# EDGAR Filing Document

**Accession Number:** 0000708191
**File Stem:** 0000722574-25-000202
**Filing Date:** 2025-7
**Character Count:** 38372
**Document Hash:** f87ec481f43853e1732fadb4eee7e7a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000722574-25-000202.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0000722574-25-000202

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES I
- **CENTRAL INDEX KEY:** 0000722574

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-84776
- **FILM NUMBER:** 251104167

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR SERIES 1
- **DATE OF NAME CHANGE:** 19930706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY BROAD STREET TRUST
- **DATE OF NAME CHANGE:** 19920820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONTRAFUND
- **CENTRAL INDEX KEY:** 0000024238

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-25235
- **FILM NUMBER:** 251104169

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CONTRAFUND INC
- **DATE OF NAME CHANGE:** 19850618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONTRAFUND INC
- **DATE OF NAME CHANGE:** 19810203
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY FINANCIAL TRUST
- **CENTRAL INDEX KEY:** 0000708191

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-79910
- **FILM NUMBER:** 251104168

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FREEDOM FUND
- **DATE OF NAME CHANGE:** 19870129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY TAX QUALIFIED EQUITY FUND
- **DATE OF NAME CHANGE:** 19830104

## Series and Classes Contracts Data

### Fidelity Advisor New Insights Fund (Series ID: S000006036)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FNIAX         | C000016596 |
| Class C    | FNICX         | C000016598 |
| Class M    | FNITX         | C000016599 |
| Class I    | FINSX         | C000016600 |
| Class Z    | FZANX         | C000130145 |

---

### Fidelity Convertible Securities Fund (Series ID: S000006969)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                            | Ticker Symbol | Class ID   |
| Fidelity Advisor Convertible Securities Fund: Class A | FACVX         | C000074867 |
| Fidelity Advisor Convertible Securities Fund: Class C | FCCVX         | C000074869 |
| Fidelity Advisor Convertible Securities Fund: Class M | FTCVX         | C000074870 |
| Fidelity Advisor Convertible Securities Fund: Class I | FICVX         | C000074871 |
| Fidelity Advisor Convertible Securities Fund: Class Z | FIQVX         | C000205024 |

---

### Fidelity Advisor Growth Opportunities Fund (Series ID: S000005111)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FAGAX         | C000013936 |
| Class C    | FACGX         | C000013938 |
| Class M    | FAGOX         | C000013939 |
| Class I    | FAGCX         | C000013940 |
| Class Z    | FZAHX         | C000130147 |

---

### Fidelity Advisor Large Cap Fund (Series ID: S000005112)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FALAX         | C000013941 |
| Class C    | FLCCX         | C000013943 |
| Class M    | FALGX         | C000013944 |
| Class I    | FALIX         | C000013945 |
| Class Z    | FIDLX         | C000177517 |

---

### Fidelity Advisor Stock Selector Mid Cap Fund (Series ID: S000005114)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FMCDX         | C000013951 |
| Class C    | FMCEX         | C000013953 |
| Class M    | FMCAX         | C000013954 |
| Class I    | FMCCX         | C000013955 |
| Class Z    | FSLZX         | C000177518 |

---

### Fidelity Advisor Small Cap Fund (Series ID: S000005115)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FSCDX         | C000013956 |
| Class C    | FSCEX         | C000013958 |
| Class M    | FSCTX         | C000013959 |
| Class I    | FSCIX         | C000013960 |
| Class Z    | FZAOX         | C000130149 |

---

### Fidelity Advisor Value Strategies Fund (Series ID: S000005117)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FSOAX         | C000013966 |
| Class C    | FVCSX         | C000013968 |
| Class M    | FASPX         | C000013969 |
| Class I    | FASOX         | C000013970 |

---

### Fidelity Advisor Dividend Growth Fund (Series ID: S000005119)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FADAX         | C000013976 |
| Class C    | FDGCX         | C000013978 |
| Class M    | FDGTX         | C000013979 |
| Class I    | FDGIX         | C000013980 |
| Class Z    | FZADX         | C000130151 |

---

### Fidelity Advisor Equity Growth Fund (Series ID: S000005121)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | EPGAX         | C000013986 |
| Class C    | EPGCX         | C000013988 |
| Class M    | FAEGX         | C000013989 |
| Class I    | EQPGX         | C000013990 |
| Class Z    | FZAFX         | C000130152 |

---

### Fidelity Advisor Equity Value Fund (Series ID: S000005123)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FAVAX         | C000013996 |
| Class C    | FAVCX         | C000013998 |
| Class M    | FAVTX         | C000013999 |
| Class I    | FAIVX         | C000014000 |
| Class Z    | FAEVX         | C000177519 |

---

### Fidelity Advisor Mid Cap II Fund (Series ID: S000017686)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | FIIAX         | C000048874 |
| Class C    | FIICX         | C000048876 |
| Class M    | FITIX         | C000048877 |
| Class I    | FIIMX         | C000048878 |
| Class Z    | FZAMX         | C000130154 |

---

## Series and Classes Contracts Data

### Fidelity Advisor New Insights Fund (Series ID: S000006036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016596 | Class A      | FNIAX           |
| C000016598 | Class C      | FNICX           |
| C000016599 | Class M      | FNITX           |
| C000016600 | Class I      | FINSX           |
| C000130145 | Class Z      | FZANX           |

### Fidelity Convertible Securities Fund (Series ID: S000006969)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000074867 | Fidelity Advisor Convertible Securities Fund: Class A | FACVX           |
| C000074869 | Fidelity Advisor Convertible Securities Fund: Class C | FCCVX           |
| C000074870 | Fidelity Advisor Convertible Securities Fund: Class M | FTCVX           |
| C000074871 | Fidelity Advisor Convertible Securities Fund: Class I | FICVX           |
| C000205024 | Fidelity Advisor Convertible Securities Fund: Class Z | FIQVX           |

### Fidelity Advisor Growth Opportunities Fund (Series ID: S000005111)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013936 | Class A      | FAGAX           |
| C000013938 | Class C      | FACGX           |
| C000013939 | Class M      | FAGOX           |
| C000013940 | Class I      | FAGCX           |
| C000130147 | Class Z      | FZAHX           |

### Fidelity Advisor Large Cap Fund (Series ID: S000005112)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013941 | Class A      | FALAX           |
| C000013943 | Class C      | FLCCX           |
| C000013944 | Class M      | FALGX           |
| C000013945 | Class I      | FALIX           |
| C000177517 | Class Z      | FIDLX           |

### Fidelity Advisor Stock Selector Mid Cap Fund (Series ID: S000005114)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013951 | Class A      | FMCDX           |
| C000013953 | Class C      | FMCEX           |
| C000013954 | Class M      | FMCAX           |
| C000013955 | Class I      | FMCCX           |
| C000177518 | Class Z      | FSLZX           |

### Fidelity Advisor Small Cap Fund (Series ID: S000005115)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013956 | Class A      | FSCDX           |
| C000013958 | Class C      | FSCEX           |
| C000013959 | Class M      | FSCTX           |
| C000013960 | Class I      | FSCIX           |
| C000130149 | Class Z      | FZAOX           |

### Fidelity Advisor Value Strategies Fund (Series ID: S000005117)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013966 | Class A      | FSOAX           |
| C000013968 | Class C      | FVCSX           |
| C000013969 | Class M      | FASPX           |
| C000013970 | Class I      | FASOX           |

### Fidelity Advisor Dividend Growth Fund (Series ID: S000005119)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013976 | Class A      | FADAX           |
| C000013978 | Class C      | FDGCX           |
| C000013979 | Class M      | FDGTX           |
| C000013980 | Class I      | FDGIX           |
| C000130151 | Class Z      | FZADX           |

### Fidelity Advisor Equity Growth Fund (Series ID: S000005121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013986 | Class A      | EPGAX           |
| C000013988 | Class C      | EPGCX           |
| C000013989 | Class M      | FAEGX           |
| C000013990 | Class I      | EQPGX           |
| C000130152 | Class Z      | FZAFX           |

### Fidelity Advisor Equity Value Fund (Series ID: S000005123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013996 | Class A      | FAVAX           |
| C000013998 | Class C      | FAVCX           |
| C000013999 | Class M      | FAVTX           |
| C000014000 | Class I      | FAIVX           |
| C000177519 | Class Z      | FAEVX           |

### Fidelity Advisor Mid Cap II Fund (Series ID: S000017686)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000048874 | Class A      | FIIAX           |
| C000048876 | Class C      | FIICX           |
| C000048877 | Class M      | FITIX           |
| C000048878 | Class I      | FIIMX           |
| C000130154 | Class Z      | FZAMX           |

**Supplement to the**

**Fidelity® Convertible Securities Fund, 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® Small Cap Fund, Fidelity Advisor® Stock Selector Mid Cap Fund, and Fidelity Advisor® Value Strategies Fund** 

**Class A, Class M, Class C, Class I, and Class Z**

**January 29, 2025**

**STATEMENT OF ADDITIONAL INFORMATION**

*Ali Khan no longer serves as Co-Portfolio Manager of Fidelity Advisor® Stock Selector Mid Cap Fund.*

*Aidan Brandt serves as Co-Portfolio Manager of Fidelity Advisor® Stock Selector Mid Cap Fund.*

*The following information supplements information for Fidelity Advisor® Equity Growth Fund found in the "Management Contracts" section.*

Daniel Kelley and Christopher Lin are Co-Portfolio Managers of Fidelity Advisor® Equity Growth Fund and each receives compensation for those services. As of April 30, 2025, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of each portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s), account(s), and lead account(s) measured against a benchmark index and within a defined peer group assigned to each fund, account, or lead account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s), account(s), and lead account(s) is weighted according to the portfolio manager's tenure on those fund(s), account(s), and lead account(s) and the average asset size of those fund(s), account(s), and lead account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s), account(s), and lead account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of each portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of each portfolio manager's bonus that is linked to the investment performance of the portfolio manager's fund is based on the lead account's pre-tax investment performance measured against the Russell 3000® Growth Index, and the lead account's pre-tax investment performance within the Morningstar® Large Growth Category and Morningstar® Mid-Cap Growth Category. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Daniel Kelley as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 9 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 2 |  |  |
| Assets Managed (in millions) | $62477 | $452 | $2 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $5693 |  |  |

---

\* Includes Fidelity Advisor® Equity Growth Fund ($10,770 (in millions) assets managed).

As of April 30, 2025, the dollar range of shares of Fidelity Advisor® Equity Growth Fund beneficially owned by Mr. Kelley was none.

The following table provides information relating to other accounts managed by Christopher Lin as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 14 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 3 |  |  |
| Assets Managed (in millions) | $83435 | $4480 | $355 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $34178 |  |  |

---

\* Includes Fidelity Advisor® Equity Growth Fund ($10,770 (in millions) assets managed).

As of April 30, 2025, the dollar range of shares of Fidelity Advisor® Equity Growth Fund beneficially owned by Mr. Lin was none.

*The following information supplements information for Fidelity Advisor® Stock Selector Mid Cap Fund found in the "Management Contracts" section.*

Aidan Brandt is a research analyst and Co-Portfolio Manager of Fidelity Advisor® Stock Selector Mid Cap Fund and receives compensation for services as a research analyst and as a portfolio manager under a single compensation plan. As of February 28, 2025, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, and in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager's bonus relates to the portfolio manager's performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as qualitative feedback assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) and within a defined peer group, if applicable, assigned to each fund or account, (ii) the investment performance of other equity funds and accounts, and (iii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity Advisor® Stock Selector Mid Cap Fund is based on the pre-tax investment performance of the fund measured against the S&P MidCap 400® Index, and the fund's pre-tax investment performance (based on the performance of the fund's Class I) within the Morningstar® Mid-Cap Blend Category. Another component of the portfolio manager's bonus is based on the pre-tax investment performance of the portion of the fund's assets the portfolio manager manages measured against the S&P MidCap 400® Information Technology Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay and bonus opportunity tend to increase with a portfolio manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, the fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that the portfolio manager's responsibilities as the portfolio manager of the fund may not be entirely consistent with the portfolio manager's responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Aidan Brandt as of February 28, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 3 | 1 | 1 |
| Number of Accounts Managed with Performance-Based Advisory Fees | 1 |  |  |
| Assets Managed (in millions) | $3895 | $3 | $19 |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $252 |  |  |

---

\* Includes Fidelity Advisor® Stock Selector Mid Cap Fund ($252 (in millions) assets managed with performance-based advisory fees).

As of February 28, 2025, the dollar range of shares of Fidelity Advisor® Stock Selector Mid Cap Fund beneficially owned by Mr. Brandt was none.

ACOM11-SSTK-0725-170-1.739097.170 July 3, 2025

**Supplement to the**

**Fidelity Advisor® Mid Cap II Fund and Fidelity Advisor® New Insights Fund**

**Class A, Class M, Class C, Class I, and Class Z**

**March 1, 2025**

**STATEMENT OF ADDITIONAL INFORMATION**

*The following information supplements information for Fidelity Advisor® New Insights Fund found in the "Management Contracts" section.*

Matthew Drukker is Co-Portfolio Manager of Fidelity Advisor® New Insights Fund and receives compensation for those services. As of April 30, 2025, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment performance of other equity funds and accounts. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Fidelity Advisor® New Insights Fund is based on the fund's pre-tax investment performance measured against the S&P 500® Index, and the lead account's pre-tax investment performance (based on the performance of the fund's Class I) within the Morningstar® Large Growth; Large Value; Large Blend; Mid-Cap Growth; Mid-Cap Value; and Mid-Cap Blend Categories. Another component of the portfolio manager's bonus is based on the pre-tax investment performance of the portion of Fidelity Advisor® New Insights Fund's assets the portfolio manager manages measured against the S&P 500® Index, and the pre-tax investment performance of the portion of the lead account's assets the portfolio manager manages (based on the performance of the fund's Class I) within the Morningstar® Large Growth, Large Value, Large Blend, Mid-Cap Growth, Mid-Cap Value, and Mid-Cap Blend Categories. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services.

The portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.

Portfolio managers may receive interests in certain funds or accounts managed by FMR or one of its affiliated advisers (collectively, "Proprietary Accounts"). A conflict of interest situation is presented where a portfolio manager considers investing a client account in securities of an issuer in which FMR, its affiliates or their (or their fund clients') respective directors, officers or employees already hold a significant position for their own account, including positions held indirectly through Proprietary Accounts. Because the 1940 Act, as well as other applicable laws and regulations, restricts certain transactions between affiliated entities or between an advisor and its clients, client accounts managed by FMR or its affiliates, including accounts sub-advised by third parties, are, in certain circumstances, prohibited from participating in offerings of such securities (including initial public offerings and other offerings occurring before or after an issuer's initial public offering) or acquiring such securities in the secondary market. For example, ownership of a company by Proprietary Accounts has, in certain situations, resulted in restrictions on FMR's and its affiliates' client accounts' ability to acquire securities in the company's initial public offering and subsequent public offerings, private offerings, and in the secondary market, and additional restrictions could arise in the future; to the extent such client accounts acquire the relevant securities after such restrictions are subsequently lifted, the delay could affect the price at which the securities are acquired.

A conflict of interest situation is presented when FMR or its affiliates acquire, on behalf of their client accounts, securities of the same issuers whose securities are already held in Proprietary Accounts, because such investments could have the effect of increasing or supporting the value of the Proprietary Accounts. A conflict of interest situation also arises when FMR investment advisory personnel consider whether client accounts they manage should invest in an investment opportunity that they know is also being considered by an affiliate of FMR for a Proprietary Account, to the extent that not investing on behalf of such client accounts improves the ability of the Proprietary Account to take advantage of the opportunity. FMR has adopted policies and procedures and maintains a compliance program designed to help manage such actual and potential conflicts of interest.

The following table provides information relating to other accounts managed by Matthew Drukker as of April 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | Registered Investment <br> <u>Companies</u>\* | Other Pooled<br> Investment<br> <u>Vehicles</u> | Other<br> <u>Accounts</u> |
| Number of Accounts Managed | 3 | 17 |  |
| Number of Accounts Managed with Performance-Based Advisory Fees | 1 |  |  |
| Assets Managed (in millions) | $40282 | $31168 |  |
| Assets Managed with Performance-Based Advisory Fees (in millions) | $20224 |  |  |

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\* Includes assets of Fidelity Advisor® New Insights Fund managed by Mr. Drukker ($20,224 (in millions) assets managed with performance-based advisory fees).

As of April 30, 2025, the dollar range of shares of Fidelity Advisor® New Insights Fund beneficially owned by Mr. Drukker was none.

ACOM12-SSTK-0725-115-1.863512.115 July 3, 2025