Fidelity Financial Trust N-14Registration statement for investment companies business combination

Enclosed is important information concerning your investment in Fidelity Advisor^® Equity Income Fund. We wish to inform you that the Board of Trustees (the Board) of Fidelity Advisor Series I Trust, after careful consideration, has approved an Agreement and Plan of Reorganization providing for the transfer of all of the assets of Fidelity Advisor^® Equity Income Fund to Fidelity^® Equity Dividend Income Fund, a series of Fidelity Financial Trust, which has the same investment objective and substantially similar investment strategies, in exchange solely for corresponding shares of beneficial interest of Fidelity^® Equity Dividend Income Fund and the assumption by Fidelity^® Equity Dividend Income Fund of Fidelity Advisor^® Equity Income Fund’s liabilities, in complete liquidation of Fidelity Advisor^® Equity Income Fund (the Reorganization).

The attached combined Prospectus/Information Statement describes the Reorganization in greater detail and contains important information about Fidelity^® Equity Dividend Income Fund. The Board believes that this Reorganization is in the best interests of shareholders.

Following the close of business on March 28, 2025, Fidelity Advisor^® Equity Income Fund will be reorganized into Fidelity^® Equity Dividend Income Fund.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. THE TRANSACTION WILL NOTREQUIRE ANY ACTION ON YOUR PART. Shareholder approval of the merger is not required because the differences between Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund do not mandate shareholder approval under Rule 17a-8(a)(3) under the Investment Company Act of 1940. You will automatically receive shares of Fidelity^® Equity Dividend Income Fund in exchange for your shares of Fidelity Advisor^® Equity Income Fund as of the closing date. If, after reviewing the information contained in the enclosed Prospectus/ Information Statement, you do not wish to receive shares of the Fidelity^® Equity Dividend Income Fund pursuant to the Reorganization, you may redeem your shares of the Fidelity Advisor^® Equity Income Fund at any time prior to the close of business on March 28, 2025. Keep in mind that any such redemption may have tax consequences and you should consult your tax advisor. If you have questions, you may contact us at 1-877-208-0098. If you invest through another financial institution, such as a brokerage firm, please contact your financial institution should you have any questions.

This combined Information Statement and Prospectus (Information Statement) is furnished to shareholders of Fidelity Advisor^® Equity Income Fund, a series of Fidelity Advisor Series I (the trust), in connection with a separate Agreement and Plan of Reorganization (the Agreement) for Fidelity Advisor^® Equity Income Fund that has been approved by the Board of Trustees (the Board) of the trust.

As more fully described in the Information Statement, the transaction contemplated by the Agreement is referred to as the Reorganization. When the Reorganization occurs, each shareholder of Fidelity Advisor^® Equity Income Fund will become a shareholder of Fidelity^® Equity Dividend Income Fund. Fidelity Advisor^® Equity Income Fund will transfer all of its assets to Fidelity^® Equity Dividend Income Fund in exchange solely for shares of beneficial interest of Fidelity^® Equity Dividend Income Fund and the assumption by Fidelity^® Equity Dividend Income Fund of Fidelity Advisor^® Equity Income Fund’s liabilities in complete liquidation of the fund. The total value of your fund holdings will not change as a result of the Reorganization. The Reorganization is currently scheduled to take place as of the close of business of the New York Stock Exchange (the NYSE) on March 28, 2025, or such other time and date as the parties may agree (the Closing Date).

Fidelity^® Equity Dividend Income Fund (together with Fidelity Advisor^® Equity Income Fund, the funds), an equity fund, is a diversified series of Fidelity Financial Trust, an open-end management investment company registered with the Securities and Exchange Commission (the SEC). Fidelity^® Equity Dividend Income Fund seeks a yield from dividend and interest income which exceeds the composite dividend yield on securities comprising the S&P 500 Index. In addition, consistent with the primary objective of obtaining dividend and interest income, Fidelity^® Equity Dividend Income Fund will consider the potential for achieving capital appreciation.

The Information Statement sets forth concisely the information about the Reorganization and Fidelity^® Equity Dividend Income Fund that shareholders should know. Please read it carefully and keep it for future reference.

For a free copy of a fund’s current Prospectus(es), Statement(s) of Additional Information, or annual report and/or N-CSRS call Fidelity at 1-800-544-8544 (Retail class) or 1-877-208-0098 (Advisor classes), visit Fidelity’s web sites at either www.fidelity.com or institutional.fidelity.com, or write to Fidelity Distributors Company LLC (FDC) at 900 Salem Street, Smithfield, Rhode Island 02917.

Fidelity Advisor Series I and Fidelity Financial Trust are subject to the informational requirements of the Securities and Exchange Act of 1934, as amended. Accordingly, each Trust must file proxy material, reports, and other information with the SEC. You can review and copy such information at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington D.C. 20549, the SEC’s Northeast Regional Office, 200 Vesey Street, Suite 400, New York, NY 10281-1022, and the SEC’s Midwest Regional Office, 175 W. Jackson Blvd., Suite 1450, Chicago, IL 60604. Such information is also available from the EDGAR database on the SEC’s web site at http://www.sec.gov. You can also obtain copies of such information, after paying a duplicating fee, by sending a request by email to publicinfo@sec.gov or by writing the SEC’s Public Reference Room, Office of Consumer Affairs and Information Services, Washington, DC 20549. You may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC at 1-202-551-8090.

The following is a summary of certain information contained elsewhere in this Information Statement, in the Agreement, and/or in the Prospectus and Statement of Additional Information of Fidelity Advisor^® Equity Income Fund, which are incorporated herein by reference. Shareholders should read the entire Information Statement and the prospectus of Fidelity Equity Dividend Income Fund carefully for more complete information.

Certain arrangements described herein, including without limitation, the establishment of Class A, Class M, Class C, Class I, and Class Z shares, are not currently in effect for Fidelity^® Equity Dividend Income Fund, but rather are expected to become effective prior to consummation of the Reorganization.

As more fully described in “The Transaction” below, the Board of the trust has approved the Reorganization of Fidelity Advisor^® Equity Income Fund, a series of Fidelity Adviser Series I, into Fidelity^® Equity Dividend Income Fund, a series of Fidelity Financial Trust. You are receiving this Information Statement because you are a shareholder of Fidelity Advisor^® Equity Income Fund and will be impacted by the Reorganization.

When the Reorganization occurs, each shareholder of Fidelity Advisor^® Equity Income Fund will become a shareholder of Fidelity^® Equity Dividend Income Fund instead. Fidelity Advisor^® Equity Income Fund will transfer all of its assets to Fidelity^® Equity Dividend Income Fund in exchange solely for shares of beneficial interest of Fidelity^® Equity Dividend Income Fund and the assumption by Fidelity^® Equity Dividend Income Fund of Fidelity Advisor^® Equity Income Fund’s liabilities in complete liquidation of the fund. Each shareholder of Fidelity Advisor^® Equity Income Fund will receive shares of the corresponding class of Fidelity^® Equity Dividend Income Fund. The Reorganization is currently scheduled to take place as of the close of business of the NYSE on the Closing Date.

For more information, please refer to the section entitled “The Transaction– Agreement and Plan of Reorganization.”

Yes. The fund’s Board of Trustees has carefully reviewed and approved the Agreement and the Reorganization.

Because Rule 17a-8 under the Investment Company Act of 1940 (1940 Act) does not require shareholder approval under these conditions, we are not asking you for a proxy and you are requested not to send us one.

Although the number of shares you own will most likely change, the total value of your holdings will not change as a result of the Reorganization. As provided in the Agreement, Fidelity Advisor^® Equity Income Fund will distribute shares of Fidelity^® Equity Dividend Income Fund to its shareholders so that each shareholder will receive the number of full and fractional shares of Fidelity^® Equity Dividend Income Fund equal in value to the net asset value of shares of Fidelity Advisor^® Equity Income Fund held by such shareholder on the Closing Date.

Holders of Class A, Class M, Class C, Class I, and Class Z shares of Fidelity Advisor^® Equity Income Fund will receive, Class A, Class M, Class C, Class I, and Class Z shares of Fidelity^® Equity Dividend Income Fund, respectively. Class A, Class M, Class C, Class I, and Class Z shares of Fidelity^® Equity Dividend Income Fund are being created to facilitate the Reorganization and will commence operations prior to the closing of the Reorganization.

No. Each fund will receive an opinion of counsel that the Reorganization will not result in any gain or loss for federal income tax purposes to either fund or to the shareholders of either fund, except that a fund may recognize gain or loss with respect to assets (if any) that are subject to “mark-to-market” tax accounting. In addition, any portfolio

The funds have the same investment objective. Each fund seeks a yield from dividend and interest income which exceeds the composite dividend yield on securities comprising the S&P 500 Index. In addition, consistent with the primary objective of obtaining dividend and interest income, the fund will consider the potential for achieving capital appreciation. Each fund’s investment objective is fundamental, that is, subject to change only by shareholder vote.

Although the funds have substantially similar principal investment strategies, there are some differences of which you should be aware. The following compares the principal investment strategies of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund:

The funds have the same fundamental investment policies and limitations. Although the funds have substantially similar non-fundamental investment policies and limitations, there are some differences of which you should be aware. The following summarizes the non-fundamental investment policy and limitation differences between Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund:

For more information about Fidelity Advisor^® Equity Income Fund’s investment objectives, strategies, policies, and limitations, please refer to the “Investment Details” section of the fund’s Prospectus, and to the “Investment Policies and Limitations” section of the fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class M, Class C, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Investment Objective” and “Principal Investment Strategies” section of Attachment 1, and to the “Investment Policies and Limitations” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

Following the Reorganization, the combined fund will be managed in accordance with the investment objective, strategies, policies, and limitations of Fidelity^® Equity Dividend Income Fund.

The following summarizes the management and distribution arrangements of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund:

The principal business address of FMR, each fund’s investment adviser, is 245 Summer Street, Boston, Massachusetts 02210.

As the manager, FMR has overall responsibility for directing the funds’ investments and handling their business affairs. As of December 31, 2023, the Adviser had approximately $3.9 trillion in discretionary assets under management, and approximately $4.9 trillion when combined with all of its affiliates’ assets under management.

FMR Investment Management (UK) Limited (FMR UK), at 1 St. Martin’s Le Grand, London, EC1A 4AS, United Kingdom; Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong; and Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan are sub-advisers to each fund. As of December 31, 2023, FMR UK had approximately $14.6 billion in discretionary assets under management. As of December 31, 2023, FMR H.K. had approximately $24.4 billion in discretionary assets under management. As of March 31, 2024, FMR Japan had approximately $2.8 billion in discretionary assets under management. FMR UK, FMR H.K., and FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund.

FMR is expected to continue serving as manager, and FMR UK, FMR H.K, and FMR Japan are expected to continue serving as sub-advisers of the combined fund after the Reorganization.

John Sheehy is Portfolio Manager of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund, both of which he has managed since 2017. He

Mr. Sheehy is expected to continue to be responsible for portfolio management of the combined fund after the Reorganization.

For information about the compensation of, any other accounts managed by, and any fund shares held by Fidelity Advisor^® Equity Income Fund’s portfolio manager(s), please refer to the “Management Contract(s)” section of the fund’s Statement of Additional Information, which is incorporated herein by reference.

Each fund has entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services.

Each class of each fund pays a management fee to the Adviser. The management fee is calculated and paid to the Adviser every month. When determining a class’s management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the fund’s monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual management fee rate for each class of shares of each fund is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) the amount listed below:

A different management fee rate may be applicable to each class of a fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of a fund’s assets, which do not vary by class.

The combined fund will retain Fidelity^® Equity Dividend Income Fund’s management fee structure.

For more information about fund management, please refer to the “Fund Management” section of Fidelity Advisor Equity Income Fund’s Prospectus, and to the “Control of Investment Advisers” and “Management Contracts” sections of Fidelity Advisor Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class M, Class C, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Fund Management” section of Attachment 1, and to the “Control of Investment Advisers” and “Management Contracts” sections of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

The principal business address of FDC, each fund’s principal underwriter and distribution agent, is 900 Salem Street, Smithfield, Rhode Island, 02917.

Class A, Class M, Class C, Class I, and Class Z of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund have each adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act.

Class A of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class A of each fund is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class A shares. Class A of each fund may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Currently, the Trustees have not approved such payments. The Trustees may approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of Class A’s average net assets when the Trustees believe that it is in the best interests of Class A shareholders to do so.

In addition, pursuant to each fund’s Class A plan, Class A of each fund pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class A’s average net assets throughout the month for providing shareholder support services.

Class M of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class M of each fund is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class M shares. Class M of each fund may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from

In addition, pursuant to each fund’s Class M plan, Class M of each fund pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class M’s average net assets throughout the month for providing shareholder support services.

Class C of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class C of each fund is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class C shares. Class C of each fund currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.75% of its average net assets throughout the month.

In addition, pursuant to each fund’s Class C plan, Class C of each fund pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class C’s average net assets throughout the month for providing shareholder support services.

Each of Class I and Class Z of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act 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 Class I and Class Z shares 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 each fund has authorized such payments for Class I and Class Z.

For more information about fund distribution, please refer to the “Fund Distribution” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, and to the “Distribution Services” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Fund Distribution” section of Attachment 1, and to the “Distribution Services” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

The following tables allow you to compare the fees and expenses of each fund and to analyze the pro forma estimated fees and expenses of the combined fund.

The following tables show the fees and expenses of Fidelity Advisor^® Equity Income Fund for the 12 months ended August 31, 2024 (adjusted to reflect current contractual arrangements), and the pro forma estimated fees and expenses of the combined fund

As shown below, the Reorganization is expected to result in lower management fee rates for shareholders of Fidelity Advisor^® Equity Income Fund.

The following tables illustrate the expenses on a hypothetical $10,000 investment in each fund under the current and pro forma (combined fund) expenses calculated at the rates stated above, assuming a 5% annual return after giving effect to the Reorganization. The tables illustrate how much a shareholder would pay in total expenses if the shareholder sells all of his or her shares at the end of each time period indicated and if the shareholder holds all of his or her shares, as applicable.

The procedures for purchasing and redeeming shares of the funds are the same. The procedures for purchasing and redeeming shares of the combined fund will remain unchanged.

For more information about the procedures for purchasing and redeeming the funds’ shares, including a description of the policies and procedures designed to discourage excessive or short-term trading of fund shares, please refer to the “Additional Information about the Purchase and Sale of Shares” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, and to the “Buying, Selling, and Exchanging Information” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Additional

No. The exchange privileges currently offered by the funds are the same. The exchange privileges offered by the combined fund will remain unchanged.

For more information about exchange privileges, please refer to the “Exchanging Shares” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, and to the “Buying, Selling, and Exchanging Information” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Exchanging Shares” section of Attachment 1, and to the “Buying, Selling, and Exchanging Information” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

The funds’ dividend and distribution policies are the same. Each fund normally pays dividends in April, July, October, and December. Each fund normally pays capital gain distributions in December. The dividend and distribution policies of the combined fund will be the same as the current dividend and distribution policies of Fidelity^® Equity Dividend Income Fund.

On or before the Closing Date, Fidelity Advisor^® Equity Income Fund may declare additional dividends or other distributions in order to distribute substantially all of its investment company taxable income and net realized capital gain (if any).

For more information about dividend and distribution policies, please refer to the “Dividends and Capital Gain Distributions” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, and to the “Distributions and Taxes” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Dividends and Capital Gain Distributions” section of Attachment 1, and to the “Distributions and Taxes” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

FMR will bear a portion of the one-time administrative costs associated with the Reorganization. Any transaction costs associated with portfolio adjustments to Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund due to the

For more information, please refer to the section entitled “Additional Information about the Funds – Expenses.”

Many factors affect each 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. A 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. A 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. To the extent a fund writes covered call options on particular securities, it gives up some ability to participate in price increases of the underlying securities. 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 is a summary of the principal risks associated with an investment in the funds. Because the funds have identical investment objectives and substantially similar strategies as described above, the funds are subject to identical investment risks. Because the funds have some different principal investment strategies as described above, the funds are also subject to some different investment risks, of which you should be aware.

For more information about the principal risks associated with an investment in Fidelity Advisor^® Equity Income Fund, please refer to the “Investment Details” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, and to the “Investment Policies and Limitations” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, each of which are incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Principal Investment Risks” section of Attachment 1, and to the “Investment Policies and Limitations” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

The following information is intended to help you understand the risks of investing in the funds. The information illustrates the changes in the performance of Fidelity Advisor^® Equity Income Fund shares and Fidelity^® Equity Dividend Income Fund, a class of shares of Fidelity^® Equity Dividend Income Fund, from year to year and compares the performance of shares to the performance of a securities market index and additional indexes over various periods of time. The additional indexes have characteristics relevant to the funds’ investment strategies. Index descriptions appear in the “Additional Index Information” section of Fidelity Advisor^® Equity Income Fund’s Prospectus, which is incorporated herein by reference. Past performance (before and after taxes, if applicable) is not an indication of future performance.

Visit institutional.fidelity.com for more recent performance information for Fidelity Advisor^® Equity Income Fund.

Visit www.fidelity.com for more recent performance information for Fidelity^® Equity Dividend Income Fund, a class of shares of Fidelity^® Equity Dividend Income Fund.

Performance history will be available at institutional.fidelity.com for Class A, Class M, Class C, Class I, and Class Z for Fidelity^® Equity Dividend Income Fund after Class A, Class M, Class C, Class I, and Class Z have been in operation for one calendar year.

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

Unlike the returns in the Fidelity Advisor Equity Income Fund – Class A bar chart above, the returns in the Fidelity Advisor Equity Income Fund table below reflect the maximum applicable sales charges. 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. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. 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.

The terms and conditions under which the transaction may be consummated are set forth in the Agreement. Significant provisions of the Agreement are summarized below; however, this summary is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 1 to this Information Statement.

The Agreement contemplates (a) Fidelity^® Equity Dividend Income Fund acquiring as of the Closing Date all of the assets of Fidelity Advisor^® Equity Income Fund in exchange solely for shares of Fidelity^® Equity Dividend Income Fund and the assumption by Fidelity^® Equity Dividend Income Fund of Fidelity Advisor^® Equity Income Fund’s liabilities; and (b) the distribution of shares of Fidelity^® Equity Dividend Income Fund to the shareholders of Fidelity Advisor^® Equity Income Fund as provided for in the Agreement.

The value of Fidelity Advisor^® Equity Income Fund’s assets to be acquired by Fidelity^® Equity Dividend Income Fund and the amount of its liabilities to be assumed by Fidelity^® Equity Dividend Income Fund will be determined as of the close of business of the NYSE on the Closing Date, using the valuation procedures set forth in Fidelity^® Equity Dividend Income Fund’s then-current Prospectuses and Statements of Additional Information. The net asset value of a share of Fidelity^® Equity Dividend Income Fund will be determined as of the same time using the valuation procedures set forth in its then-current Prospectuses and Statements of Additional Information.

As of the Closing Date, Fidelity^® Equity Dividend Income Fund will deliver to Fidelity Advisor^® Equity Income Fund, and Fidelity Advisor^® Equity Income Fund will distribute to its shareholders of record, shares of Fidelity^® Equity Dividend Income Fund so that each Fidelity Advisor^® Equity Income Fund shareholder will receive the number of full and fractional shares of Fidelity^® Equity Dividend Income Fund equal in value to the aggregate net asset value of shares of Fidelity Advisor^® Equity Income Fund held by such shareholder on the Closing Date; Fidelity Advisor^® Equity Income Fund will be liquidated as soon as practicable thereafter. Each Fidelity Advisor^® Equity Income Fund shareholder’s account shall be credited with the respective pro rata number of full and fractional shares of Fidelity^® Equity Dividend Income Fund due that shareholder. The net asset value per share of Fidelity^® Equity Dividend Income Fund will be unchanged by the transaction. Thus, the Reorganization will not result in a dilution of any shareholder’s interest.

Any transfer taxes payable upon issuance of shares of Fidelity^® Equity Dividend Income Fund in a name other than that of the registered holder of the shares on the books of Fidelity Advisor^® Equity Income Fund as of that time shall be paid by the person to whom such shares are to be issued as a condition of such transfer. Any reporting

FMR will bear a portion of the one-time administrative costs associated with the Reorganization, including professional fees and expenses associated with the filing of registration statements, which will consist principally of printing and mailing [Summary] Prospectuses and the Information Statement.

[In connection with the Reorganization, FMR may sell a portion of the securities held by Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund and purchase other securities. Any transaction costs associated with portfolio adjustments to Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund due to the Reorganization that occur prior to the Closing Date will be borne by Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund, respectively. Any transaction costs associated with portfolio adjustments to Fidelity^® Equity Dividend Income Fund due to the Reorganization that occur after the Closing Date and any additional merger-related costs attributable to Fidelity^® Equity Dividend Income Fund that occur after the Closing Date will be borne by Fidelity^® Equity Dividend Income Fund. The funds may recognize a taxable gain or loss on the disposition of securities pursuant to these portfolio adjustments].

The consummation of the Reorganization is subject to a number of conditions set forth in the Agreement, some of which may be waived by a fund. The requirement to receive the tax opinion discussed under “Federal Income Tax Considerations” below cannot be waived by Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Fund. In addition, the Agreement may be amended in any mutually agreeable manner.

In determining whether to approve the Reorganization, the Board of Trustees (the Board) considered a number of factors, including the following:

Each fund’s Board carefully reviewed the proposal and determined that the Reorganization is in the best interests of the shareholders of each fund and that the Reorganization will not result in a dilution of the interests of the shareholders of either fund.

Holders of Class A, Class M, Class C, Class I, and Class Z shares of Fidelity Advisor^® Equity Income Fund will receive, respectively, Class A, Class M, Class C, Class I, and Class Z shares of Fidelity^® Equity Dividend Income Fund. Class A, Class M, Class C, Class I, and Class Z shares of Fidelity^® Equity Dividend Income Fund are being created to facilitate the Reorganization and will commence operations prior to the closing of the Reorganization.

Fidelity^® Equity Dividend Income Fund is a series of Fidelity Financial Trust. The Trustees of the trust are authorized to issue an unlimited number of shares of beneficial interest of separate series. Each share of Fidelity^® Equity Dividend Income Fund represents an equal proportionate interest with each other share of the fund, and each such share of Fidelity^® Equity Dividend Income Fund is entitled to equal voting, dividend, liquidation, and redemption rights. Each shareholder of Fidelity^® Equity Dividend Income Fund is entitled to one vote for each dollar of net asset value of the fund that shareholder owns, with fractional dollar amounts entitled to a proportionate fractional vote. Shares of Fidelity^® Equity Dividend Income Fund have no preemptive rights. Shares are fully paid and nonassessable, except as set forth in the “Description of the Trust(s) – Shareholder Liability” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

Fidelity Financial Trust does not hold annual meetings of shareholders. There will normally be no meetings of shareholders for the purpose of electing Trustees unless less than a majority of the Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholder meeting for the election of Trustees. Under the 1940 Act, shareholders of record of at least two-thirds of the outstanding shares of an investment company may remove a Trustee by votes cast in person or by proxy at a meeting called for that purpose. The Trustees are required to call a meeting of shareholders for the purpose of voting upon the question of removal of any Trustee when requested in writing to do so by the shareholders of record holding at least 10% of the trust’s outstanding shares.

For more information about voting rights and dividend rights relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Description of the Trust(s) – Voting Rights” and the “Distributions and

The following is a general summary of some of the important U.S. federal income tax consequences of the Reorganization and is based upon the current provisions of the Internal Revenue Code of 1986, as amended (the Code), the existing U.S. Treasury Regulations thereunder, current administrative rulings of the U.S. Internal Revenue Service (IRS) and published judicial decisions, all of which are subject to change, possibly with retroactive effect. These considerations are general in nature and apply with respect to Fidelity Advisor^® Equity Income Fund shareholders that have their Fidelity Advisor^® Equity Income Fund shares exchanged for Fidelity^® Equity Dividend Income Fund shares. Individual shareholders should consult their own tax advisors as to the federal, state, local, and foreign tax considerations applicable to them and their individual circumstances.

The exchange of Fidelity Advisor^® Equity Income Fund’s assets for Fidelity^® Equity Dividend Income Fund’s shares and the assumption of the liabilities of Fidelity Advisor^® Equity Income Fund by Fidelity^® Equity Dividend Income Fund is intended to qualify for federal income tax purposes as a tax-free reorganization under the Code. With respect to the Reorganization, the participating funds will receive an opinion from Dechert LLP, counsel to Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund, substantially to the effect that:

(i) The acquisition by Fidelity^® Equity Dividend Income Fund of substantially all of the assets of Fidelity Advisor^® Equity Income Fund in exchange solely for Fidelity^® Equity Dividend Income Fund shares and the assumption by Fidelity^® Equity Dividend Income Fund of all liabilities of Fidelity Advisor^® Equity Income Fund followed by the distribution of Fidelity^® Equity Dividend Income Fund shares to the Fidelity Advisor^® Equity Income Fund shareholders in exchange for their Fidelity Advisor^® Equity Income Fund shares in complete liquidation and termination of Fidelity Advisor^® Equity Income Fund will constitute a tax-free reorganization under Section 368(a) of the Code;

(ii) Fidelity Advisor^® Equity Income Fund will recognize no gain or loss upon the transfer of substantially all of its assets to Fidelity^® Equity Dividend Income Fund in exchange solely for Fidelity^® Equity Dividend Income Fund shares and the assumption by Fidelity^® Equity Dividend Income Fund of all liabilities of Fidelity Advisor^® Equity Income Fund, except that Fidelity Advisor^® Equity Income Fund may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code;

(iv) Fidelity^® Equity Dividend Income Fund will recognize no gain or loss upon the receipt of the assets of Fidelity Advisor^® Equity Income Fund in exchange solely for Fidelity^® Equity Dividend Income Fund shares and the assumption of all liabilities of Fidelity Advisor^® Equity Income Fund;

(v) The adjusted basis to Fidelity^® Equity Dividend Income Fund of the assets of Fidelity Advisor^® Equity Income Fund received by Fidelity^® Equity Dividend Income Fund in the Reorganization will be the same as the adjusted basis of those assets in the hands of Fidelity Advisor^® Equity Income Fund immediately before the exchange;

(vi) Fidelity^® Equity Dividend Income Fund’s holding periods with respect to the assets of Fidelity Advisor^® Equity Income Fund that Fidelity^® Equity Dividend Income Fund acquires in the Reorganization will include the respective periods for which those assets were held by Fidelity Advisor^® Equity Income Fund (except where investment activities of Fidelity^® Equity Dividend Income Fund have the effect of reducing or eliminating a holding period with respect to an asset);

(vii) The Fidelity Advisor^® Equity Income Fund shareholders will recognize no gain or loss upon receiving Fidelity^® Equity Dividend Income Fund shares in exchange solely for Fidelity Advisor^® Equity Income Fund shares;

(viii) The aggregate basis of the Fidelity^® Equity Dividend Income Fund shares received by a Fidelity Advisor^® Equity Income Fund shareholder in the Reorganization will be the same as the aggregate basis of the Fidelity Advisor^® Equity Income Fund shares surrendered by the Fidelity Advisor^® Equity Income Fund shareholder in exchange therefor; and

(ix) A Fidelity Advisor^® Equity Income Fund shareholder’s holding period for the Fidelity^® Equity Dividend Income Fund shares received by the Fidelity Advisor^® Equity Income Fund shareholder in the Reorganization will include the holding period during which the Fidelity Advisor^® Equity Income Fund shareholder held Fidelity Advisor^® Equity Income Fund shares surrendered in exchange therefor, provided that the Fidelity Advisor^® Equity Income Fund shareholder held such shares as a capital asset on the date of the Reorganization.

Notwithstanding the foregoing, no opinion will be expressed as to the tax consequences of the Reorganization on contracts or securities on which gain or loss is recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a nonrecognition transaction under the Code. None of the Funds have requested or will request an advance ruling from the IRS as to the U.S. federal income tax consequences of the Reorganization. The opinion is not binding on the IRS or the courts and is not a guarantee that the tax consequences of the Reorganization will be as described above. If the Reorganization were consummated but the IRS or the courts were to determine that the Reorganization did not qualify as a tax-free reorganization under the Code and thus were tax- able, then Fidelity Advisor^® Equity Income Fund would recognize

The Reorganization is expected to end the tax year of Fidelity Advisor^® Equity Income Fund, which could accelerate distributions to shareholders from Fidelity Advisor^® Equity Income Fund for its short tax year ending on the Closing Date. On or before the Closing Date, Fidelity Advisor^® Equity Income Fund may declare one or more distributions to its shareholders, which together with all previous distributions, will have the effect of distributing to shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and net realized capital gains, if any, through the Closing Date (including any gains attributable to portfolio repositioning prior to the Reorganization). Any of the foregoing distributions may be taxable.

The table below shows each fund’s approximate net assets, net realized gains/losses (including capital loss carryforwards, if any) and net unrealized gains/losses as of August 31, 2024. Assuming the Reorganization qualifies as a tax-free reorganization as expected, Fidelity Advisor^® Equity Income Fund’s unrealized gains/losses and net realized losses (if any) at the time of the Reorganization will generally carryover to Fidelity^® Equity Dividend Income Fund in the Reorganization. The Reorganization could trigger tax rules that would impose an annual limit on Fidelity^® Equity Dividend Income Fund’s ability to use Fidelity Advisor^® Equity Income Fund’s net realized and/or net unrealized losses (if any at the time of the Reorganization) to offset gains following the Reorganization.

Fidelity Advisor^® Equity Income Fund is a diversified series of Fidelity Advisor Series I, an open-end management investment company organized as a Massachusetts business trust on June 24, 1983. Fidelity^® Equity Dividend Income Fund is a diversified series of Fidelity Financial Trust (together with Fidelity Advisor Series I, the trusts), an

For more information regarding shareholder rights for Fidelity Advisor^® Equity Income Fund, please refer to the “Description of the Trust(s)” section of Fidelity Advisor^® Equity Income Fund’s Statement of Additional Information, which is incorporated herein by reference. For more information relating to Class A, Class C, Class M, Class I, and Class Z of Fidelity^® Equity Dividend Income Fund, please refer to the “Description of the Trust” section of the Statement of Additional Information relating to this Information Statement, which is incorporated herein by reference.

FMR does not expect Fidelity^® Equity Dividend Income Fund to revise its investment policies as a result of the Reorganization. In addition, FMR does not anticipate significant changes to Fidelity^® Equity Dividend Income Fund’s management or to entities that provide the fund with services. Specifically, the Trustees and officers, the investment adviser, distributor, and other entities will continue to serve Fidelity^® Equity Dividend Income Fund in their current capacities. John Sheehy, who is currently the Portfolio Manager of Fidelity^® Equity Dividend Income Fund, is expected to continue to be responsible for portfolio management of the combined fund after the Reorganization.

The following table shows the capitalization of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund as of August 31, 2024, and on a pro forma combined basis (unaudited) as of that date giving effect to the Reorganization. As of August 31, 2024, the net assets of Fidelity Advisor^® Equity Income Fund were $1,899,009,695, or 30.5% of Fidelity^® Equity Dividend Income Fund.

The table above assumes that the Reorganization occurred on August 31, 2024. The table is for information purposes only. No assurance can be given as to how many Fidelity^® Equity Dividend Income Fund shares will be received by shareholders of Fidelity Advisor^® Equity Income Fund on the date that the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Fidelity^® Equity Dividend Income Fund that actually will be received on or after that date.

The Agreement and the Reorganization were approved by the Board of Trustees of the Trust at a meeting held on October 16, 2024. The Board of Trustees determined that the Reorganization is in the best interests of shareholders of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund and that the interests of existing shareholders of Fidelity Advisor^® Equity Income Fund and Fidelity^® Equity Dividend Income Fund would not be diluted as a result of the Reorganization. In the event that the Reorganization does not occur, Fidelity Advisor^® Equity Income Fund will continue to engage in business as a fund of a registered investment company and the Board of Trustees of the trust may consider other proposals for the Reorganization or liquidation of the fund.

Class A, Class M, Class C, Class I, and Class Z shares of Fidelity^® Equity Dividend Income Fund have not commenced operations as of the end of Fidelity^® Equity Dividend Income Fund’s fiscal year and financial highlights are not available. Fidelity^® Equity Dividend Income Fund – Retail Class’s financial highlights for the last five fiscal years ended November 30 (audited), updated to include semi-annual data for the six-month period ended May 31, 2024 (unaudited), are shown in the table below:

Fidelity^® Equity Dividend Income Fund – Retail Class’s financial highlights should be read in conjunction with the financial statements audited by PricewaterhouseCoopers LLP contained in the fund’s Annual Report to Shareholders and the unaudited financial statements contained in the fund’s Form N-CSRS, which are incorporated by reference into the Statement of Additional Information relating to this Information Statement.