 24, 2016.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 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 November 30, 2016, 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. As of November 30, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 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 $194,771 
Gross unrealized depreciation (27,024) 
Net unrealized appreciation (depreciation) on securities $167,747 
Tax Cost $820,401 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $9,822 
Capital loss carryforward $(9,753) 
Net unrealized appreciation (depreciation) on securities and other investments $167,745 

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 fiscal period end and is subject to adjustment.

No expiration  
Short-term $(9,753) 
Long-term (–) 
Total no expiration (9,753) 
Total capital loss carryforward $(9,753) 

The tax character of distributions paid was as follows:

 November 30, 2016 November 30, 2015 
Ordinary Income $8,944 $ 23,853 
Long-term Capital Gains 56,257 98,384 
Total $65,201 $ 122,237 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $287,193 and $372,981 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 Class I 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 annual management fee rate, including the performance adjustment, was .39% 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% $861 $1 
Class T .25% .25% 1,762 – 
Class B .75% .25% 29 21 
Class C .75% .25% 1,569 62 
   $4,221 $84 

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 $78 
Class T 16 
Class B(a) 
Class C(a) 
 $103 

 (a) 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 $733 .21 
Class T 702 .20 
Class B .28 
Class C 346 .22 
Class I 268 .22 
Class Z .05 
 $2,059  

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.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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. The Fund or borrower may terminate the loan at any time, and 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 $26. 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 $11 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2016 
Year ended November 30, 2015 
From net investment income   
Class A $3,750 $3,806 
Class T 2,967 3,175 
Class B – 
Class C 563 609 
Class I 1,543 1,536 
Class Z 121 (a) 
Total $8,944 $9,131 
From net realized gain   
Class A $19,280 $38,921 
Class T 20,231 41,529 
Class B 361 1,164 
Class C 9,460 18,788 
Class I 6,482 12,693 
Class Z 443 11 
Total $56,257 $113,106 

 (a) In the amount of less than five hundred dollars


10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended
November 30, 2016 
Year ended November 30, 2015 Year ended
November 30, 2016 
Year ended November 30, 2015 
Class A     
Shares sold 3,281 2,750 $52,651 $48,068 
Reinvestment of distributions 1,348 2,322 21,238 39,381 
Shares redeemed (4,157) (4,182) (66,836) (72,975) 
Net increase (decrease) 472 890 $7,053 $14,474 
Class T     
Shares sold 3,492 3,861 $55,838 $67,241 
Reinvestment of distributions 1,444 2,576 22,671 43,556 
Shares redeemed (5,580) (5,958) (89,471) (103,477) 
Net increase (decrease) (644) 479 $(10,962) $7,320 
Class B     
Shares sold 10 11 $140 $199 
Reinvestment of distributions 22 68 337 1,105 
Shares redeemed (423) (286) (6,401) (4,794) 
Net increase (decrease) (391) (207) $(5,924) $(3,490) 
Class C     
Shares sold 946 1,178 $14,422 $19,680 
Reinvestment of distributions 579 1,033 8,736 16,812 
Shares redeemed (2,021) (1,654) (31,096) (27,529) 
Net increase (decrease) (496) 557 $(7,938) $8,963 
Class I     
Shares sold 1,496 1,619 $25,131 $29,609 
Reinvestment of distributions 451 752 7,424 13,280 
Shares redeemed (1,850) (1,918) (30,828) (35,222) 
Net increase (decrease) 97 453 $1,727 $7,667 
Class Z     
Shares sold 23 511 $389 $9,593 
Reinvestment of distributions 34 565 11 
Shares redeemed (391) (47) (6,626) (854) 
Net increase (decrease) (334) 465 $(5,672) $8,750 

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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Dividend Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor Dividend Growth Fund (a fund of Fidelity Advisor Series I) at November 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the period then indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Advisor Dividend Growth Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
January 13, 2017

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present) and the Finance Committee of the Asolo Repertory Theatre (2016-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and currently Vice Chair of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of certain Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Thomas C. Hense (1964)

Year of Election or Appointment: 2008, 2010, or 2015

Vice President

Mr. Hense serves as Vice President of Fidelity Advisor® Multi-Asset Income Fund (2015) and other funds (High Income (2008), Small Cap (2008), and Value (2010) funds), and is an employee of Fidelity Investments (1993-present). Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

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 (June 1, 2016 to November 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2016 
Ending
Account Value
November 30, 2016 
Expenses Paid
During Period-B
June 1, 2016
to November 30, 2016 
Class A .88%    
Actual  $1,000.00 $1,047.10 $4.50 
Hypothetical-C  $1,000.00 $1,020.60 $4.45 
Class T 1.11%    
Actual  $1,000.00 $1,046.00 $5.68 
Hypothetical-C  $1,000.00 $1,019.45 $5.60 
Class C 1.63%    
Actual  $1,000.00 $1,043.50 $8.33 
Hypothetical-C  $1,000.00 $1,016.85 $8.22 
Class I .64%    
Actual  $1,000.00 $1,048.60 $3.28 
Hypothetical-C  $1,000.00 $1,021.80 $3.23 
Class Z .40%    
Actual  $1,000.00 $1,049.70 $2.05 
Hypothetical-C  $1,000.00 $1,023.00 $2.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

Class A, Class T, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class T, Class C, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Dividend Growth Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Dividend Growth Fund


The Board has discussed the fund's underperformance with FMR and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance. The Board noted that there was a portfolio management change for the fund in January 2014.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Broadridge investment objective categories that have comparable investment mandates. Combining Broadridge investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Broadridge funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Advisor Dividend Growth Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, Class I, and Class Z ranked below the competitive median for 2015 and the total expense ratio of Class T ranked above the competitive median for 2015. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Class T was above the median of the universe presented for comparison, the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins; (vi) the realization of fall-out benefits in and attribution of fall-out benefits to certain Fidelity business units; (vii) the appropriateness of certain funds' benchmarks; (viii) the rationalization for certain share classes and expenses; (ix) sub-advisory fee rates for comparable investment mandates; (x) product strategy for certain underperforming funds; and (xi) Fidelity's resources and strategy for cybersecurity.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

ADGF-ANN-0117
1.733548.117


Fidelity Advisor® Growth & Income Fund

Class A, Class T, Class C and Class I



Annual Report

November 30, 2016




Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2017 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.institutional.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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2016 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 4.23% 12.93% 5.62% 
Class T (incl. 3.50% sales charge) 6.49% 13.20% 5.61% 
Class C (incl. contingent deferred sales charge) 8.81% 13.44% 5.47% 
Class I 10.91% 14.65% 6.58% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Growth & Income Fund - Class A on November 30, 2006, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$17,270Fidelity Advisor® Growth & Income Fund - Class A

$19,462S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500 index returned 8.06% for the 12 months ending November 30, 2016, rising sharply in the final month on post-election optimism for economic growth. The period began during a fairly volatile stretch, with stocks hampered by persistent oil-price weakness and U.S.-dollar strength. Markets regained positive momentum in February amid U.S. job gains, a rally in energy and other stimuli that helped keep the roughly seven-year uptrend intact. Markets tumbled briefly following the U.K.'s June 23 vote to exit the European Union – dubbed "Brexit" – then recovered quickly and settled into a flattish stretch until the November 8 U.S. presidential election. For the year, 10 of the 11 sectors in the S&P 500 advanced, with six posting double-digit gains. Telecommunication services (+16%) led the way, its strength attributable to demand for dividend-paying equities early in the period, as well as to company-specific news. Cyclical sectors including industrials (+15%), financials (+14%), energy (+13%) and materials (+12%) posted strong gains, the latter two driven by a rebound in commodity prices. Conversely, real estate (+1%) lagged the index due to a late-period slump related to expectations for rising interest rates. Consumer discretionary (+3%) also underperformed, as competitive pressure continued to weigh on brick-and-mortar retailers.

Comments from Portfolio Manager Matthew Fruhan:  The fund's share classes (excluding sales charges, if applicable) gained between roughly 10% and 11% for the fiscal year, handily outpacing the benchmark S&P 500. The attractively valued stocks that the fund favors fared well in a relatively hospitable market environment. Relative outperformance was largely attributable to positioning in the strong-performing energy and financials sectors. Within energy, the fund's largest relative contributors included master limited partnership and non-benchmark holding Williams Partners, and its majority-owned energy transportation company Williams Companies. Both benefited from a better energy pricing environment this period. In financials, JPMorgan Chase and Bank of America – two of the fund's biggest holdings – were among the largest relative contributors. Elsewhere, communications equipment manufacturer Qualcomm added value, as the stock bounced back from challenges early in the period. On the negative side, stock picking in health care detracted. Here, industrywide concerns about generic drug pricing weighed on Teva Pharmaceutical Industries, an Israeli drug manufacturer not found in the index and the fund's biggest individual detractor by far. Greater scrutiny of U.S. drug pricing also hurt pharmaceutical distributor McKesson, whose stock dropped on weaker-than-expected earnings results.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
JPMorgan Chase & Co.(a) 3.9 3.6 
Bank of America Corp.(a) 3.8 2.7 
Microsoft Corp. 3.3 3.2 
Apple, Inc. 3.2 2.7 
Citigroup, Inc.(a) 2.9 2.4 
General Electric Co.(a) 2.7 3.1 
Qualcomm, Inc.(a) 2.1 2.0 
Chevron Corp. 2.0 2.4 
Comcast Corp. Class A 1.9 1.7 
State Street Corp. 1.7 1.4 
 27.5  

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


Top Five Market Sectors as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.9 21.5 
Information Technology 18.0 20.5 
Energy 13.5 12.0 
Health Care 12.3 13.6 
Industrials 11.5 12.3 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation (% of fund's net assets)

As of November 30, 2016*,** 
   Stocks 98.5% 
   Convertible Securities 1.2% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 10.1%

 ** Written options - (0.4)%


As of May 31, 2016*,** 
   Stocks 97.9% 
   Convertible Securities 1.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


 * Foreign investments - 11.4%

 ** Written options - 0.0%


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments November 30, 2016

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.7%   
Automobiles - 0.1%   
General Motors Co. 22,500 $777 
Hotels, Restaurants & Leisure - 0.6%   
Cedar Fair LP (depositary unit) 3,000 183 
Dunkin' Brands Group, Inc. 11,300 613 
Las Vegas Sands Corp. (a) 12,900 808 
Starbucks Corp. 900 52 
Whitbread PLC 7,095 308 
Wingstop, Inc. 10,600 325 
Yum! Brands, Inc. 12,561 796 
  3,085 
Leisure Products - 0.2%   
NJOY, Inc. (b)(c) 52,210 
Polaris Industries, Inc. (d) 9,600 834 
  834 
Media - 4.9%   
AMC Networks, Inc. Class A (b) 2,400 133 
Comcast Corp. Class A 147,329 10,241 
Scripps Networks Interactive, Inc. Class A 45,072 3,122 
Sinclair Broadcast Group, Inc. Class A 24,127 785 
The Walt Disney Co. 23,300 2,309 
Time Warner, Inc. 84,418 7,751 
Viacom, Inc. Class B (non-vtg.) 60,600 2,271 
  26,612 
Multiline Retail - 1.5%   
Dollar General Corp. 3,900 302 
Kohl's Corp. 10,300 554 
Macy's, Inc. 13,000 549 
Target Corp. 89,899 6,944 
  8,349 
Specialty Retail - 1.3%   
Foot Locker, Inc. 17,100 1,226 
L Brands, Inc. 19,000 1,334 
Lowe's Companies, Inc. 64,757 4,569 
  7,129 
Textiles, Apparel & Luxury Goods - 0.1%   
NIKE, Inc. Class B 1,500 75 
Ralph Lauren Corp. 3,800 398 
VF Corp. 1,900 104 
  577 
TOTAL CONSUMER DISCRETIONARY  47,363 
CONSUMER STAPLES - 5.8%   
Beverages - 1.7%   
Britvic PLC 14,300 102 
Cott Corp. 4,500 51 
Diageo PLC 73,273 1,832 
Molson Coors Brewing Co. Class B 1,600 157 
PepsiCo, Inc. 13,443 1,346 
The Coca-Cola Co. 147,084 5,935 
  9,423 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. 6,800 1,021 
CVS Health Corp. 55,451 4,264 
Kroger Co. 30,400 982 
Walgreens Boots Alliance, Inc. 11,182 947 
Whole Foods Market, Inc. 7,800 237 
  7,451 
Food Products - 0.4%   
B&G Foods, Inc. Class A 11,600 496 
Gores Holdings, Inc. (b) 11,100 144 
Mead Johnson Nutrition Co. Class A 23,800 1,716 
  2,356 
Household Products - 1.6%   
Procter & Gamble Co. 107,635 8,876 
Personal Products - 0.1%   
Edgewell Personal Care Co. (b) 8,000 633 
Tobacco - 0.6%   
Altria Group, Inc. 8,900 569 
Philip Morris International, Inc. 7,338 648 
Reynolds American, Inc. 32,800 1,774 
  2,991 
TOTAL CONSUMER STAPLES  31,730 
ENERGY - 13.2%   
Energy Equipment & Services - 1.1%   
Baker Hughes, Inc. 30,500 1,962 
National Oilwell Varco, Inc. 49,500 1,849 
Oceaneering International, Inc. 52,500 1,399 
Schlumberger Ltd. 9,834 827 
  6,037 
Oil, Gas & Consumable Fuels - 12.1%   
Amyris, Inc. (b) 18,722 17 
Anadarko Petroleum Corp. 18,400 1,272 
Apache Corp. 77,241 5,094 
Cabot Oil & Gas Corp. 22,200 491 
Cenovus Energy, Inc. 216,300 3,344 
Chevron Corp. 96,763 10,795 
ConocoPhillips Co. 178,900 8,680 
EQT Midstream Partners LP 4,100 300 
Golar LNG Ltd. 47,500 1,159 
Imperial Oil Ltd. 117,800 4,033 
Kinder Morgan, Inc. 253,900 5,637 
Legacy Reserves LP 100,900 194 
MPLX LP 11,126 365 
Plains GP Holdings LP Class A 5,037 177 
PrairieSky Royalty Ltd. 56,440 1,378 
Suncor Energy, Inc. 275,990 8,789 
Teekay LNG Partners LP 39,500 606 
The Williams Companies, Inc. 296,631 9,107 
Williams Partners LP 115,520 4,216 
  65,654 
TOTAL ENERGY  71,691 
FINANCIALS - 24.9%   
Banks - 17.4%   
Bank of America Corp. (a) 978,842 20,673 
Citigroup, Inc. (a) 277,327 15,638 
Comerica, Inc. (a) 55,000 3,506 
Cullen/Frost Bankers, Inc. 4,000 329 
JPMorgan Chase & Co. (a) 267,443 21,446 
Lloyds Banking Group PLC 136,800 99 
M&T Bank Corp. 21,200 3,052 
PNC Financial Services Group, Inc. 36,316 4,014 
Regions Financial Corp. (a) 346,200 4,688 
Standard Chartered PLC (United Kingdom) (b) 31,968 256 
SunTrust Banks, Inc. (a) 131,535 6,833 
U.S. Bancorp (a) 140,130 6,953 
Wells Fargo & Co. 135,950 7,194 
  94,681 
Capital Markets - 6.5%   
Apollo Global Management LLC Class A 49,300 950 
Ashmore Group PLC 76,200 261 
CBOE Holdings, Inc. 15,000 1,034 
Charles Schwab Corp. (a) 97,913 3,785 
Intertrust NV 15,300 267 
KKR & Co. LP 191,213 2,926 
Morgan Stanley (a) 111,030 4,592 
Northern Trust Corp. (a) 71,937 5,910 
Oaktree Capital Group LLC Class A 19,700 817 
S&P Global, Inc. 12,900 1,535 
State Street Corp. 115,770 9,123 
The Blackstone Group LP 153,400 3,949 
  35,149 
Insurance - 0.8%   
Marsh & McLennan Companies, Inc. 29,566 2,049 
MetLife, Inc. 21,505 1,183 
Principal Financial Group, Inc. 13,700 790 
Willis Group Holdings PLC 2,700 336 
  4,358 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 87,990 1,281 
TOTAL FINANCIALS  135,469 
HEALTH CARE - 11.3%   
Biotechnology - 2.3%   
Alexion Pharmaceuticals, Inc. (b) 15,000 1,839 
Amgen, Inc. 23,292 3,356 
Biogen, Inc. (b) 8,700 2,558 
Gilead Sciences, Inc. 34,600 2,550 
Grifols SA 16,200 318 
Intercept Pharmaceuticals, Inc. (b) 3,700 374 
Shire PLC sponsored ADR 8,800 1,536 
Vertex Pharmaceuticals, Inc. (b) 1,300 106 
  12,637 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 52,426 1,996 
Becton, Dickinson & Co. 1,800 304 
Medtronic PLC 66,442 4,851 
Zimmer Biomet Holdings, Inc. 20,990 2,138 
  9,289 
Health Care Providers & Services - 1.6%   
Anthem, Inc. 10,800 1,539 
Cigna Corp. 18,900 2,547 
McKesson Corp. 22,733 3,269 
Patterson Companies, Inc. 27,600 1,069 
  8,424 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 50,100 2,203 
Pharmaceuticals - 5.3%   
Allergan PLC 2,400 466 
AstraZeneca PLC sponsored ADR 51,600 1,349 
Bayer AG 3,700 348 
Bristol-Myers Squibb Co. 62,400 3,522 
GlaxoSmithKline PLC sponsored ADR 196,009 7,407 
Innoviva, Inc. (b)(d) 22,000 227 
Johnson & Johnson 78,301 8,715 
Novartis AG sponsored ADR 2,201 151 
Sanofi SA 20,098 1,620 
Teva Pharmaceutical Industries Ltd. sponsored ADR 138,274 5,213 
  29,018 
TOTAL HEALTH CARE  61,571 
INDUSTRIALS - 11.4%   
Aerospace & Defense - 2.1%   
General Dynamics Corp. 7,700 1,350 
Meggitt PLC 20,306 120 
Rolls-Royce Holdings PLC 95,600 808 
The Boeing Co. 30,594 4,606 
United Technologies Corp. 40,531 4,366 
  11,250 
Air Freight & Logistics - 1.3%   
C.H. Robinson Worldwide, Inc. 20,000 1,497 
PostNL NV (b) 92,300 455 
United Parcel Service, Inc. Class B (a) 43,879 5,086 
  7,038 
Airlines - 0.2%   
Copa Holdings SA Class A 13,400 1,191 
Building Products - 0.1%   
Tyco International Ltd. 14,665 660 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 15,100 637 
Construction & Engineering - 0.1%   
Fluor Corp. 6,600 353 
Electrical Equipment - 0.5%   
AMETEK, Inc. 23,300 1,103 
Hubbell, Inc. Class B 15,712 1,764 
  2,867 
Industrial Conglomerates - 2.7%   
General Electric Co. (a) 482,093 14,829 
Machinery - 1.1%   
Burckhardt Compression Holding AG 780 188 
Caterpillar, Inc. 2,700 258 
CLARCOR, Inc. 1,200 85 
Deere & Co. 14,900 1,493 
Donaldson Co., Inc. 19,500 791 
Flowserve Corp. 34,000 1,613 
IMI PLC 6,600 80 
Pentair PLC 700 40 
Wabtec Corp. 13,100 1,109 
Xylem, Inc. 4,600 237 
  5,894 
Professional Services - 0.2%   
Nielsen Holdings PLC 15,000 647 
Robert Half International, Inc. 9,900 444 
  1,091 
Road & Rail - 2.4%   
CSX Corp. 135,133 4,839 
J.B. Hunt Transport Services, Inc. 42,320 4,036 
Kansas City Southern 11,705 1,038 
Norfolk Southern Corp. 17,108 1,821 
Union Pacific Corp. 14,000 1,419 
  13,153 
Trading Companies & Distributors - 0.6%   
Fastenal Co. 10,600 502 
Howden Joinery Group PLC 8,800 40 
W.W. Grainger, Inc. 2,600 599 
Watsco, Inc. 13,364 1,991 
  3,132 
TOTAL INDUSTRIALS  62,095 
INFORMATION TECHNOLOGY - 18.0%   
Communications Equipment - 1.5%   
Cisco Systems, Inc. 279,071 8,322 
Internet Software & Services - 2.8%   
Alphabet, Inc.:   
Class A (b) 10,768 8,355 
Class C (b) 9,063 6,870 
  15,225 
IT Services - 4.2%   
First Data Corp. (e) 126,726 1,846 
First Data Corp. Class A (b) 54,300 791 
IBM Corp. 8,700 1,411 
MasterCard, Inc. Class A (a) 50,490 5,160 
Paychex, Inc. 76,309 4,498 
Sabre Corp. 37,700 975 
Unisys Corp. (b)(d) 98,392 1,461 
Visa, Inc. Class A 88,040 6,807 
  22,949 
Semiconductors & Semiconductor Equipment - 2.3%   
Maxim Integrated Products, Inc. 25,300 994 
Qualcomm, Inc. (a) 167,908 11,440 
  12,434 
Software - 3.6%   
Microsoft Corp. 302,373 18,221 
Oracle Corp. 24,384 980 
SS&C Technologies Holdings, Inc. 24,600 738 
  19,939 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 154,678 17,095 
Western Digital Corp. 37,300 2,375 
  19,470 
TOTAL INFORMATION TECHNOLOGY  98,339 
MATERIALS - 2.8%   
Chemicals - 2.3%   
CF Industries Holdings, Inc. 49,200 1,424 
E.I. du Pont de Nemours & Co. 20,131 1,482 
Johnson Matthey PLC 1,400 55 
LyondellBasell Industries NV Class A 26,500 2,393 
Monsanto Co. 37,401 3,841 
Olin Corp. 7,700 200 
Potash Corp. of Saskatchewan, Inc. 132,500 2,417 
PPG Industries, Inc. 2,000 192 
W.R. Grace & Co. 12,700 829 
  12,833 
Containers & Packaging - 0.5%   
Ball Corp. 5,200 390 
Graphic Packaging Holding Co. 3,900 49 
Packaging Corp. of America 5,400 458 
WestRock Co. 34,500 1,766 
  2,663 
TOTAL MATERIALS  15,496 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
American Tower Corp. 7,600 777 
Crown Castle International Corp. 19,700 1,644 
First Potomac Realty Trust 4,672 46 
Omega Healthcare Investors, Inc. 9,000 265 
Public Storage 4,800 1,005 
Sabra Health Care REIT, Inc. 13,500 299 
  4,036 
TELECOMMUNICATION SERVICES - 0.9%   
Diversified Telecommunication Services - 0.9%   
Verizon Communications, Inc. 97,009 4,841 
UTILITIES - 0.8%   
Electric Utilities - 0.8%   
Exelon Corp. 127,900 4,158 
TOTAL COMMON STOCKS   
(Cost $404,662)  536,789 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 1.0%   
HEALTH CARE - 0.9%   
Health Care Equipment & Supplies - 0.9%   
Alere, Inc. 3.00% 14,554 4,715 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 11,200 688 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Dynegy, Inc. 7.00% (b) 3,300 215 
TOTAL CONVERTIBLE PREFERRED STOCKS  5,618 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC:   
(C Shares) (b) 8,614,630 11 
(C Shares) 4,434,400 
  17 
TOTAL PREFERRED STOCKS   
(Cost $5,366)  5,635 
 Principal Amount (000s)(f) Value (000s) 
Convertible Bonds - 0.2%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc. 9.5% 4/15/19 pay-in-kind  697 484 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19 (e) EUR500 535 
TOTAL CONVERTIBLE BONDS   
(Cost $1,231)  1,019 
 Shares Value (000s) 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) unit (c)(g)   
(Cost $980) 979,864 980 
Money Market Funds - 0.5%   
Fidelity Cash Central Fund, 0.39% (h) 1,520,997 1,521 
Fidelity Securities Lending Cash Central Fund 0.48% (h)(i) 1,018,329 1,019 
TOTAL MONEY MARKET FUNDS   
(Cost $2,539)  2,540 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $414,778)  546,963 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (2,040) 
NET ASSETS - 100%  $544,923 

Written Options     
 Expiration Date/Exercise Price Number of Contracts Premium (000s) Value (000s) 
Call Options     
Bank of America Corp. 1/20/17 - $18.00 987 $24 $(321) 
Bank of America Corp. 1/20/17 - $20.00 1,475 65 (232) 
Charles Schwab Corp. 1/20/17 - $35.00 186 11 (77) 
Citigroup, Inc. 1/20/17 - $50.00 272 55 (187) 
Citigroup, Inc. 1/20/17 - $55.00 273 12 (81) 
Citigroup, Inc. 2/17/17 - $60.00 135 16 (17) 
Comerica, Inc. 1/20/17 - $55.00 143 18 (125) 
General Electric 1/20/17 - $32.00 491 15 (11) 
JPMorgan Chase & Co. 1/20/17 - $72.50 550 38 (443) 
JPMorgan Chase & Co. 2/17/17 - $85.00 266 31 (31) 
Las Vegas Sands Corp. 1/20/17 - $62.50 45 (10) 
MasterCard, Inc. Class A 1/20/17 - $105.00 101 28 (16) 
Morgan Stanley 1/20/17 - $36.00 165 (96) 
Northern Trust Corp. 1/20/17 - $75.00 74 11 (60) 
Qualcomm, Inc. 1/20/17 - $67.50 261 31 (70) 
Regions Financial Corp. 1/20/17 - $11.00 349 12 (89) 
Regions Financial Corp. 2/17/17 - $13.00 528 18 (56) 
Regions Financial Corp. 1/20/17 - $14.00 695 24 (27) 
SunTrust Banks, Inc. 1/20/17 - $46.00 274 31 (175) 
SunTrust Banks, Inc. 1/20/17 - $50.00 137 (42) 
SunTrust Banks, Inc. 1/20/17 - $55.00 129 (8) 
U.S. Bancorp 1/20/17 - $50.00 210 (20) 
United Parcel Service, Inc. Class B 4/21/17 - $115.00 74 11 (35) 
TOTAL WRITTEN OPTIONS   $492 $(2,229) 

Currency Abbreviations

EUR – European Monetary Unit

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) 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 $29,934,000.

 (b) Non-income producing

 (c) 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 $980,000 or 0.2% of net assets.

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

 (e) 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 $2,381,000 or 0.4% of net assets.

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

 (g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (h) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
NJOY, Inc. 2/14/14 $91 
Utica Shale Drilling Program (non-operating revenue interest) unit 10/5/16 - 11/4/16 $980 

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 $39 
Fidelity Securities Lending Cash Central Fund 38 
Total $77 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $47,363 $47,363 $-- $-- 
Consumer Staples 31,730 29,898 1,832 -- 
Energy 71,691 71,691 -- -- 
Financials 135,469 135,370 99 -- 
Health Care 66,286 59,603 6,683 -- 
Industrials 62,800 61,992 808 -- 
Information Technology 98,339 98,339 -- -- 
Materials 15,496 15,496 -- -- 
Real Estate 4,036 4,036 -- -- 
Telecommunication Services 4,841 4,841 -- -- 
Utilities 4,373 4,373 -- -- 
Corporate Bonds 1,019 -- 1,019 -- 
Other 980 -- -- 980 
Money Market Funds 2,540 2,540 -- -- 
Total Investments in Securities: $546,963 $535,542 $10,441 $980 
Derivative Instruments:     
Liabilities     
Written Options $(2,229) $(2,229) $-- $-- 
Total Liabilities $(2,229) $(2,229) $-- $-- 
Total Derivative Instruments: $(2,229) $(2,229) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2016. 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 
(Amounts in thousands)   
Equity Risk   
Written Options(a) $0 $(2,229) 
Total Equity Risk (2,229) 
Total Value of Derivatives $0 $(2,229) 

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


Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.9% 
Canada 3.7% 
United Kingdom 2.3% 
Ireland 1.1% 
Israel 1.0% 
Others (Individually Less Than 1%) 2.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  November 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $994) — See accompanying schedule:
Unaffiliated issuers (cost $412,239) 
$544,423  
Fidelity Central Funds (cost $2,539) 2,540  
Total Investments (cost $414,778)  $546,963 
Cash  43 
Receivable for investments sold  1,118 
Receivable for fund shares sold  391 
Dividends receivable  1,372 
Interest receivable  21 
Distributions receivable from Fidelity Central Funds  
Prepaid expenses  
Total assets  549,911 
Liabilities   
Payable for investments purchased $701  
Payable for fund shares redeemed 489  
Accrued management fee 199  
Distribution and service plan fees payable 188  
Written options, at value (premium received $492) 2,229  
Other affiliated payables 109  
Other payables and accrued expenses 55  
Collateral on securities loaned, at value 1,018  
Total liabilities  4,988 
Net Assets  $544,923 
Net Assets consist of:   
Paid in capital  $403,535 
Undistributed net investment income  5,976 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  4,970 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  130,442 
Net Assets  $544,923 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($253,498 ÷ 9,425.9 shares)  $26.89 
Maximum offering price per share (100/94.25 of $26.89)  $28.53 
Class T:   
Net Asset Value and redemption price per share ($176,043 ÷ 6,551.8 shares)  $26.87 
Maximum offering price per share (100/96.50 of $26.87)  $27.84 
Class C:   
Net Asset Value and offering price per share ($79,904 ÷ 3,154.9 shares)(a)  $25.33 
Class I:   
Net Asset Value, offering price and redemption price per share ($35,478 ÷ 1,294.4 shares)  $27.41 

 (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.


Statement of Operations

Amounts in thousands  Year ended November 30, 2016 
Investment Income   
Dividends  $12,708 
Interest  93 
Income from Fidelity Central Funds  77 
Total income  12,878 
Expenses   
Management fee $2,307  
Transfer agent fees 1,118  
Distribution and service plan fees 2,189  
Accounting and security lending fees 199  
Custodian fees and expenses 45  
Independent trustees' fees and expenses  
Registration fees 72  
Audit 65  
Legal  
Miscellaneous  
Total expenses before reductions 6,011  
Expense reductions (12) 5,999 
Net investment income (loss)  6,879 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 6,878  
Fidelity Central Funds  
Foreign currency transactions (6)  
Written options 609  
Total net realized gain (loss)  7,484 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
38,385  
Assets and liabilities in foreign currencies  
Written options (1,737)  
Total change in net unrealized appreciation (depreciation)  36,656 
Net gain (loss)  44,140 
Net increase (decrease) in net assets resulting from operations  $51,019 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2016 Year ended November 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,879 $7,971 
Net realized gain (loss) 7,484 33,814 
Change in net unrealized appreciation (depreciation) 36,656 (48,443) 
Net increase (decrease) in net assets resulting from operations 51,019 (6,658) 
Distributions to shareholders from net investment income (7,087) (6,678) 
Distributions to shareholders from net realized gain (32,560) (40,365) 
Total distributions (39,647) (47,043) 
Share transactions - net increase (decrease) (9,916) (16,615) 
Total increase (decrease) in net assets 1,456 (70,316) 
Net Assets   
Beginning of period 543,467 613,783 
End of period $544,923 $543,467 
Other Information   
Undistributed net investment income end of period $5,976 $6,597 

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


Financial Highlights — Fidelity Advisor Growth & Income Fund Class A

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $26.36 $28.95 $25.87 $19.67 $17.00 
Income from Investment Operations      
Net investment income (loss)A .37 .42 .40 .37 .33 
Net realized and unrealized gain (loss) 2.12 (.76)B 2.97 5.88 2.90 
Total from investment operations 2.49 (.34) 3.37 6.25 3.23 
Distributions from net investment income (.39) (.36) (.11) (.05) (.53) 
Distributions from net realized gain (1.57) (1.88) (.18) – (.03) 
Total distributions (1.96) (2.25)C (.29) (.05) (.56) 
Net asset value, end of period $26.89 $26.36 $28.95 $25.87 $19.67 
Total ReturnD,E 10.59% (.96)%B 13.20% 31.86% 19.20% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .99% .99% 1.01% 1.02% 1.05% 
Expenses net of fee waivers, if any .99% .98% 1.01% 1.02% 1.05% 
Expenses net of all reductions .99% .98% 1.01% 1.00% 1.04% 
Net investment income (loss) 1.51% 1.57% 1.48% 1.61% 1.75% 
Supplemental Data      
Net assets, end of period (in millions) $253 $244 $276 $255 $183 
Portfolio turnover rateH 31% 35% 44% 48% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been (1.10)%.

 C 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.

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

 E Total returns do not include the effect of the sales charges.

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


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


Financial Highlights — Fidelity Advisor Growth & Income Fund Class T

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $26.32 $28.91 $25.84 $19.68 $16.97 
Income from Investment Operations      
Net investment income (loss)A .31 .35 .33 .32 .29 
Net realized and unrealized gain (loss) 2.12 (.76)B 2.97 5.89 2.89 
Total from investment operations 2.43 (.41) 3.30 6.21 3.18 
Distributions from net investment income (.32) (.29) (.05) (.05) (.44) 
Distributions from net realized gain (1.57) (1.88) (.18) – (.03) 
Total distributions (1.88)C (2.18)D (.23) (.05) (.47) 
Net asset value, end of period $26.87 $26.32 $28.91 $25.84 $19.68 
Total ReturnE,F 10.36% (1.22)%B 12.91% 31.62% 18.93% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.24% 1.23% 1.25% 1.25% 1.27% 
Expenses net of fee waivers, if any 1.24% 1.23% 1.25% 1.25% 1.27% 
Expenses net of all reductions 1.24% 1.23% 1.24% 1.23% 1.26% 
Net investment income (loss) 1.26% 1.32% 1.24% 1.38% 1.53% 
Supplemental Data      
Net assets, end of period (in millions) $176 $180 $216 $214 $166 
Portfolio turnover rateI 31% 35% 44% 48% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been (1.36)%

 C Total distributions of $1.88 per share is comprised of distributions from net investment income of $.319 and distributions from net realized gain of $1.565 per share.

 D 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.

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

 F Total returns do not include the effect of the sales charges.

 G 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.

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


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


Financial Highlights — Fidelity Advisor Growth & Income Fund Class C

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $24.92 $27.51 $24.66 $18.87 $16.23 
Income from Investment Operations      
Net investment income (loss)A .17 .21 .19 .19 .19 
Net realized and unrealized gain (loss) 2.01 (.73)B 2.84 5.64 2.77 
Total from investment operations 2.18 (.52) 3.03 5.83 2.96 
Distributions from net investment income (.21) (.18) – (.04) (.29) 
Distributions from net realized gain (1.57) (1.88) (.18) – (.03) 
Total distributions (1.77)C (2.07)D (.18) (.04) (.32) 
Net asset value, end of period $25.33 $24.92 $27.51 $24.66 $18.87 
Total ReturnE,F 9.81% (1.74)%B 12.38% 30.95% 18.33% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.74% 1.73% 1.74% 1.74% 1.76% 
Expenses net of fee waivers, if any 1.74% 1.73% 1.74% 1.74% 1.76% 
Expenses net of all reductions 1.74% 1.73% 1.74% 1.73% 1.76% 
Net investment income (loss) .76% .82% .74% .89% 1.04% 
Supplemental Data      
Net assets, end of period (in millions) $80 $79 $85 $74 $58 
Portfolio turnover rateI 31% 35% 44% 48% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been (1.88)%.

 C Total distributions of $1.77 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $1.565 per share.

 D 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.

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

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

 G 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.

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


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


Financial Highlights — Fidelity Advisor Growth & Income Fund Class I

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $26.85 $29.47 $26.13 $19.79 $17.16 
Income from Investment Operations      
Net investment income (loss)A .44 .50 .49 .43 .40 
Net realized and unrealized gain (loss) 2.16 (.78)B 3.03 5.97 2.91 
Total from investment operations 2.60 (.28) 3.52 6.40 3.31 
Distributions from net investment income (.48) (.45) – (.06) (.65) 
Distributions from net realized gain (1.57) (1.88) (.18) – (.03) 
Total distributions (2.04)C (2.34)D (.18) (.06) (.68) 
Net asset value, end of period $27.41 $26.85 $29.47 $26.13 $19.79 
Total ReturnE 10.91% (.70)%B 13.56% 32.41% 19.59% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .73% .71% .70% .70% .71% 
Expenses net of fee waivers, if any .73% .70% .70% .70% .71% 
Expenses net of all reductions .73% .70% .70% .68% .70% 
Net investment income (loss) 1.77% 1.86% 1.78% 1.93% 2.09% 
Supplemental Data      
Net assets, end of period (in millions) $35 $36 $28 $24 $1,031 
Portfolio turnover rateH 31% 35% 44% 48% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been (.84)%.

 C Total distributions of $2.04 per share is comprised of distributions from net investment income of $.478 and distributions from net realized gain of $1.565 per share.

 D 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.

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

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


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


Notes to Financial Statements

For the period ended November 30, 2016
(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 Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All current fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period December 1, 2015 through June 24, 2016.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 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.

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 November 30, 2016 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. As of November 30, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, equity-debt classifications, certain conversion ratio adjustments 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 $148,957 
Gross unrealized depreciation (20,752) 
Net unrealized appreciation (depreciation) on securities $128,205 
Tax Cost $418,758 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $7,095 
Undistributed long-term capital gain $8,595 
Net unrealized appreciation (depreciation) on securities and other investments $125,697 

The tax character of distributions paid was as follows:

 November 30, 2016 November 30, 2015 
Ordinary Income $7,087 $ 10,140 
Long-term Capital Gains 32,560 36,903 
Total $39,647 $ 47,043 

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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $980 in this Subsidiary, representing 0.18% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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.

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 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) 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".

During the period, the Fund recognized net realized gain (loss) of $609 and a change in net unrealized appreciation (depreciation) of $(1,737) 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:

 Number of Contracts Amount of Premiums 
Outstanding at beginning of period $- 
Options Opened 22 1,488 
Options Exercised (2) (185) 
Options Closed (8) (514) 
Options Expired (4) (297) 
Outstanding at end of period $492 

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $158,044 and $196,783, 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 annual 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% $583 $– 
Class T .25% .25% 838 – 
Class B .75% .25% 20 15 
Class C .75% .25% 748 56 
   $2,189 $71 

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 $60 
Class T 14 
Class B(a) (b) 
Class C(a) 
 $81 

 (a) 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.

 (b) In the amount of less than five hundred dollars


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 $505 .22 
Class T 367 .22 
Class B .28 
Class C 164 .22 
Class I 76 .21 
 $1,118  

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 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5.

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 $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.

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. The Fund or borrower may terminate the loan at any time, and 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 $143. 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 $38, including less than five hundred 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 $8 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended November 30, 2016 Year ended November 30, 2015 
From net investment income   
Class A $3,587 $3,464 
Class T 2,175 2,191 
Class B 15 27 
Class C 651 567 
Class I 659 429 
Total $7,087 $6,678 
From net realized gain   
Class A $14,443 $18,027 
Class T 10,700 14,122 
Class B 287 575 
Class C 4,965 5,855 
Class I 2,165 1,786 
Total $32,560 $40,365 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended November 30, 2016 Year ended November 30, 2015 Year ended November 30, 2016 Year ended November 30, 2015 
Class A     
Shares sold 1,081 1,359 $26,026 $36,064 
Reinvestment of distributions 720 778 16,776 19,973 
Shares redeemed (1,618) (2,428) (38,962) (64,761) 
Net increase (decrease) 183 (291) $3,840 $(8,724) 
Class T     
Shares sold 433 490 $10,470 $12,982 
Reinvestment of distributions 536 618 12,512 15,887 
Shares redeemed (1,248) (1,760) (30,152) (46,877) 
Net increase (decrease) (279) (652) $(7,170) $(18,008) 
Class B     
Shares sold 10 $51 $251 
Reinvestment of distributions 12 23 278 570 
Shares redeemed (202) (153) (4,522) (3,905) 
Net increase (decrease) (187) (120) $(4,193) $(3,084) 
Class C     
Shares sold 388 460 $8,771 $11,623 
Reinvestment of distributions 224 231 4,961 5,657 
Shares redeemed (627) (620) (14,174) (15,418) 
Net increase (decrease) (15) 71 $(442) $1,862 
Class I     
Shares sold 600 615 $15,066 $16,671 
Reinvestment of distributions 101 71 2,390 1,846 
Shares redeemed (760) (272) (19,407) (7,178) 
Net increase (decrease) (59) 414 $(1,951) $11,339 

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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Growth & Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Growth & Income Fund (the Fund), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2016, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2016, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Growth & Income Fund as of November 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 12, 2017

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present) and the Finance Committee of the Asolo Repertory Theatre (2016-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and currently Vice Chair of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of certain Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2002

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Thomas C. Hense (1964)

Year of Election or Appointment: 2008, 2010, or 2015

Vice President

Mr. Hense serves as Vice President of Fidelity Advisor® Multi-Asset Income Fund (2015) and other funds (High Income (2008), Small Cap (2008), and Value (2010) funds), and is an employee of Fidelity Investments (1993-present). Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

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 (June 1, 2016 to November 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2016 
Ending
Account Value
November 30, 2016 
Expenses Paid
During Period-B
June 1, 2016
to November 30, 2016 
Class A .98%    
Actual  $1,000.00 $1,099.80 $5.14 
Hypothetical-C  $1,000.00 $1,020.10 $4.95 
Class T 1.23%    
Actual  $1,000.00 $1,098.50 $6.45 
Hypothetical-C  $1,000.00 $1,018.85 $6.21 
Class C 1.74%    
Actual  $1,000.00 $1,095.60 $9.12 
Hypothetical-C  $1,000.00 $1,016.30 $8.77 
Class I .73%    
Actual  $1,000.00 $1,101.20 $3.83 
Hypothetical-C  $1,000.00 $1,021.35 $3.69 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Growth & Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Fidelity Advisor Growth & Income Fund     
Class A 12/28/16 12/27/16 $0.408 $0.431 
Class T 12/28/16 12/27/16 $0.343 $0.431 
Class C 12/28/16 12/27/16 $0.240 $0.431 
Class I 12/28/16 12/27/16 $0.465 $0.431 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2016, $9,098,531, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class T, Class B, Class C and Class I designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class T, Class B, Class C and Class I designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Growth & Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Growth & Income Fund


The Board has discussed the fund's underperformance with FMR and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Broadridge investment objective categories that have comparable investment mandates. Combining Broadridge investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Broadridge funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Growth & Income Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, and Class I ranked below the competitive median for 2015 and the total expense ratio of Class T ranked above the competitive median for 2015. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Class T was above the median of the universe presented for comparison, the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders;(viii) Fidelity's group fee structures, including the group fee schedule of breakpoints;(ix) the impact of cost containment measures on the funds; (x) the transfer agent fee structure; and (xi) Fidelity's resources and strategy for cybersecurity.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

AGAI-ANN-0117
1.539472.119


Fidelity Advisor® Small Cap Fund

Class A, Class T, Class C, Class I and Class Z



Annual Report

November 30, 2016




Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2017 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.institutional.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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2016 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) (4.52)% 9.28% 6.47% 
Class T (incl. 3.50% sales charge) (2.44)% 9.56% 6.50% 
Class C (incl. contingent deferred sales charge) (0.39)% 9.75% 6.30% 
Class I 1.58% 10.89% 7.42% 
Class Z 1.73% 11.00% 7.47% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Small Cap Fund - Class A on November 30, 2006, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.


Period Ending Values

$18,725Fidelity Advisor® Small Cap Fund - Class A

$19,318Russell 2000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index returned 8.06% for the 12 months ending November 30, 2016, rising sharply in the final month on post-election optimism for economic growth. The period began during a fairly volatile stretch, with stocks hampered by persistent oil-price weakness and U.S.-dollar strength. Markets regained positive momentum in February amid U.S. job gains, a rally in energy and other stimuli that helped keep the roughly seven-year uptrend intact. Markets tumbled briefly following the U.K.'s June 23 vote to exit the European Union – dubbed "Brexit" – then recovered quickly and settled into a flattish stretch until the November 8 U.S. presidential election. For the year, 10 of the 11 sectors in the S&P 500® advanced, with six posting double-digit gains. Telecommunication services (+16%) led the way, its strength attributable to demand for dividend-paying equities early in the period, as well as to company-specific news. Cyclical sectors including industrials (+15%), financials (+14%), energy (+13%) and materials (+12%) posted strong gains, the latter two driven by a rebound in commodity prices. Conversely, real estate (+1%) lagged the index due to a late-period slump related to expectations for rising interest rates. Consumer discretionary (+3%) also underperformed, as competitive pressure continued to weigh on brick-and-mortar retailers.

Comments from Portfolio Manager James Harmon:  The fund's share classes (excluding sales charges, if applicable) gained just 1% to 2% for the fiscal year ending November 30, 2016, significantly trailing the 12.08% increase in the benchmark Russell 2000® Index. Performance suffered as market sentiment shifted in favor of lower-quality, higher-priced stocks that we tend to avoid. Relative to the benchmark, stock picking in information technology and industrials detracted the most. Within the former, Syntel, an Indian provider of technology and business processing outsourcing services, was the biggest individual detractor, as the company reported slower revenue growth and generally disappointing financial results. Other lagging technology holdings included Zebra Technologies, a maker of bar-code printers and scanners, and Blackhawk Network Holdings, a provider of gift cards to retailers. I sold Zebra's stock from the portfolio in June but took advantage of Blackhawk's reduced valuation to add to the fund's position. Within industrials, the biggest detractor was Mitie Group, a U.K.-based company focused on facilities-maintenance outsourcing; this out-of-benchmark stock plunged in September after the company preannounced much-weaker-than-expected sales and profits. Elsewhere, a position in First NBC Bank Holding fared poorly, and I sold the stock in June. In contrast, the fund benefited from its stake in a couple of insurance names – Reinsurance Group of America and Primerica – while a stake in lead-acid battery manufacturer EnerSys also contributed.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
CDW Corp. 2.5 2.6 
SYNNEX Corp. 2.4 1.8 
WEX, Inc. 2.1 1.6 
Blackhawk Network Holdings, Inc. 2.0 1.4 
EnerSys 1.8 1.4 
The Ensign Group, Inc. 1.7 1.8 
Univar, Inc. 1.7 0.0 
Reinsurance Group of America, Inc. 1.5 1.2 
Premier, Inc. 1.5 0.0 
Marriott Vacations Worldwide Corp. 1.5 0.0 
 18.7  

Top Five Market Sectors as of November 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 19.9 19.3 
Industrials 17.7 14.3 
Financials 16.7 22.8 
Health Care 11.1 17.0 
Consumer Discretionary 10.2 12.1 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation (% of fund's net assets)

As of November 30, 2016* 
   Stocks and Equity Futures 99.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 20.2%


As of May 31, 2016* 
   Stocks and Equity Futures 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 21.5%


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments November 30, 2016

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 10.2%   
Auto Components - 2.6%   
Gentherm, Inc. (a) 330,000 $10,511 
Standard Motor Products, Inc. 400,000 19,976 
Tenneco, Inc. (a) 650,000 38,318 
  68,805 
Diversified Consumer Services - 1.8%   
Grand Canyon Education, Inc. (a) 500,000 28,550 
Meiko Network Japan Co. Ltd. 138,800 1,205 
Tsukada Global Holdings, Inc. (b) 2,800,000 17,683 
  47,438 
Hotels, Restaurants & Leisure - 1.7%   
Bojangles', Inc. (a)(c) 367,794 6,584 
Marriott Vacations Worldwide Corp. 500,000 38,820 
  45,404 
Household Durables - 2.0%   
PulteGroup, Inc. 1,800,000 33,948 
Tupperware Brands Corp. 350,000 19,404 
  53,352 
Internet & Direct Marketing Retail - 0.4%   
Duluth Holdings, Inc. (c) 350,000 11,729 
Leisure Products - 0.7%   
Nautilus, Inc. (a) 1,100,000 18,920 
Textiles, Apparel & Luxury Goods - 1.0%   
Steven Madden Ltd. (a) 700,000 25,935 
TOTAL CONSUMER DISCRETIONARY  271,583 
CONSUMER STAPLES - 2.1%   
Beverages - 0.4%   
Britvic PLC 1,600,000 11,441 
Food & Staples Retailing - 1.7%   
McColl's Retail Group PLC 4,712,237 10,318 
Sundrug Co. Ltd. 230,000 16,115 
Tsuruha Holdings, Inc. 190,000 19,471 
  45,904 
TOTAL CONSUMER STAPLES  57,345 
ENERGY - 2.3%   
Oil, Gas & Consumable Fuels - 2.3%   
HollyFrontier Corp. (c) 1,000,000 28,770 
World Fuel Services Corp. 740,000 32,900 
  61,670 
FINANCIALS - 16.7%   
Banks - 9.3%   
Allegiance Bancshares, Inc. (a) 360,000 11,016 
Bank of Hawaii Corp. (c) 400,000 33,348 
Bank of the Ozarks, Inc. 560,000 27,171 
ConnectOne Bancorp, Inc. 1,500,000 35,250 
East West Bancorp, Inc. 230,000 11,012 
German American Bancorp, Inc. 575,604 27,307 
Great Western Bancorp, Inc. 562,250 22,490 
Home Bancshares, Inc. 800,000 20,696 
Investors Bancorp, Inc. 2,200,000 29,788 
ServisFirst Bancshares, Inc. 381,629 28,096 
  246,174 
Diversified Financial Services - 0.6%   
Scandinavian Tobacco Group A/S 1,000,000 15,811 
Insurance - 5.5%   
Enstar Group Ltd. (a) 130,000 25,565 
James River Group Holdings Ltd. 580,000 22,608 
Primerica, Inc. (c) 420,000 29,694 
Reinsurance Group of America, Inc. 330,000 40,277 
Selective Insurance Group, Inc. 700,000 28,770 
  146,914 
Thrifts & Mortgage Finance - 1.3%   
Essent Group Ltd. (a) 568,423 17,348 
Meridian Bancorp, Inc. 1,000,000 17,750 
  35,098 
TOTAL FINANCIALS  443,997 
HEALTH CARE - 11.1%   
Health Care Equipment & Supplies - 1.4%   
Ansell Ltd. (a) 740,000 12,336 
Fukuda Denshi Co. Ltd. 130,000 7,107 
LivaNova PLC (a) 430,000 19,036 
  38,479 
Health Care Providers & Services - 6.1%   
American Renal Associates Holdings, Inc. (c) 910,250 22,228 
MEDNAX, Inc. (a) 400,000 26,188 
Premier, Inc. (a) 1,300,300 39,191 
Providence Service Corp. (a) 267,632 9,825 
Ship Healthcare Holdings, Inc. 470,000 12,377 
Sigma Pharmaceuticals Ltd. 6,200,000 5,637 
The Ensign Group, Inc. 2,100,000 45,402 
  160,848 
Life Sciences Tools & Services - 2.3%   
ICON PLC (a) 350,000 26,474 
VWR Corp. (a) 1,300,000 35,360 
  61,834 
Pharmaceuticals - 1.3%   
Akorn, Inc. (a) 800,000 16,976 
Kaken Pharmaceutical Co. Ltd. 330,000 17,703 
  34,679 
TOTAL HEALTH CARE  295,840 
INDUSTRIALS - 17.7%   
Aerospace & Defense - 2.2%   
Moog, Inc. Class A (a) 467,595 32,652 
Teledyne Technologies, Inc. (a) 200,000 24,974 
  57,626 
Air Freight & Logistics - 0.9%   
Hub Group, Inc. Class A (a) 550,000 23,568 
Commercial Services & Supplies - 4.4%   
Coor Service Management Holding AB 1,535,502 8,657 
Deluxe Corp. 500,000 33,850 
Loomis AB (B Shares) 540,000 14,286 
Mitie Group PLC (c) 6,100,000 15,692 
UniFirst Corp. 200,000 28,270 
West Corp. 647,000 15,437 
  116,192 
Construction & Engineering - 2.2%   
Argan, Inc. 400,000 24,180 
EMCOR Group, Inc. 500,000 34,685 
  58,865 
Electrical Equipment - 1.8%   
EnerSys 620,000 49,340 
Machinery - 1.8%   
Hy-Lok Corp. (b) 594,001 11,375 
Standex International Corp. 405,561 35,730 
  47,105 
Marine - 0.4%   
SITC International Holdings Co. Ltd. 19,000,000 11,758 
Professional Services - 2.3%   
Benefit One, Inc. 550,000 12,995 
ICF International, Inc. (a) 379,145 20,986 
On Assignment, Inc. (a) 330,000 13,626 
WS Atkins PLC 770,000 13,517 
  61,124 
Trading Companies & Distributors - 1.7%   
Univar, Inc. (a) 1,800,000 44,820 
TOTAL INDUSTRIALS  470,398 
INFORMATION TECHNOLOGY - 19.9%   
Electronic Equipment & Components - 7.7%   
CDW Corp. 1,300,000 66,610 
ePlus, Inc. (a) 127,888 14,221 
Fabrinet (a) 700,000 29,960 
Insight Enterprises, Inc. (a) 860,000 30,117 
SYNNEX Corp. 540,000 63,131 
  204,039 
Internet Software & Services - 1.9%   
j2 Global, Inc. 400,000 29,404 
Stamps.com, Inc. (a)(c) 210,000 22,302 
  51,706 
IT Services - 7.5%   
Blackhawk Network Holdings, Inc. (a) 1,461,900 52,628 
EVERTEC, Inc. 1,319,600 24,083 
Global Payments, Inc. 360,000 24,678 
Maximus, Inc. 420,000 23,222 
Syntel, Inc. (c) 950,000 18,430 
WEX, Inc. (a) 500,000 55,255 
  198,296 
Semiconductors & Semiconductor Equipment - 0.5%   
Integrated Device Technology, Inc. (a) 605,100 14,159 
Software - 1.1%   
NIIT Technologies Ltd. 500,000 3,096 
Zensar Technologies Ltd. 1,768,049 25,896 
  28,992 
Technology Hardware, Storage & Peripherals - 1.2%   
NCR Corp. (a) 800,000 31,000 
TOTAL INFORMATION TECHNOLOGY  528,192 
MATERIALS - 7.1%   
Chemicals - 2.2%   
Ingevity Corp. (a) 260,000 13,616 
PolyOne Corp. 1,000,000 32,970 
SK Kaken Co. Ltd. 130,000 12,423 
  59,009 
Containers & Packaging - 3.6%   
Berry Plastics Group, Inc. (a) 700,000 34,839 
Greif, Inc. Class A 650,000 33,391 
Silgan Holdings, Inc. 520,000 25,745 
  93,975 
Paper & Forest Products - 1.3%   
Neenah Paper, Inc. 410,000 34,809 
TOTAL MATERIALS  187,793 
REAL ESTATE - 7.5%   
Equity Real Estate Investment Trusts (REITs) - 3.1%   
CBL & Associates Properties, Inc. 2,000,000 23,720 
National Health Investors, Inc. 330,000 23,351 
Tanger Factory Outlet Centers, Inc. 650,000 22,406 
VEREIT, Inc. 1,600,000 13,264 
  82,741 
Real Estate Management & Development - 4.4%   
CBRE Group, Inc. (a) 1,000,000 29,040 
Daito Trust Construction Co. Ltd. 130,000 20,260 
Open House Co. Ltd. 500,000 12,492 
Relo Holdings Corp. 140,000 19,321 
Savills PLC 1,400,000 11,736 
Sumitomo Real Estate Sales Co. Ltd. 620,000 15,300 
Takara Leben Co. Ltd. 550,000 3,280 
The RMR Group, Inc. 100,000 4,150 
  115,579 
TOTAL REAL ESTATE  198,320 
TELECOMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
APT Satellite Holdings Ltd. 3,900,000 2,117 
Asia Satellite Telecommunications Holdings Ltd. 900,000 1,160 
  3,277 
UTILITIES - 1.9%   
Gas Utilities - 1.3%   
Amerigas Partners LP 630,000 28,274 
Star Gas Partners LP 600,000 5,850 
  34,124 
Multi-Utilities - 0.6%   
Telecom Plus PLC 1,000,000 15,653 
TOTAL UTILITIES  49,777 
TOTAL COMMON STOCKS   
(Cost $2,041,681)  2,568,192 
 Principal Amount (000s) Value (000s) 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.28% to 0.49% 12/15/16 to 2/23/17 (d)   
(Cost $3,468) 3,470 3,468 
 Shares Value (000s) 
Money Market Funds - 6.4%   
Fidelity Cash Central Fund, 0.39% (e) 92,691,415 $92,710 
Fidelity Securities Lending Cash Central Fund 0.48% (e)(f) 77,030,943 77,046 
TOTAL MONEY MARKET FUNDS   
(Cost $169,742)  169,756 
TOTAL INVESTMENT PORTFOLIO - 103.1%   
(Cost $2,214,891)  2,741,416 
NET OTHER ASSETS (LIABILITIES) - (3.1)%  (83,164) 
NET ASSETS - 100%  $2,658,252 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
561 ICE Russell 2000 Index Contracts (United States) Dec. 2016 74,181 $6,595 

The face value of futures purchased as a percentage of Net Assets is 2.8%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $119,587,000.

Legend

 (a) Non-income producing

 (b) Affiliated company

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

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,468,000.

 (e) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


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 $564 
Fidelity Securities Lending Cash Central Fund 435 
Total $999 

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. $1,461 $-- $852 $-- $-- 
ConnectOne Bancorp, Inc. 30,241 728 1,731 470 -- 
First NBC Bank Holding Co. 43,456 75 21,684 -- -- 
Hy-Lok Corp. 15,207 -- 2,039 200 11,375 
Meiko Network Japan Co. Ltd. 17,932 -- 13,365 479 -- 
NIIT Technologies Ltd. 32,572 -- 20,204 566 -- 
Sword Group 14,676 -- 15,281 454 -- 
Tsukada Global Holdings, Inc. 18,583 -- -- 227 17,683 
Zensar Technologies Ltd. 57,126 -- 28,086 625 -- 
Total $231,254 $803 $103,242 $3,021 $29,058 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $271,583 $252,695 $18,888 $-- 
Consumer Staples 57,345 21,759 35,586 -- 
Energy 61,670 61,670 -- -- 
Financials 443,997 443,997 -- -- 
Health Care 295,840 240,680 55,160 -- 
Industrials 470,398 457,403 12,995 -- 
Information Technology 528,192 499,200 28,992 -- 
Materials 187,793 175,370 12,423 -- 
Real Estate 198,320 127,667 70,653 -- 
Telecommunication Services 3,277 3,277 -- -- 
Utilities 49,777 49,777 -- -- 
U.S. Government and Government Agency Obligations 3,468 -- 3,468 -- 
Money Market Funds 169,756 169,756 -- -- 
Total Investments in Securities: $2,741,416 $2,503,251 $238,165 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $6,595 $6,595 $-- $-- 
Total Assets $6,595 $6,595 $-- $-- 
Total Derivative Instruments: $6,595 $6,595 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2016. 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) 
(Amounts in thousands)  
Level 1 to Level 2 $235,350 
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 November 30, 2016. 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) $6,595 $0 
Total Equity Risk 6,595 
Total Value of Derivatives $6,595 $0 

 (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.


Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 79.8% 
Japan 7.2% 
United Kingdom 3.6% 
Bermuda 2.5% 
Cayman Islands 1.5% 
India 1.1% 
Ireland 1.0% 
Others (Individually Less Than 1%) 3.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  November 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $74,916) — See accompanying schedule:
Unaffiliated issuers (cost $2,020,452) 
$2,542,602  
Fidelity Central Funds (cost $169,742) 169,756  
Other affiliated issuers (cost $24,697) 29,058  
Total Investments (cost $2,214,891)  $2,741,416 
Cash  1,493 
Foreign currency held at value (cost $195)  195 
Receivable for investments sold  3,538 
Receivable for fund shares sold  2,513 
Dividends receivable  2,557 
Distributions receivable from Fidelity Central Funds  73 
Prepaid expenses  
Other receivables  26 
Total assets  2,751,817 
Liabilities   
Payable for investments purchased $7,826  
Payable for fund shares redeemed 5,730  
Accrued management fee 1,291  
Distribution and service plan fees payable 718  
Payable for daily variation margin for derivative instruments 365  
Other affiliated payables 512  
Other payables and accrued expenses 92  
Collateral on securities loaned, at value 77,031  
Total liabilities  93,565 
Net Assets  $2,658,252 
Net Assets consist of:   
Paid in capital  $2,094,755 
Undistributed net investment income  5,060 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  25,410 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  533,027 
Net Assets  $2,658,252 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($932,050 ÷ 36,521.8 shares)  $25.52 
Maximum offering price per share (100/94.25 of $25.52)  $27.08 
Class T:   
Net Asset Value and redemption price per share ($755,650 ÷ 31,650.1 shares)  $23.88 
Maximum offering price per share (100/96.50 of $23.88)  $24.75 
Class C:   
Net Asset Value and offering price per share ($274,198 ÷ 13,591.9 shares)(a)  $20.17 
Class I:   
Net Asset Value, offering price and redemption price per share ($652,108 ÷ 23,583.9 shares)  $27.65 
Class Z:   
Net Asset Value, offering price and redemption price per share ($44,246 ÷ 1,601.2 shares)  $27.63 

 (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.


Statement of Operations

Amounts in thousands  Year ended November 30, 2016 
Investment Income   
Dividends (including $3,021 earned from other affiliated issuers)  $35,868 
Special dividends  11,964 
Interest  22 
Income from Fidelity Central Funds  999 
Total income  48,853 
Expenses   
Management fee   
Basic fee $18,646  
Performance adjustment 2,718  
Transfer agent fees 5,593  
Distribution and service plan fees 9,087  
Accounting and security lending fees 803  
Custodian fees and expenses 175  
Independent trustees' fees and expenses 12  
Registration fees 143  
Audit 71  
Legal  
Miscellaneous 22  
Total expenses before reductions 37,276  
Expense reductions (200) 37,076 
Net investment income (loss)  11,777 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 52,527  
Fidelity Central Funds 25  
Other affiliated issuers (16,154)  
Foreign currency transactions (102)  
Futures contracts (7,208)  
Total net realized gain (loss)  29,088 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
(26,850)  
Assets and liabilities in foreign currencies (39)  
Futures contracts (220)  
Total change in net unrealized appreciation (depreciation)  (27,109) 
Net gain (loss)  1,979 
Net increase (decrease) in net assets resulting from operations  $13,756 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2016 Year ended November 30, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,777 $(784) 
Net realized gain (loss) 29,088 272,853 
Change in net unrealized appreciation (depreciation) (27,109) (152,796) 
Net increase (decrease) in net assets resulting from operations 13,756 119,273 
Distributions to shareholders from net investment income – (1,701) 
Distributions to shareholders from net realized gain (249,036) (353,938) 
Total distributions (249,036) (355,639) 
Share transactions - net increase (decrease) (125,212) 204,314 
Total increase (decrease) in net assets (360,492) (32,052) 
Net Assets   
Beginning of period 3,018,744 3,050,796 
End of period $2,658,252 $3,018,744 
Other Information   
Undistributed net investment income end of period $5,060 $– 
Accumulated net investment loss end of period $– $(3,498) 

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


Financial Highlights — Fidelity Advisor Small Cap Fund Class A

Years ended November 30, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $27.56 $29.85 $30.96 $22.45 $23.60 
Income from Investment Operations      
Net investment income (loss)A .12B .02C .04 .12D (.03) 
Net realized and unrealized gain (loss) .05 1.10 2.36 8.45 .79 
Total from investment operations .17 1.12 2.40 8.57 .76 
Distributions from net investment income – – (.01) (.05) – 
Distributions from net realized gain (2.21) (3.41) (3.50) (.01) (1.91) 
Total distributions (2.21) (3.41) (3.51) (.06) (1.91) 
Net asset value, end of period $25.52 $27.56 $29.85 $30.96 $22.45 
Total ReturnE,F 1.31% 4.17% 9.06% 38.30% 3.87% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.32% 1.26% .98% 1.01% 1.06% 
Expenses net of fee waivers, if any 1.32% 1.26% .98% 1.01% 1.06% 
Expenses net of all reductions 1.31% 1.25% .97% 1.00% 1.06% 
Net investment income (loss) .52%B .07%C .14% .46%D (.13)% 
Supplemental Data      
Net assets, end of period (in millions) $932 $1,047 $1,097 $1,263 $1,212 
Portfolio turnover rateI 81% 33% 39% 34% 69% 

 A Calculated based on average shares outstanding during the period.

 B Net 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 .07 %.

 C Net 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 (.16) %.

 D Net 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%.

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

 F Total returns do not include the effect of the sales c