This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or expected
fees and expenses or returns, all of which may vary. For every $10,000 you
invested, here's how much you would pay in total expenses if you sell all of
your shares at the end of each time period indicated:
|
1
year |
$ |
1 |
|
3
years |
$ |
3 |
|
5
years |
$ |
6 |
|
10
years |
$ |
13 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 63%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in equity securities.
- Normally
investing primarily in common stocks.
- Investing
in companies that Fidelity Management & Research Company LLC (FMR)
believes have above-average growth potential (stocks of these companies are
often called "growth" stocks).
- Investing
in domestic and foreign issuers.
- Using
fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions, to select
investments.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
In
addition, the fund is classified as non-diversified under the Investment Company
Act of 1940 (1940 Act), which means that it has the ability to invest a greater
portion of assets in securities of a smaller number of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
more diversified fund.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index over various periods of
time.
The index description appears in the "Additional Index Information" section of
the prospectus.
Past performance (before and after taxes) is not an indication of future
performance.
The
performance shown does not reflect the impact of any fees paid at the fee-based
account or plan level.
Visit
institutional.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
|
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
7.13%
|
0.75%
|
36.70%
|
0.07%
|
35.15%
|
44.99%
|
23.86%
|
-23.63%
|
37.14%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
31.60% |
June
30, 2020 |
|
Lowest
Quarter Return |
-17.69% |
June
30, 2022 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2023 |
Past
1
year |
Past
5
years |
Life
of
fund A |
|
Fidelity
Advisor® Series Equity Growth Fund |
|
|
|
|
Return
Before Taxes |
37.14%
|
20.51%
|
%
|
|
Return
After Taxes on Distributions |
35.22%
|
16.69%
|
%
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
23.03%
|
15.88%
|
%
|
|
Russell
3000® Growth Index
(reflects
no deduction for fees, expenses, or taxes) |
41.21% |
18.85% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager. Other investment advisers serve as
sub-advisers for the fund.
Portfolio
Manager(s)
Jason
Weiner (Co-Portfolio Manager) has managed the fund since 2014.
Asher
Anolic (Co-Portfolio Manager) has managed the fund since 2017.
Purchase
and Sale of Shares
Shares
are offered only to certain other Fidelity®
funds, Fidelity managed 529 plans, and Fidelity managed collective investment
trusts.
The
price to sell one share is its net asset value per share (NAV). Shares will be
sold at the NAV next calculated after an order is received in proper
form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity
Advisor® Series Equity Growth Fund seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in equity securities.
The Adviser normally invests the fund's assets primarily in common
stocks.
The
Adviser invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or
revenue.
Companies
with high growth potential tend to be companies with higher than average
price/earnings (P/E) or price/book (P/B) ratios. Companies with strong growth
potential often have new products, technologies, distribution channels, or other
opportunities, or have a strong industry or market position. The stocks of these
companies are often called "growth" stocks.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. In addition, because the fund may invest a significant percentage
of assets in a single issuer, the fund's performance could be closely tied to
that one issuer and could be more volatile than the performance of more
diversified funds. When you sell your shares they may be worth more or less than
what you paid for them, which means that you could lose money by investing in
the fund.
The
following factors can significantly affect the fund's performance:
Stock
Market Volatility.
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Foreign
Exposure.
Foreign securities, foreign currencies, and securities issued by U.S. entities
with substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S.
market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's value. The value of securities of smaller, less well-known issuers
can be more volatile than that of larger issuers.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend the fund's securities to broker-dealers or other institutions to earn
income for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease the fund's exposure
to changing security prices or other factors that affect security
values.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity
Advisor® Series Equity Growth Fund normally invests at least 80% of its assets
in equity securities.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing
NAV.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which the
fund invests (referred to as underlying funds). Shares of underlying funds are
valued at their respective NAVs. Other assets are valued primarily on the basis
of market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
Frequent
Purchases and Redemptions
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders, including transactions deemed to represent excessive trading,
at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Because
the fund is offered only for investment to certain other Fidelity®
funds, Fidelity managed 529 plans, and Fidelity managed collective
investment trusts, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and the fund accommodates frequent trading.
The
fund has no limit on purchase transactions but may in its discretion restrict,
reject, or cancel any purchases that, in the Adviser's opinion, may be
disruptive to the management of the fund or otherwise not be in the fund's
interests.
The
fund reserves the right at any time to restrict purchases or impose conditions
that are more restrictive on excessive trading than those stated in this
prospectus.
The
fund has no exchange privilege with any other fund.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United
States.
Shares
are offered only to certain other Fidelity®
funds, Fidelity managed 529 plans, and Fidelity managed collective investment
trusts.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
If
applicable, orders by funds of funds for which Fidelity serves as investment
manager will be treated as received by the fund at the same time that the
corresponding orders are received in proper form by the funds of
funds.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
When
you place an order to buy shares, note the following:
- All
wires must be received in proper form by Fidelity at the fund's designated
wire bank before the close of the Federal Reserve Wire System on the day of
purchase or you could be liable for any losses or fees the fund or Fidelity
has incurred or for interest and penalties.
- Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
If
applicable, orders by funds of funds for which Fidelity serves as investment
manager will be treated as received by the fund at the same time that the
corresponding orders are received in proper form by the funds of
funds.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
When
you place an order to sell shares, note the following:
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of the fund.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund,
the length of time that a fund typically expects to pay redemption proceeds
depends on the method you have elected to receive such proceeds. A fund
typically expects to make payment of redemption proceeds by wire, automated
clearing house (ACH) or by issuing a check by the next business day following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously.
If
your account is held through an intermediary,
the length of time that a fund typically expects to pay redemption proceeds
depends, in part, on the terms of the agreement in place between the
intermediary and a fund. For redemption proceeds that are paid either directly
to you from a fund or to your intermediary for transmittal to you, a fund
typically expects to make payments by wire, by ACH or by issuing a check on the
next business day following receipt of a redemption order in proper form from
the intermediary by a fund. Redemption orders that are processed through
investment professionals that utilize the National Securities Clearing
Corporation will generally settle one to three business days following receipt
of a redemption order in proper form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
Fidelity
will send monthly account statements detailing fund balances and all
transactions completed during the prior month.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally pays dividends and capital gain distributions per the tables
below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity
Advisor® Series Equity Growth Fund |
|
December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity
Advisor® Series Equity Growth Fund |
|
December |
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in the fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from the fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are
met).
If
you buy shares when a fund has realized but not yet distributed income or
capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions you receive from the fund will normally be taxable to you
when you receive them.
Taxes
on Transactions
Your
redemptions may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in the fund generally is the difference
between the cost of your shares and the price you receive when you sell
them.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Portfolio
Manager(s)
Asher
Anolic is Co-Portfolio Manager of Fidelity Advisor®
Series Equity Growth Fund, which he has managed since 2017. He also manages
other funds. Since joining Fidelity Investments in 2008, Mr. Anolic has worked
as a research analyst and portfolio manager.
Jason
Weiner is Co-Portfolio Manager of Fidelity Advisor®
Series Equity Growth Fund, which he has managed since 2014. He also manages
other funds. Since joining Fidelity Investments in 1991, Mr. Weiner has worked
as a research analyst and portfolio manager (other than a 6-month leave of
absence in 2018).
The
Statement of Additional Information (SAI) provides additional information about
the compensation of, any other accounts managed by, and any fund shares held by
the portfolio manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed 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 fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund does not pay a management fee to the Adviser.
The
Adviser receives no fee from the fund for handling the business affairs of the
fund and pays the expenses of the fund with certain exceptions.
The
Adviser or an affiliate pays FMR UK, FMR H.K., and FMR Japan for providing
sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's annual report
for the fiscal period ended November 30, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FMR
has contractually agreed to reimburse the fund to the extent that total
operating expenses (excluding interest, fees and expenses of the Independent
Trustees, and acquired fund fees and expenses (including fees and expenses
associated with a wholly owned subsidiary), if any, as well as non-operating
expenses such as brokerage commissions and fees and expenses associated with the
fund's securities lending program, if applicable), as a percentage of its
average net assets, exceed 0.003% (the Expense Cap). If at any time during the
current fiscal year expenses for the fund fall below the Expense Cap, FMR
reserves the right to recoup through the end of the fiscal year any expenses
that were reimbursed during the current fiscal year up to, but not in excess of,
the Expense Cap. This arrangement will remain in effect through March 31, 2027.
FMR may not terminate this arrangement before the expiration date without the
approval of the Board of Trustees and may extend it in its discretion after that
date.
Distribution
and Service Plan(s)
The
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the 1940 Act with respect to its shares that recognizes that the Adviser may use
its management fee revenues, as well as its past profits or its resources from
any other source, to pay FDC for expenses incurred in connection with providing
services intended to result in the sale of shares of the fund and/or shareholder
support services. The Adviser, directly or through FDC, may pay significant
amounts to intermediaries that provide those services. Currently, the Board of
Trustees of the fund has authorized such payments for shares of the
fund.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the fund's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity
Advisor® Series Equity Growth Fund |
|
|
|
Years
ended November 30, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
13.45 |
$ |
19.74 |
$ |
19.73 |
$ |
15.53 |
$ |
14.20 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.11
|
|
.12
|
|
.17
C |
|
.10
|
|
.12
|
|
Net
realized and unrealized gain (loss) |
|
2.74
|
|
(2.96)
|
|
4.20
|
|
6.02
|
|
2.33
|
|
Total
from investment operations |
|
2.85
|
|
(2.84)
|
|
4.37
|
|
6.12
|
|
2.45
|
|
Distributions
from net investment income |
|
(.11)
|
|
(.20)
|
|
(.13)
|
|
(.13)
|
|
(.13)
|
|
Distributions
from net realized gain |
|
(.57)
|
|
(3.26)
|
|
(4.23)
|
|
(1.79)
|
|
(.99)
|
|
Total
distributions |
|
(.68)
|
|
(3.45)
D |
|
(4.36)
|
|
(1.92)
|
|
(1.12)
|
|
Net
asset value, end of period |
$ |
15.62 |
$ |
13.45 |
$ |
19.74 |
$ |
19.73 |
$ |
15.53 |
|
Total
Return E |
|
22.44%
|
|
(17.55)%
|
|
27.43%
|
|
44.43%
|
|
19.73%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.01%
|
|
-%
H |
|
.01%
|
|
.01%
|
|
.01%
|
|
Expenses
net of fee waivers, if any |
|
.01%
|
|
-%
H |
|
-%
H |
|
.01%
|
|
.01%
|
|
Expenses
net of all reductions |
|
.01%
|
|
-%
H |
|
-%
H |
|
.01%
|
|
.01%
|
|
Net
investment income (loss) |
|
.77%
|
|
.84%
|
|
.95%
C |
|
.65%
|
|
.84%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,097,792 |
$ |
982,361 |
$ |
1,123,206 |
$ |
1,007,642 |
$ |
977,722 |
|
Portfolio
turnover rate I |
|
63%
|
|
49%
|
|
51%
|
|
56%
|
|
52%
J |
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.06 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .64%.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAmount
represents less than .005%.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
Additional
Index Information
Russell
3000® Growth
Index is
a market capitalization-weighted index designed to measure the performance of
the broad growth segment of the U.S. equity market. It includes those Russell
3000® Index
companies with higher price-to-book ratios and higher forecasted growth
rates.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT |
|
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
investors other than individuals:
When you open an account, you will be asked for the name of the entity,
its principal place of business and taxpayer identification number (TIN).
You will be asked to provide information about the entity's control person
and beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-877-208-0098. In addition, you may
visit Fidelity's web site at institutional.fidelity.com for a free copy of a
prospectus, SAI, or annual or semi-annual report or to request other
information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-03785 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2024 FMR LLC. All rights reserved.
|
1.9857455.111 |
AXM1-PRO-0124 |
