# EDGAR Filing Document

**Accession Number:** 0000722574
**File Stem:** 0000722574-25-000227
**Filing Date:** 2025-7
**Character Count:** 1503402
**Document Hash:** 807fd4e2209304659e587a9736e35584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000722574-25-000227.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000722574-25-000227

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 137

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03785
- **FILM NUMBER:** 251142043

**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

## Series and Classes Contracts Data

### 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           |
| C000115525 | Fidelity Stock Selector Mid Cap Fund | FSSMX           |
| 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           |
| C000014249 | Fidelity Value Strategies Fund         | FSLSX           |
| C000064234 | Fidelity Value Strategies Fund Class K | FVSKX           |

### 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 Income Fund (Series ID: S000005122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013991 | Class A      | FEIAX           |
| C000013993 | Class C      | FEICX           |
| C000013994 | Class M      | FEIRX           |
| C000013995 | Class I      | EQPIX           |
| C000130153 | Class Z      | FZAGX           |

### 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 Real Estate High Income Fund (Series ID: S000017688)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000048884 | Fidelity Real Estate High Income Fund |  |

### Fidelity Advisor Series Growth Opportunities Fund (Series ID: S000042623)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000131778 | Fidelity Advisor Series Growth Opportunities Fund | FAOFX           |

### Fidelity Advisor Series Equity Growth Fund (Series ID: S000045650)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000141933 | Fidelity Advisor Series Equity Growth Fund | FMFMX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03785</u>

<u>Fidelity Advisor Series I</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class A : FAGAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $43  | 0.86% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $25172746323<br>|
| Number of Holdings | 200<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 43.0 |
| Communication Services | 22.4 |
| Consumer Discretionary | 9.8 |
| Financials | 5.6 |
| Industrials | 5.5 |
| Health Care | 3.3 |
| Consumer Staples | 3.1 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Materials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.2 |
| Preferred Stocks | 2.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Taiwan | 1.6 |
| Singapore | 1.3 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| India | 0.4 |
| Canada | 0.3 |
| Estonia | 0.2 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Estonia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 12.7<br>|
| Microsoft Corp | 9.0<br>|
| Meta Platforms Inc Class A | 6.8<br>|
| Amazon.com Inc | 5.2<br>|
| Apple Inc | 4.7<br>|
| Broadcom Inc | 4.4<br>|
| Alphabet Inc Class C | 3.9<br>|
| Netflix Inc | 2.6<br>|
| Roku Inc Class A | 2.6<br>|
| Visa Inc Class A | 2.2<br>|
|  | 54.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img223_20250531_1.jpg)<br>| ![](img109774_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915861.101 248-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class M : FDGTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $61  | 1.23% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1734543687<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Information Technology | 19.3 |
| Financials | 18.4 |
| Communication Services | 10.7 |
| Energy | 8.5 |
| Health Care | 5.8 |
| Consumer Staples | 5.7 |
| Consumer Discretionary | 4.4 |
| Utilities | 3.0 |
| Real Estate | 1.8 |
| Materials | 1.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img714_20250531_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 89.9 |
| Canada | 4.2 |
| United Kingdom | 1.8 |
| Taiwan | 1.6 |
| Brazil | 0.5 |
| Norway | 0.5 |
| Denmark | 0.4 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img714_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 6.3<br>|
| Microsoft Corp | 5.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class A | 4.2<br>|
| Boeing Co | 3.7<br>|
| GE Vernova Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.4<br>|
| Broadcom Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Bank of America Corp | 1.9<br>|
|  | 36.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img714_20250531_1.jpg)<br>| ![](img109796_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915908.101 720-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class I : FAGCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $30  | 0.61% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $25172746323<br>|
| Number of Holdings | 200<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 43.0 |
| Communication Services | 22.4 |
| Consumer Discretionary | 9.8 |
| Financials | 5.6 |
| Industrials | 5.5 |
| Health Care | 3.3 |
| Consumer Staples | 3.1 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Materials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.2 |
| Preferred Stocks | 2.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Taiwan | 1.6 |
| Singapore | 1.3 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| India | 0.4 |
| Canada | 0.3 |
| Estonia | 0.2 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Estonia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 12.7<br>|
| Microsoft Corp | 9.0<br>|
| Meta Platforms Inc Class A | 6.8<br>|
| Amazon.com Inc | 5.2<br>|
| Apple Inc | 4.7<br>|
| Broadcom Inc | 4.4<br>|
| Alphabet Inc Class C | 3.9<br>|
| Netflix Inc | 2.6<br>|
| Roku Inc Class A | 2.6<br>|
| Visa Inc Class A | 2.2<br>|
|  | 54.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img223_20250531_1.jpg)<br>| ![](img109772_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915864.101 688-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity® Value Strategies Fund Class K : FVSKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $29  | 0.62% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109748_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915838.101 2104-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class Z : FSLZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $26  | 0.55% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109753_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915893.101 2888-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class Z : FZAFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $27  | 0.55% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11626057133<br>|
| Number of Holdings | 143<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.3 |
| Financials | 11.2 |
| Communication Services | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Taiwan | 2.4 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img86_20250531_1.jpg)<br>| ![](img109790_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915851.101 2531-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class Z : FZAOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $38  | 0.82% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1828648771<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 17.9 |
| Information Technology | 14.4 |
| Health Care | 12.9 |
| Consumer Discretionary | 9.6 |
| Materials | 7.0 |
| Energy | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 4.3 |
| Utilities | 2.3 |
| Communication Services | 1.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20250531_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.2 |
| Canada | 4.2 |
| United Kingdom | 1.9 |
| Israel | 1.6 |
| Thailand | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.2 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Ensign Group Inc/The | 2.0<br>|
| Carpenter Technology Corp | 1.9<br>|
| Mr Cooper Group Inc | 1.8<br>|
| FirstCash Holdings Inc | 1.8<br>|
| Sterling Infrastructure Inc | 1.7<br>|
| Fabrinet | 1.6<br>|
| Patrick Industries Inc | 1.6<br>|
| Commercial Metals Co | 1.4<br>|
| Primerica Inc | 1.4<br>|
| TD SYNNEX Corp | 1.4<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img294_20250531_1.jpg)<br>| ![](img109758_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915870.101 2540-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class A : FMCDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $44  | 0.92% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109757_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915892.101 251-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class M : FASPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $57  | 1.24% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109747_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915837.101 174-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Real Estate High Income Fund<br> **Fidelity® Real Estate High Income Fund true** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate High Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-617-563-7644.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate High Income Fund  | $38  | 0.75% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $777563030<br>|
| Number of Holdings | 375<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| AAA | 7.6 |
| AA | 1.2 |
| A | 2.1 |
| BBB | 6.0 |
| BB | 15.1 |
| B | 7.5 |
| CCC,CC,C | 3.7 |
| Not Rated | 53.3 |
| Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img671_20250531_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 53.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| CMOs and Other Mortgage Related Securities | 89.6 |
| Asset-Backed Securities | 3.7 |
| Corporate Bonds | 2.7 |
| Bank Loan Obligations | 0.5 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img671_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| CMOs and Other Mortgage Related Securities - 89.6 |
| Asset-Backed Securities - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Corporate Bonds - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

United States 99.7 <br> Grand Cayman (UK Overseas Ter) 0.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img671_20250531_GD.jpg) <br>|

---

United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Grand Cayman (UK Overseas Ter) - 0.3&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BX Commercial Mortgage Trust 2020-VIVA | 2.2<br>|
| MHC Commercial Mortgage Trust | 1.7<br>|
| BX Trust 2019-OC11 | 1.7<br>|
| BX Commercial Mortgage Trust 2024-VLT5 | 1.6<br>|
| Hilton USA Trust | 1.4<br>|
| BX Trust 2021-VOL | 1.4<br>|
| BX Commercial Mortgage Trust | 1.3<br>|
| MHP Commercial Mortgage Trust | 1.1<br>|
| BX Trust 2024 VLT4 | 1.1<br>|
| BX Commercial Mortgage Trust 2024-KING | 1.0<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img671_20250531_1.jpg)<br>| ![](img109720_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915903.101 671-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Income Fund<br> **Fidelity Advisor® Equity Income Fund Class C : FEICX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $79  | 1.62% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1834584652<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.3 |
| Health Care | 12.7 |
| Industrials | 10.9 |
| Information Technology | 10.4 |
| Consumer Staples | 10.4 |
| Energy | 7.9 |
| Communication Services | 6.3 |
| Utilities | 6.2 |
| Materials | 4.3 |
| Real Estate | 4.0 |
| Consumer Discretionary | 3.0 |

---

Common Stocks 96.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img80_20250531_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.8 |
| France | 1.9 |
| Taiwan | 0.8 |
| Canada | 0.5 |
| Korea (South) | 0.4 |
| Denmark | 0.2 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img80_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| US Bancorp | 2.8<br>|
| Cisco Systems Inc | 2.3<br>|
| Comcast Corp Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| GSK PLC ADR | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Exxon Mobil Corp | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Cigna Group/The | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img80_20250531_1.jpg)<br>| ![](img109788_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915848.101 480-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class A : FSCDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $55  | 1.19% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1828648771<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 17.9 |
| Information Technology | 14.4 |
| Health Care | 12.9 |
| Consumer Discretionary | 9.6 |
| Materials | 7.0 |
| Energy | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 4.3 |
| Utilities | 2.3 |
| Communication Services | 1.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20250531_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.2 |
| Canada | 4.2 |
| United Kingdom | 1.9 |
| Israel | 1.6 |
| Thailand | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.2 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Ensign Group Inc/The | 2.0<br>|
| Carpenter Technology Corp | 1.9<br>|
| Mr Cooper Group Inc | 1.8<br>|
| FirstCash Holdings Inc | 1.8<br>|
| Sterling Infrastructure Inc | 1.7<br>|
| Fabrinet | 1.6<br>|
| Patrick Industries Inc | 1.6<br>|
| Commercial Metals Co | 1.4<br>|
| Primerica Inc | 1.4<br>|
| TD SYNNEX Corp | 1.4<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img294_20250531_1.jpg)<br>| ![](img109762_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915871.101 294-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Value Fund<br> **Fidelity Advisor® Equity Value Fund Class I : FAIVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $29  | 0.59% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $209008401<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.6 |
| Health Care | 14.7 |
| Industrials | 12.9 |
| Consumer Staples | 11.7 |
| Energy | 8.7 |
| Information Technology | 6.6 |
| Utilities | 5.2 |
| Consumer Discretionary | 4.7 |
| Communication Services | 3.5 |
| Materials | 3.3 |
| Real Estate | 1.5 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img150_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.1 |
| Canada | 2.6 |
| Korea (South) | 0.4 |
| Germany | 0.4 |
| France | 0.2 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img150_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Exxon Mobil Corp | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| The Travelers Companies, Inc. | 3.1<br>|
| Chubb Ltd | 2.7<br>|
| Cigna Group/The | 2.7<br>|
| JPMorgan Chase & Co | 2.6<br>|
| Wells Fargo & Co | 2.4<br>|
| Cisco Systems Inc | 2.3<br>|
| Deere & Co | 2.1<br>|
| Centene Corp | 2.1<br>|
|  | 26.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img150_20250531_1.jpg)<br>| ![](img109782_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915859.101 893-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Large Cap Fund<br> **Fidelity Advisor® Large Cap Fund Class A : FALAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $55  | 1.10% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1628322360<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.1 |
| Industrials | 19.5 |
| Financials | 16.9 |
| Health Care | 10.0 |
| Communication Services | 9.7 |
| Energy | 7.8 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.2 |
| Real Estate | 0.8 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img534_20250531_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Netherlands | 0.8 |
| Belgium | 0.7 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img534_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.8<br>|
| Wells Fargo & Co | 6.3<br>|
| NVIDIA Corp | 6.1<br>|
| GE Aerospace | 6.0<br>|
| GE Vernova Inc | 4.2<br>|
| Boeing Co | 4.0<br>|
| Exxon Mobil Corp | 3.9<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Bank of America Corp | 2.6<br>|
| Apple Inc | 2.2<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img534_20250531_1.jpg)<br>| ![](img109769_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915897.101 250-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class I : FSCIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $44  | 0.94% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1828648771<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 17.9 |
| Information Technology | 14.4 |
| Health Care | 12.9 |
| Consumer Discretionary | 9.6 |
| Materials | 7.0 |
| Energy | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 4.3 |
| Utilities | 2.3 |
| Communication Services | 1.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20250531_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.2 |
| Canada | 4.2 |
| United Kingdom | 1.9 |
| Israel | 1.6 |
| Thailand | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.2 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Ensign Group Inc/The | 2.0<br>|
| Carpenter Technology Corp | 1.9<br>|
| Mr Cooper Group Inc | 1.8<br>|
| FirstCash Holdings Inc | 1.8<br>|
| Sterling Infrastructure Inc | 1.7<br>|
| Fabrinet | 1.6<br>|
| Patrick Industries Inc | 1.6<br>|
| Commercial Metals Co | 1.4<br>|
| Primerica Inc | 1.4<br>|
| TD SYNNEX Corp | 1.4<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img294_20250531_1.jpg)<br>| ![](img109760_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915873.101 298-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Income Fund<br> **Fidelity Advisor® Equity Income Fund Class I : EQPIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $30  | 0.61% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1834584652<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.3 |
| Health Care | 12.7 |
| Industrials | 10.9 |
| Information Technology | 10.4 |
| Consumer Staples | 10.4 |
| Energy | 7.9 |
| Communication Services | 6.3 |
| Utilities | 6.2 |
| Materials | 4.3 |
| Real Estate | 4.0 |
| Consumer Discretionary | 3.0 |

---

Common Stocks 96.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img80_20250531_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.8 |
| France | 1.9 |
| Taiwan | 0.8 |
| Canada | 0.5 |
| Korea (South) | 0.4 |
| Denmark | 0.2 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img80_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| US Bancorp | 2.8<br>|
| Cisco Systems Inc | 2.3<br>|
| Comcast Corp Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| GSK PLC ADR | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Exxon Mobil Corp | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Cigna Group/The | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img80_20250531_1.jpg)<br>| ![](img109787_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915849.101 80-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Value Fund<br> **Fidelity Advisor® Equity Value Fund Class M : FAVTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $54  | 1.11% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $209008401<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.6 |
| Health Care | 14.7 |
| Industrials | 12.9 |
| Consumer Staples | 11.7 |
| Energy | 8.7 |
| Information Technology | 6.6 |
| Utilities | 5.2 |
| Consumer Discretionary | 4.7 |
| Communication Services | 3.5 |
| Materials | 3.3 |
| Real Estate | 1.5 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img150_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.1 |
| Canada | 2.6 |
| Korea (South) | 0.4 |
| Germany | 0.4 |
| France | 0.2 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img150_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Exxon Mobil Corp | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| The Travelers Companies, Inc. | 3.1<br>|
| Chubb Ltd | 2.7<br>|
| Cigna Group/The | 2.7<br>|
| JPMorgan Chase & Co | 2.6<br>|
| Wells Fargo & Co | 2.4<br>|
| Cisco Systems Inc | 2.3<br>|
| Deere & Co | 2.1<br>|
| Centene Corp | 2.1<br>|
|  | 26.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img150_20250531_1.jpg)<br>| ![](img109781_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915858.101 885-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class I : EQPGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $33  | 0.66% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11626057133<br>|
| Number of Holdings | 143<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.3 |
| Financials | 11.2 |
| Communication Services | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Taiwan | 2.4 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img86_20250531_1.jpg)<br>| ![](img109792_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915854.101 86-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Large Cap Fund<br> **Fidelity Advisor® Large Cap Fund Class C : FLCCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $94  | 1.86% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1628322360<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.1 |
| Industrials | 19.5 |
| Financials | 16.9 |
| Health Care | 10.0 |
| Communication Services | 9.7 |
| Energy | 7.8 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.2 |
| Real Estate | 0.8 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img534_20250531_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Netherlands | 0.8 |
| Belgium | 0.7 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img534_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.8<br>|
| Wells Fargo & Co | 6.3<br>|
| NVIDIA Corp | 6.1<br>|
| GE Aerospace | 6.0<br>|
| GE Vernova Inc | 4.2<br>|
| Boeing Co | 4.0<br>|
| Exxon Mobil Corp | 3.9<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Bank of America Corp | 2.6<br>|
| Apple Inc | 2.2<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img534_20250531_1.jpg)<br>| ![](img109768_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915899.101 483-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class A : EPGAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $45  | 0.92% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11626057133<br>|
| Number of Holdings | 143<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.3 |
| Financials | 11.2 |
| Communication Services | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Taiwan | 2.4 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img86_20250531_1.jpg)<br>| ![](img109794_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915850.101 245-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Income Fund<br> **Fidelity Advisor® Equity Income Fund Class A : FEIAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $42  | 0.86% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1834584652<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.3 |
| Health Care | 12.7 |
| Industrials | 10.9 |
| Information Technology | 10.4 |
| Consumer Staples | 10.4 |
| Energy | 7.9 |
| Communication Services | 6.3 |
| Utilities | 6.2 |
| Materials | 4.3 |
| Real Estate | 4.0 |
| Consumer Discretionary | 3.0 |

---

Common Stocks 96.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img80_20250531_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.8 |
| France | 1.9 |
| Taiwan | 0.8 |
| Canada | 0.5 |
| Korea (South) | 0.4 |
| Denmark | 0.2 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img80_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| US Bancorp | 2.8<br>|
| Cisco Systems Inc | 2.3<br>|
| Comcast Corp Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| GSK PLC ADR | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Exxon Mobil Corp | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Cigna Group/The | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img80_20250531_1.jpg)<br>| ![](img109789_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915845.101 246-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class A : FADAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $49  | 0.98% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1734543687<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Information Technology | 19.3 |
| Financials | 18.4 |
| Communication Services | 10.7 |
| Energy | 8.5 |
| Health Care | 5.8 |
| Consumer Staples | 5.7 |
| Consumer Discretionary | 4.4 |
| Utilities | 3.0 |
| Real Estate | 1.8 |
| Materials | 1.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img714_20250531_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 89.9 |
| Canada | 4.2 |
| United Kingdom | 1.8 |
| Taiwan | 1.6 |
| Brazil | 0.5 |
| Norway | 0.5 |
| Denmark | 0.4 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img714_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 6.3<br>|
| Microsoft Corp | 5.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class A | 4.2<br>|
| Boeing Co | 3.7<br>|
| GE Vernova Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.4<br>|
| Broadcom Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Bank of America Corp | 1.9<br>|
|  | 36.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img714_20250531_1.jpg)<br>| ![](img109799_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915905.101 714-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity® Stock Selector Mid Cap Fund : FSSMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Stock Selector Mid Cap Fund  | $30  | 0.63% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109752_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915891.101 2412-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Large Cap Fund<br> **Fidelity Advisor® Large Cap Fund Class Z : FIDLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $36  | 0.72% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1628322360<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.1 |
| Industrials | 19.5 |
| Financials | 16.9 |
| Health Care | 10.0 |
| Communication Services | 9.7 |
| Energy | 7.8 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.2 |
| Real Estate | 0.8 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img534_20250531_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Netherlands | 0.8 |
| Belgium | 0.7 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img534_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.8<br>|
| Wells Fargo & Co | 6.3<br>|
| NVIDIA Corp | 6.1<br>|
| GE Aerospace | 6.0<br>|
| GE Vernova Inc | 4.2<br>|
| Boeing Co | 4.0<br>|
| Exxon Mobil Corp | 3.9<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Bank of America Corp | 2.6<br>|
| Apple Inc | 2.2<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img534_20250531_1.jpg)<br>| ![](img109765_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915898.101 2889-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class M : FSCTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $67  | 1.44% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1828648771<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 17.9 |
| Information Technology | 14.4 |
| Health Care | 12.9 |
| Consumer Discretionary | 9.6 |
| Materials | 7.0 |
| Energy | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 4.3 |
| Utilities | 2.3 |
| Communication Services | 1.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20250531_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.2 |
| Canada | 4.2 |
| United Kingdom | 1.9 |
| Israel | 1.6 |
| Thailand | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.2 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Ensign Group Inc/The | 2.0<br>|
| Carpenter Technology Corp | 1.9<br>|
| Mr Cooper Group Inc | 1.8<br>|
| FirstCash Holdings Inc | 1.8<br>|
| Sterling Infrastructure Inc | 1.7<br>|
| Fabrinet | 1.6<br>|
| Patrick Industries Inc | 1.6<br>|
| Commercial Metals Co | 1.4<br>|
| Primerica Inc | 1.4<br>|
| TD SYNNEX Corp | 1.4<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img294_20250531_1.jpg)<br>| ![](img109759_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915874.101 299-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class C : FDGCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $86  | 1.73% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1734543687<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Information Technology | 19.3 |
| Financials | 18.4 |
| Communication Services | 10.7 |
| Energy | 8.5 |
| Health Care | 5.8 |
| Consumer Staples | 5.7 |
| Consumer Discretionary | 4.4 |
| Utilities | 3.0 |
| Real Estate | 1.8 |
| Materials | 1.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img714_20250531_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 89.9 |
| Canada | 4.2 |
| United Kingdom | 1.8 |
| Taiwan | 1.6 |
| Brazil | 0.5 |
| Norway | 0.5 |
| Denmark | 0.4 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img714_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 6.3<br>|
| Microsoft Corp | 5.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class A | 4.2<br>|
| Boeing Co | 3.7<br>|
| GE Vernova Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.4<br>|
| Broadcom Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Bank of America Corp | 1.9<br>|
|  | 36.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img714_20250531_1.jpg)<br>| ![](img109798_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915906.101 716-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity® Value Strategies Fund : FSLSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Value Strategies Fund  | $32  | 0.70% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109746_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915836.101 14-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class C : FVCSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $81  | 1.75% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109750_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915840.101 5636-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Value Fund<br> **Fidelity Advisor® Equity Value Fund Class Z : FAEVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $23  | 0.47% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $209008401<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.6 |
| Health Care | 14.7 |
| Industrials | 12.9 |
| Consumer Staples | 11.7 |
| Energy | 8.7 |
| Information Technology | 6.6 |
| Utilities | 5.2 |
| Consumer Discretionary | 4.7 |
| Communication Services | 3.5 |
| Materials | 3.3 |
| Real Estate | 1.5 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img150_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.1 |
| Canada | 2.6 |
| Korea (South) | 0.4 |
| Germany | 0.4 |
| France | 0.2 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img150_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Exxon Mobil Corp | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| The Travelers Companies, Inc. | 3.1<br>|
| Chubb Ltd | 2.7<br>|
| Cigna Group/The | 2.7<br>|
| JPMorgan Chase & Co | 2.6<br>|
| Wells Fargo & Co | 2.4<br>|
| Cisco Systems Inc | 2.3<br>|
| Deere & Co | 2.1<br>|
| Centene Corp | 2.1<br>|
|  | 26.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img150_20250531_1.jpg)<br>| ![](img109780_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915855.101 2883-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Series Equity Growth Fund<br> **Fidelity Advisor® Series Equity Growth Fund : FMFMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Series Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Advisor® Series Equity Growth Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1288289009<br>|
| Number of Holdings | 142<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Consumer Discretionary | 17.9 |
| Health Care | 14.5 |
| Financials | 11.4 |
| Communication Services | 10.2 |
| Industrials | 9.0 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2645_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Taiwan | 2.4 |
| China | 2.2 |
| Brazil | 1.7 |
| Canada | 1.3 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.6 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2645_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 10.4<br>|
| NVIDIA Corp | 10.4<br>|
| Microsoft Corp | 5.8<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.8<br>|
| Boston Scientific Corp | 2.7<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 48.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2645_20250531_1.jpg)<br>| ![](img109764_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915920.101 2645-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class C : EPGCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $82  | 1.67% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11626057133<br>|
| Number of Holdings | 143<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.3 |
| Financials | 11.2 |
| Communication Services | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Taiwan | 2.4 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img86_20250531_1.jpg)<br>| ![](img109793_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915853.101 479-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class I : FMCCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $32  | 0.67% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109755_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915896.101 533-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class I : FASOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $34  | 0.74% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109749_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915841.101 694-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Income Fund<br> **Fidelity Advisor® Equity Income Fund Class Z : FZAGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $23  | 0.48% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1834584652<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.3 |
| Health Care | 12.7 |
| Industrials | 10.9 |
| Information Technology | 10.4 |
| Consumer Staples | 10.4 |
| Energy | 7.9 |
| Communication Services | 6.3 |
| Utilities | 6.2 |
| Materials | 4.3 |
| Real Estate | 4.0 |
| Consumer Discretionary | 3.0 |

---

Common Stocks 96.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img80_20250531_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.8 |
| France | 1.9 |
| Taiwan | 0.8 |
| Canada | 0.5 |
| Korea (South) | 0.4 |
| Denmark | 0.2 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img80_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| US Bancorp | 2.8<br>|
| Cisco Systems Inc | 2.3<br>|
| Comcast Corp Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| GSK PLC ADR | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Exxon Mobil Corp | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Cigna Group/The | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img80_20250531_1.jpg)<br>| ![](img109785_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915846.101 2532-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class C : FSCEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $90  | 1.94% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1828648771<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 17.9 |
| Information Technology | 14.4 |
| Health Care | 12.9 |
| Consumer Discretionary | 9.6 |
| Materials | 7.0 |
| Energy | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 4.3 |
| Utilities | 2.3 |
| Communication Services | 1.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20250531_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.2 |
| Canada | 4.2 |
| United Kingdom | 1.9 |
| Israel | 1.6 |
| Thailand | 1.6 |
| Japan | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Netherlands | 0.2 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Ensign Group Inc/The | 2.0<br>|
| Carpenter Technology Corp | 1.9<br>|
| Mr Cooper Group Inc | 1.8<br>|
| FirstCash Holdings Inc | 1.8<br>|
| Sterling Infrastructure Inc | 1.7<br>|
| Fabrinet | 1.6<br>|
| Patrick Industries Inc | 1.6<br>|
| Commercial Metals Co | 1.4<br>|
| Primerica Inc | 1.4<br>|
| TD SYNNEX Corp | 1.4<br>|
|  | 16.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img294_20250531_1.jpg)<br>| ![](img109761_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915872.101 297-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class I : FDGIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $36  | 0.73% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1734543687<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Information Technology | 19.3 |
| Financials | 18.4 |
| Communication Services | 10.7 |
| Energy | 8.5 |
| Health Care | 5.8 |
| Consumer Staples | 5.7 |
| Consumer Discretionary | 4.4 |
| Utilities | 3.0 |
| Real Estate | 1.8 |
| Materials | 1.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img714_20250531_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 89.9 |
| Canada | 4.2 |
| United Kingdom | 1.8 |
| Taiwan | 1.6 |
| Brazil | 0.5 |
| Norway | 0.5 |
| Denmark | 0.4 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img714_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 6.3<br>|
| Microsoft Corp | 5.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class A | 4.2<br>|
| Boeing Co | 3.7<br>|
| GE Vernova Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.4<br>|
| Broadcom Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Bank of America Corp | 1.9<br>|
|  | 36.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img714_20250531_1.jpg)<br>| ![](img109797_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915907.101 717-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Income Fund<br> **Fidelity Advisor® Equity Income Fund Class M : FEIRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Income Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $54  | 1.10% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1834584652<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.3 |
| Health Care | 12.7 |
| Industrials | 10.9 |
| Information Technology | 10.4 |
| Consumer Staples | 10.4 |
| Energy | 7.9 |
| Communication Services | 6.3 |
| Utilities | 6.2 |
| Materials | 4.3 |
| Real Estate | 4.0 |
| Consumer Discretionary | 3.0 |

---

Common Stocks 96.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img80_20250531_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.8 |
| France | 1.9 |
| Taiwan | 0.8 |
| Canada | 0.5 |
| Korea (South) | 0.4 |
| Denmark | 0.2 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img80_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 3.1<br>|
| US Bancorp | 2.8<br>|
| Cisco Systems Inc | 2.3<br>|
| Comcast Corp Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| GSK PLC ADR | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Exxon Mobil Corp | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Cigna Group/The | 2.0<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img80_20250531_1.jpg)<br>| ![](img109786_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915847.101 280-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class M : FMCAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $56  | 1.17% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109754_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915895.101 531-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class C : FACGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $80  | 1.61% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $25172746323<br>|
| Number of Holdings | 200<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 43.0 |
| Communication Services | 22.4 |
| Consumer Discretionary | 9.8 |
| Financials | 5.6 |
| Industrials | 5.5 |
| Health Care | 3.3 |
| Consumer Staples | 3.1 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Materials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.2 |
| Preferred Stocks | 2.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Taiwan | 1.6 |
| Singapore | 1.3 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| India | 0.4 |
| Canada | 0.3 |
| Estonia | 0.2 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Estonia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 12.7<br>|
| Microsoft Corp | 9.0<br>|
| Meta Platforms Inc Class A | 6.8<br>|
| Amazon.com Inc | 5.2<br>|
| Apple Inc | 4.7<br>|
| Broadcom Inc | 4.4<br>|
| Alphabet Inc Class C | 3.9<br>|
| Netflix Inc | 2.6<br>|
| Roku Inc Class A | 2.6<br>|
| Visa Inc Class A | 2.2<br>|
|  | 54.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img223_20250531_1.jpg)<br>| ![](img109773_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915863.101 482-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Value Fund<br> **Fidelity Advisor® Equity Value Fund Class C : FAVCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $79  | 1.62% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $209008401<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.6 |
| Health Care | 14.7 |
| Industrials | 12.9 |
| Consumer Staples | 11.7 |
| Energy | 8.7 |
| Information Technology | 6.6 |
| Utilities | 5.2 |
| Consumer Discretionary | 4.7 |
| Communication Services | 3.5 |
| Materials | 3.3 |
| Real Estate | 1.5 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img150_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.1 |
| Canada | 2.6 |
| Korea (South) | 0.4 |
| Germany | 0.4 |
| France | 0.2 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img150_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Exxon Mobil Corp | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| The Travelers Companies, Inc. | 3.1<br>|
| Chubb Ltd | 2.7<br>|
| Cigna Group/The | 2.7<br>|
| JPMorgan Chase & Co | 2.6<br>|
| Wells Fargo & Co | 2.4<br>|
| Cisco Systems Inc | 2.3<br>|
| Deere & Co | 2.1<br>|
| Centene Corp | 2.1<br>|
|  | 26.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img150_20250531_1.jpg)<br>| ![](img109783_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915857.101 884-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Series Growth Opportunities Fund<br> **Fidelity Advisor® Series Growth Opportunities Fund : FAOFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Series Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity Advisor® Series Growth Opportunities Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $911406271<br>|
| Number of Holdings | 178<br>|
| Portfolio Turnover | 101%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Communication Services | 22.8 |
| Consumer Discretionary | 11.4 |
| Industrials | 6.0 |
| Financials | 5.4 |
| Consumer Staples | 3.2 |
| Health Care | 3.0 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Energy | 0.1 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.0 |
| Preferred Stocks | 2.5 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2614_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| United States | 94.3 |
| Taiwan | 1.8 |
| Singapore | 1.4 |
| Germany | 0.8 |
| Netherlands | 0.5 |
| United Kingdom | 0.5 |
| Canada | 0.3 |
| Ireland | 0.2 |
| Denmark | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2614_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.8<br>|
| Microsoft Corp | 9.7<br>|
| Meta Platforms Inc Class A | 7.6<br>|
| Amazon.com Inc | 7.0<br>|
| Alphabet Inc Class C | 4.9<br>|
| Apple Inc | 4.6<br>|
| Broadcom Inc | 4.5<br>|
| Roku Inc Class A | 2.8<br>|
| Netflix Inc | 2.5<br>|
| Visa Inc Class A | 2.3<br>|
|  | 57.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2614_20250531_1.jpg)<br>| ![](img109763_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915919.101 2614-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Large Cap Fund<br> **Fidelity Advisor® Large Cap Fund Class I : FALIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $42  | 0.84% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1628322360<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.1 |
| Industrials | 19.5 |
| Financials | 16.9 |
| Health Care | 10.0 |
| Communication Services | 9.7 |
| Energy | 7.8 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.2 |
| Real Estate | 0.8 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img534_20250531_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Netherlands | 0.8 |
| Belgium | 0.7 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img534_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.8<br>|
| Wells Fargo & Co | 6.3<br>|
| NVIDIA Corp | 6.1<br>|
| GE Aerospace | 6.0<br>|
| GE Vernova Inc | 4.2<br>|
| Boeing Co | 4.0<br>|
| Exxon Mobil Corp | 3.9<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Bank of America Corp | 2.6<br>|
| Apple Inc | 2.2<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img534_20250531_1.jpg)<br>| ![](img109767_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915901.101 536-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class M : FAEGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $57  | 1.16% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11626057133<br>|
| Number of Holdings | 143<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.3 |
| Financials | 11.2 |
| Communication Services | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.5 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Taiwan | 2.4 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.0<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img86_20250531_1.jpg)<br>| ![](img109791_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915852.101 286-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class Z : FZAHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $25  | 0.50% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $25172746323<br>|
| Number of Holdings | 200<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 43.0 |
| Communication Services | 22.4 |
| Consumer Discretionary | 9.8 |
| Financials | 5.6 |
| Industrials | 5.5 |
| Health Care | 3.3 |
| Consumer Staples | 3.1 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Materials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.2 |
| Preferred Stocks | 2.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Taiwan | 1.6 |
| Singapore | 1.3 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| India | 0.4 |
| Canada | 0.3 |
| Estonia | 0.2 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Estonia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 12.7<br>|
| Microsoft Corp | 9.0<br>|
| Meta Platforms Inc Class A | 6.8<br>|
| Amazon.com Inc | 5.2<br>|
| Apple Inc | 4.7<br>|
| Broadcom Inc | 4.4<br>|
| Alphabet Inc Class C | 3.9<br>|
| Netflix Inc | 2.6<br>|
| Roku Inc Class A | 2.6<br>|
| Visa Inc Class A | 2.2<br>|
|  | 54.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img223_20250531_1.jpg)<br>| ![](img109770_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915862.101 2533-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class C : FMCEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $80  | 1.67% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2170778727<br>|
| Number of Holdings | 208<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 12.9 |
| Information Technology | 10.7 |
| Health Care | 8.2 |
| Real Estate | 6.7 |
| Materials | 5.7 |
| Consumer Staples | 5.6 |
| Energy | 3.5 |
| Utilities | 2.8 |
| Communication Services | 1.1 |

---

Common Stocks 95.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20250531_AA.jpg) <br>|

---

Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.1 <br>

---

| | |
|:---|:---|
| United States | 95.0 |
| Puerto Rico | 1.3 |
| Japan | 1.1 |
| Canada | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.4 |
| Chile | 0.4 |
| Greece | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.3 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.4&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Howmet Aerospace Inc | 1.6<br>|
| Bancorp Inc/The | 1.4<br>|
| HEICO Corp Class A | 1.4<br>|
| Popular Inc | 1.3<br>|
| Carlisle Cos Inc | 1.3<br>|
| XPO Inc | 1.3<br>|
| Esab Corp | 1.2<br>|
| Somnigroup International Inc | 1.1<br>|
| SLM Corp | 1.1<br>|
| ITT Inc | 1.1<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img531_20250531_1.jpg)<br>| ![](img109756_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915894.101 484-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class Z : FZADX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Dividend Growth Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $30  | 0.60% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1734543687<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Information Technology | 19.3 |
| Financials | 18.4 |
| Communication Services | 10.7 |
| Energy | 8.5 |
| Health Care | 5.8 |
| Consumer Staples | 5.7 |
| Consumer Discretionary | 4.4 |
| Utilities | 3.0 |
| Real Estate | 1.8 |
| Materials | 1.4 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img714_20250531_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 89.9 |
| Canada | 4.2 |
| United Kingdom | 1.8 |
| Taiwan | 1.6 |
| Brazil | 0.5 |
| Norway | 0.5 |
| Denmark | 0.4 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img714_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 6.3<br>|
| Microsoft Corp | 5.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class A | 4.2<br>|
| Boeing Co | 3.7<br>|
| GE Vernova Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.4<br>|
| Broadcom Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Bank of America Corp | 1.9<br>|
|  | 36.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img714_20250531_1.jpg)<br>| ![](img109795_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915904.101 2529-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class M : FAGOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $55  | 1.11% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $25172746323<br>|
| Number of Holdings | 200<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 43.0 |
| Communication Services | 22.4 |
| Consumer Discretionary | 9.8 |
| Financials | 5.6 |
| Industrials | 5.5 |
| Health Care | 3.3 |
| Consumer Staples | 3.1 |
| Utilities | 2.2 |
| Real Estate | 0.7 |
| Materials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.2 |
| Preferred Stocks | 2.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Taiwan | 1.6 |
| Singapore | 1.3 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.5 |
| India | 0.4 |
| Canada | 0.3 |
| Estonia | 0.2 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Estonia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 12.7<br>|
| Microsoft Corp | 9.0<br>|
| Meta Platforms Inc Class A | 6.8<br>|
| Amazon.com Inc | 5.2<br>|
| Apple Inc | 4.7<br>|
| Broadcom Inc | 4.4<br>|
| Alphabet Inc Class C | 3.9<br>|
| Netflix Inc | 2.6<br>|
| Roku Inc Class A | 2.6<br>|
| Visa Inc Class A | 2.2<br>|
|  | 54.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img223_20250531_1.jpg)<br>| ![](img109771_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915860.101 223-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Large Cap Fund<br> **Fidelity Advisor® Large Cap Fund Class M : FALGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Large Cap Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $68  | 1.35% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1628322360<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.1 |
| Industrials | 19.5 |
| Financials | 16.9 |
| Health Care | 10.0 |
| Communication Services | 9.7 |
| Energy | 7.8 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.2 |
| Real Estate | 0.8 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img534_20250531_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Netherlands | 0.8 |
| Belgium | 0.7 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.5 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img534_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.8<br>|
| Wells Fargo & Co | 6.3<br>|
| NVIDIA Corp | 6.1<br>|
| GE Aerospace | 6.0<br>|
| GE Vernova Inc | 4.2<br>|
| Boeing Co | 4.0<br>|
| Exxon Mobil Corp | 3.9<br>|
| Meta Platforms Inc Class A | 3.3<br>|
| Bank of America Corp | 2.6<br>|
| Apple Inc | 2.2<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img534_20250531_1.jpg)<br>| ![](img109766_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915900.101 534-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Equity Value Fund<br> **Fidelity Advisor® Equity Value Fund Class A : FAVAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Equity Value Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $42  | 0.86% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $209008401<br>|
| Number of Holdings | 119<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.6 |
| Health Care | 14.7 |
| Industrials | 12.9 |
| Consumer Staples | 11.7 |
| Energy | 8.7 |
| Information Technology | 6.6 |
| Utilities | 5.2 |
| Consumer Discretionary | 4.7 |
| Communication Services | 3.5 |
| Materials | 3.3 |
| Real Estate | 1.5 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img150_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.1 |
| Canada | 2.6 |
| Korea (South) | 0.4 |
| Germany | 0.4 |
| France | 0.2 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img150_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Exxon Mobil Corp | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| The Travelers Companies, Inc. | 3.1<br>|
| Chubb Ltd | 2.7<br>|
| Cigna Group/The | 2.7<br>|
| JPMorgan Chase & Co | 2.6<br>|
| Wells Fargo & Co | 2.4<br>|
| Cisco Systems Inc | 2.3<br>|
| Deere & Co | 2.1<br>|
| Centene Corp | 2.1<br>|
|  | 26.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img150_20250531_1.jpg)<br>| ![](img109784_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915856.101 879-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class A : FSOAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $46  | 0.99% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1654511256<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.3 |
| Consumer Discretionary | 11.3 |
| Information Technology | 7.3 |
| Energy | 6.6 |
| Utilities | 6.6 |
| Health Care | 6.4 |
| Real Estate | 6.2 |
| Materials | 6.2 |
| Consumer Staples | 5.8 |
| Communication Services | 2.6 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20250531_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.4 |
| Puerto Rico | 1.0 |
| Spain | 0.9 |
| Zambia | 0.8 |
| Portugal | 0.7 |
| Switzerland | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| First Citizens BancShares Inc/NC Class A | 1.9<br>|
| East West Bancorp Inc | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| Molina Healthcare Inc | 1.5<br>|
| Ventas Inc | 1.4<br>|
| Prologis Inc | 1.4<br>|
| Allison Transmission Holdings Inc | 1.3<br>|
| LPL Financial Holdings Inc | 1.3<br>|
| SLM Corp | 1.3<br>|
| First Solar Inc | 1.3<br>|
|  | 14.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img14_20250531_1.jpg)<br>| ![](img109751_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915839.101 266-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity Advisor® Series Growth Opportunities Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109879_1.jpg)

![](img109879_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AXS3-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Series Growth Opportunities Fund](#Sub_Sec_Fund_2614_AXS3-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2614_AXS3-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AXS3-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AXS3-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AXS3-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AXS3-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Series Growth Opportunities Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 126 | 163052 |
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (c) | 21700 | 2326674 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 8116 | 1321609 |
| GERMANY - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| SAP SE  | 24500 | 7411744 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Lenskart Solutions Pvt Ltd (b)(d) | 129260 | 441565 |
| IRELAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Circle Internet Financial LLC  | 53240 | 1384240 |
| Circle Internet Financial LLC  | 5401 | 140426 |
| TOTAL IRELAND |  | 1524666 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 1383 | 205998 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 1910 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 2746 | 0 |
|  |  | 0 |
| TOTAL ISRAEL |  | 205998 |
| NETHERLANDS - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (c) | 8127 | 4658884 |
| SINGAPORE - 1.4%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.4% |  |  |
| Sea Ltd Class A ADR (c) | 81440 | 13060533 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 84100 | 16258212 |
| UNITED KINGDOM - 0.5%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd Class D (b)(c)(d) | 244400 | 852867 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 1106 | 973723 |
| TOTAL FINANCIALS |  | 1826590 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC ADR  | 235800 | 2737638 |
| TOTAL UNITED KINGDOM |  | 4564228 |
| UNITED STATES - 89.4%  |  |  |
| Communication Services - 21.3% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 163500 | 4545300 |
| Entertainment - 5.9% |  |  |
| Netflix Inc (c) | 19200 | 23178816 |
| ROBLOX Corp Class A (c) | 58600 | 5097028 |
| Roku Inc Class A (c) | 348036 | 25218689 |
| Spotify Technology SA (c) | 100 | 66514 |
|  |  | 53561047 |
| Interactive Media & Services - 13.2% |  |  |
| Alphabet Inc Class C  | 257760 | 44553816 |
| Epic Games Inc (b)(c)(d) | 2200 | 1483086 |
| Meta Platforms Inc Class A  | 107189 | 69403806 |
| Reddit Inc Class A (c) | 44100 | 4954635 |
|  |  | 120395343 |
| Media - 0.1% |  |  |
| MNTN Inc (e) | 28106 | 709113 |
| Wireless Telecommunication Services - 1.6% |  |  |
| T-Mobile US Inc  | 61224 | 14828453 |
| TOTAL COMMUNICATION SERVICES |  | 194039256 |
| Consumer Discretionary - 11.2% |  |  |
| Automobiles - 0.2% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 77208 | 4833 |
| Rad Power Bikes Inc (b)(c)(d) | 13874 | 1248 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 18888 | 3589 |
| Rivian Automotive Inc Class A (c) | 1000 | 14530 |
| Tesla Inc (c) | 4960 | 1718442 |
|  |  | 1742642 |
| Broadline Retail - 7.0% |  |  |
| Amazon.com Inc (c) | 308780 | 63302988 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Hilton Worldwide Holdings Inc  | 7300 | 1813612 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 1133 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 1132 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 1132 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 1132 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 1132 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 1132 | 0 |
| Starbucks Corp  | 40400 | 3391580 |
| Yum! Brands Inc  | 1900 | 273486 |
|  |  | 5478678 |
| Specialty Retail - 3.4% |  |  |
| Carvana Co Class A (c) | 52500 | 17175900 |
| Lowe's Cos Inc  | 33200 | 7494236 |
| O'Reilly Automotive Inc (c) | 4900 | 6700750 |
|  |  | 31370886 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(c)(d) | 174908 | 426776 |
| TOTAL CONSUMER DISCRETIONARY |  | 102321970 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The (f) | 132100 | 9524410 |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Albertsons Cos Inc Class A  | 4000 | 88920 |
| BJ's Wholesale Club Holdings Inc (c) | 77100 | 8728491 |
| Costco Wholesale Corp  | 5100 | 5304918 |
| Walmart Inc  | 46500 | 4590480 |
|  |  | 18712809 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 836067 | 1020002 |
| JUUL Labs Inc Class B (b)(c)(d) | 709 | 865 |
| Philip Morris International Inc  | 600 | 108354 |
|  |  | 1129221 |
| TOTAL CONSUMER STAPLES |  | 29366440 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Exxon Mobil Corp  | 7300 | 746789 |
| Financials - 5.2% |  |  |
| Capital Markets - 0.7% |  |  |
| Blue Owl Capital Inc Class A  | 52600 | 982568 |
| Charles Schwab Corp/The  | 30100 | 2659034 |
| LPL Financial Holdings Inc  | 7500 | 2903700 |
|  |  | 6545302 |
| Financial Services - 3.0% |  |  |
| Apollo Global Management Inc  | 33400 | 4365046 |
| Fiserv Inc (c) | 5500 | 895345 |
| Mastercard Inc Class A  | 2800 | 1639680 |
| Visa Inc Class A  | 56226 | 20533173 |
|  |  | 27433244 |
| Insurance - 1.5% |  |  |
| Arthur J Gallagher & Co  | 13700 | 4759928 |
| Progressive Corp/The  | 31700 | 9032281 |
|  |  | 13792209 |
| TOTAL FINANCIALS |  | 47770755 |
| Health Care - 2.3% |  |  |
| Biotechnology - 1.2% |  |  |
| AbbVie Inc  | 15000 | 2791650 |
| Alnylam Pharmaceuticals Inc (c) | 9663 | 2942964 |
| Cytokinetics Inc (c) | 53641 | 1663944 |
| Nuvalent Inc Class A (c) | 15000 | 1119150 |
| Vaxcyte Inc (c) | 54302 | 1764272 |
| Viking Therapeutics Inc (c)(f) | 37278 | 999050 |
|  |  | 11281030 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 2573 | 85218 |
| Boston Scientific Corp (c) | 85501 | 8999835 |
|  |  | 9085053 |
| Health Care Providers & Services - 0.0% |  |  |
| Humana Inc  | 600 | 139878 |
| Pharmaceuticals - 0.1% |  |  |
| Structure Therapeutics Inc ADR (c) | 24000 | 522240 |
| TOTAL HEALTH CARE |  | 21028201 |
| Industrials - 4.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Axon Enterprise Inc (c) | 4100 | 3076476 |
| GE Aerospace  | 5700 | 1401687 |
| Relativity Space Inc (b)(c) | 503 | 568 |
| Space Exploration Technologies Corp (b)(c)(d) | 5383 | 995855 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 1006 | 186110 |
| TransDigm Group Inc  | 600 | 881058 |
|  |  | 6541754 |
| Building Products - 1.8% |  |  |
| Builders FirstSource Inc (c) | 150200 | 16173536 |
| Ground Transportation - 1.1% |  |  |
| Uber Technologies Inc (c) | 114876 | 9667964 |
| Passenger Airlines - 0.1% |  |  |
| United Airlines Holdings Inc (c) | 11500 | 913618 |
| Professional Services - 0.4% |  |  |
| Automatic Data Processing Inc  | 12300 | 4004019 |
| Trading Companies & Distributors - 0.1% |  |  |
| QXO Inc  | 52500 | 892500 |
| TOTAL INDUSTRIALS |  | 38193391 |
| Information Technology - 39.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Flex Ltd (c) | 424847 | 17971028 |
| IT Services - 1.1% |  |  |
| CoreWeave Inc Class A (e) | 15740 | 1752019 |
| CoreWeave Inc Class A (c)(f) | 5300 | 589943 |
| CoreWeave Inc Class A (b)(e) | 566 | 63258 |
| IBM Corporation  | 28400 | 7357304 |
|  |  | 9762524 |
| Semiconductors & Semiconductor Equipment - 17.2% |  |  |
| Advanced Micro Devices Inc (c) | 54300 | 6012639 |
| Astera Labs Inc (c) | 8800 | 798336 |
| Broadcom Inc  | 170300 | 41224521 |
| Micron Technology Inc  | 9900 | 935154 |
| NVIDIA Corp  | 793860 | 107274302 |
|  |  | 156244952 |
| Software - 14.1% |  |  |
| AppLovin Corp Class A (c) | 46000 | 18078000 |
| Celestial AI Inc (b)(d) | 253 | 4215 |
| Datadog Inc Class A (c) | 33100 | 3901828 |
| Microsoft Corp  | 190383 | 87644718 |
| Monday.com Ltd (c) | 4300 | 1279207 |
| OpenAI Global LLC rights (b)(c)(d) | 166062 | 244111 |
| Oracle Corp  | 33800 | 5594914 |
| Palantir Technologies Inc Class A (c) | 60600 | 7985868 |
| Samsara Inc Class A (c) | 32300 | 1503242 |
| Servicenow Inc (c) | 1768 | 1787607 |
| Stripe Inc Class B (b)(c)(d) | 2500 | 88750 |
|  |  | 128112460 |
| Technology Hardware, Storage & Peripherals - 4.6% |  |  |
| Apple Inc  | 209613 | 42100771 |
| TOTAL INFORMATION TECHNOLOGY |  | 354191735 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Zillow Group Inc Class C (c) | 35600 | 2389116 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 16800 | 3606120 |
| TOTAL REAL ESTATE |  | 5995236 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.5% |  |  |
| Constellation Energy Corp  | 16500 | 5051475 |
| NRG Energy Inc  | 42900 | 6688110 |
| PG&E Corp  | 131900 | 2226472 |
|  |  | 13966057 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Vistra Corp  | 38900 | 6246173 |
| TOTAL UTILITIES |  | 20212230 |
| TOTAL UNITED STATES |  | 813866003 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $409,913,786) |  | <br> **865803168** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 47700 | 134442 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 13100 | 36922 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(g) | 454745 | 589168 |
|  |  | 760532 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 4439 | 3081 |
| TOTAL UNITED STATES |  | 763613 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $519,984) |  | <br> **763613** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 600 | 33029 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 4644 | 1029900 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 12183 | 342099 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 5100 | 18870 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 17400 | 29232 |
| Xsight Labs Ltd Series E (b)(d) | 13731 | 109848 |
| Xsight Labs Ltd Series E1 (b)(d) | 6366 | 50928 |
|  |  | 190008 |
| TOTAL ISRAEL |  | 208878 |
| UNITED STATES - 2.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 1387600 | 86864 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 1809 | 163 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 7117 | 1637 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 12697 | 4698 |
| Waymo LLC Series A2 (b)(c)(d) | 2896 | 203241 |
| Waymo LLC Series C2 (b)(d) | 4115 | 338500 |
|  |  | 635103 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 2400 | 90312 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 70175 | 85614 |
| JUUL Labs Inc Series D (b)(c)(d) | 938 | 1144 |
|  |  | 86758 |
| TOTAL CONSUMER STAPLES |  | 177070 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 2264 | 162329 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 4112 | 312964 |
|  |  | 475293 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 15631 | 517699 |
| Blink Health LLC Series D (b)(d) | 2983 | 98797 |
|  |  | 616496 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 5837 | 206688 |
| TOTAL HEALTH CARE |  | 823184 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Anduril Industries Inc Series F (b)(d) | 22366 | 914322 |
| Anduril Industries Inc Series G (b)(d) | 5600 | 228928 |
| Space Exploration Technologies Corp Series I (b)(c)(d) | 3290 | 6086501 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 2559 | 4734150 |
|  |  | 11963901 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d) | 8269 | 283461 |
| Construction & Engineering - 0.2% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 15188 | 1442252 |
| Beta Technologies Inc Series C, 6% (b)(d) | 1300 | 126685 |
|  |  | 1568937 |
| TOTAL INDUSTRIALS |  | 13816299 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cellink Corp Series D (b)(c)(d) | 12100 | 53119 |
| Enevate Corp Series E (b)(c)(d) | 285844 | 88612 |
| Vast Data Ltd Series A (b)(c)(d) | 2512 | 55013 |
| Vast Data Ltd Series A1 (b)(c)(d) | 6183 | 135408 |
| Vast Data Ltd Series A2 (b)(c)(d) | 7112 | 155753 |
| Vast Data Ltd Series B (b)(c)(d) | 5659 | 123932 |
| Vast Data Ltd Series C (b)(c)(d) | 165 | 3613 |
| Vast Data Ltd Series E (b)(c)(d) | 5408 | 118435 |
|  |  | 733885 |
| IT Services - 0.1% |  |  |
| Gupshup Inc (b)(c)(d) | 17900 | 116887 |
| X.Ai Holdings Corp Series C (b)(d) | 22286 | 814776 |
| Yanka Industries Inc Series E (b)(c)(d) | 19716 | 55993 |
| Yanka Industries Inc Series F (b)(c)(d) | 13160 | 59484 |
|  |  | 1047140 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 40700 | 238502 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 5810 | 40321 |
|  |  | 278823 |
| Software - 0.4% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 2890 | 191752 |
| Anthropic PBC Series E (b)(d) | 1200 | 76284 |
| Celestial AI Inc Series A (b)(d) | 1616 | 26922 |
| Celestial AI Inc Series B (b)(d) | 1216 | 20258 |
| Celestial AI Inc Series C1 (b)(d) | 4874 | 81201 |
| Crusoe Energy Systems LLC Series D (b)(d) | 11055 | 355529 |
| Databricks Inc Series G (b)(c)(d) | 6600 | 678480 |
| Databricks Inc Series I (b)(c)(d) | 104 | 10691 |
| Databricks Inc Series J (b)(d) | 810 | 83268 |
| Lyte Ai Inc Series B (b)(d) | 12300 | 132470 |
| MOLOCO Inc Series A (b)(c)(d) | 11676 | 780891 |
| Runway AI Inc Series D (b)(d) | 29650 | 341865 |
| Stripe Inc Series H (b)(c)(d) | 5729 | 203380 |
|  |  | 2982991 |
| TOTAL INFORMATION TECHNOLOGY |  | 5042839 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 23194 | 575443 |
| TOTAL UNITED STATES |  | 21545231 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $13,569,725) |  | <br> **23159137** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 18888 | 16929 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(h) | 15885 | 7919 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 46576 | 48321 |
| TOTAL INFORMATION TECHNOLOGY |  | 56240 |
| TOTAL UNITED STATES |  | 73169 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $81,349) |  | <br> **73169** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.32 | 23938476 | 23943264 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.32 | 1671006 | 1671173 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $25,614,437) |  |  | **25614437** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $449,699,281)<br>| <br>**915413524** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(4007253)** |
| **NET ASSETS - 100.0%** | **911406271** |

---

**Legend**

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

(b) Level 3 security

(c) Non-income producing

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $30,971,784 or 3.4% of net assets.

(e) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $2,524,390 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series E1 | 5/20/22 | 290767 |
| Anduril Industries Inc Series F | 8/07/24 | 486161 |
| Anduril Industries Inc Series G | 4/17/25 | 228944 |
| Anthropic PBC Series D | 5/31/24 | 86713 |
| Anthropic PBC Series E | 2/14/25 | 67304 |
| Beta Technologies Inc Series A | 4/09/21 | 1112825 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 148811 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 76056 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 596729 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 125286 |
| Bombas LLC | 2/16/21 - 11/12/21 | 830401 |
| ByteDance Ltd Series E1 | 11/18/20 | 508862 |
| Canva Inc Class A | 12/23/24 | 161291 |
| Celestial AI Inc | 2/25/25 | 3748 |
| Celestial AI Inc Series A | 2/25/25 | 23942 |
| Celestial AI Inc Series B | 2/25/25 | 18016 |
| Celestial AI Inc Series C1 | 2/25/25 | 84955 |
| Cellink Corp Series D | 1/20/22 | 251969 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 322495 |
| Databricks Inc Series G | 2/01/21 | 390209 |
| Databricks Inc Series I | 9/14/23 | 7644 |
| Databricks Inc Series J | 12/17/24 | 74925 |
| Diamond Foundry Inc Series C | 3/15/21 | 556656 |
| Element Labs Inc Series A | 2/11/25 | 18812 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 4439 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 15885 |
| Enevate Corp Series E | 1/29/21 | 316911 |
| Epic Games Inc | 7/13/20 - 3/29/21 | 1730000 |
| GoBrands Inc Series G | 3/02/21 | 599322 |
| Gupshup Inc | 6/08/21 | 409287 |
| JUUL Labs Inc Class A | 2/23/24 | 848583 |
| JUUL Labs Inc Class B | 11/21/17 | 0 |
| JUUL Labs Inc Series C | 5/22/15 | 0 |
| JUUL Labs Inc Series D | 6/25/18 | 0 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 356216 |
| Lyte Ai Inc Series B | 8/13/24 | 156039 |
| MOLOCO Inc Series A | 6/26/23 | 700560 |
| Neutron Holdings Inc | 2/04/21 | 772 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 47700 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 13100 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 454745 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 253709 |
| OpenAI Global LLC rights | 9/30/24 | 166062 |
| Oura Health Oy Series D | 12/18/24 | 312981 |
| Rad Power Bikes Inc | 1/21/21 | 66926 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 18888 |
| Rad Power Bikes Inc Series A | 1/21/21 | 8726 |
| Rad Power Bikes Inc Series C | 1/21/21 | 34331 |
| Rad Power Bikes Inc Series D | 9/17/21 | 121686 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Revolut Group Holdings Ltd | 12/27/24 | 961978 |
| Runway AI Inc Series D | 9/06/24 | 321459 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 46576 |
| SiMa Technologies Inc Series B | 5/10/21 | 208685 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 41198 |
| Space Exploration Technologies Corp | 2/16/21 - 12/09/24 | 394134 |
| Space Exploration Technologies Corp Class C | 7/01/24 - 12/09/24 | 140631 |
| Space Exploration Technologies Corp Series I | 4/05/18 | 556010 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 690930 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 468193 |
| Stripe Inc Class B | 5/18/21 | 100321 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 229876 |
| Taalas Inc Series B | 2/19/25 | 32948 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 134645 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 324134 |
| Vast Data Ltd Series A | 11/28/23 | 27632 |
| Vast Data Ltd Series A1 | 11/28/23 | 68013 |
| Vast Data Ltd Series A2 | 11/28/23 | 78232 |
| Vast Data Ltd Series B | 11/28/23 | 62249 |
| Vast Data Ltd Series C | 11/28/23 | 1815 |
| Vast Data Ltd Series E | 11/28/23 | 118976 |
| Waymo LLC Series A2 | 5/08/20 | 248671 |
| Waymo LLC Series C2 | 10/18/24 | 321798 |
| X.Ai Holdings Corp Series C | 11/22/24 | 482492 |
| Xsight Labs Ltd Series D | 2/16/21 | 139130 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 109846 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 50903 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/31/24 | 0 |
| Yanka Industries Inc Series E | 5/15/20 | 238154 |
| Yanka Industries Inc Series F | 4/08/21 | 419499 |
| Zipline International Inc Series G | 6/07/24 | 346854 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| MNTN Inc | 11/18/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2052645 | 102150544 | 80259925 | 71664 | - | - | 23943264 | 23938476 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11067048 | 28647192 | 38043067 | 6259 | - | - | 1671173 | 1671006 | 0.0% |
| Total | 13119693 | 130797736 | 118302992 | 77923 | - | - | 25614437 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 207099789 | 205616703 | - | 1483086 |
| Consumer Discretionary | 102763535 | 101885524 | - | 878011 |
| Consumer Staples | 29366440 | 28345573 | - | 1020867 |
| Energy | 746789 | 746789 | - | - |
| Financials | 49597345 | 47770755 | - | 1826590 |
| Health Care | 27008694 | 26923476 | - | 85218 |
| Industrials | 40931029 | 39748496 | - | 1182533 |
| Information Technology | 382082081 | 372582285 | 8936410 | 563386 |
| Real Estate | 5995236 | 5995236 | - | - |
| Utilities | 20212230 | 20212230 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 760532 | - | - | 760532 |
| Information Technology | 3081 | - | - | 3081 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 1029900 | - | - | 1029900 |
| Consumer Discretionary | 635103 | - | - | 635103 |
| Consumer Staples | 177070 | - | - | 177070 |
| Financials | 475293 | - | - | 475293 |
| Health Care | 1165283 | - | - | 1165283 |
| Industrials | 13835169 | - | - | 13835169 |
| Information Technology | 5265876 | - | - | 5265876 |
| Materials | 575443 | - | - | 575443 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 16929 | - | - | 16929 |
| Information Technology | 56240 | - | - | 56240 |
|  **Money Market Funds** | 25614437 | 25614437 | - | - |
| **Total Investments in Securities:** | 915413524 | 875441504 | 8936410 | 31035610 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 7353031 | (898469) | 1501147 | 1201017 | (466877) | - | - | (1650158) | 7039691 | 875463 |
| **Convertible Preferred Stocks** | 17919364 | (1271244) | 5673165 | 1483315 | (645463) | - | - | - | 23159137 | 3441751 |
| **Convertible Corporate Bonds** | 658253 | (40971) | 129895 | 16436 | - | - | - | - | 763613 | 88925 |
| **Preferred Securities** | 108794 | - | (38895) | 3270 | - | - | - | - | 73169 | (38895) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,636,464) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $424,084,844) | $889799087 |  |
| Fidelity Central Funds (cost $25,614,437) | 25614437 |  |
| Total Investment in Securities (cost $449,699,281) |  | $915413524 |
| Foreign currency held at value (cost $451) |  | 454 |
| Receivable for investments sold |  | 48895465 |
| Dividends receivable |  | 363066 |
| Interest receivable |  | 15852 |
| Distributions receivable from Fidelity Central Funds |  | 25808 |
| Receivable from investment adviser for expense reductions |  | 1891 |
| Other receivables |  | 6419 |
| **Total assets** |  | 964722479 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $51625177 |  |
| Other payables and accrued expenses | 18806 |  |
| Collateral on securities loaned | 1672225 |  |
| **Total liabilities** |  | 53316208 |
| **Net Assets**  |  | $911406271 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $362960175 |
| Total accumulated earnings (loss) |  | 548446096 |
| **Net Assets** |  | $911406271 |
| **Net Asset Value**, offering price and redemption price per share ($911,406,271 ÷ 55,036,854 shares) |  | $16.56 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1825586 |
| Interest  |  | 7580 |
| Income from Fidelity Central Funds (including $6,259 from security lending)  |  | 77923 |
| **Total income** |  | 1911089 |
| **Expenses** |  |  |
| Custodian fees and expenses | $26746 |  |
| Independent trustees' fees and expenses | 1924 |  |
| Total expenses before reductions | 28670 |  |
| Expense reductions | (13181) |  |
| Total expenses after reductions |  | 15489 |
| **Net Investment income (loss)** |  | 1895600 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 83436126 |  |
| Foreign currency transactions | (2607) |  |
| Total net realized gain (loss) |  | 83433519 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,843)  | (73564000) |  |
| Assets and liabilities in foreign currencies | 487 |  |
| Total change in net unrealized appreciation (depreciation) |  | (73563513) |
| **Net gain (loss)** |  | 9870006 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11765606 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1895600 | $3501067 |
| &nbsp;&nbsp;Net realized gain (loss) | 83433519<br>| 127361892<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (73563513) | 212661062<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11765606<br>| 343524021<br>|
| Distributions to shareholders | (76472062)<br>| (2668623)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 112863756 | 137553536 |
| Reinvestment of distributions | 76462470<br>| 2668345<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (163892323) | (303113224) |
| **Net increase (decrease) in net assets resulting from share transactions** | 25433903<br>| (162891343)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (39272553)<br>| 177964055<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 950678824 | 772714769<br>|
| &nbsp;&nbsp;End of period | $911406271 | $950678824 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7281454 | 9007908 |
| Issued in reinvestment of distributions | 4448079<br>| 213810<br>|
| &nbsp;&nbsp;Redeemed | (10000747) | (19762345) |
| &nbsp;&nbsp;Net increase (decrease) | 1728786 | (10540627) |

---

**Financial Highlights** 

**Fidelity Advisor® Series Growth Opportunities Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.83 | $12.10 | $9.63 | $18.67 | $20.55 | $16.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .06  | .05  | .06  | .06  | .08  |
| Net realized and unrealized gain (loss)  | .15  | 5.71  | 2.47  | (4.79)  | 3.39  | 7.91  |
| Total from investment operations  | .18  | 5.77  | 2.52  | (4.73)  | 3.45  | 7.99  |
| Distributions from net investment income  | (.08)  | (.04)  | (.05)  | (.06)  | (.11)  | (.13)  |
| Distributions from net realized gain  | (1.37)  | -  | -  | (4.25)  | (5.22)  | (3.59)  |
| Total distributions  | (1.45)  | (.04)  | (.05)  | (4.31)  | (5.33)  | (3.71) C |
| Net asset value, end of period  | $16.56 | $17.83 | $12.10 | $9.63 | $18.67 | $20.55 |
| **Total Return** D,E | .70% <br>| 47.85%  | 26.28%  | (32.42)%  | 21.11%  | 63.04%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% H,I<br>| .01%  | .01%  | -% I | -% I | .01%  |
| Expenses net of all reductions, if any  | -% H,I | .01%  | .01%  | -% I | -% I | .01%  |
| Net investment income (loss)  | .42% H | .39%  | .47%  | .57%  | .35%  | .54%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $911406 | $950679 | $772715 | $703677 | $776073 | $713285 |
| Portfolio turnover rate J | 101% H<br>| 67%  | 69%  | 97%  | 84%  | 78%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Series Growth Opportunities Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the other Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $7039691 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 31.4 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 15.8 - 16.5 / 16.1 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 32.6 / 6.0 | Increase |
|  |  | Market approach  | Transaction price  | $4.63  | Increase |
|  |  | Black scholes  | Discount rate  | 2.6% - 4.3% / 4.3% | Increase |
|  |  |  | Term  | 2.1 - 5.0 / 2.4 | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 58.6% | Increase |
| Convertible Corporate Bonds | $763613 | Market comparable  | Discount rate | 29.2% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach  | Discount rate | 35.4% | Decrease |
|  |  |  | Probability rate | 0.0% - 35.0% / 21.7% | Increase |
|  |  |  | Transaction price | $100.00  | Increase |
|  |  | Black scholes | Discount rate | 4.3% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.6 | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.1% | Increase |
| Convertible Preferred Stocks | $23159137 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise Value/Gross Profit multiple (EV/GP) | 11.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.1 - 39.4 / 11.6 | Increase |
|  |  | Market approach | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 15.0% | Increase |
|  |  |  | Transaction price | $1.10 - $78.20 / $24.42 | Increase |
|  |  | Black scholes | Discount rate | 3.9% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.0 | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 72.3% | Increase |
| Preferred Securities | $73169 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
|  |  | Market approach | Discount rate | 35.4% - 37.9% / 37.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 34.4% | Increase |
|  |  |  | Transaction price | $100.00  | Increase |
|  |  | Black scholes | Discount rate | 4.3% - 5.0% / 4.4% | Increase |
|  |  |  | Term | 0.6 - 2.1 / 0.9 | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 61.0% | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $477158519 |
| **Gross unrealized depreciation** | <u>(15005668)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$462152851</u> |
| **Tax cost** | <u>$453260673</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Series Growth Opportunities Fund** | 454915932 | 522479894 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Series Growth Opportunities Fund** | 5160 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Series Growth Opportunities Fund** | 48657707 | 49668838 | 8886139 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Series Growth Opportunities Fund** | 823 | - | - |

---

**8. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through March 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $13,181.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Series Growth Opportunities Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109879_4.jpg)<br>

1.967933.111 AXS3-SANN-0725

**Fidelity Advisor® Small Cap Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109878_1.jpg)

![](img109878_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ASCF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Small Cap Fund](#Sub_Sec_Fund_294_ASCF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements294_ASCF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ASCF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ASCF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ASCF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ASCF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Small Cap Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 4.2%  |  |  |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| CES Energy Solutions Corp  | 2212800 | 10077604 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| TMX Group Ltd  | 397600 | 16070880 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Xenon Pharmaceuticals Inc (a) | 150000 | 4327500 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc (United States)  | 111900 | 9626757 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Kraken Robotics Inc (a) | 3043100 | 5321849 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 103300 | 12460584 |
| Utilities - 1.0% |  |  |
| Gas Utilities - 1.0% |  |  |
| Brookfield Infrastructure Corp (United States)  | 468167 | 18525368 |
| TOTAL CANADA |  | 76410542 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Patria Investments Ltd Class A (b) | 779760 | 9934142 |
| ISRAEL - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| IT Services - 0.9% |  |  |
| Wix.com Ltd (a) | 113500 | 16905825 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Nova Ltd (a) | 57389 | 12259438 |
| TOTAL ISRAEL |  | 29165263 |
| JAPAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Allegro MicroSystems Inc (a) | 567700 | 14391195 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Merus NV (a) | 59900 | 3358593 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 343026 | 1715130 |
| THAILAND - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Fabrinet (a) | 122700 | 28573149 |
| UNITED KINGDOM - 1.9%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| 4imprint Group PLC  | 166300 | 7954283 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Nomad Foods Ltd  | 680416 | 11907280 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| TechnipFMC PLC  | 460600 | 14347690 |
| TOTAL UNITED KINGDOM |  | 34209253 |
| UNITED STATES - 89.0%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.0% |  |  |
| Vivid Seats Inc Class A (a) | 460380 | 718193 |
| Interactive Media & Services - 0.5% |  |  |
| Cars.com Inc (a) | 818500 | 8389625 |
| Wireless Telecommunication Services - 0.4% |  |  |
| Gogo Inc (a)(b) | 709200 | 7524612 |
| TOTAL COMMUNICATION SERVICES |  | 16632430 |
| Consumer Discretionary - 9.6% |  |  |
| Automobile Components - 1.6% |  |  |
| Patrick Industries Inc (b) | 330796 | 28402145 |
| Diversified Consumer Services - 0.3% |  |  |
| Laureate Education Inc (a) | 239386 | 5386184 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Brinker International Inc (a) | 91200 | 15743856 |
| Household Durables - 2.2% |  |  |
| Champion Homes Inc (a) | 156886 | 10260344 |
| Installed Building Products Inc (b) | 87200 | 13906656 |
| Lovesac Co/The (a) | 307490 | 5885359 |
| SharkNinja Inc (a)(b) | 108966 | 10017244 |
|  |  | 40069603 |
| Leisure Products - 0.4% |  |  |
| Brunswick Corp/DE (b) | 159000 | 8048580 |
| Specialty Retail - 3.6% |  |  |
| Academy Sports & Outdoors Inc  | 307805 | 12592303 |
| Boot Barn Holdings Inc (a) | 86500 | 13866815 |
| Group 1 Automotive Inc  | 37900 | 16066568 |
| Murphy USA Inc  | 55800 | 23814882 |
|  |  | 66340568 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Crocs Inc (a) | 109721 | 11191542 |
| TOTAL CONSUMER DISCRETIONARY |  | 175182478 |
| Consumer Staples - 3.6% |  |  |
| Beverages - 0.6% |  |  |
| Vita Coco Co Inc/The (a) | 349296 | 12431445 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 78630 | 8901702 |
| Performance Food Group Co (a) | 120500 | 10791980 |
| Sprouts Farmers Market Inc (a) | 72300 | 12497778 |
|  |  | 32191460 |
| Food Products - 1.2% |  |  |
| Simply Good Foods Co/The (a) | 611400 | 21099414 |
| TOTAL CONSUMER STAPLES |  | 65722319 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Cactus Inc Class A  | 145000 | 5945000 |
| Liberty Energy Inc Class A  | 1595400 | 18490686 |
| Weatherford International PLC  | 207300 | 9038280 |
|  |  | 33473966 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Antero Resources Corp (a) | 550300 | 20608735 |
| Core Natural Resources Inc  | 158800 | 11004840 |
| Hess Midstream LP Class A (b) | 242048 | 8955776 |
|  |  | 40569351 |
| TOTAL ENERGY |  | 74043317 |
| Financials - 16.5% |  |  |
| Banks - 5.6% |  |  |
| Connectone Bancorp Inc  | 775455 | 17812201 |
| First Interstate BancSystem Inc Class A  | 586800 | 15931620 |
| Metropolitan Bank Holding Corp (a)(b) | 254082 | 16431483 |
| Pinnacle Financial Partners Inc  | 164600 | 17493688 |
| SouthState Corp  | 259500 | 22784100 |
| TriCo Bancshares  | 284600 | 11355540 |
|  |  | 101808632 |
| Capital Markets - 2.6% |  |  |
| Houlihan Lokey Inc Class A  | 56000 | 9782080 |
| Lazard Inc  | 224400 | 9738960 |
| Piper Sandler Cos  | 55500 | 13955475 |
| Stifel Financial Corp  | 140400 | 13228488 |
|  |  | 46705003 |
| Consumer Finance - 2.5% |  |  |
| FirstCash Holdings Inc  | 251400 | 32156574 |
| PROG Holdings Inc  | 267914 | 7723961 |
| SLM Corp  | 209800 | 6791226 |
|  |  | 46671761 |
| Financial Services - 3.0% |  |  |
| Essent Group Ltd (b) | 396023 | 22969334 |
| Mr Cooper Group Inc (a) | 250100 | 32395453 |
|  |  | 55364787 |
| Insurance - 2.8% |  |  |
| Old Republic International Corp  | 287000 | 10848600 |
| Primerica Inc  | 94000 | 25436400 |
| Selective Insurance Group Inc  | 176900 | 15570738 |
|  |  | 51855738 |
| TOTAL FINANCIALS |  | 302405921 |
| Health Care - 12.5% |  |  |
| Biotechnology - 3.8% |  |  |
| Arcellx Inc (a) | 109900 | 6820394 |
| Astria Therapeutics Inc (a) | 223100 | 1061956 |
| Avidity Biosciences Inc (a)(b) | 171700 | 5319266 |
| Celldex Therapeutics Inc (a) | 119000 | 2353820 |
| CG oncology Inc (a) | 104100 | 2667042 |
| Cogent Biosciences Inc (a) | 444672 | 2419016 |
| Crinetics Pharmaceuticals Inc (a) | 201000 | 6132510 |
| Cytokinetics Inc (a) | 210600 | 6532812 |
| Disc Medicine Inc (a) | 72424 | 3380752 |
| Legend Biotech Corp ADR (a) | 98600 | 2854470 |
| Madrigal Pharmaceuticals Inc (a)(b) | 24700 | 6798922 |
| Perspective Therapeutics Inc (a) | 211300 | 543041 |
| Soleno Therapeutics Inc (a) | 81300 | 5963355 |
| Ultragenyx Pharmaceutical Inc (a) | 123100 | 4189093 |
| Vaxcyte Inc (a) | 167700 | 5448573 |
| Viking Therapeutics Inc (a)(b) | 162000 | 4341600 |
| Viridian Therapeutics Inc (a) | 156600 | 2179872 |
|  |  | 69006494 |
| Health Care Equipment & Supplies - 4.3% |  |  |
| Haemonetics Corp (a) | 150700 | 10203897 |
| Lantheus Holdings Inc (a)(b) | 190900 | 14424404 |
| Masimo Corp (a) | 121800 | 19792500 |
| Merit Medical Systems Inc (a) | 164800 | 15660944 |
| Pulmonx Corp (a) | 818800 | 2783920 |
| TransMedics Group Inc (a)(b) | 117900 | 14987448 |
|  |  | 77853113 |
| Health Care Providers & Services - 4.2% |  |  |
| Acadia Healthcare Co Inc (a) | 426900 | 9665016 |
| Chemed Corp  | 31200 | 17935008 |
| Ensign Group Inc/The  | 252700 | 37212602 |
| Option Care Health Inc (a) | 259637 | 8484937 |
| Pennant Group Inc/The (a) | 140014 | 4019802 |
|  |  | 77317365 |
| Pharmaceuticals - 0.2% |  |  |
| Enliven Therapeutics Inc (a) | 135700 | 2411389 |
| Structure Therapeutics Inc ADR (a) | 96300 | 2095488 |
|  |  | 4506877 |
| TOTAL HEALTH CARE |  | 228683849 |
| Industrials - 19.2% |  |  |
| Building Products - 2.5% |  |  |
| AAON Inc  | 101200 | 9744548 |
| AZZ Inc  | 155800 | 14129502 |
| Simpson Manufacturing Co Inc  | 144600 | 22514220 |
|  |  | 46388270 |
| Commercial Services & Supplies - 1.2% |  |  |
| Brink's Co/The  | 196860 | 16154332 |
| Pursuit Attractions and Hospitality Inc (a) | 253400 | 7067326 |
|  |  | 23221658 |
| Construction & Engineering - 3.9% |  |  |
| Construction Partners Inc Class A (a) | 159700 | 16718993 |
| IES Holdings Inc (a) | 88400 | 22953944 |
| Sterling Infrastructure Inc (a) | 164100 | 30852441 |
|  |  | 70525378 |
| Electrical Equipment - 1.6% |  |  |
| NEXTracker Inc Class A (a) | 359800 | 20397062 |
| Thermon Group Holdings Inc (a) | 333600 | 8653584 |
|  |  | 29050646 |
| Machinery - 3.9% |  |  |
| Federal Signal Corp  | 167600 | 15766132 |
| REV Group Inc  | 502600 | 18842474 |
| SPX Technologies Inc (a) | 130800 | 19893372 |
| Terex Corp  | 353400 | 15906534 |
|  |  | 70408512 |
| Professional Services - 2.5% |  |  |
| ExlService Holdings Inc (a) | 478300 | 21997017 |
| KBR Inc  | 445400 | 23245426 |
|  |  | 45242443 |
| Trading Companies & Distributors - 3.6% |  |  |
| Applied Industrial Technologies Inc  | 81700 | 18506684 |
| FTAI Aviation Ltd  | 82000 | 9606300 |
| GMS Inc (a) | 267818 | 20281857 |
| Rush Enterprises Inc Class A  | 342791 | 17019573 |
|  |  | 65414414 |
| TOTAL INDUSTRIALS |  | 350251321 |
| Information Technology - 10.1% |  |  |
| Electronic Equipment, Instruments & Components - 5.8% |  |  |
| Advanced Energy Industries Inc (b) | 196900 | 22600182 |
| Belden Inc  | 147100 | 15622020 |
| Insight Enterprises Inc (a) | 157872 | 20584930 |
| Sanmina Corp (a) | 240700 | 20384883 |
| TD SYNNEX Corp  | 202841 | 24612727 |
|  |  | 103804742 |
| IT Services - 0.5% |  |  |
| ASGN Inc (a) | 183900 | 9711759 |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Diodes Inc (a) | 209500 | 9301800 |
| MACOM Technology Solutions Holdings Inc (a) | 140000 | 17025400 |
|  |  | 26327200 |
| Software - 2.4% |  |  |
| Agilysys Inc (a) | 141900 | 15028629 |
| Five9 Inc (a) | 127500 | 3380025 |
| SPS Commerce Inc (a) | 105700 | 14878332 |
| Tenable Holdings Inc (a) | 334000 | 10761480 |
|  |  | 44048466 |
| TOTAL INFORMATION TECHNOLOGY |  | 183892167 |
| Materials - 7.0% |  |  |
| Chemicals - 1.8% |  |  |
| Element Solutions Inc  | 1057200 | 22602936 |
| Hawkins Inc  | 76400 | 10198636 |
|  |  | 32801572 |
| Construction Materials - 1.1% |  |  |
| Eagle Materials Inc  | 101600 | 20544536 |
| Metals & Mining - 4.1% |  |  |
| Carpenter Technology Corp  | 144900 | 34051500 |
| Commercial Metals Co  | 562900 | 26225511 |
| Constellium SE (a) | 1209600 | 14684544 |
|  |  | 74961555 |
| TOTAL MATERIALS |  | 128307663 |
| Real Estate - 4.3% |  |  |
| Diversified REITs - 1.3% |  |  |
| Essential Properties Realty Trust Inc  | 725601 | 23582033 |
| Health Care REITs - 1.0% |  |  |
| CareTrust REIT Inc  | 611200 | 17578112 |
| Retail REITs - 1.5% |  |  |
| Acadia Realty Trust  | 742800 | 14306328 |
| Urban Edge Properties  | 686600 | 12468656 |
|  |  | 26774984 |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 664400 | 10975888 |
| TOTAL REAL ESTATE |  | 78911017 |
| Utilities - 1.3% |  |  |
| Gas Utilities - 1.3% |  |  |
| Southwest Gas Holdings Inc  | 331900 | 23840377 |
| TOTAL UNITED STATES |  | 1627872859 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,507,183,403) |  | <br> **1825630126** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 3225312 | 3225957 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 70099650 | 70106661 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $73,332,618) |  |  | **73332618** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.8%**<br> (Cost $1,580,516,021)<br>| <br>**1898962744** |
| **NET OTHER ASSETS (LIABILITIES) - (3.8)%**  | **(70313973)** |
| **NET ASSETS - 100.0%** | **1828648771** |

---

**Legend**

(a) Non-income producing

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 53445256 | 232637230 | 282856529 | 326126 | - | - | 3225957 | 3225312 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 119495964 | 345853328 | 395242631 | 20990 | - | - | 70106661 | 70099650 | 0.2% |
| Total | 172941220 | 578490558 | 678099160 | 347116 | - | - | 73332618 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 26301843 | 26301843 | - | - |
| Consumer Discretionary | 175182478 | 175182478 | - | - |
| Consumer Staples | 77629599 | 77629599 | - | - |
| Energy | 98468611 | 98468611 | - | - |
| Financials | 328410943 | 328410943 | - | - |
| Health Care | 236369942 | 236369942 | - | - |
| Industrials | 359878078 | 359878078 | - | - |
| Information Technology | 261343623 | 261343623 | - | - |
| Materials | 128307663 | 128307663 | - | - |
| Real Estate | 91371601 | 91371601 | - | - |
| Utilities | 42365745 | 42365745 | - | - |
|  **Money Market Funds** | 73332618 | 73332618 | - | - |
| **Total Investments in Securities:** | 1898962744 | 1898962744 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $68,125,438) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,507,183,403) | $1825630126 |  |
| Fidelity Central Funds (cost $73,332,618) | 73332618 |  |
| Total Investment in Securities (cost $1,580,516,021) |  | $1898962744 |
| Foreign currency held at value (cost $788,878) |  | 802844 |
| Receivable for fund shares sold |  | 557102 |
| Dividends receivable |  | 2270361 |
| Distributions receivable from Fidelity Central Funds |  | 36527 |
| Prepaid expenses |  | 293 |
| Other receivables |  | 18760 |
| **Total assets** |  | 1902648631 |
| **Liabilities** |  |  |
| Payable to custodian bank | $774419 |  |
| Payable for fund shares redeemed | 1255567 |  |
| Accrued management fee | 1476675 |  |
| Distribution and service plan fees payable | 347206 |  |
| Other payables and accrued expenses | 41993 |  |
| Collateral on securities loaned | 70104000 |  |
| **Total liabilities** |  | 73999860 |
| **Net Assets**  |  | $1828648771 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1498885044 |
| Total accumulated earnings (loss) |  | 329763727 |
| **Net Assets** |  | $1828648771 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($693,114,465 ÷ 26,692,799 shares)(a) |  | $25.97 |
| Maximum offering price per share (100/94.25 of $25.97) |  | $27.55 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($416,891,565 ÷ 18,686,310 shares)(a) |  | $22.31 |
| Maximum offering price per share (100/96.50 of $22.31) |  | $23.12 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($32,079,820 ÷ 2,255,283 shares)(a) |  | $14.22 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($487,327,949 ÷ 15,852,736 shares) |  | $30.74 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($199,234,972 ÷ 6,423,764 shares) |  | $31.02 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10581091 |
| Income from Fidelity Central Funds (including $20,990 from security lending)  |  | 347116 |
| **Total income** |  | 10928207 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $7944202 |  |
| Performance adjustment | 922890 |  |
| Distribution and service plan fees | 2203360 |  |
| Custodian fees and expenses | 24689 |  |
| Independent trustees' fees and expenses | 4266 |  |
| Registration fees | 46584 |  |
| Audit fees | 31895 |  |
| Legal | 2462 |  |
| Interest | 9587 |  |
| Miscellaneous | 15265 |  |
| **Total expenses** |  | 11205200 |
| **Net Investment income (loss)** |  | (276993) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (18901277) |  |
| Redemptions in-kind | 58790802 |  |
| Foreign currency transactions | 12291 |  |
| Futures contracts | (973052) |  |
| Total net realized gain (loss) |  | 38928764 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (335820146) |  |
| Assets and liabilities in foreign currencies | 25919 |  |
| Total change in net unrealized appreciation (depreciation) |  | (335794227) |
| **Net gain (loss)** |  | (296865463) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(297142456) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(276993) | $(6076749) |
| &nbsp;&nbsp;Net realized gain (loss) | 38928764<br>| 268018465<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (335794227) | 330536270<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (297142456)<br>| 592477986<br>|
| Distributions to shareholders | (255978285)<br>| (25662255)<br>|
| Share transactions - net increase (decrease) | 137857082<br>| (46675004)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (415263659)<br>| 520140727<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2243912430 | 1723771703<br>|
| &nbsp;&nbsp;End of period | $1828648771 | $2243912430 |

---

**Financial Highlights** 

**Fidelity Advisor® Small Cap Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.14 | $25.59 | $26.67 | $34.34 | $26.09 | $24.25 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | (.10)  | (.10)  | (.11)  | (.17)  | (.08)  |
| Net realized and unrealized gain (loss)  | (4.24)  | 9.03  | .31  | (4.04)  | 9.15  | 2.85  |
| Total from investment operations  | (4.25)  | 8.93  | .21  | (4.15)  | 8.98  | 2.77  |
| Distributions from net investment income  | (.48)  | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.52)  | (.73)  | (.93)  |
| Total distributions  | (3.92)  | (.38)  | (1.29)  | (3.52)  | (.73)  | (.93)  |
| Net asset value, end of period  | $25.97 | $34.14 | $25.59 | $26.67 | $34.34 | $26.09 |
| **Total Return** C,D,E | (13.21)% <br>| 35.21%  | 1.11%  | (13.82)%  | 35.20%  | 11.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.19% H | 1.29%  | 1.36%  | 1.33%  | 1.22%  | 1.22%  |
| Expenses net of fee waivers, if any  | 1.19% H<br>| 1.29%  | 1.35%  | 1.32%  | 1.22%  | 1.22%  |
| Expenses net of all reductions, if any  | 1.19% H | 1.29%  | 1.35%  | 1.32%  | 1.22%  | 1.22%  |
| Net investment income (loss)  | (.06)% H | (.33)%  | (.39)%  | (.40)%  | (.53)%  | (.36)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $693114 | $839815 | $643377 | $676037 | $836898 | $638177 |
| Portfolio turnover rate I | 26% H,J<br>| 40%  | 29%  | 47%  | 41%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Small Cap Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.91 | $22.52 | $23.68 | $30.88 | $23.58 | $22.06 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.15)  | (.14)  | (.15)  | (.22)  | (.12)  |
| Net realized and unrealized gain (loss)  | (3.69)  | 7.92  | .27  | (3.59)  | 8.25  | 2.57  |
| Total from investment operations  | (3.73)  | 7.77  | .13  | (3.74)  | 8.03  | 2.45  |
| Distributions from net investment income  | (.43)  | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.46)  | (.73)  | (.93)  |
| Total distributions  | (3.87)  | (.38)  | (1.29)  | (3.46)  | (.73)  | (.93)  |
| Net asset value, end of period  | $22.31 | $29.91 | $22.52 | $23.68 | $30.88 | $23.58 |
| **Total Return** C,D,E | (13.33)% <br>| 34.85%  | .89%  | (14.03)%  | 34.91%  | 11.49%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.44% H | 1.53%  | 1.60%  | 1.57%  | 1.46%  | 1.45%  |
| Expenses net of fee waivers, if any  | 1.44% H<br>| 1.53%  | 1.59%  | 1.56%  | 1.46%  | 1.45%  |
| Expenses net of all reductions, if any  | 1.44% H | 1.53%  | 1.59%  | 1.56%  | 1.46%  | 1.45%  |
| Net investment income (loss)  | (.32)% H | (.58)%  | (.63)%  | (.64)%  | (.77)%  | (.59)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $416892 | $515939 | $428022 | $477111 | $618821 | $503474 |
| Portfolio turnover rate I | 26% H,J<br>| 40%  | 29%  | 47%  | 41%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Small Cap Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.62 | $15.71 | $17.02 | $23.16 | $17.96 | $17.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.20)  | (.19)  | (.21)  | (.29)  | (.18)  |
| Net realized and unrealized gain (loss)  | (2.47)  | 5.49  | .17  | (2.56)  | 6.22  | 1.96  |
| Total from investment operations  | (2.53)  | 5.29  | (.02)  | (2.77)  | 5.93  | 1.78  |
| Distributions from net investment income  | (.43)  | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.37)  | (.73)  | (.93)  |
| Total distributions  | (3.87)  | (.38)  | (1.29)  | (3.37)  | (.73)  | (.93)  |
| Net asset value, end of period  | $14.22 | $20.62 | $15.71 | $17.02 | $23.16 | $17.96 |
| **Total Return** C,D,E | (13.58)% <br>| 34.16%  | .32%  | (14.51)%  | 34.12%  | 10.87%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.94% H | 2.03%  | 2.18%  | 2.15%  | 2.03%  | 2.04%  |
| Expenses net of fee waivers, if any  | 1.94% H<br>| 2.03%  | 2.17%  | 2.14%  | 2.03%  | 2.04%  |
| Expenses net of all reductions, if any  | 1.94% H | 2.03%  | 2.17%  | 2.14%  | 2.03%  | 2.03%  |
| Net investment income (loss)  | (.82)% H | (1.08)%  | (1.21)%  | (1.22)%  | (1.34)%  | (1.18)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32080 | $43204 | $38926 | $50464 | $73011 | $81465 |
| Portfolio turnover rate I | 26% H,J<br>| 40%  | 29%  | 47%  | 41%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Small Cap Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.67 | $29.60 | $30.56 | $38.84 | $29.34 | $27.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | (.03)  | (.04)  | (.05)  | (.10)  | (.02)  |
| Net realized and unrealized gain (loss)  | (4.98)  | 10.48  | .37  | (4.63)  | 10.33  | 3.20  |
| Total from investment operations  | (4.95)  | 10.45  | .33  | (4.68)  | 10.23  | 3.18  |
| Distributions from net investment income  | (.54)  | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.60)  | (.73)  | (.93)  |
| Total distributions  | (3.98)  | (.38)  | (1.29)  | (3.60)  | (.73)  | (.93)  |
| Net asset value, end of period  | $30.74 | $39.67 | $29.60 | $30.56 | $38.84 | $29.34 |
| **Total Return** C,D | (13.13)% <br>| 35.58%  | 1.37%  | (13.61)%  | 35.57%  | 12.07%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .94% G | 1.04%  | 1.10%  | 1.08%  | .97%  | .96%  |
| Expenses net of fee waivers, if any  | .94% G<br>| 1.04%  | 1.10%  | 1.07%  | .96%  | .95%  |
| Expenses net of all reductions, if any  | .94% G | 1.04%  | 1.10%  | 1.07%  | .96%  | .95%  |
| Net investment income (loss)  | .19% G | (.09)%  | (.14)%  | (.15)%  | (.27)%  | (.09)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $487328 | $631515 | $434482 | $455676 | $518832 | $378036 |
| Portfolio turnover rate H | 26% G,I<br>| 40%  | 29%  | 47%  | 41%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

E*Fees and expenses of any underlying 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.*

F*Expense 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.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Small Cap Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.02 | $29.83 | $30.74 | $39.04 | $29.45 | $27.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .02  | - C | - C | (.05)  | .01  |
| Net realized and unrealized gain (loss)  | (5.01)  | 10.55  | .38  | (4.65)  | 10.37  | 3.22  |
| Total from investment operations  | (4.96)  | 10.57  | .38  | (4.65)  | 10.32  | 3.23  |
| Distributions from net investment income  | (.60)  | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.65)  | (.73)  | (.93)  |
| Total distributions  | (4.04)  | (.38)  | (1.29)  | (3.65)  | (.73)  | (.93)  |
| Net asset value, end of period  | $31.02 | $40.02 | $29.83 | $30.74 | $39.04 | $29.45 |
| **Total Return** D,E | (13.05)% <br>| 35.71%  | 1.53%  | (13.47)%  | 35.75%  | 12.23%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .82% H | .89%  | .96%  | .93%  | .83%  | .81%  |
| Expenses net of fee waivers, if any  | .82% H<br>| .89%  | .95%  | .93%  | .83%  | .81%  |
| Expenses net of all reductions, if any  | .82% H | .89%  | .95%  | .93%  | .83%  | .80%  |
| Net investment income (loss)  | .31% H | .06%  | .01%  | -% I | (.14)%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $199235 | $213439 | $178965 | $254115 | $117343 | $79261 |
| Portfolio turnover rate J | 26% H,K<br>| 40%  | 29%  | 47%  | 41%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Small Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC), foreign currency transactions and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $478307789 |
| **Gross unrealized depreciation** | <u>(180978658)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$297329131</u> |
| **Tax cost** | <u>$1601633613</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Small Cap Fund** | 284842694 | 252865122 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Small Cap Fund** | 3012048 | 58790802 | 98945783 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .85 |
| **Class C** | .87 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .83 |
| **Class M** | .83 |
| **Class C** | .83 |
| **Class I** | .83 |
| **Class Z** | .71 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Small Cap Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 912405 | 18757 |
| **Class M** | .25% | .25% | 1109974 | 7238 |
| **Class C** | .75% | .25% | <u>180981</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18771</u> |
|  |  |  | <u>2203360</u> | <u>44766</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 36722 |
| **Class M** | 3683 |
| **Class C**A | <u>179</u> |
|  | <u>40584</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Small Cap Fund** | 12313 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Small Cap Fund** | Borrower | 10656714 | 4.63% | 9587 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Small Cap Fund** | 3143218 | 28073873 | (3099762) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Small Cap Fund** | 1607 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Small Cap Fund** | 2165 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Small Cap Fund** | 48830 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Small Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $96110946 | $9569499 |
| Class M | 66369676 | 7225479 |
| Class C | 8061980 | 929395 |
| Class I | 62618098 | 5633472 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>22817585</u> | <u>2304410</u> |
| Total  | <u>$255978285</u> | <u>$25662255</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Small Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1368546 | 2855570 | $37541165 | $85373028 |
| Reinvestment of distributions | 3300397 | 323464 | 91751039 | 9179901 |
| Shares redeemed | <u>(2573413)</u> | <u>(3723781)</u> | <u>(69455895)</u> | <u>(111524060)</u> |
| Net increase (decrease) | <u>2095530</u> | <u>(544747)</u> | <u>$59836309</u> | <u>$(16971131)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 975979 | 1848191 | $22745974 | $49024049 |
| Reinvestment of distributions | 2737732 | 285942 | 65459174 | 7125661 |
| Shares redeemed | <u>(2275068)</u> | <u>(3895445)</u> | <u>(52907729)</u> | <u>(102576032)</u> |
| Net increase (decrease) | <u>1438643</u> | <u>(1761312)</u> | <u>$35297419</u> | <u>$(46426322)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 188090 | 305382 | $2938909 | $5569268 |
| Reinvestment of distributions | 519014 | 53353 | 7930534 | 920881 |
| Shares redeemed | <u>(546884)</u> | <u>(742122)</u> | <u>(8212066)</u> | <u>(13399467)</u> |
| Net increase (decrease) | <u>160220</u> | <u>(383387)</u> | <u>$2657377</u> | <u>$(6909318)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4958715 | 5212253 | $162578319 | $183626969 |
| Reinvestment of distributions | 1759010 | 156733 | 57836252 | 5156507 |
| Shares redeemed | <u>(6785725)</u> | <u>(4125929)</u> | <u>(217580490)</u> | <u>(142963926)</u> |
| Net increase (decrease) | <u>(68000)</u> | <u>1243057</u> | <u>$2834081</u> | <u>$45819550</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1576523 | 2830058 | $52210927 | $99399654 |
| Reinvestment of distributions | 616307 | 64784 | 20430575 | 2147596 |
| Shares redeemed | <u>(1102274)</u> | <u>(3561868)</u> | <u>(35409606)</u> | <u>(123735033)</u> |
| Net increase (decrease) | <u>1090556</u> | <u>(667026)</u> | <u>$37231896</u> | <u>$(22187783)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Small Cap Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board noted that the total expense ratio of Class I of the fund ranked above the total peer group median due to the fund's positive performance adjustment. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the total expense ratio of Class I of the fund ranked below its asset-sized peer group median.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109878_4.jpg)<br>

1.721218.126 ASCF-SANN-0725

**Fidelity Advisor® Value Strategies Fund**

**Semi-Annual Report**

**May 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109876_1.jpg)

![](img109876_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SO-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Value Strategies Fund](#Sub_Sec_Fund_14_SO-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements14_SO-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SO-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SO-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SO-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SO-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Value Strategies Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.4%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Gildan Activewear Inc  | 320900 | 14941895 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Imperial Oil Ltd  | 264300 | 18869905 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc  | 99400 | 8582290 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Methanex Corp (United States)  | 391700 | 12785088 |
| TOTAL CANADA |  | 55179178 |
| PORTUGAL - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Galp Energia SGPS SA  | 768800 | 12307942 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 154500 | 15995385 |
| SPAIN - 0.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Cellnex Telecom SA (a)(b) | 386200 | 14807025 |
| SWITZERLAND - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| UBS Group AG  | 315030 | 10025074 |
| UNITED STATES - 92.2%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| ZoomInfo Technologies Inc (c) | 1345700 | 12851435 |
| Media - 0.9% |  |  |
| Nexstar Media Group Inc (d) | 85200 | 14519784 |
| TOTAL COMMUNICATION SERVICES |  | 27371219 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.7% |  |  |
| Patrick Industries Inc  | 143811 | 12347612 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Hilton Grand Vacations Inc (c) | 428400 | 16352028 |
| Household Durables - 1.9% |  |  |
| Somnigroup International Inc (d) | 293400 | 19088604 |
| TopBuild Corp (c) | 43200 | 12220848 |
|  |  | 31309452 |
| Leisure Products - 1.5% |  |  |
| BRP Inc Subordinate Voting Shares (d) | 253100 | 11148683 |
| Hasbro Inc  | 214600 | 14315966 |
|  |  | 25464649 |
| Specialty Retail - 4.5% |  |  |
| Bath & Body Works Inc  | 421800 | 11861016 |
| Lithia Motors Inc Class A  | 55500 | 17588505 |
| Penske Automotive Group Inc  | 66900 | 10983642 |
| Signet Jewelers Ltd (d) | 268200 | 17854074 |
| Upbound Group Inc  | 650600 | 14924764 |
|  |  | 73212001 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| PVH Corp  | 161300 | 13512101 |
| TOTAL CONSUMER DISCRETIONARY |  | 172197843 |
| Consumer Staples - 5.8% |  |  |
| Beverages - 2.0% |  |  |
| Constellation Brands Inc Class A  | 92600 | 16509654 |
| Keurig Dr Pepper Inc  | 488300 | 16441061 |
|  |  | 32950715 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 463100 | 10294713 |
| Dollar Tree Inc (c) | 217200 | 19604472 |
|  |  | 29899185 |
| Food Products - 2.0% |  |  |
| Bunge Global SA (d) | 221400 | 17302410 |
| Darling Ingredients Inc (c) | 526222 | 16397078 |
|  |  | 33699488 |
| TOTAL CONSUMER STAPLES |  | 96549388 |
| Energy - 4.7% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Expro Group Holdings NV (c) | 1616300 | 13447616 |
| Oil, Gas & Consumable Fuels - 3.9% |  |  |
| Cheniere Energy Inc  | 73200 | 17347668 |
| Core Natural Resources Inc  | 236307 | 16376075 |
| Phillips 66  | 145700 | 16534036 |
| Targa Resources Corp  | 91800 | 14497974 |
|  |  | 64755753 |
| TOTAL ENERGY |  | 78203369 |
| Financials - 17.7% |  |  |
| Banks - 3.5% |  |  |
| East West Bancorp Inc  | 288373 | 26299618 |
| First Citizens BancShares Inc/NC Class A (d) | 17000 | 31430960 |
|  |  | 57730578 |
| Capital Markets - 3.4% |  |  |
| Ameriprise Financial Inc  | 38500 | 19605740 |
| LPL Financial Holdings Inc  | 55600 | 21526096 |
| Raymond James Financial Inc  | 106500 | 15653370 |
|  |  | 56785206 |
| Consumer Finance - 2.5% |  |  |
| OneMain Holdings Inc  | 379500 | 19673279 |
| SLM Corp  | 661284 | 21405763 |
|  |  | 41079042 |
| Financial Services - 4.9% |  |  |
| Apollo Global Management Inc  | 145500 | 19015395 |
| Global Payments Inc  | 233800 | 17677618 |
| NCR Atleos Corp (c) | 616200 | 16335462 |
| PennyMac Financial Services Inc  | 115000 | 11040000 |
| WEX Inc (c) | 127100 | 16895403 |
|  |  | 80963878 |
| Insurance - 3.4% |  |  |
| Assurant Inc  | 86300 | 17517174 |
| Reinsurance Group of America Inc  | 100033 | 20335709 |
| The Travelers Companies, Inc.  | 65200 | 17975640 |
|  |  | 55828523 |
| TOTAL FINANCIALS |  | 292387227 |
| Health Care - 6.4% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Lantheus Holdings Inc (c)(d) | 146300 | 11054428 |
| Health Care Providers & Services - 4.4% |  |  |
| Acadia Healthcare Co Inc (c) | 633300 | 14337912 |
| AdaptHealth Corp (c) | 1053400 | 9459532 |
| CVS Health Corp  | 376600 | 24117464 |
| Molina Healthcare Inc (c) | 78900 | 24067656 |
|  |  | 71982564 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Fortrea Holdings Inc (c)(d) | 663500 | 2853050 |
| ICON PLC (c) | 77400 | 10083672 |
|  |  | 12936722 |
| Pharmaceuticals - 0.5% |  |  |
| Jazz Pharmaceuticals PLC (c) | 97100 | 10493597 |
| TOTAL HEALTH CARE |  | 106467311 |
| Industrials - 20.8% |  |  |
| Air Freight & Logistics - 1.9% |  |  |
| FedEx Corp  | 54200 | 11821020 |
| GXO Logistics Inc (c) | 478400 | 19681376 |
|  |  | 31502396 |
| Building Products - 0.9% |  |  |
| Builders FirstSource Inc (c) | 131500 | 14159920 |
| Commercial Services & Supplies - 2.5% |  |  |
| Brink's Co/The  | 146500 | 12021790 |
| Driven Brands Holdings Inc (c)(d) | 813000 | 14487660 |
| MillerKnoll Inc  | 439700 | 7417739 |
| Vestis Corp  | 1166900 | 7188104 |
|  |  | 41115293 |
| Construction & Engineering - 1.8% |  |  |
| Centuri Holdings Inc (c)(d) | 538400 | 11241792 |
| Fluor Corp (c) | 207100 | 8611218 |
| WillScot Holdings Corp  | 373300 | 10060435 |
|  |  | 29913445 |
| Electrical Equipment - 1.0% |  |  |
| Regal Rexnord Corp  | 124800 | 16653312 |
| Ground Transportation - 2.4% |  |  |
| Ryder System Inc  | 84900 | 12491337 |
| U-Haul Holding Co Class N  | 275100 | 15691704 |
| XPO Inc (c) | 99400 | 11314702 |
|  |  | 39497743 |
| Machinery - 5.7% |  |  |
| Allison Transmission Holdings Inc  | 209000 | 21635681 |
| CNH Industrial NV Class A  | 1306300 | 16341813 |
| Gates Industrial Corp PLC (c) | 877100 | 18550665 |
| Oshkosh Corp  | 126000 | 12497940 |
| Terex Corp  | 282900 | 12733329 |
| Timken Co/The  | 164600 | 11273454 |
|  |  | 93032882 |
| Professional Services - 1.6% |  |  |
| First Advantage Corp (c)(d) | 1071600 | 18345792 |
| KBR Inc  | 170000 | 8872300 |
|  |  | 27218092 |
| Trading Companies & Distributors - 3.0% |  |  |
| GMS Inc (c) | 203600 | 15418628 |
| Herc Holdings Inc (d) | 137100 | 17000400 |
| Wesco International Inc  | 104400 | 17527716 |
|  |  | 49946744 |
| TOTAL INDUSTRIALS |  | 343039827 |
| Information Technology - 7.3% |  |  |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Arrow Electronics Inc (c) | 161100 | 19071018 |
| Jabil Inc  | 117100 | 19673971 |
|  |  | 38744989 |
| IT Services - 0.4% |  |  |
| ASGN Inc (c) | 120100 | 6342481 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| First Solar Inc (c) | 131700 | 20819136 |
| ON Semiconductor Corp (c) | 419200 | 17614784 |
|  |  | 38433920 |
| Software - 0.8% |  |  |
| NCR Voyix Corp (c)(d) | 1141600 | 12660344 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Sandisk Corp/DE  | 189033 | 7124654 |
| Western Digital Corp (c) | 326700 | 16841385 |
|  |  | 23966039 |
| TOTAL INFORMATION TECHNOLOGY |  | 120147773 |
| Materials - 4.6% |  |  |
| Chemicals - 1.0% |  |  |
| Olin Corp  | 343283 | 6663123 |
| Westlake Corp (d) | 128700 | 9141561 |
|  |  | 15804684 |
| Containers & Packaging - 2.8% |  |  |
| International Paper Co  | 341500 | 16327115 |
| O-I Glass Inc (c) | 867300 | 11370303 |
| Smurfit WestRock PLC  | 447200 | 19377176 |
|  |  | 47074594 |
| Metals & Mining - 0.8% |  |  |
| Constellium SE (c) | 1108030 | 13451484 |
| TOTAL MATERIALS |  | 76330762 |
| Real Estate - 6.2% |  |  |
| Health Care REITs - 2.4% |  |  |
| Ventas Inc  | 368600 | 23693608 |
| Welltower Inc  | 106400 | 16415392 |
|  |  | 40109000 |
| Industrial REITs - 2.6% |  |  |
| Prologis Inc  | 212837 | 23114098 |
| Rexford Industrial Realty Inc  | 562900 | 19836596 |
|  |  | 42950694 |
| Residential REITs - 1.2% |  |  |
| Sun Communities Inc  | 161500 | 19935560 |
| TOTAL REAL ESTATE |  | 102995254 |
| Utilities - 6.6% |  |  |
| Electric Utilities - 4.5% |  |  |
| Constellation Energy Corp  | 67200 | 20573280 |
| Edison International  | 297000 | 16528050 |
| Eversource Energy  | 263700 | 17090397 |
| PG&E Corp  | 1209500 | 20416360 |
|  |  | 74608087 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| AES Corp/The  | 1585600 | 15998704 |
| Multi-Utilities - 1.1% |  |  |
| Sempra  | 231600 | 18201444 |
| TOTAL UTILITIES |  | 108808235 |
| TOTAL UNITED STATES |  | 1524498208 |
| ZAMBIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| First Quantum Minerals Ltd (c) | 933200 | 13824430 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,511,822,074) |  | <br> **1646637242** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 6214848 | 6216091 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 141704990 | 141719160 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $147,935,251) |  |  | **147935251** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.5%**<br> (Cost $1,659,757,325)<br>| <br>**1794572493** |
| **NET OTHER ASSETS (LIABILITIES) - (8.5)%**  | **(140061237)** |
| **NET ASSETS - 100.0%** | **1654511256** |

---

**Legend**

(a) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $14,807,025 or 0.9% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,807,025 or 0.9% of net assets.

(c) Non-income producing

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4674929 | 236096614 | 234555452 | 280133 | - | - | 6216091 | 6214848 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 44437581 | 495824151 | 398542572 | 258487 | - | - | 141719160 | 141704990 | 0.5% |
| Total | 49112510 | 731920765 | 633098024 | 538620 | - | - | 147935251 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 42178244 | 27371219 | 14807025 | - |
| Consumer Discretionary | 187139738 | 187139738 | - | - |
| Consumer Staples | 96549388 | 96549388 | - | - |
| Energy | 109381216 | 97073274 | 12307942 | - |
| Financials | 318407686 | 318407686 | - | - |
| Health Care | 106467311 | 106467311 | - | - |
| Industrials | 351622117 | 351622117 | - | - |
| Information Technology | 120147773 | 120147773 | - | - |
| Materials | 102940280 | 102940280 | - | - |
| Real Estate | 102995254 | 102995254 | - | - |
| Utilities | 108808235 | 108808235 | - | - |
|  **Money Market Funds** | 147935251 | 147935251 | - | - |
| **Total Investments in Securities:** | 1794572493 | 1767457526 | 27114967 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $137,996,931) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,511,822,074) | $1646637242 |  |
| Fidelity Central Funds (cost $147,935,251) | 147935251 |  |
| Total Investment in Securities (cost $1,659,757,325) |  | $1794572493 |
| Receivable for fund shares sold |  | 1945093 |
| Dividends receivable |  | 2191499 |
| Distributions receivable from Fidelity Central Funds |  | 36732 |
| Prepaid expenses |  | 335 |
| Other receivables |  | 30165 |
| **Total assets** |  | 1798776317 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1473380 |  |
| Accrued management fee | 815763 |  |
| Distribution and service plan fees payable | 174718 |  |
| Other payables and accrued expenses | 82040 |  |
| Collateral on securities loaned | 141719160 |  |
| **Total liabilities** |  | 144265061 |
| **Net Assets**  |  | $1654511256 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1437079731 |
| Total accumulated earnings (loss) |  | 217431525 |
| **Net Assets** |  | $1654511256 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($339,255,890 ÷ 8,564,411 shares)(a) |  | $39.61 |
| Maximum offering price per share (100/94.25 of $39.61) |  | $42.03 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($212,314,026 ÷ 4,920,963 shares)(a) |  | $43.14 |
| Maximum offering price per share (100/96.50 of $43.14) |  | $44.70 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($17,324,019 ÷ 555,305 shares)(a) |  | $31.20 |
| **Fidelity Value Strategies Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($596,713,882 ÷ 11,808,172 shares) |  | $50.53 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($86,439,689 ÷ 1,704,290 shares) |  | $50.72 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($402,463,750 ÷ 8,793,457 shares) |  | $45.77 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $16267817 |
| Income from Fidelity Central Funds (including $258,487 from security lending)  |  | 538620 |
| **Total income** |  | 16806437 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $6424724 |  |
| Performance adjustment | 375122 |  |
| Distribution and service plan fees | 1138432 |  |
| Custodian fees and expenses | 19024 |  |
| Independent trustees' fees and expenses | 4360 |  |
| Registration fees | 80063 |  |
| Audit fees | 31841 |  |
| Legal | 3305 |  |
| Interest | 39119 |  |
| Miscellaneous | 21764 |  |
| **Total expenses** |  | 8137754 |
| **Net Investment income (loss)** |  | 8668683 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 80532980 |  |
| Foreign currency transactions | 16776 |  |
| Total net realized gain (loss) |  | 80549756 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (436042142) |  |
| Assets and liabilities in foreign currencies | 1257 |  |
| Total change in net unrealized appreciation (depreciation) |  | (436040885) |
| **Net gain (loss)** |  | (355491129) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(346822446) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8668683 | $17091159 |
| &nbsp;&nbsp;Net realized gain (loss) | 80549756<br>| 238346760<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (436040885) | 287146806<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (346822446)<br>| 542584725<br>|
| Distributions to shareholders | (223187016)<br>| (54202367)<br>|
| Share transactions - net increase (decrease) | (119105239)<br>| (47669461)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (689114701)<br>| 440712897<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2343625957 | 1902913060<br>|
| &nbsp;&nbsp;End of period | $1654511256 | $2343625957 |

---

**Financial Highlights** 

**Fidelity Advisor® Value Strategies Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.63 | $42.18 | $41.23 | $42.62 | $32.58 | $33.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .28  | .23  | .24  | .37 C | .29  |
| Net realized and unrealized gain (loss)  | (7.54)  | 11.46  | 1.65  | 2.05  | 9.96  | .87  |
| Total from investment operations  | (7.38)  | 11.74  | 1.88  | 2.29  | 10.33  | 1.16  |
| Distributions from net investment income  | (.40)  | (.27)  | (.27)  | (.39)  | (.29)  | (.46) D |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) D |
| Total distributions  | (5.64)  | (1.29) E | (.93) E | (3.68)  | (.29)  | (1.81) E |
| Net asset value, end of period  | $39.61 | $52.63 | $42.18 | $41.23 | $42.62 | $32.58 |
| **Total Return** F,G,H | (14.95)% <br>| 28.37%  | 4.78%  | 5.18%  | 31.91%  | 3.53%  |
| **Ratios to Average Net Assets** A,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .99% K | 1.10%  | 1.15%  | 1.14%  | 1.13%  | 1.03%  |
| Expenses net of fee waivers, if any  | .99% K<br>| 1.10%  | 1.15%  | 1.13%  | 1.13%  | 1.02%  |
| Expenses net of all reductions, if any  | .99% K | 1.10%  | 1.15%  | 1.13%  | 1.13%  | 1.01%  |
| Net investment income (loss)  | .74% K | .61%  | .58%  | .61%  | .90% C | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $339256 | $460135 | $355355 | $317773 | $253532 | $191129 |
| Portfolio turnover rate L | 63% K<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Net 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.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .52%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Total returns do not include the effect of the sales charges.*

I*Expense 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.*

J*Fees 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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Value Strategies Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.64 | $45.28 | $44.16 | $45.37 | $34.67 | $35.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .18  | .15  | .16  | .29 C | .24  |
| Net realized and unrealized gain (loss)  | (8.16)  | 12.33  | 1.76  | 2.17  | 10.61  | .92  |
| Total from investment operations  | (8.05)  | 12.51  | 1.91  | 2.33  | 10.90  | 1.16  |
| Distributions from net investment income  | (.21)  | (.13)  | (.14)  | (.25)  | (.20)  | (.37) D |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) D |
| Total distributions  | (5.45)  | (1.15) E | (.79)  | (3.54)  | (.20)  | (1.72) E |
| Net asset value, end of period  | $43.14 | $56.64 | $45.28 | $44.16 | $45.37 | $34.67 |
| **Total Return** F,G,H | (15.05)% <br>| 28.07%  | 4.51%  | 4.95%  | 31.59%  | 3.32%  |
| **Ratios to Average Net Assets** A,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.24% K | 1.35%  | 1.39%  | 1.37%  | 1.37%  | 1.25%  |
| Expenses net of fee waivers, if any  | 1.24% K<br>| 1.34%  | 1.39%  | 1.37%  | 1.37%  | 1.25%  |
| Expenses net of all reductions, if any  | 1.24% K | 1.34%  | 1.39%  | 1.37%  | 1.37%  | 1.24%  |
| Net investment income (loss)  | .50% K | .36%  | .34%  | .37%  | .66% C | .81%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $212314 | $264424 | $223355 | $231490 | $237047 | $203773 |
| Portfolio turnover rate L | 63% K<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Net 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.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Total returns do not include the effect of the sales charges.*

I*Fees 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.*

J*Expense 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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Value Strategies Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.64 | $34.45 | $33.87 | $35.64 | $27.33 | $28.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | (.06)  | (.06)  | (.06)  | .04 D | .05  |
| Net realized and unrealized gain (loss)  | (6.02)  | 9.33  | 1.34  | 1.72  | 8.37  | .71  |
| Total from investment operations  | (6.02)  | 9.27  | 1.28  | 1.66  | 8.41  | .76  |
| Distributions from net investment income  | (.17)  | (.05)  | (.05)  | (.14)  | (.10)  | (.16) E |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) E |
| Total distributions  | (5.42) F | (1.08)  | (.70)  | (3.43)  | (.10)  | (1.50)  |
| Net asset value, end of period  | $31.20 | $42.64 | $34.45 | $33.87 | $35.64 | $27.33 |
| **Total Return** G,H,I | (15.25)% <br>| 27.41%  | 3.97%  | 4.37%  | 30.84%  | 2.73%  |
| **Ratios to Average Net Assets** A,J,K |  |  |  |  |  |  |
| Expenses before reductions  | 1.75% L | 1.86%  | 1.93%  | 1.92%  | 1.92%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.75% L<br>| 1.85%  | 1.93%  | 1.91%  | 1.91%  | 1.83%  |
| Expenses net of all reductions, if any  | 1.75% L | 1.85%  | 1.93%  | 1.91%  | 1.91%  | 1.82%  |
| Net investment income (loss)  | (.01)% L | (.15)%  | (.19)%  | (.17)%  | .11% D | .23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17324 | $25534 | $19120 | $18076 | $14064 | $11392 |
| Portfolio turnover rate M | 63% L<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Net 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.*

B*Calculated based on average shares outstanding during the period.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total distributions per share do not sum due to rounding.*

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

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

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

J*Expense 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.*

K*Fees 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.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Value Strategies Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.44 | $52.08 | $50.65 | $51.53 | $39.30 | $39.68 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .52  | .41  | .43  | .58 C | .43  |
| Net realized and unrealized gain (loss)  | (9.50)  | 14.22  | 2.02  | 2.47  | 12.00  | 1.07  |
| Total from investment operations  | (9.22)  | 14.74  | 2.43  | 2.90  | 12.58  | 1.50  |
| Distributions from net investment income  | (.45)  | (.35)  | (.35)  | (.49)  | (.35)  | (.54) D |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) D |
| Total distributions  | (5.69)  | (1.38)  | (1.00)  | (3.78)  | (.35)  | (1.88)  |
| Net asset value, end of period  | $50.53 | $65.44 | $52.08 | $50.65 | $51.53 | $39.30 |
| **Total Return** E,F | (14.82)% <br>| 28.76%  | 5.01%  | 5.48%  | 32.24%  | 3.85%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .70% I | .82%  | .90%  | .88%  | .86%  | .76%  |
| Expenses net of fee waivers, if any  | .70% I<br>| .81%  | .90%  | .87%  | .86%  | .76%  |
| Expenses net of all reductions, if any  | .70% I | .81%  | .90%  | .87%  | .86%  | .75%  |
| Net investment income (loss)  | 1.03% I | .89%  | .84%  | .87%  | 1.17% C | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $596714 | $815177 | $629237 | $565088 | $512558 | $284859 |
| Portfolio turnover rate J | 63% I<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .79%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Value Strategies Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.37 | $52.04 | $50.61 | $51.49 | $39.27 | $39.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .56  | .48  | .49  | .64 C | .48  |
| Net realized and unrealized gain (loss)  | (9.50)  | 14.22  | 2.02  | 2.46  | 11.98  | 1.07  |
| Total from investment operations  | (9.20)  | 14.78  | 2.50  | 2.95  | 12.62  | 1.55  |
| Distributions from net investment income  | (.20)  | (.42)  | (.42)  | (.54)  | (.40)  | (.59) D |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) D |
| Total distributions  | (5.45) E | (1.45)  | (1.07)  | (3.83)  | (.40)  | (1.93)  |
| Net asset value, end of period  | $50.72 | $65.37 | $52.04 | $50.61 | $51.49 | $39.27 |
| **Total Return** F,G | (14.79)% <br>| 28.89%  | 5.16%  | 5.59%  | 32.41%  | 3.99%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .62% J | .73%  | .77%  | .75%  | .75%  | .62%  |
| Expenses net of fee waivers, if any  | .62% J<br>| .73%  | .77%  | .75%  | .75%  | .61%  |
| Expenses net of all reductions, if any  | .62% J | .73%  | .77%  | .75%  | .75%  | .60%  |
| Net investment income (loss)  | 1.12% J | .98%  | .97%  | .99%  | 1.28% C | 1.44%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $86440 | $103334 | $218927 | $61703 | $54407 | $36988 |
| Portfolio turnover rate K | 63% J<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Fees and expenses of any underlying 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.*

I*Expense 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.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Value Strategies Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $59.88 | $47.79 | $46.56 | $47.69 | $36.40 | $36.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .46  | .38  | .39  | .54 C | .40  |
| Net realized and unrealized gain (loss)  | (8.64)  | 13.02  | 1.86  | 2.28  | 11.10  | .98  |
| Total from investment operations  | (8.40)  | 13.48  | 2.24  | 2.67  | 11.64  | 1.38  |
| Distributions from net investment income  | (.47)  | (.36)  | (.36)  | (.51)  | (.35)  | (.53) D |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  | (1.34) D |
| Total distributions  | (5.71)  | (1.39)  | (1.01)  | (3.80)  | (.35)  | (1.88) E |
| Net asset value, end of period  | $45.77 | $59.88 | $47.79 | $46.56 | $47.69 | $36.40 |
| **Total Return** F,G | (14.84)% <br>| 28.72%  | 5.03%  | 5.44%  | 32.23%  | 3.80%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .74% J | .85%  | .90%  | .89%  | .88%  | .78%  |
| Expenses net of fee waivers, if any  | .74% J<br>| .85%  | .90%  | .88%  | .88%  | .78%  |
| Expenses net of all reductions, if any  | .74% J | .85%  | .90%  | .88%  | .88%  | .77%  |
| Net investment income (loss)  | .99% J | .86%  | .83%  | .86%  | 1.15% C | 1.27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $402464 | $675022 | $456919 | $352428 | $255660 | $60788 |
| Portfolio turnover rate K | 63% J<br>| 61%  | 59%  | 46%  | 53%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .77%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

H*Fees and expenses of any underlying 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.*

I*Expense 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.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Value Strategies Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Value Strategies Fund, Class K and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $317008430 |
| **Gross unrealized depreciation** | <u>(189857261)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$127151169</u> |
| **Tax cost** | <u>$1667421324</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Value Strategies Fund** | 615719310 | 952974576 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .68 |
| **Class C** | .72 |
| **Fidelity Value Strategies Fund** | .69 |
| **Class K** | .56 |
| **Class I** | .69 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .69 |
| **Fidelity Value Strategies Fund** | .64 |
| **Class K** | .56 |
| **Class I** | .69 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Value Strategies Fund** | Russell Midcap Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Value Strategies Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .04%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 467306 | 16155 |
| **Class M** | .25% | .25% | 565282 | 758 |
| **Class C** | .75% | .25% | 105844 | <u>18993</u> |
|  |  |  | <u>1138432</u> | <u>35906</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 24264 |
| **Class M** | 1199 |
| **Class C**A | <u>98</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25561</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Strategies Fund** | 17409 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Value Strategies Fund**  | Borrower | 8573000 | 4.56% | 39119 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Value Strategies Fund** | 42920643 | 65336509 | 12887693 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Strategies Fund** | 1646 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Value Strategies Fund** | 27530 | 11922 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Value Strategies Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $51381827 | $10920447 |
| Class M | 25196597 | 5651196 |
| Class C | 3247315 | 615596 |
| Fidelity Value Strategies Fund | 70384685 | 16995066 |
| Class K | 8644227 | 6225149 |
| Class I | <u>64332365</u> | <u>13794913</u> |
| Total  | <u>$223187016</u> | <u>$54202367</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Value Strategies Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1185392 | 1606406 | $54118172 | $74141222 |
| Reinvestment of distributions | 951004 | 207268 | 41226034 | 9285604 |
| Shares redeemed | <u>(2314539)</u> | <u>(1496824)</u> | <u>(98281745)</u> | <u>(69929449)</u> |
| Net increase (decrease) | <u>(178143)</u> | <u>316850</u> | <u>$(2937539)</u> | <u>$13497377</u> |
| **Class M** |  |  |  |  |
| Shares sold | 108018 | 256680 | $4885970 | $12670737 |
| Reinvestment of distributions | 495949 | 107891 | 23438566 | 5214370 |
| Shares redeemed | <u>(351155)</u> | <u>(629038)</u> | <u>(16293351)</u> | <u>(31577162)</u> |
| Net increase (decrease) | <u>252812</u> | <u>(264467)</u> | <u>$12031185</u> | <u>$(13692055)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 53678 | 157450 | $1831871 | $5922771 |
| Reinvestment of distributions | 88433 | 15954 | 3028841 | 583123 |
| Shares redeemed | <u>(185626)</u> | <u>(129629)</u> | <u>(5840950)</u> | <u>(4902074)</u> |
| Net increase (decrease) | <u>(43515)</u> | <u>43775</u> | <u>$(980238)</u> | <u>$1603820</u> |
| **Fidelity Value Strategies Fund** |  |  |  |  |
| Shares sold | 684218 | 3124958 | $37188983 | $178317233 |
| Reinvestment of distributions | 1162843 | 278235 | 64223843 | 15458753 |
| Shares redeemed | <u>(2495475)</u> | <u>(3027638)</u> | <u>(131079059)</u> | <u>(174325455)</u> |
| Net increase (decrease) | <u>(648414)</u> | <u>375555</u> | <u>$(29666233)</u> | <u>$19450531</u> |
| **Class K** |  |  |  |  |
| Shares sold | 274253 | 1457805 | $14451054 | $83697217 |
| Reinvestment of distributions | 156005 | 112266 | 8644227 | 6225149 |
| Shares redeemed | <u>(306819)</u> | <u>(4195855)</u> | <u>(15989478)</u> | <u>(243960483)</u> |
| Net increase (decrease) | <u>123439</u> | <u>(2625784)</u> | <u>$7105803</u> | <u>$(154038117)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1986110 | 4567127 | $95663233 | $237710071 |
| Reinvestment of distributions | 1166313 | 259364 | 58350620 | 13188666 |
| Shares redeemed | <u>(5632283)</u> | <u>(3114122)</u> | <u>(258672070)</u> | <u>(165389754)</u> |
| Net increase (decrease) | <u>(2479860)</u> | <u>1712369</u> | <u>$(104658217)</u> | <u>$85508983</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Value Strategies Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109876_4.jpg)<br>

1.704744.127 SO-SANN-0725

**Fidelity Advisor® Large Cap Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109881_1.jpg)

![](img109881_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Large Cap Fund](#Sub_Sec_Fund_534_LC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements534_LC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LC-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Large Cap Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 331911 | 1409929 |
| BELGIUM - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| UCB SA  | 63600 | 11547118 |
| CANADA - 1.9%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Athabasca Oil Corp (b) | 584700 | 2198456 |
| Imperial Oil Ltd  | 286200 | 20433473 |
| MEG Energy Corp  | 251101 | 4394977 |
|  |  | 27026906 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc Class B (b) | 65100 | 4555837 |
| TOTAL CANADA |  | 31582743 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (b) | 57200 | 443062 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Class B ADR (c) | 53300 | 3810950 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Pernod Ricard SA  | 31300 | 3234813 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Airbus SE  | 35600 | 6547715 |
| TOTAL FRANCE |  | 9782528 |
| GERMANY - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Software - 1.3% |  |  |
| SAP SE ADR (d) | 68217 | 20660201 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV  | 182400 | 1189617 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 15500 | 861800 |
| TOTAL ITALY |  | 2051417 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 19000 | 960948 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 206334 | 6602167 |
| Universal Music Group NV rights (b)(e) | 206334 | 65599 |
|  |  | 6667766 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 1900 | 1089194 |
| Merus NV (b) | 15500 | 869085 |
|  |  | 1958279 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 3400 | 2505018 |
| BE Semiconductor Industries NV  | 21320 | 2579340 |
|  |  | 5084358 |
| TOTAL NETHERLANDS |  | 13710403 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (f)(g) | 65600 | 2515124 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 12420 | 1625315 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 44100 | 8525412 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 386800 | 438683 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR  | 34700 | 3782994 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 28500 | 1288200 |
| TOTAL CONSUMER STAPLES |  | 5071194 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 16500 | 906265 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 396900 | 4618718 |
| TOTAL UNITED KINGDOM |  | 11034860 |
| UNITED STATES - 88.3%  |  |  |
| Communication Services - 9.1% |  |  |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 65675 | 7423902 |
| Interactive Media & Services - 7.5% |  |  |
| Alphabet Inc Class A  | 203980 | 35031525 |
| Alphabet Inc Class C  | 173560 | 29999846 |
| Meta Platforms Inc Class A (d) | 82800 | 53612172 |
| Snap Inc Class A (b) | 363000 | 2994750 |
|  |  | 121638293 |
| Media - 1.1% |  |  |
| Comcast Corp Class A  | 539123 | 18637482 |
| TOTAL COMMUNICATION SERVICES |  | 147699677 |
| Consumer Discretionary - 3.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (b)(c) | 31000 | 450430 |
| Broadline Retail - 0.5% |  |  |
| Amazon.com Inc (b) | 38000 | 7790380 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Booking Holdings Inc (d) | 2169 | 11970559 |
| Marriott International Inc/MD Class A1 (d) | 13400 | 3535322 |
| Starbucks Corp  | 38000 | 3190100 |
|  |  | 18695981 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 112400 | 7312744 |
| Whirlpool Corp (c) | 14734 | 1150578 |
|  |  | 8463322 |
| Specialty Retail - 0.7% |  |  |
| Lowe's Cos Inc  | 47630 | 10751520 |
| Restoration Hardware Inc (b) | 4800 | 869328 |
|  |  | 11620848 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 1600 | 506672 |
| NIKE Inc Class B  | 22800 | 1381452 |
|  |  | 1888124 |
| TOTAL CONSUMER DISCRETIONARY |  | 48909085 |
| Consumer Staples - 3.7% |  |  |
| Beverages - 1.4% |  |  |
| Coca-Cola Co/The  | 167481 | 12075380 |
| Keurig Dr Pepper Inc  | 282600 | 9515142 |
| Monster Beverage Corp (b) | 18000 | 1151100 |
|  |  | 22741622 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Performance Food Group Co (b) | 28600 | 2561416 |
| Sysco Corp  | 61000 | 4453000 |
| Target Corp  | 51000 | 4794510 |
| US Foods Holding Corp (b) | 35400 | 2800848 |
| Walmart Inc (d) | 29300 | 2892496 |
|  |  | 17502270 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 6200 | 345836 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 46100 | 3085934 |
| Kenvue Inc  | 412107 | 9836994 |
|  |  | 12922928 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 41300 | 7458367 |
| TOTAL CONSUMER STAPLES |  | 60971023 |
| Energy - 6.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tidewater Inc (b)(c) | 24500 | 972895 |
| Oil, Gas & Consumable Fuels - 6.0% |  |  |
| Exxon Mobil Corp  | 618689 | 63291885 |
| Hess Corp  | 1000 | 132190 |
| Shell PLC ADR  | 508986 | 33705053 |
|  |  | 97129128 |
| TOTAL ENERGY |  | 98102023 |
| Financials - 16.8% |  |  |
| Banks - 11.7% |  |  |
| Bank of America Corp  | 969914 | 42802305 |
| JPMorgan Chase & Co (d) | 52018 | 13732752 |
| M&T Bank Corp  | 35328 | 6452306 |
| PNC Financial Services Group Inc/The  | 85441 | 14850500 |
| Truist Financial Corp  | 51800 | 2046100 |
| US Bancorp  | 237790 | 10365266 |
| Wells Fargo & Co (d) | 1350154 | 100964516 |
|  |  | 191213745 |
| Capital Markets - 2.1% |  |  |
| Charles Schwab Corp/The  | 34100 | 3012394 |
| KKR & Co Inc Class A  | 109491 | 13298777 |
| Moody's Corp  | 2100 | 1006572 |
| Morgan Stanley  | 19225 | 2461377 |
| MSCI Inc  | 300 | 169206 |
| Northern Trust Corp  | 116591 | 12444923 |
| Raymond James Financial Inc  | 8393 | 1233603 |
|  |  | 33626852 |
| Financial Services - 2.6% |  |  |
| Acacia Research Corp (b)(h) | 36900 | 137637 |
| Apollo Global Management Inc  | 6500 | 849485 |
| Corpay Inc (b) | 5300 | 1723083 |
| Global Payments Inc  | 11800 | 892198 |
| Mastercard Inc Class A  | 11215 | 6567504 |
| PayPal Holdings Inc (b) | 25700 | 1806196 |
| Visa Inc Class A (d) | 83727 | 30576263 |
|  |  | 42552366 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 10000 | 3474400 |
| Chubb Ltd  | 9995 | 2970514 |
|  |  | 6444914 |
| TOTAL FINANCIALS |  | 273837877 |
| Health Care - 8.9% |  |  |
| Biotechnology - 0.7% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 12119 | 3690963 |
| Exact Sciences Corp (b) | 89600 | 5042688 |
| Gilead Sciences Inc  | 10700 | 1177856 |
| Vaxcyte Inc (b) | 32800 | 1065672 |
|  |  | 10977179 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Abbott Laboratories  | 14300 | 1910194 |
| Becton Dickinson & Co  | 10797 | 1863454 |
| Boston Scientific Corp (b)(d) | 191511 | 20158448 |
| Masimo Corp (b) | 6100 | 991250 |
| Solventum Corp (b) | 16312 | 1192244 |
|  |  | 26115590 |
| Health Care Providers & Services - 3.4% |  |  |
| Cardinal Health Inc  | 52882 | 8167096 |
| Cigna Group/The  | 39303 | 12444902 |
| Humana Inc  | 27300 | 6364449 |
| McKesson Corp  | 15606 | 11228673 |
| UnitedHealth Group Inc  | 57299 | 17299141 |
|  |  | 55504261 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Bruker Corp  | 27700 | 1016590 |
| Danaher Corp  | 23600 | 4481640 |
| Thermo Fisher Scientific Inc  | 3600 | 1450152 |
|  |  | 6948382 |
| Pharmaceuticals - 2.8% |  |  |
| Bristol-Myers Squibb Co  | 79717 | 3848737 |
| Eli Lilly & Co  | 11100 | 8188137 |
| GSK PLC ADR  | 300430 | 12326643 |
| Haleon PLC ADR  | 1063438 | 12070021 |
| Johnson & Johnson  | 43887 | 6811701 |
| Merck & Co Inc  | 37700 | 2896868 |
|  |  | 46142107 |
| TOTAL HEALTH CARE |  | 145687519 |
| Industrials - 18.6% |  |  |
| Aerospace & Defense - 11.2% |  |  |
| Boeing Co (b) | 316427 | 65601646 |
| GE Aerospace (d) | 396913 | 97604877 |
| General Dynamics Corp  | 15129 | 4213275 |
| Howmet Aerospace Inc  | 11600 | 1970724 |
| Huntington Ingalls Industries Inc  | 21319 | 4755416 |
| RTX Corp  | 6200 | 846176 |
| Spirit AeroSystems Holdings Inc Class A (b) | 213730 | 7989227 |
| Standard Aero Inc  | 700 | 20531 |
|  |  | 183001872 |
| Air Freight & Logistics - 0.8% |  |  |
| United Parcel Service Inc Class B  | 138463 | 13505681 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 36800 | 1859910 |
| Veralto Corp  | 7633 | 771162 |
|  |  | 2631072 |
| Construction & Engineering - 0.1% |  |  |
| Centuri Holdings Inc (b) | 36800 | 768384 |
| EMCOR Group Inc  | 1800 | 849348 |
|  |  | 1617732 |
| Electrical Equipment - 5.0% |  |  |
| GE Vernova Inc (d) | 143953 | 68086890 |
| Hubbell Inc (c) | 9385 | 3656208 |
| Vertiv Holdings Co Class A (d) | 85500 | 9228015 |
|  |  | 80971113 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 83058 | 3681131 |
| Machinery - 1.0% |  |  |
| Allison Transmission Holdings Inc  | 19500 | 2018640 |
| Chart Industries Inc (b) | 9800 | 1537228 |
| Cummins Inc  | 7000 | 2250360 |
| Deere & Co  | 5500 | 2784430 |
| Donaldson Co Inc  | 23400 | 1627470 |
| Nordson Corp  | 6800 | 1441532 |
| Otis Worldwide Corp  | 19696 | 1878014 |
| Stanley Black & Decker Inc (c) | 8900 | 582327 |
| Toro Co/The  | 4400 | 333432 |
| Westinghouse Air Brake Technologies Corp  | 8145 | 1647896 |
|  |  | 16101329 |
| Trading Companies & Distributors - 0.1% |  |  |
| Watsco Inc  | 2200 | 975854 |
| TOTAL INDUSTRIALS |  | 302485784 |
| Information Technology - 19.9% |  |  |
| IT Services - 0.0% |  |  |
| EPAM Systems Inc (b) | 3000 | 523470 |
| Semiconductors & Semiconductor Equipment - 9.8% |  |  |
| Applied Materials Inc  | 22016 | 3451008 |
| Broadcom Inc  | 136300 | 32994141 |
| First Solar Inc (b) | 25615 | 4049219 |
| Lam Research Corp  | 44000 | 3554760 |
| Marvell Technology Inc  | 158201 | 9522118 |
| Micron Technology Inc  | 65700 | 6206022 |
| NVIDIA Corp  | 722300 | 97604400 |
| Teradyne Inc  | 9000 | 707400 |
|  |  | 158089068 |
| Software - 7.9% |  |  |
| Adobe Inc (b) | 25200 | 10460268 |
| Autodesk Inc (b) | 16441 | 4868509 |
| Intuit Inc  | 5100 | 3842697 |
| Microsoft Corp  | 237453 | 109313863 |
|  |  | 128485337 |
| Technology Hardware, Storage & Peripherals - 2.2% |  |  |
| Apple Inc (d) | 177868 | 35724788 |
| TOTAL INFORMATION TECHNOLOGY |  | 322822663 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Products and Chemicals Inc  | 8400 | 2342844 |
| Mosaic Co/The  | 53900 | 1947946 |
| Sherwin-Williams Co/The  | 400 | 143524 |
|  |  | 4434314 |
| Real Estate - 0.8% |  |  |
| Industrial REITs - 0.1% |  |  |
| Terreno Realty Corp  | 19300 | 1088906 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 10900 | 1345496 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 22409 | 4810092 |
| Crown Castle Inc  | 47500 | 4766625 |
| Equinix Inc  | 442 | 392858 |
|  |  | 9969575 |
| TOTAL REAL ESTATE |  | 12403977 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.0% |  |  |
| Duke Energy Corp  | 5400 | 635688 |
| Edison International  | 14100 | 784665 |
| Entergy Corp  | 17800 | 1482384 |
| PG&E Corp  | 37900 | 639752 |
| Southern Co/The  | 141400 | 12726000 |
|  |  | 16268489 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 10600 | 1702042 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 14600 | 1147414 |
| TOTAL UTILITIES |  | 19117945 |
| TOTAL UNITED STATES |  | 1436471887 |
| ZAMBIA - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| First Quantum Minerals Ltd (b) | 1289600 | 19104141 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $855,716,058) |  | <br> **1575236038** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 50548657 | 50558767 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.32 | 10378962 | 10380000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $60,938,767) |  |  | **60938767** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/17/2025 (d)<br>(Cost $407,794)<br>| 4.25 | 410000 | **407836** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $917,062,619)<br>| <br>**1636582641** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(8260281)** |
| **NET ASSETS - 100.0%** | **1628322360** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Apple Inc | Chicago Board Options Exchange | 86 | 1727310 | 215.00 | 06/20/25 | (11008) |
| Booking Holdings Inc | Chicago Board Options Exchange | 2 | 1103786 | 5000.00 | 06/20/25 | (107360) |
| Booking Holdings Inc | Chicago Board Options Exchange | 3 | 1655679 | 5300.00 | 06/20/25 | (84165) |
| Booking Holdings Inc | Chicago Board Options Exchange | 3 | 1655679 | 5500.00 | 06/20/25 | (44550) |
| Boston Scientific Corp | Chicago Board Options Exchange | 387 | 4073562 | 105.00 | 06/20/25 | (91913) |
| GE Aerospace | Chicago Board Options Exchange | 203 | 4991973 | 270.00 | 07/18/25 | (58972) |
| GE Aerospace | Chicago Board Options Exchange | 407 | 10008537 | 260.00 | 07/18/25 | (216728) |
| GE Vernova Inc | Chicago Board Options Exchange | 216 | 10216368 | 550.00 | 07/18/25 | (166320) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 256 | 6758400 | 250.00 | 06/20/25 | (407040) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 58 | 1531200 | 260.00 | 06/20/25 | (48140) |
| Marriott International Inc/MD Class A1 | Chicago Board Options Exchange | 24 | 633192 | 260.00 | 06/20/25 | (23160) |
| Meta Platforms Inc Class A | Chicago Board Options Exchange | 38 | 2460462 | 650.00 | 06/20/25 | (62225) |
| SAP SE ADR | Chicago Board Options Exchange | 67 | 2029162 | 280.00 | 06/20/25 | (168505) |
| Vertiv Holdings Co Class A | Chicago Board Options Exchange | 85 | 917405 | 90.00 | 06/20/25 | (158950) |
| Visa Inc Class A | Chicago Board Options Exchange | 82 | 2994558 | 360.00 | 06/20/25 | (81795) |
| Walmart Inc | Chicago Board Options Exchange | 99 | 977328 | 100.00 | 06/20/25 | (14553) |
| Wells Fargo & Co | Chicago Board Options Exchange | 675 | 5047650 | 82.50 | 07/18/25 | (54675) |
|  |  |  |  |  |  | (1800059) |
| Put Options |  |  |  |  |  |  |
| UnitedHealth Group Inc | Chicago Board Options Exchange | (20) | 603820 | 400.00 | 06/20/25 | (201000) |
|  |  |  |  |  |  | (201000) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(2001059)** |

---

**Legend**

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

(b) Non-income producing

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

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $59,190,087.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(f) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,515,124 or 0.2% of net assets.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,515,124 or 0.2% of net assets.

(h) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $137,637 or 0.0% of net assets.

(i) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Acacia Research Corp | 2/16/12 | 1356075 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 54521531 | 96709189 | 100671953 | 891202 | - | - | 50558767 | 50548657 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 18922700 | 68322789 | 76865489 | 6356 | - | - | 10380000 | 10378962 | 0.0% |
| Total | 73444231 | 165031978 | 177537442 | 897558 | - | - | 60938767 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 156882567 | 147765276 | 9117291 | - |
| Consumer Discretionary | 49347768 | 48909085 | 438683 | - |
| Consumer Staples | 70466647 | 70466647 | - | - |
| Energy | 126538858 | 126538858 | - | - |
| Financials | 274744142 | 273837877 | 906265 | - |
| Health Care | 164629181 | 164629181 | - | - |
| Industrials | 319069854 | 307903421 | 11166433 | - |
| Information Technology | 358053582 | 357092634 | 960948 | - |
| Materials | 23981517 | 23981517 | - | - |
| Real Estate | 12403977 | 12403977 | - | - |
| Utilities | 19117945 | 19117945 | - | - |
|  **U.S. Treasury Obligations** | 407836 | - | 407836 | - |
|  **Money Market Funds** | 60938767 | 60938767 | - | - |
| **Total Investments in Securities:** | 1636582641 | 1613585185 | 22997456 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (2001059) | (2001059) | - | - |
| Total Liabilities | (2001059) | (2001059) | - | - |
| **Total Derivative Instruments:** | (2001059) | (2001059) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (2001059) |
| **Total Equity Risk**  | 0 | (2001059) |
| **Total Value of Derivatives** | 0 | (2001059) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $10,139,702) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $856,123,852) | $1575643874 |  |
| Fidelity Central Funds (cost $60,938,767) | 60938767 |  |
| Total Investment in Securities (cost $917,062,619) |  | $1636582641 |
| Cash |  | 15 |
| Foreign currency held at value (cost $32,141) |  | 32467 |
| Receivable for investments sold |  | 1479682 |
| Receivable for forward foreign currency contracts |  | 209823 |
| Receivable for fund shares sold |  | 2398048 |
| Dividends receivable |  | 3127719 |
| Distributions receivable from Fidelity Central Funds |  | 128371 |
| Prepaid expenses |  | 211 |
| Receivable from investment adviser for expense reductions |  | 70000 |
| Other receivables |  | 9362 |
| **Total assets** |  | 1644038339 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $326486 |  |
| Delayed delivery | 65599 |  |
| Payable for forward foreign currency contracts | 210027 |  |
| Payable for fund shares redeemed | 1181592 |  |
| Accrued management fee | 1089169 |  |
| Distribution and service plan fees payable | 326872 |  |
| Written options, at value (premium received $1,192,420) | 2001059 |  |
| Other payables and accrued expenses | 135175 |  |
| Collateral on securities loaned | 10380000 |  |
| **Total liabilities** |  | 15715979 |
| **Net Assets**  |  | $1628322360 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $860902068 |
| Total accumulated earnings (loss) |  | 767420292 |
| **Net Assets** |  | $1628322360 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($855,984,448 ÷ 17,051,589 shares)(a) |  | $50.20 |
| Maximum offering price per share (100/94.25 of $50.20) |  | $53.26 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($206,386,819 ÷ 4,121,041 shares)(a) |  | $50.08 |
| Maximum offering price per share (100/96.50 of $50.08) |  | $51.90 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($85,087,382 ÷ 1,996,836 shares)(a) |  | $42.61 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($391,214,226 ÷ 7,224,444 shares) |  | $54.15 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($89,649,485 ÷ 1,657,626 shares) |  | $54.08 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $11115205 |
| Interest  |  | 85079 |
| Income from Fidelity Central Funds (including $6,356 from security lending)  |  | 897558 |
| **Total income** |  | 12097842 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $5265988 |  |
| Performance adjustment | 1095165 |  |
| Distribution and service plan fees | 1947547 |  |
| Custodian fees and expenses | 49278 |  |
| Independent trustees' fees and expenses | 3233 |  |
| Registration fees | 57884 |  |
| Audit fees | 36080 |  |
| Legal | 14382 |  |
| Miscellaneous | 113193 |  |
| Total expenses before reductions | 8582750 |  |
| Expense reductions | (70000) |  |
| Total expenses after reductions |  | 8512750 |
| **Net Investment income (loss)** |  | 3585092 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 48919213 |  |
| Foreign currency transactions | (9991) |  |
| Written options | (1684098) |  |
| Total net realized gain (loss) |  | 47225124 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (20890209) |  |
| Assets and liabilities in foreign currencies | 16762 |  |
| Written options | (710162) |  |
| Total change in net unrealized appreciation (depreciation) |  | (21583609) |
| **Net gain (loss)** |  | 25641515 |
| **Net increase (decrease) in net assets resulting from operations** |  | $29226607 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3585092 | $7150091 |
| &nbsp;&nbsp;Net realized gain (loss) | 47225124<br>| 92093191<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (21583609) | 323201740<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 29226607<br>| 422445022<br>|
| Distributions to shareholders | (90889519)<br>| (39993050)<br>|
| Share transactions - net increase (decrease) | 102422657<br>| 27115047<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 40759745<br>| 409567019<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1587562615 | 1177995596<br>|
| &nbsp;&nbsp;End of period | $1628322360 | $1587562615 |

---

**Financial Highlights** 

**Fidelity Advisor® Large Cap Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.33 | $39.63 | $36.29 | $38.14 | $31.98 | $32.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .24  | .30  | .38  | .62 C | .50  |
| Net realized and unrealized gain (loss)  | .78  | 13.85  | 3.79  | .28  | 7.29  | 1.36  |
| Total from investment operations  | .89  | 14.09  | 4.09  | .66  | 7.91  | 1.86  |
| Distributions from net investment income  | (.25)  | (.30)  | (.38)  | (.61)  | (.57)  | (.60)  |
| Distributions from net realized gain  | (2.76)  | (1.09)  | (.37)  | (1.90)  | (1.18)  | (2.08)  |
| Total distributions  | (3.02) D | (1.39)  | (.75)  | (2.51)  | (1.75)  | (2.68)  |
| Net asset value, end of period  | $50.20 | $52.33 | $39.63 | $36.29 | $38.14 | $31.98 |
| **Total Return** E,F,G | 1.88% <br>| 36.60%  | 11.62%  | 1.49%  | 25.87%  | 5.91%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.11% J,K | 1.09%  | 1.16%  | .92%  | .80%  | .75%  |
| Expenses net of fee waivers, if any  | 1.10% J,K<br>| 1.09%  | 1.15%  | .91%  | .80%  | .75%  |
| Expenses net of all reductions, if any  | 1.10% J,K | 1.09%  | 1.15%  | .91%  | .80%  | .75%  |
| Net investment income (loss)  | .46% J,K | .53%  | .82%  | 1.07%  | 1.67% C | 1.76%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $855984 | $829360 | $608811 | $532911 | $468894 | $389143 |
| Portfolio turnover rate L | 19% J<br>| 18%  | 13%  | 11%  | 17%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Annualized.*

K*Proxy expenses are not annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Large Cap Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.14 | $39.49 | $36.14 | $37.99 | $31.86 | $32.69 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .13  | .21  | .29  | .52 C | .42  |
| Net realized and unrealized gain (loss)  | .78  | 13.80  | 3.78  | .27  | 7.28  | 1.35  |
| Total from investment operations  | .83  | 13.93  | 3.99  | .56  | 7.80  | 1.77  |
| Distributions from net investment income  | (.12)  | (.19)  | (.27)  | (.52)  | (.49)  | (.52)  |
| Distributions from net realized gain  | (2.76)  | (1.09)  | (.37)  | (1.90)  | (1.18)  | (2.08)  |
| Total distributions  | (2.89) D | (1.28)  | (.64)  | (2.41) D | (1.67)  | (2.60)  |
| Net asset value, end of period  | $50.08 | $52.14 | $39.49 | $36.14 | $37.99 | $31.86 |
| **Total Return** E,F,G | 1.75% <br>| 36.25%  | 11.36%  | 1.23%  | 25.55%  | 5.62%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.36% J,K | 1.34%  | 1.41%  | 1.17%  | 1.05%  | 1.01%  |
| Expenses net of fee waivers, if any  | 1.35% J,K<br>| 1.33%  | 1.40%  | 1.16%  | 1.05%  | 1.01%  |
| Expenses net of all reductions, if any  | 1.35% J,K | 1.33%  | 1.40%  | 1.16%  | 1.05%  | 1.00%  |
| Net investment income (loss)  | .21% J,K | .28%  | .58%  | .83%  | 1.42% C | 1.50%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $206387 | $215453 | $169910 | $166368 | $176983 | $153918 |
| Portfolio turnover rate L | 19% J<br>| 18%  | 13%  | 11%  | 17%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Annualized.*

K*Proxy expenses are not annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Large Cap Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.78 | $34.11 | $31.34 | $33.25 | $28.08 | $29.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.09)  | .02  | .09  | .29 C | .25  |
| Net realized and unrealized gain (loss)  | .65  | 11.89  | 3.27  | .24  | 6.40  | 1.18  |
| Total from investment operations  | .59  | 11.80  | 3.29  | .33  | 6.69  | 1.43  |
| Distributions from net investment income  | -  | (.04)  | (.15)  | (.34)  | (.34)  | (.36)  |
| Distributions from net realized gain  | (2.76)  | (1.09)  | (.37)  | (1.90)  | (1.18)  | (2.08)  |
| Total distributions  | (2.76)  | (1.13)  | (.52)  | (2.24)  | (1.52)  | (2.44)  |
| Net asset value, end of period  | $42.61 | $44.78 | $34.11 | $31.34 | $33.25 | $28.08 |
| **Total Return** D,E,F | 1.50% <br>| 35.56%  | 10.77%  | .70%  | 24.90%  | 5.10%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.87% I,J | 1.84%  | 1.93%  | 1.69%  | 1.57%  | 1.53%  |
| Expenses net of fee waivers, if any  | 1.86% I,J<br>| 1.84%  | 1.93%  | 1.68%  | 1.57%  | 1.52%  |
| Expenses net of all reductions, if any  | 1.86% I,J | 1.84%  | 1.93%  | 1.68%  | 1.57%  | 1.52%  |
| Net investment income (loss)  | (.29)% I,J | (.23)%  | .05%  | .30%  | .90% C | .98%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $85087 | $90873 | $78499 | $81509 | $89886 | $88926 |
| Portfolio turnover rate K | 19% I<br>| 18%  | 13%  | 11%  | 17%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.19 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .30%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Large Cap Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.26 | $42.48 | $38.83 | $40.63 | $33.94 | $34.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .38  | .43  | .51  | .76 C | .61  |
| Net realized and unrealized gain (loss)  | .83  | 14.88  | 4.04  | .30  | 7.76  | 1.44  |
| Total from investment operations  | 1.02  | 15.26  | 4.47  | .81  | 8.52  | 2.05  |
| Distributions from net investment income  | (.37)  | (.39)  | (.45)  | (.71)  | (.64)  | (.66)  |
| Distributions from net realized gain  | (2.76)  | (1.09)  | (.37)  | (1.90)  | (1.18)  | (2.08)  |
| Total distributions  | (3.13)  | (1.48)  | (.82)  | (2.61)  | (1.83) D | (2.74)  |
| Net asset value, end of period  | $54.15 | $56.26 | $42.48 | $38.83 | $40.63 | $33.94 |
| **Total Return** E,F | 2.00% <br>| 36.97%  | 11.90%  | 1.77%  | 26.22%  | 6.17%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .85% I,J | .83%  | .90%  | .65%  | .54%  | .48%  |
| Expenses net of fee waivers, if any  | .84% I,J<br>| .83%  | .89%  | .65%  | .54%  | .48%  |
| Expenses net of all reductions, if any  | .84% I,J | .83%  | .89%  | .65%  | .54%  | .48%  |
| Net investment income (loss)  | .72% I,J | .78%  | 1.08%  | 1.34%  | 1.93% C | 2.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $391214 | $355761 | $263769 | $224889 | $257331 | $206090 |
| Portfolio turnover rate K | 19% I<br>| 18%  | 13%  | 11%  | 17%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Large Cap Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.22 | $42.46 | $38.81 | $40.61 | $33.93 | $34.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .44  | .48  | .55  | .81 C | .64  |
| Net realized and unrealized gain (loss)  | .83  | 14.85  | 4.04  | .30  | 7.74  | 1.45  |
| Total from investment operations  | 1.05  | 15.29  | 4.52  | .85  | 8.55  | 2.09  |
| Distributions from net investment income  | (.43)  | (.44)  | (.50)  | (.76)  | (.69)  | (.72)  |
| Distributions from net realized gain  | (2.76)  | (1.09)  | (.37)  | (1.90)  | (1.18)  | (2.08)  |
| Total distributions  | (3.19)  | (1.53)  | (.87)  | (2.65) D | (1.87)  | (2.80)  |
| Net asset value, end of period  | $54.08 | $56.22 | $42.46 | $38.81 | $40.61 | $33.93 |
| **Total Return** E,F | 2.06% <br>| 37.10%  | 12.06%  | 1.88%  | 26.36%  | 6.30%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .73% I,J | .72%  | .78%  | .53%  | .42%  | .36%  |
| Expenses net of fee waivers, if any  | .72% I,J<br>| .72%  | .77%  | .53%  | .42%  | .36%  |
| Expenses net of all reductions, if any  | .72% I,J | .72%  | .77%  | .53%  | .42%  | .36%  |
| Net investment income (loss)  | .84% I,J | .89%  | 1.20%  | 1.46%  | 2.05% C | 2.15%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $89649 | $96116 | $57007 | $43889 | $39055 | $30308 |
| Portfolio turnover rate K | 19% J<br>| 18%  | 13%  | 11%  | 17%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.45%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Proxy expenses are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Large Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $761161016 |
| **Gross unrealized depreciation** | <u>(43706320)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$717454696</u> |
| **Tax cost** | <u>$918319306</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Large Cap Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | (21979) | - |
| Written Options | (1684098) | (710162) |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1706077)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(710162)</u> |
| **Interest Rate Risk** |  |  |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1706077)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(710162)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

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

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period, unless an average notional amount is presented in the table below.

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| | | |
|:---|:---|:---|
|  | **Type** | **Average Notional Amount ($)** |
| **Fidelity Advisor Large Cap Fund** | Written Options | 36027391 |

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Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Large Cap Fund** | 160938747 | 144251572 |

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**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .71 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

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| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Large Cap Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .14%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 1013809 | 36417 |
| **Class M** | .25% | .25% | 510258 | 2087 |
| **Class C** | .75% | .25% | <u>423480</u> | <u>62045</u> |
|  |  |  | <u>1947547</u> | <u>100549</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

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| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 196196 |
| **Class M** | 5810 |
| **Class C**A | <u>738</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>202744</u> |

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*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Large Cap Fund** | 2498 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Large Cap Fund** | 19115704 | 2975045 | 952095 |

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**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Large Cap Fund** | 1220 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Large Cap Fund** | 635 | - | - |

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**9. Expense Reductions.** 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $70,000.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Large Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $47670554 | $21321620 |
| Class M | 11868233 | 5472128 |
| Class C | 5545470 | 2581326 |
| Class I | 20378394 | 8557886 |
| Class Z | <u>5426868</u> | <u>2060090</u> |
| Total  | <u>$90889519</u> | <u>$39993050</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Large Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1760143 | 2385473 | $85377747 | $108446288 |
| Reinvestment of distributions | 922639 | 499997 | 44895622 | 20119875 |
| Shares redeemed | <u>(1480068)</u> | <u>(2398081)</u> | <u>(71509226)</u> | <u>(108215951)</u> |
| Net increase (decrease) | <u>1202714</u> | <u>487389</u> | <u>$58764143</u> | <u>$20350212</u> |
| **Class M** |  |  |  |  |
| Shares sold | 170243 | 321165 | $8222636 | $14475504 |
| Reinvestment of distributions | 240875 | 134296 | 11704115 | 5397348 |
| Shares redeemed | <u>(422021)</u> | <u>(625939)</u> | <u>(20128033)</u> | <u>(28029370)</u> |
| Net increase (decrease) | <u>(10903)</u> | <u>(170478)</u> | <u>$(201282)</u> | <u>$(8156518)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 234852 | 397282 | $9617755 | $15479378 |
| Reinvestment of distributions | 125791 | 70788 | 5211543 | 2454927 |
| Shares redeemed | <u>(392972)</u> | <u>(739944)</u> | <u>(16079141)</u> | <u>(28741979)</u> |
| Net increase (decrease) | <u>(32329)</u> | <u>(271874)</u> | <u>$(1249843)</u> | <u>$(10807674)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1505624 | 2003847 | $78556793 | $98737296 |
| Reinvestment of distributions | 314118 | 160194 | 16469186 | 6912377 |
| Shares redeemed | <u>(919244)</u> | <u>(2048628)</u> | <u>(47277929)</u> | <u>(97867294)</u> |
| Net increase (decrease) | <u>900498</u> | <u>115413</u> | <u>$47748050</u> | <u>$7782379</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 268099 | 897965 | $13940790 | $44546175 |
| Reinvestment of distributions | 70526 | 44052 | 3690608 | 1897330 |
| Shares redeemed | <u>(390730)</u> | <u>(575005)</u> | <u>(20269809)</u> | <u>(28496857)</u> |
| Net increase (decrease) | <u>(52105)</u> | <u>367012</u> | <u>$(2638411)</u> | <u>$17946648</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**14. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Large Cap Stock Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Large Cap Stock Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

A meeting of shareholders of the Fund is expected to be held during the third quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during November 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Large Cap Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board noted that, at a meeting in January 2025, it had approved the reorganization of the fund into Fidelity Large Cap Stock Fund and that such reorganization was subject to approval by the fund's shareholders.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered an effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Class I ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board noted that the total expense ratio of Class I of the fund ranked above the total peer group competitive median due to the fund's positive performance adjustment. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its asset-sized peer group median.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109881_4.jpg)<br>

1.704742.127 LC-SANN-0725

**Fidelity Advisor® Growth Opportunities Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109882_1.jpg)

![](img109882_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_GO-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Growth Opportunities Fund](#Sub_Sec_Fund_223_GO-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements223_GO-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GO-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GO-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GO-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GO-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Growth Opportunities Fund**

**Consolidated Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.2%** | &nbsp;&nbsp;**Common Stocks - 93.2%** | &nbsp;&nbsp;**Common Stocks - 93.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 3154 | 4081465 |
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (c) | 595000 | 63795900 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 67662 | 11018080 |
| GERMANY - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| SAP SE  | 654600 | 198029702 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Pvt Ltd (b)(d) | 2973550 | 10157936 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (b)(c)(d) | 16636 | 7829400 |
| TOTAL INDIA |  | 17987336 |
| IRELAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Circle Internet Financial LLC  | 1497818 | 38943268 |
| Circle Internet Financial LLC  | 155650 | 4046900 |
| TOTAL IRELAND |  | 42990168 |
| ISRAEL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Rapyd Financial Network 2016 Ltd (b)(c)(d) | 340545 | 13880614 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(c)(d) | 7115 | 106156 |
|  |  | 13986770 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 41969 | 6251283 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 54999 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 79083 | 1 |
|  |  | 1 |
| TOTAL INFORMATION TECHNOLOGY |  | 6251284 |
| TOTAL ISRAEL |  | 20238054 |
| NETHERLANDS - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (c) | 209699 | 120212049 |
| SINGAPORE - 1.3%  |  |  |
| Communication Services - 1.3% |  |  |
| Entertainment - 1.3% |  |  |
| Sea Ltd Class A ADR (c) | 2094576 | 335907153 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2020700 | 390641724 |
| UNITED KINGDOM - 0.5%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd Class D (b)(c)(d) | 6988700 | 24388023 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 28638 | 25212895 |
| TOTAL FINANCIALS |  | 49600918 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC ADR  | 7312400 | 84896964 |
| TOTAL UNITED KINGDOM |  | 134497882 |
| UNITED STATES - 87.8%  |  |  |
| Communication Services - 21.0% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 4468300 | 124218740 |
| Entertainment - 5.8% |  |  |
| Netflix Inc (c) | 545223 | 658209563 |
| ROBLOX Corp Class A (c) | 1630800 | 141846984 |
| Roku Inc Class A (c) | 8971138 | 650048659 |
| Spotify Technology SA (c) | 4200 | 2793588 |
|  |  | 1452898794 |
| Interactive Media & Services - 12.9% |  |  |
| Alphabet Inc Class A  | 2245060 | 385566604 |
| Alphabet Inc Class C  | 5703680 | 985881088 |
| Epic Games Inc (b)(c)(d) | 56200 | 37886106 |
| Meta Platforms Inc Class A  | 2618485 | 1695442853 |
| Reddit Inc Class A (c) | 1203500 | 135213225 |
|  |  | 3239989876 |
| Media - 0.1% |  |  |
| MNTN Inc (e) | 896466 | 22617837 |
| Wireless Telecommunication Services - 1.7% |  |  |
| T-Mobile US Inc  | 1813425 | 439211535 |
| TOTAL COMMUNICATION SERVICES |  | 5278936782 |
| Consumer Discretionary - 9.5% |  |  |
| Automobiles - 0.2% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 474927 | 29730 |
| Rad Power Bikes Inc (b)(c)(d) | 382384 | 34415 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 449400 | 85386 |
| Rivian Automotive Inc Class A (c) | 22700 | 329831 |
| Tesla Inc (c) | 133540 | 46266268 |
|  |  | 46745630 |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (c) | 6310240 | 1293662302 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Hilton Worldwide Holdings Inc  | 305900 | 75997796 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 15489 | 1 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 15488 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 15488 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 15488 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 15488 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 15488 | 0 |
| Starbucks Corp  | 1157800 | 97197310 |
| Yum! Brands Inc  | 50300 | 7240182 |
|  |  | 180435289 |
| Specialty Retail - 3.4% |  |  |
| Carvana Co Class A (c) | 1441600 | 471633856 |
| Lowe's Cos Inc  | 872200 | 196881706 |
| O'Reilly Automotive Inc (c) | 134500 | 183928750 |
|  |  | 852444312 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(c)(d) | 5086874 | 12411973 |
| TOTAL CONSUMER DISCRETIONARY |  | 2385699506 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 3612300 | 260446830 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Albertsons Cos Inc Class A  | 108600 | 2414178 |
| BJ's Wholesale Club Holdings Inc (c) | 1982600 | 224450146 |
| Costco Wholesale Corp  | 142700 | 148433686 |
| Walmart Inc  | 1271600 | 125532352 |
|  |  | 500830362 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 19087368 | 23286589 |
| JUUL Labs Inc Class B (b)(c)(d) | 2772 | 3382 |
| Philip Morris International Inc  | 17700 | 3196443 |
|  |  | 26486414 |
| TOTAL CONSUMER STAPLES |  | 787763606 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Exxon Mobil Corp  | 188700 | 19304010 |
| Financials - 5.3% |  |  |
| Capital Markets - 0.8% |  |  |
| Blue Owl Capital Inc Class A  | 2425800 | 45313944 |
| Charles Schwab Corp/The  | 754900 | 66687866 |
| LPL Financial Holdings Inc  | 236900 | 91718204 |
|  |  | 203720014 |
| Financial Services - 3.0% |  |  |
| Apollo Global Management Inc  | 918300 | 120012627 |
| Fiserv Inc (c) | 157500 | 25639425 |
| Mastercard Inc Class A  | 95500 | 55924800 |
| Visa Inc Class A  | 1544761 | 564131270 |
|  |  | 765708122 |
| Insurance - 1.5% |  |  |
| Arthur J Gallagher & Co  | 374900 | 130255256 |
| Progressive Corp/The  | 865100 | 246492943 |
|  |  | 376748199 |
| TOTAL FINANCIALS |  | 1346176335 |
| Health Care - 2.7% |  |  |
| Biotechnology - 1.2% |  |  |
| AbbVie Inc  | 415500 | 77328705 |
| Alnylam Pharmaceuticals Inc (c) | 272335 | 82942349 |
| Cytokinetics Inc (c) | 1426700 | 44256234 |
| Nuvalent Inc Class A (c) | 380176 | 28364931 |
| Vaxcyte Inc (c) | 1486243 | 48288035 |
| Viking Therapeutics Inc (c)(f) | 970978 | 26022210 |
|  |  | 307202464 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 72562 | 2403253 |
| Boston Scientific Corp (c) | 2735664 | 287955993 |
|  |  | 290359246 |
| Health Care Providers & Services - 0.0% |  |  |
| Humana Inc  | 14400 | 3357072 |
| Pharmaceuticals - 0.3% |  |  |
| Eli Lilly & Co  | 93300 | 68824611 |
| Structure Therapeutics Inc ADR (c) | 619200 | 13473792 |
|  |  | 82298403 |
| TOTAL HEALTH CARE |  | 683217185 |
| Industrials - 4.3% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Axon Enterprise Inc (c) | 137900 | 103474644 |
| GE Aerospace  | 203900 | 50141049 |
| Relativity Space Inc (b)(c) | 14839 | 16768 |
| Space Exploration Technologies Corp (b)(c)(d) | 210518 | 38945830 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 46133 | 8534605 |
| TransDigm Group Inc  | 19600 | 28781228 |
|  |  | 229894124 |
| Building Products - 1.7% |  |  |
| Builders FirstSource Inc (c) | 3923277 | 422458467 |
| Ground Transportation - 1.1% |  |  |
| Uber Technologies Inc (c) | 3144181 | 264614273 |
| Passenger Airlines - 0.1% |  |  |
| United Airlines Holdings Inc (c) | 327100 | 25986460 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 350800 | 114195924 |
| Trading Companies & Distributors - 0.0% |  |  |
| QXO Inc (f) | 1495700 | 25426900 |
| TOTAL INDUSTRIALS |  | 1082576148 |
| Information Technology - 39.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Flex Ltd (c) | 9177829 | 388222167 |
| IT Services - 1.0% |  |  |
| CoreWeave Inc Class A (e) | 375340 | 41779095 |
| CoreWeave Inc Class A (c)(f) | 74800 | 8325988 |
| CoreWeave Inc Class A (b)(e) | 13217 | 1477164 |
| IBM Corporation  | 724100 | 187585346 |
|  |  | 239167593 |
| Semiconductors & Semiconductor Equipment - 18.0% |  |  |
| Advanced Micro Devices Inc (c) | 1484700 | 164400831 |
| Astera Labs Inc (c) | 280073 | 25408222 |
| Broadcom Inc  | 4547800 | 1100885946 |
| Micron Technology Inc  | 281600 | 26599936 |
| NVIDIA Corp  | 23735820 | 3207421357 |
|  |  | 4524716292 |
| Software - 13.8% |  |  |
| AppLovin Corp Class A (c) | 1351500 | 531139500 |
| Celestial AI Inc (b)(d) | 7127 | 118736 |
| Datadog Inc Class A (c) | 903500 | 106504580 |
| Microsoft Corp  | 4861615 | 2238093082 |
| Monday.com Ltd (c) | 102200 | 30403478 |
| OpenAI Global LLC rights (b)(c)(d) | 4034677 | 5930975 |
| Oracle Corp  | 1175300 | 194547409 |
| Palantir Technologies Inc Class A (c) | 1580600 | 208291468 |
| Samsara Inc Class A (c) | 979200 | 45571968 |
| Servicenow Inc (c) | 102358 | 103493150 |
| Stripe Inc Class B (b)(c)(d) | 73500 | 2609250 |
|  |  | 3466703596 |
| Technology Hardware, Storage & Peripherals - 4.7% |  |  |
| Apple Inc  | 5916260 | 1188280821 |
| TOTAL INFORMATION TECHNOLOGY |  | 9807090469 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Zillow Group Inc Class C (c) | 1090000 | 73149900 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 456300 | 97944795 |
| TOTAL REAL ESTATE |  | 171094695 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.5% |  |  |
| Constellation Energy Corp  | 449600 | 137645040 |
| NRG Energy Inc  | 1144100 | 178365190 |
| PG&E Corp  | 3390200 | 57226576 |
|  |  | 373236806 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Vistra Corp  | 1063500 | 170766195 |
| TOTAL UTILITIES |  | 544003001 |
| TOTAL UNITED STATES |  | 22105861737 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,408,495,900) |  | <br> **23445261250** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 842600 | 2374868 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 231600 | 652765 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(g) | 14792997 | 19165807 |
|  |  | 22193440 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 122289 | 84868 |
| TOTAL UNITED STATES |  | 22278308 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $15,989,486) |  | <br> **22278308** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 16900 | 930345 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 116411 | 25816467 |
| ESTONIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 290611 | 61546799 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 315308 | 8853849 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D2 (b)(d) | 66304 | 4991365 |
| Meesho Series E (b)(d) | 11045 | 831467 |
| Meesho Series E1 (b)(c)(d) | 17820 | 1341490 |
| Meesho Series F (b)(c)(d) | 254051 | 19508576 |
|  |  | 26672898 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Pine Labs Pvt Ltd Series 1 (b)(c)(d) | 39764 | 18714132 |
| Pine Labs Pvt Ltd Series A (b)(c)(d) | 9936 | 4676180 |
| Pine Labs Pvt Ltd Series B (b)(c)(d) | 10808 | 5086569 |
| Pine Labs Pvt Ltd Series B2 (b)(c)(d) | 8745 | 4115659 |
| Pine Labs Pvt Ltd Series C (b)(c)(d) | 16265 | 7654797 |
| Pine Labs Pvt Ltd Series C1 (b)(c)(d) | 3427 | 1612849 |
| Pine Labs Pvt Ltd Series D (b)(c)(d) | 3667 | 1725800 |
|  |  | 43585986 |
| TOTAL INDIA |  | 70258884 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd (b)(d) | 23715 | 927257 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 141900 | 525030 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 501100 | 841848 |
| Xsight Labs Ltd Series E (b)(d) | 395416 | 3163328 |
| Xsight Labs Ltd Series E1 (b)(d) | 183329 | 1466632 |
|  |  | 5471808 |
| TOTAL ISRAEL |  | 6924095 |
| UNITED STATES - 1.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 6477300 | 405479 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 49852 | 4487 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 196163 | 45117 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 415700 | 153809 |
| Waymo LLC Series A2 (b)(c)(d) | 47838 | 3357271 |
| Waymo LLC Series C2 (b)(d) | 103289 | 8496553 |
|  |  | 12462716 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 70400 | 2649152 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 566439 | 691055 |
| JUUL Labs Inc Series D (b)(c)(d) | 3671 | 4478 |
|  |  | 695533 |
| TOTAL CONSUMER STAPLES |  | 3344685 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 63679 | 4565784 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 102224 | 7780269 |
|  |  | 12346053 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 234164 | 7755512 |
| Blink Health LLC Series D (b)(d) | 50268 | 1664876 |
|  |  | 9420388 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(c)(d)(h) | 764320 | 3133712 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 153312 | 5428778 |
| TOTAL HEALTH CARE |  | 17982878 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Anduril Industries Inc Series F (b)(d) | 556061 | 22731774 |
| Anduril Industries Inc Series G (b)(d) | 143300 | 5858104 |
| Space Exploration Technologies Corp Series I (b)(c)(d) | 16438 | 30410300 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 51400 | 95090001 |
|  |  | 154090179 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d) | 191430 | 6562220 |
| Construction & Engineering - 0.2% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 441839 | 41957031 |
| Beta Technologies Inc Series C, 6% (b)(d) | 33500 | 3264575 |
|  |  | 45221606 |
| TOTAL INDUSTRIALS |  | 205874005 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cellink Corp Series D (b)(c)(d) | 380829 | 1671839 |
| Enevate Corp Series E (b)(c)(d) | 7873996 | 2440939 |
| Vast Data Ltd Series A (b)(c)(d) | 54250 | 1188075 |
| Vast Data Ltd Series A1 (b)(c)(d) | 133528 | 2924263 |
| Vast Data Ltd Series A2 (b)(c)(d) | 153600 | 3363840 |
| Vast Data Ltd Series B (b)(c)(d) | 122222 | 2676662 |
| Vast Data Ltd Series C (b)(c)(d) | 3563 | 78030 |
| Vast Data Ltd Series E (b)(c)(d) | 116791 | 2557723 |
|  |  | 16901371 |
| IT Services - 0.3% |  |  |
| Gupshup Inc (b)(c)(d) | 509400 | 3326382 |
| X.Ai Holdings Corp Series B (b)(d) | 1044317 | 38180230 |
| X.Ai Holdings Corp Series C (b)(d) | 559691 | 20462303 |
| Yanka Industries Inc Series E (b)(c)(d) | 341047 | 968573 |
| Yanka Industries Inc Series F (b)(c)(d) | 380955 | 1721917 |
|  |  | 64659405 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 1198500 | 7023210 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 171099 | 1187426 |
|  |  | 8210636 |
| Software - 0.3% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 66894 | 4438417 |
| Anthropic PBC Series E (b)(d) | 32500 | 2066025 |
| Celestial AI Inc Series A (b)(d) | 45442 | 757064 |
| Celestial AI Inc Series B (b)(d) | 34194 | 569671 |
| Celestial AI Inc Series C1 (b)(d) | 136975 | 2282004 |
| Crusoe Energy Systems LLC Series D (b)(d) | 276930 | 8906069 |
| Databricks Inc Series G (b)(c)(d) | 181200 | 18627360 |
| Databricks Inc Series H (b)(c)(d) | 32352 | 3325786 |
| Databricks Inc Series I (b)(c)(d) | 2463 | 253196 |
| Databricks Inc Series J (b)(d) | 26102 | 2683286 |
| Lyte Ai Inc Series B (b)(d) | 290100 | 3124376 |
| MOLOCO Inc Series A (b)(c)(d) | 265144 | 17732831 |
| Runway AI Inc Series D (b)(d) | 744630 | 8585584 |
| Skyryse Inc Series B (b)(c)(d) | 244100 | 6744483 |
| Stripe Inc Series H (b)(c)(d) | 165183 | 5863997 |
|  |  | 85960149 |
| TOTAL INFORMATION TECHNOLOGY |  | 175731561 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 674317 | 16729805 |
| TOTAL UNITED STATES |  | 444471703 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $506,140,153) |  | <br> **618802142** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 449400 | 402902 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(i) | 437591 | 218212 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 1371531 | 1422765 |
| TOTAL INFORMATION TECHNOLOGY |  | 1640977 |
| TOTAL UNITED STATES |  | 2043879 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $2,258,522) |  | <br> **2043879** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 1053393252 | 1053603931 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.32 | 49671414 | 49676381 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,103,280,312) |  |  | **1103280312** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $13,036,164,373)<br>| <br>**25191665891** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(18919568)** |
| **NET ASSETS - 100.0%** | **25172746323** |

---

**Legend**

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

(b) Level 3 security

(c) Non-income producing

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $861,061,049 or 3.4% of net assets.

(e) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $65,874,096 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series E1 | 5/20/22 | 7637145 |
| Anduril Industries Inc Series F | 8/07/24 | 12086876 |
| Anduril Industries Inc Series G | 4/17/25 | 5858505 |
| Anthropic PBC Series D | 5/31/24 | 2007121 |
| Anthropic PBC Series E | 2/14/25 | 1822811 |
| Beta Technologies Inc Series A | 4/09/21 | 32373544 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 3834745 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 2072749 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 8939445 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 2111256 |
| Bolt Technology OU Series E | 1/03/22 | 75499721 |
| Bombas LLC | 2/16/21 - 11/12/21 | 24316178 |
| ByteDance Ltd Series E1 | 11/18/20 | 12755640 |
| Canva Inc Class A | 12/23/24 | 4037404 |
| Celestial AI Inc | 2/25/25 | 105591 |
| Celestial AI Inc Series A | 2/25/25 | 673255 |
| Celestial AI Inc Series B | 2/25/25 | 506608 |
| Celestial AI Inc Series C1 | 2/25/25 | 2387502 |
| Cellink Corp Series D | 1/20/22 | 7930345 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 8078558 |
| Databricks Inc Series G | 2/01/21 | 10713021 |
| Databricks Inc Series H | 8/31/21 | 2377359 |
| Databricks Inc Series I | 9/14/23 | 181031 |
| Databricks Inc Series J | 12/17/24 | 2414435 |
| Diamond Foundry Inc Series C | 3/15/21 | 16183608 |
| Element Labs Inc Series A | 2/11/25 | 523412 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 122289 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 437591 |
| Enevate Corp Series E | 1/29/21 | 8729781 |
| Epic Games Inc | 7/13/20 - 3/29/21 | 45614000 |
| GoBrands Inc Series G | 3/02/21 | 17580098 |
| Gupshup Inc | 6/08/21 | 11647533 |
| JUUL Labs Inc Class A | 2/23/24 | 19373106 |
| JUUL Labs Inc Class B | 11/21/17 | 0 |
| JUUL Labs Inc Series C | 5/22/15 | 0 |
| JUUL Labs Inc Series D | 6/25/18 | 0 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 8194542 |
| Lyte Ai Inc Series B | 8/13/24 | 3680238 |
| Meesho Series D2 | 7/15/24 | 3713024 |
| Meesho Series E | 7/15/24 | 618520 |
| Meesho Series E1 | 4/18/24 | 997920 |
| Meesho Series F | 9/21/21 - 7/15/24 | 19266763 |
| MOLOCO Inc Series A | 6/26/23 | 15908640 |
| Neutron Holdings Inc | 2/04/21 | 4750 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 842600 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 231600 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 14792997 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 1184310 |
| OpenAI Global LLC rights | 9/30/24 | 4034677 |
| Oura Health Oy Series D | 12/18/24 | 8100263 |
| Pine Labs Pvt Ltd | 6/30/21 | 6203479 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 14826405 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 3705317 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 4030451 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 3261240 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 6065148 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 1278371 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 1367857 |
| Rad Power Bikes Inc | 1/21/21 | 1844559 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 449400 |
| Rad Power Bikes Inc Series A | 1/21/21 | 240478 |
| Rad Power Bikes Inc Series C | 1/21/21 | 946259 |
| Rad Power Bikes Inc Series D | 9/17/21 | 3983986 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Rapyd Financial Network 2016 Ltd | 3/30/21 | 24999987 |
| Rapyd Financial Network 2016 Ltd | 3/06/25 | 1038191 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 | 3/06/25 | 0 |
| Revolut Group Holdings Ltd | 12/27/24 | 24907775 |
| Runway AI Inc Series D | 9/06/24 | 8073112 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 1371531 |
| SiMa Technologies Inc Series B | 5/10/21 | 6145189 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 1213246 |
| Skyryse Inc Series B | 10/21/21 | 6024381 |
| Space Exploration Technologies Corp | 2/16/21 - 12/09/24 | 16633059 |
| Space Exploration Technologies Corp Class C | 4/02/24 - 12/09/24 | 5614778 |
| Space Exploration Technologies Corp Series I | 4/05/18 | 2778022 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 13878000 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 13359047 |
| Stripe Inc Class B | 5/18/21 | 2949436 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 6627968 |
| Taalas Inc Series B | 2/19/25 | 928036 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 3786046 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 8057955 |
| Thriveworks Topco LLC Class B | 7/23/21 - 2/25/22 | 21938437 |
| Vast Data Ltd Series A | 11/28/23 | 596750 |
| Vast Data Ltd Series A1 | 11/28/23 | 1468808 |
| Vast Data Ltd Series A2 | 11/28/23 | 1689600 |
| Vast Data Ltd Series B | 11/28/23 | 1344442 |
| Vast Data Ltd Series C | 11/28/23 | 39193 |
| Vast Data Ltd Series E | 11/28/23 | 2569402 |
| Waymo LLC Series A2 | 5/08/20 | 4107715 |
| Waymo LLC Series C2 | 10/18/24 | 8077334 |
| X.Ai Holdings Corp Series B | 5/13/24 | 12500474 |
| X.Ai Holdings Corp Series C | 11/22/24 | 12117310 |
| Xsight Labs Ltd Series D | 2/16/21 | 4006796 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 3163326 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 1465899 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/30/24 | 0 |
| Yanka Industries Inc Series E | 5/15/20 | 4119575 |
| Yanka Industries Inc Series F | 4/08/21 | 12143626 |
| Zipline International Inc Series G | 6/07/24 | 8029780 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| MNTN Inc | 11/18/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 69008414 | 3001415920 | 2016820403 | 4132759 | - | - | 1053603931 | 1053393252 | 1.9% |
| Fidelity Securities Lending Cash Central Fund | 5811331 | 363836668 | 319971618 | 210618 | - | - | 49676381 | 49671414 | 0.2% |
| Total | 74819745 | 3365252588 | 2336792021 | 4343377 | - | - | 1103280312 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5614843935 | 5576957829 | - | 37886106 |
| Consumer Discretionary | 2395857442 | 2373138001 | - | 22719441 |
| Consumer Staples | 787763606 | 764473635 | - | 23289971 |
| Energy | 19304010 | 19304010 | - | - |
| Financials | 1409764023 | 1346176335 | - | 63587688 |
| Health Care | 814447314 | 812044061 | - | 2403253 |
| Industrials | 1167473112 | 1119975909 | - | 47497203 |
| Information Technology | 10520710112 | 10257643251 | 241019870 | 22046991 |
| Real Estate | 171094695 | 171094695 | - | - |
| Utilities | 544003001 | 544003001 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 22193440 | - | - | 22193440 |
| Information Technology | 84868 | - | - | 84868 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 25816467 | - | - | 25816467 |
| Consumer Discretionary | 39135614 | - | - | 39135614 |
| Consumer Staples | 3344685 | - | - | 3344685 |
| Financials | 13273310 | - | - | 13273310 |
| Health Care | 26836727 | - | - | 26836727 |
| Industrials | 206399035 | - | - | 206399035 |
| Information Technology | 287266499 | - | - | 287266499 |
| Materials | 16729805 | - | - | 16729805 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 402902 | - | - | 402902 |
| Information Technology | 1640977 | - | - | 1640977 |
|  **Money Market Funds** | 1103280312 | 1103280312 | - | - |
| **Total Investments in Securities:** | 25191665891 | 24088091039 | 241019870 | 862554982 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 224320396 | (26459694) | 54687356 | 31049349 | - | - | - | (64166754) | 219430653 | 28227672 |
| **Convertible Preferred Stocks** | 503637823 | (14058433) | 109658928 | 40151435 | (20587611) | - | - | - | 618802142 | 58319419 |
| **Convertible Corporate Bonds** | 19330250 | (453095) | 2866467 | 534686 | - | - | - | - | 22278308 | 2413372 |
| **Preferred Securities** | 3022996 | - | (1073466) | 94349 | - | - | - | - | 2043879 | (1073466) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $48,020,820) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,932,884,061) | $24088385579 |  |
| Fidelity Central Funds (cost $1,103,280,312) | 1103280312 |  |
| Total Investment in Securities (cost $13,036,164,373) |  | $25191665891 |
| Foreign currency held at value (cost $21,462) |  | 20952 |
| Receivable for investments sold |  | 43179691 |
| Receivable for fund shares sold |  | 12074075 |
| Dividends receivable |  | 10399993 |
| Interest receivable |  | 333809 |
| Distributions receivable from Fidelity Central Funds |  | 1790607 |
| Prepaid expenses |  | 3322 |
| Other receivables |  | 376039 |
| **Total assets** |  | 25259844379 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $17944784 |  |
| Accrued management fee | 13038049 |  |
| Distribution and service plan fees payable | 3343191 |  |
| Other payables and accrued expenses | 3115032 |  |
| Collateral on securities loaned | 49657000 |  |
| **Total liabilities** |  | 87098056 |
| **Net Assets**  |  | $25172746323 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12841736207 |
| Total accumulated earnings (loss) |  | 12331010116 |
| **Net Assets** |  | $25172746323 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($5,072,336,515 ÷ 28,568,020 shares)(a) |  | $177.55 |
| Maximum offering price per share (100/94.25 of $177.55) |  | $188.38 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($3,308,458,001 ÷ 19,039,396 shares)(a) |  | $173.77 |
| Maximum offering price per share (100/96.50 of $173.77) |  | $180.07 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,225,267,567 ÷ 8,699,511 shares)(a) |  | $140.84 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,849,086,947 ÷ 54,887,779 shares) |  | $197.66 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,717,597,293 ÷ 23,493,065 shares) |  | $200.81 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $51423298 |
| Interest  |  | 458033 |
| Income from Fidelity Central Funds (including $210,618 from security lending)  |  | 4343377 |
| **Total income** |  | 56224708 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $76597485 |  |
| Performance adjustment | (7329358) |  |
| Distribution and service plan fees | 20494468 |  |
| Custodian fees and expenses | 80858 |  |
| Independent trustees' fees and expenses | 51214 |  |
| Registration fees | 202289 |  |
| Audit fees | 80461 |  |
| Legal | 24211 |  |
| Interest | 11260 |  |
| Miscellaneous | 3755525 |  |
| **Total expenses** |  | 93968413 |
| **Net Investment income (loss)** |  | (37743705) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 503460148 |  |
| Foreign currency transactions | (143549) |  |
| Total net realized gain (loss) |  | 503316599 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $111,412)  | (526213248) |  |
| Assets and liabilities in foreign currencies | 35135 |  |
| Total change in net unrealized appreciation (depreciation) |  | (526178113) |
| **Net gain (loss)** |  | (22861514) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(60605219) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(37743705) | $(52312087) |
| &nbsp;&nbsp;Net realized gain (loss) | 503316599<br>| 2096764986<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (526178113) | 6044425718<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (60605219)<br>| 8088878617<br>|
| Share transactions - net increase (decrease) | 298082190<br>| (435221105)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 237476971<br>| 7653657512<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 24935269352 | 17281611840<br>|
| &nbsp;&nbsp;End of period | $25172746323 | $24935269352 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Growth Opportunities Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $178.02 | $120.74 | $96.87 | $159.95 | $141.06 | $90.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.36)  | (.52)  | (.29)  | (.38)  | (1.06)  | (.56)  |
| Net realized and unrealized gain (loss)  | (.11)  | 57.80  | 24.16  | (48.08)  | 27.68  | 55.26  |
| Total from investment operations  | (.47)  | 57.28  | 23.87  | (48.46)  | 26.62  | 54.70  |
| Distributions from net realized gain  | -  | -  | -  | (14.62)  | (7.73)  | (3.64)  |
| Total distributions  | -  | -  | -  | (14.62)  | (7.73)  | (3.64)  |
| Net asset value, end of period  | $177.55 | $178.02 | $120.74 | $96.87 | $159.95 | $141.06 |
| **Total Return** C,D,E | (.26)% <br>| 47.44%  | 24.64%  | (33.31)%  | 19.60%  | 63.12%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .86% H,I | .75%  | .72%  | .89%  | 1.04%  | 1.06%  |
| Expenses net of fee waivers, if any  | .86% H,I<br>| .74%  | .72%  | .89%  | 1.04%  | 1.06%  |
| Expenses net of all reductions, if any  | .86% H,I | .74%  | .72%  | .89%  | 1.04%  | 1.06%  |
| Net investment income (loss)  | (.40)% H,I | (.34)%  | (.27)%  | (.35)%  | (.68)%  | (.52)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5072337 | $4999430 | $3383576 | $2749192 | $4184435 | $3036885 |
| Portfolio turnover rate J | 63% I<br>| 56%  | 50% K | 75%  | 66%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense 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.*

H*Proxy expenses are not annualized.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Opportunities Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $174.45 | $118.60 | $95.39 | $157.62 | $139.13 | $89.03 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.56)  | (.87)  | (.53)  | (.64)  | (1.41)  | (.79)  |
| Net realized and unrealized gain (loss)  | (.12)  | 56.72  | 23.74  | (47.42)  | 27.31  | 54.53  |
| Total from investment operations  | (.68)  | 55.85  | 23.21  | (48.06)  | 25.90  | 53.74  |
| Distributions from net realized gain  | -  | -  | -  | (14.17)  | (7.41)  | (3.64)  |
| Total distributions  | -  | -  | -  | (14.17)  | (7.41)  | (3.64)  |
| Net asset value, end of period  | $173.77 | $174.45 | $118.60 | $95.39 | $157.62 | $139.13 |
| **Total Return** C,D,E | (.39)% <br>| 47.09%  | 24.33%  | (33.47)%  | 19.31%  | 62.71%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.11% H,I | .99%  | .96%  | 1.13%  | 1.28%  | 1.30%  |
| Expenses net of fee waivers, if any  | 1.11% H,I<br>| .99%  | .96%  | 1.13%  | 1.28%  | 1.30%  |
| Expenses net of all reductions, if any  | 1.11% H,I | .99%  | .96%  | 1.13%  | 1.28%  | 1.30%  |
| Net investment income (loss)  | (.65)% H,I | (.59)%  | (.51)%  | (.59)%  | (.93)%  | (.76)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3308458 | $3443069 | $2513293 | $2136186 | $3480610 | $3152662 |
| Portfolio turnover rate J | 63% I<br>| 56%  | 50% K | 75%  | 66%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense 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.*

H*Proxy expenses are not annualized.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Opportunities Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $141.75 | $96.86 | $78.30 | $132.10 | $118.14 | $76.50 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.80)  | (1.32)  | (.88)  | (.99)  | (1.85)  | (1.15)  |
| Net realized and unrealized gain (loss)  | (.11)  | 46.21  | 19.44  | (39.09)  | 23.04  | 46.43  |
| Total from investment operations  | (.91)  | 44.89  | 18.56  | (40.08)  | 21.19  | 45.28  |
| Distributions from net realized gain  | -  | -  | -  | (13.72)  | (7.23)  | (3.64)  |
| Total distributions  | -  | -  | -  | (13.72)  | (7.23)  | (3.64)  |
| Net asset value, end of period  | $140.84 | $141.75 | $96.86 | $78.30 | $132.10 | $118.14 |
| **Total Return** C,D,E | (.64)% <br>| 46.35%  | 23.70%  | (33.81)%  | 18.70%  | 61.89%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.61% H,I | 1.50%  | 1.48%  | 1.65%  | 1.80%  | 1.81%  |
| Expenses net of fee waivers, if any  | 1.61% H,I<br>| 1.49%  | 1.47%  | 1.64%  | 1.80%  | 1.81%  |
| Expenses net of all reductions, if any  | 1.61% H,I | 1.49%  | 1.47%  | 1.64%  | 1.80%  | 1.81%  |
| Net investment income (loss)  | (1.15)% H,I | (1.09)%  | (1.02)%  | (1.10)%  | (1.44)%  | (1.27)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1225268 | $1275109 | $925151 | $827607 | $1412597 | $1159114 |
| Portfolio turnover rate J | 63% I<br>| 56%  | 50% K | 75%  | 66%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

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

F*Fees 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense 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.*

H*Proxy expenses are not annualized.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Opportunities Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $197.94 | $133.91 | $107.16 | $175.33 | $153.77 | $97.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.16)  | (.15)  | (.02)  | (.12)  | (.74)  | (.31)  |
| Net realized and unrealized gain (loss)  | (.12)  | 64.18  | 26.77  | (53.08)  | 30.27  | 60.16  |
| Total from investment operations  | (.28)  | 64.03  | 26.75  | (53.20)  | 29.53  | 59.85  |
| Distributions from net realized gain  | -  | -  | -  | (14.97)  | (7.97)  | (3.64)  |
| Total distributions  | -  | -  | -  | (14.97)  | (7.97)  | (3.64)  |
| Net asset value, end of period  | $197.66 | $197.94 | $133.91 | $107.16 | $175.33 | $153.77 |
| **Total Return** C,D | (.14)% <br>| 47.82%  | 24.96%  | (33.15)%  | 19.90%  | 63.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .61% G,H | .50%  | .47%  | .64%  | .79%  | .80%  |
| Expenses net of fee waivers, if any  | .61% G,H<br>| .49%  | .47%  | .64%  | .79%  | .80%  |
| Expenses net of all reductions, if any  | .61% G,H | .49%  | .47%  | .64%  | .79%  | .80%  |
| Net investment income (loss)  | (.15)% G,H | (.09)%  | (.02)%  | (.10)%  | (.43)%  | (.26)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10849087 | $10638599 | $7615393 | $6873035 | $12620334 | $8281862 |
| Portfolio turnover rate I | 63% H<br>| 56%  | 50% J | 75%  | 66%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

E*Fees and expenses of any underlying 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense 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.*

G*Proxy expenses are not annualized.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Opportunities Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $200.97 | $135.80 | $108.54 | $177.37 | $155.40 | $98.44 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | .04  | .13  | .03  | (.54)  | (.17)  |
| Net realized and unrealized gain (loss)  | (.11)  | 65.13  | 27.13  | (53.71)  | 30.58  | 60.77  |
| Total from investment operations  | (.16)  | 65.17  | 27.26  | (53.68)  | 30.04  | 60.60  |
| Distributions from net realized gain  | -  | -  | -  | (15.15)  | (8.07)  | (3.64)  |
| Total distributions  | -  | -  | -  | (15.15)  | (8.07)  | (3.64)  |
| Net asset value, end of period  | $200.81 | $200.97 | $135.80 | $108.54 | $177.37 | $155.40 |
| **Total Return** C,D | (.08)% <br>| 47.99%  | 25.12%  | (33.06)%  | 20.04%  | 63.72%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .50% G,H | .38%  | .35%  | .52%  | .67%  | .69%  |
| Expenses net of fee waivers, if any  | .50% G,H<br>| .38%  | .34%  | .51%  | .67%  | .68%  |
| Expenses net of all reductions, if any  | .50% G,H | .38%  | .34%  | .51%  | .67%  | .68%  |
| Net investment income (loss)  | (.03)% G,H | .02%  | .11%  | .03%  | (.31)%  | (.15)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4717597 | $4579062 | $2844199 | $2329940 | $3827686 | $2826430 |
| Portfolio turnover rate I | 63% H<br>| 56%  | 50% J | 75%  | 66%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

E*Fees and expenses of any underlying 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense 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.*

G*Proxy expenses are not annualized.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Growth Opportunities Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.*

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range / Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $219430653 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 15.8 - 16.5 / 16.1 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 0.7 - 32.6 / 6.1 | Increase |
|  |  | Market approach | Transaction price | $4.63 | Increase |
|  |  | Black scholes | Discount rate | 2.6% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.1 - 5.0 / 4.0 | Increase |
|  |  |  | Volatility | 50.0% - 70.0% / 58.8% | Increase |
| Convertible Corporate Bonds | $22278308 | Market comparable | Discount rate | 29.2% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Discount rate | 35.4% | Decrease |
|  |  |  | Probability rate | 0.0% - 35.0% / 21.7% | Increase |
|  |  |  | Transaction price | $100.00 | Increase |
|  |  | Black scholes | Discount rate | 4.3% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.6 | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.1% | Increase |
| Convertible Preferred Stocks | $618802142 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise Value/Gross Profit multiple (EV/GP) | 11.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.1 - 39.4 / 11.4 | Increase |
|  |  | Market approach | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 15.0% | Increase |
|  |  |  | Transaction price | $1.10 - $78.20 / $24.42 | Increase |
|  |  | Black scholes | Discount rate | 3.9% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.9 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 69.9% | Increase |
| Preferred Securities | $2043879 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
|  |  | Market approach | Discount rate | 35.4% - 37.9% / 37.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 34.5% | Increase |
|  |  |  | Transaction price | $100.00 | Increase |
|  |  | Black scholes | Discount rate | 4.3% - 5.0% / 4.4% | Increase |
|  |  |  | Term | 0.6 - 2.1 / 0.9 | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 60.8% | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.*

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Growth Opportunities Fund** | $264247 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $12554296821 |
| **Gross unrealized depreciation** | <u>(520922662)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$12033374159</u> |
| **Tax cost** | <u>$13158291732</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(208859349) |
| Long-term | <u>(-)</u> |
| **Total capital loss carryforward** | <u>$(208859349)</u> |

---

The Fund elected to defer to its next fiscal year approximately $35,820,454 of ordinary losses recognized during the period January 1, 2024 to November 30, 2024.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Advisor Growth Opportunities Fund** | 3133712 | .01 |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 7591050270 | 8360753557 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .67 |
| **Class M** | .66 |
| **Class C** | .67 |
| **Class I** | .67 |
| **Class Z** | .54 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Class I** | .65 |
| **Class Z** | .54 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Growth Opportunities Fund** | Russell 1000 Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the asset-weighted return of all classes. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.06)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 6133179 | 135885 |
| **Class M** | .25% | .25% | 8229374 | 48677 |
| **Class C** | .75% | .25% | <u>6131915</u> | <u>762808</u> |
|  |  |  | <u>20494468</u> | <u>947370</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1592653 |
| **Class M** | 53275 |
| **Class C**A | <u>4488</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1650416</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 110645 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Growth Opportunities Fund**  | Borrower | 29523333 | 4.58% | 11260 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 601862928 | 492387079 | 98815693 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 19304 |

---

**7. Security Lending.**

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 24204 | 8145 | - |

---

**8. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Growth Opportunities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2824841 | 4555941 | $487241587 | $687089053 |
| Shares redeemed | <u>(2339737)</u> | <u>(4496972)</u> | <u>(401383656)</u> | <u>(671876326)</u> |
| Net increase (decrease) | <u>485104</u> | <u>58969</u> | <u>$85857931</u> | <u>$15212727</u> |
| **Class M** |  |  |  |  |
| Shares sold | 934371 | 1797873 | $156654475 | $262118437 |
| Shares redeemed | <u>(1631929)</u> | <u>(3251555)</u> | <u>(274041591)</u> | <u>(478295077)</u> |
| Net increase (decrease) | <u>(697558)</u> | <u>(1453682)</u> | <u>$(117387116)</u> | <u>$(216176640)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 744392 | 1228924 | $102341508 | $147006212 |
| Shares redeemed | <u>(1040526)</u> | <u>(1784623)</u> | <u>(141842045)</u> | <u>(214262533)</u> |
| Net increase (decrease) | <u>(296134)</u> | <u>(555699)</u> | <u>$(39500537)</u> | <u>$(67256321)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8112601 | 12185212 | $1542418124 | $2037494381 |
| Shares redeemed | <u>(6972452)</u> | <u>(15307887)</u> | <u>(1330001191)</u> | <u>(2536966129)</u> |
| Net increase (decrease) | <u>1140149</u> | <u>(3122675)</u> | <u>$212416933</u> | <u>$(499471748)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5124099 | 7939624 | $1008084237 | $1362681116 |
| Shares redeemed | <u>(4415547)</u> | <u>(6098859)</u> | <u>(851389258)</u> | <u>(1030210239)</u> |
| Net increase (decrease) | <u>708552</u> | <u>1840765</u> | <u>$156694979</u> | <u>$332470877</u> |

---

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Growth Opportunities Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Class I ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109882_4.jpg)<br>

1.704615.127 GO-SANN-0725

**Fidelity Advisor® Dividend Growth Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109887_1.jpg)

![](img109887_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ADGF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Dividend Growth Fund](#Sub_Sec_Fund_714_ADGF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements714_ADGF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ADGF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ADGF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ADGF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ADGF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Dividend Growth Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.2%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cool Company Ltd (a) | 203219 | 1232366 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Himalaya Shipping Ltd  | 76700 | 456861 |
| Himalaya Shipping Ltd (United States)  | 207000 | 1237860 |
|  |  | 1694721 |
| TOTAL BERMUDA |  | 2927087 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Wheaton Precious Metals Corp  | 95700 | 8292117 |
| CANADA - 4.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Restaurant Brands International Inc (United States) (a) | 116700 | 8333547 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Imperial Oil Ltd  | 46100 | 3291345 |
| Parkland Corp  | 212520 | 5999217 |
| Teekay Tankers Ltd Class A  | 261439 | 11552989 |
|  |  | 20843551 |
| Financials - 2.4% |  |  |
| Capital Markets - 2.4% |  |  |
| Brookfield Corp Class A (United States)  | 722800 | 41720017 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Agnico Eagle Mines Ltd/CA  | 17100 | 2015715 |
| TOTAL CANADA |  | 72912830 |
| DENMARK - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Class B ADR (a) | 85200 | 6091800 |
| FRANCE - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Thales SA  | 12300 | 3767139 |
| INDIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hindustan Aeronautics Ltd (b) | 15400 | 895663 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd (a) | 419800 | 734650 |
| NETHERLANDS - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV  | 1100 | 810414 |
| BE Semiconductor Industries NV  | 40000 | 4839288 |
| TOTAL NETHERLANDS |  | 5649702 |
| NORWAY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Marine Transportation - 0.5% |  |  |
| 2020 Bulkers Ltd  | 215900 | 2557194 |
| Stolt-Nielsen Ltd  | 212400 | 5316555 |
| TOTAL NORWAY |  | 7873749 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 147400 | 28495368 |
| UNITED KINGDOM - 1.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Vistry Group PLC (c) | 619900 | 5251878 |
| Consumer Staples - 1.3% |  |  |
| Tobacco - 1.3% |  |  |
| British American Tobacco PLC  | 506348 | 22794982 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| BAE Systems PLC  | 102600 | 2630651 |
| TOTAL UNITED KINGDOM |  | 30677511 |
| UNITED STATES - 89.4%  |  |  |
| Communication Services - 10.7% |  |  |
| Interactive Media & Services - 8.9% |  |  |
| Alphabet Inc Class A  | 431900 | 74174506 |
| Meta Platforms Inc Class A  | 124800 | 80806752 |
|  |  | 154981258 |
| Media - 1.2% |  |  |
| Comcast Corp Class A  | 400950 | 13860842 |
| New York Times Co/The Class A  | 115100 | 6574512 |
|  |  | 20435354 |
| Wireless Telecommunication Services - 0.6% |  |  |
| T-Mobile US Inc  | 44300 | 10729460 |
| TOTAL COMMUNICATION SERVICES |  | 186146072 |
| Consumer Discretionary - 3.6% |  |  |
| Distributors - 0.3% |  |  |
| A-Mark Precious Metals Inc  | 220200 | 4344546 |
| Diversified Consumer Services - 0.6% |  |  |
| Service Corp International/US  | 140900 | 10990200 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Hilton Worldwide Holdings Inc  | 13800 | 3428472 |
| Marriott International Inc/MD Class A1  | 6000 | 1582980 |
| Starbucks Corp  | 100 | 8395 |
| Vail Resorts Inc (a) | 97700 | 15648609 |
|  |  | 20668456 |
| Household Durables - 1.5% |  |  |
| Somnigroup International Inc  | 396900 | 25822314 |
| TOTAL CONSUMER DISCRETIONARY |  | 61825516 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.2% |  |  |
| Constellation Brands Inc Class A  | 53000 | 9449370 |
| Keurig Dr Pepper Inc  | 347300 | 11693591 |
|  |  | 21142961 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Albertsons Cos Inc Class A  | 227500 | 5057325 |
| Food Products - 0.7% |  |  |
| JM Smucker Co  | 101300 | 11407393 |
| Household Products - 0.4% |  |  |
| Reynolds Consumer Products Inc  | 328700 | 7257696 |
| Tobacco - 1.8% |  |  |
| Altria Group Inc  | 84500 | 5121545 |
| Philip Morris International Inc  | 141800 | 25607662 |
|  |  | 30729207 |
| TOTAL CONSUMER STAPLES |  | 75594582 |
| Energy - 7.2% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Archrock Inc  | 216900 | 5400810 |
| Kodiak Gas Services Inc  | 118100 | 4170111 |
|  |  | 9570921 |
| Oil, Gas & Consumable Fuels - 6.6% |  |  |
| Core Natural Resources Inc  | 62554 | 4334992 |
| DHT Holdings Inc  | 329700 | 3817926 |
| Energy Transfer LP  | 1636100 | 28599028 |
| Enterprise Products Partners LP  | 792700 | 24431014 |
| Exxon Mobil Corp  | 196922 | 20145121 |
| MPLX LP  | 266000 | 13566000 |
| Shell PLC ADR  | 302900 | 20058038 |
|  |  | 114952119 |
| TOTAL ENERGY |  | 124523040 |
| Financials - 16.0% |  |  |
| Banks - 4.0% |  |  |
| Bank of America Corp  | 780500 | 34443465 |
| Wells Fargo & Co  | 476390 | 35624444 |
|  |  | 70067909 |
| Capital Markets - 4.8% |  |  |
| Ares Capital Corp  | 546348 | 12046973 |
| Blue Owl Capital Corp  | 2214152 | 32437328 |
| Blue Owl Capital Inc Class A  | 517500 | 9666900 |
| Cboe Global Markets Inc  | 59600 | 13655552 |
| KKR & Co Inc Class A  | 52700 | 6400942 |
| LPL Financial Holdings Inc  | 10300 | 3987748 |
| Raymond James Financial Inc  | 31800 | 4673964 |
|  |  | 82869407 |
| Consumer Finance - 0.4% |  |  |
| FirstCash Holdings Inc  | 51600 | 6600156 |
| Financial Services - 4.7% |  |  |
| Apollo Global Management Inc  | 191900 | 25079411 |
| Mastercard Inc Class A  | 34200 | 20027520 |
| UWM Holdings Corp Class A  | 591300 | 2542590 |
| Visa Inc Class A  | 93723 | 34226702 |
|  |  | 81876223 |
| Insurance - 2.1% |  |  |
| Arthur J Gallagher & Co  | 25600 | 8894464 |
| Chubb Ltd  | 42500 | 12631000 |
| Marsh & McLennan Cos Inc  | 28500 | 6659310 |
| The Travelers Companies, Inc.  | 28800 | 7940160 |
|  |  | 36124934 |
| TOTAL FINANCIALS |  | 277538629 |
| Health Care - 5.4% |  |  |
| Health Care Providers & Services - 2.3% |  |  |
| Cigna Group/The  | 49500 | 15673680 |
| Elevance Health Inc  | 8500 | 3262640 |
| Humana Inc  | 34400 | 8019672 |
| UnitedHealth Group Inc  | 43297 | 13071797 |
|  |  | 40027789 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Bruker Corp  | 147200 | 5402240 |
| Danaher Corp  | 21900 | 4158810 |
| Thermo Fisher Scientific Inc  | 23300 | 9385706 |
|  |  | 18946756 |
| Pharmaceuticals - 2.0% |  |  |
| Eli Lilly & Co  | 3000 | 2213010 |
| Merck & Co Inc  | 86300 | 6631292 |
| Perrigo Co PLC  | 61800 | 1654386 |
| Royalty Pharma PLC Class A  | 710400 | 23357952 |
|  |  | 33856640 |
| TOTAL HEALTH CARE |  | 92831185 |
| Industrials - 19.4% |  |  |
| Aerospace & Defense - 4.8% |  |  |
| Boeing Co (c) | 306340 | 63510409 |
| GE Aerospace  | 25587 | 6292099 |
| General Dynamics Corp  | 4000 | 1113960 |
| Howmet Aerospace Inc  | 30300 | 5147667 |
| Huntington Ingalls Industries Inc  | 17600 | 3925856 |
| Textron Inc  | 33400 | 2472602 |
|  |  | 82462593 |
| Commercial Services & Supplies - 0.4% |  |  |
| Brink's Co/The  | 82100 | 6737126 |
| Construction & Engineering - 2.9% |  |  |
| Comfort Systems USA Inc  | 20300 | 9708069 |
| EMCOR Group Inc  | 63700 | 30057482 |
| Quanta Services Inc  | 29900 | 10242544 |
|  |  | 50008095 |
| Electrical Equipment - 3.9% |  |  |
| GE Vernova Inc  | 100446 | 47508949 |
| Regal Rexnord Corp  | 14600 | 1948224 |
| Vertiv Holdings Co Class A  | 174900 | 18876957 |
|  |  | 68334130 |
| Machinery - 3.8% |  |  |
| Allison Transmission Holdings Inc  | 298986 | 30951031 |
| PACCAR Inc  | 75200 | 7057520 |
| Westinghouse Air Brake Technologies Corp  | 140800 | 28486656 |
|  |  | 66495207 |
| Professional Services - 3.4% |  |  |
| Genpact Ltd  | 31100 | 1338855 |
| Paycom Software Inc  | 113000 | 29277170 |
| SS&C Technologies Holdings Inc  | 350200 | 28299662 |
|  |  | 58915687 |
| Trading Companies & Distributors - 0.2% |  |  |
| Applied Industrial Technologies Inc  | 14000 | 3171280 |
| TOTAL INDUSTRIALS |  | 336124118 |
| Information Technology - 17.4% |  |  |
| Semiconductors & Semiconductor Equipment - 9.1% |  |  |
| Amkor Technology Inc  | 78300 | 1410966 |
| Broadcom Inc  | 168700 | 40837209 |
| Marvell Technology Inc  | 76245 | 4589187 |
| Microchip Technology Inc  | 18400 | 1067936 |
| NVIDIA Corp  | 809000 | 109320170 |
|  |  | 157225468 |
| Software - 7.3% |  |  |
| Intuit Inc  | 17200 | 12959684 |
| Microsoft Corp  | 217000 | 99898120 |
| Salesforce Inc  | 50400 | 13374648 |
|  |  | 126232452 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Apple Inc  | 83296 | 16730002 |
| Western Digital Corp (c) | 25600 | 1319679 |
|  |  | 18049681 |
| TOTAL INFORMATION TECHNOLOGY |  | 301507601 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Newmont Corp  | 58600 | 3089392 |
| Royal Gold Inc  | 39400 | 7017928 |
|  |  | 10107320 |
| Real Estate - 1.8% |  |  |
| Health Care REITs - 1.0% |  |  |
| Ventas Inc  | 259200 | 16661376 |
| Industrial REITs - 0.0% |  |  |
| Rexford Industrial Realty Inc  | 34300 | 1208732 |
| Real Estate Management & Development - 0.2% |  |  |
| St Joe Co/The  | 134800 | 6026908 |
| Specialized REITs - 0.6% |  |  |
| Millrose Properties Inc Class A  | 347700 | 9690399 |
| TOTAL REAL ESTATE |  | 33587415 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 3.0% |  |  |
| Edison International  | 51800 | 2882670 |
| Exelon Corp  | 74200 | 3251444 |
| FirstEnergy Corp  | 427800 | 17941932 |
| NextEra Energy Inc  | 386000 | 27267040 |
|  |  | 51343086 |
| TOTAL UNITED STATES |  | 1551128564 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (c) | 405500 | 6007079 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,289,943,207) |  | <br> **1725453259** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.32 | 9287711 | 9289569 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.32 | 22690495 | 22692764 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $31,982,333) |  |  | **31982333** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $1,321,925,540)<br>| <br>**1757435592** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(22891905)** |
| **NET ASSETS - 100.0%** | **1734543687** |

---

**Legend**

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

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $895,663 or 0.1% of net assets.

(c) Non-income producing

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 12397582 | 215147584 | 218255597 | 314643 | - | - | 9289569 | 9287711 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4042584 | 223702635 | 205052455 | 5757 | - | - | 22692764 | 22690495 | 0.1% |
| Total | 16440166 | 438850219 | 423308052 | 320400 | - | - | 31982333 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 186146072 | 186146072 | - | - |
| Consumer Discretionary | 75410941 | 75410941 | - | - |
| Consumer Staples | 98389564 | 75594582 | 22794982 | - |
| Energy | 147333607 | 147333607 | - | - |
| Financials | 319258646 | 319258646 | - | - |
| Health Care | 98922985 | 98922985 | - | - |
| Industrials | 352986041 | 346588251 | 6397790 | - |
| Information Technology | 335652671 | 334842257 | 810414 | - |
| Materials | 26422231 | 26422231 | - | - |
| Real Estate | 33587415 | 33587415 | - | - |
| Utilities | 51343086 | 51343086 | - | - |
|  **Money Market Funds** | 31982333 | 31982333 | - | - |
| **Total Investments in Securities:** | 1757435592 | 1727432406 | 30003186 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $22,014,240) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,289,943,207) | $1725453259 |  |
| Fidelity Central Funds (cost $31,982,333) | 31982333 |  |
| Total Investment in Securities (cost $1,321,925,540) |  | $1757435592 |
| Foreign currency held at value (cost $79) |  | 78 |
| Receivable for investments sold |  | 6153974 |
| Receivable for fund shares sold |  | 1043600 |
| Dividends receivable |  | 2229234 |
| Distributions receivable from Fidelity Central Funds |  | 55501 |
| Prepaid expenses |  | 233 |
| Receivable from investment adviser for expense reductions |  | 66850 |
| Other receivables |  | 464074 |
| **Total assets** |  | 1767449136 |
| **Liabilities** |  |  |
| Payable to custodian bank | $250339 |  |
| Payable for investments purchased  | 7796833 |  |
| Payable for fund shares redeemed | 631453 |  |
| Accrued management fee | 925354 |  |
| Distribution and service plan fees payable | 334355 |  |
| Other payables and accrued expenses | 274351 |  |
| Collateral on securities loaned | 22692764 |  |
| **Total liabilities** |  | 32905449 |
| **Net Assets**  |  | $1734543687 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1259900859 |
| Total accumulated earnings (loss) |  | 474642828 |
| **Net Assets** |  | $1734543687 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($640,032,507 ÷ 29,153,147 shares)(a) |  | $21.95 |
| Maximum offering price per share (100/94.25 of $21.95) |  | $23.29 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($400,789,503 ÷ 18,351,678 shares)(a) |  | $21.84 |
| Maximum offering price per share (100/96.50 of $21.84) |  | $22.63 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($49,498,490 ÷ 2,452,447 shares)(a) |  | $20.18 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($448,019,208 ÷ 18,720,943 shares) |  | $23.93 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($196,203,979 ÷ 8,012,690 shares) |  | $24.49 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $12284430 |
| Income from Fidelity Central Funds (including $5,757 from security lending)  |  | 320400 |
| **Total income** |  | 12604830 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $5833666 |  |
| Performance adjustment | 81691 |  |
| Distribution and service plan fees | 2030935 |  |
| Custodian fees and expenses | 22087 |  |
| Independent trustees' fees and expenses | 3646 |  |
| Registration fees | 49461 |  |
| Audit fees | 44646 |  |
| Legal | 2163 |  |
| Interest | 5678 |  |
| Miscellaneous | 306296 |  |
| Total expenses before reductions | 8380269 |  |
| Expense reductions | (67167) |  |
| Total expenses after reductions |  | 8313102 |
| **Net Investment income (loss)** |  | 4291728 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $526,673)  | 41479116 |  |
| Foreign currency transactions | (20091) |  |
| Total net realized gain (loss) |  | 41459025 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $622,660)  | (61317527) |  |
| Assets and liabilities in foreign currencies | 15171 |  |
| Total change in net unrealized appreciation (depreciation) |  | (61302356) |
| **Net gain (loss)** |  | (19843331) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(15551603) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4291728 | $9950145 |
| &nbsp;&nbsp;Net realized gain (loss) | 41459025<br>| 142099217<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (61302356) | 296517440<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (15551603)<br>| 448566802<br>|
| Distributions to shareholders | (137806951)<br>| (35569848)<br>|
| Share transactions - net increase (decrease) | 112336913<br>| 233402223<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (41021641)<br>| 646399177<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1775565328 | 1129166151<br>|
| &nbsp;&nbsp;End of period | $1734543687 | $1775565328 |

---

**Financial Highlights** 

**Fidelity Advisor® Dividend Growth Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.97 | $18.02 | $18.40 | $20.29 | $16.20 | $17.06 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .14  | .18  | .21  | .14  | .27  |
| Net realized and unrealized gain (loss)  | (.17)  | 6.38  | .95  | (.83)  | 4.19  | (.35)  |
| Total from investment operations  | (.12)  | 6.52  | 1.13  | (.62)  | 4.33  | (.08)  |
| Distributions from net investment income  | (.06)  | (.20)  | (.20)  | (.28)  | (.24)  | (.25)  |
| Distributions from net realized gain  | (1.84)  | (.37)  | (1.31)  | (.99)  | -  | (.54)  |
| Total distributions  | (1.90)  | (.57)  | (1.51)  | (1.27)  | (.24)  | (.78) C |
| Net asset value, end of period  | $21.95 | $23.97 | $18.02 | $18.40 | $20.29 | $16.20 |
| **Total Return** D,E,F | (.52)% <br>| 37.01%  | 7.00%  | (3.46)%  | 27.06%  | (.60)%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .98% I,J | .99%  | .99%  | .82%  | .83%  | .81%  |
| Expenses net of fee waivers, if any  | .98% I,J<br>| .99%  | .99%  | .81%  | .83%  | .81%  |
| Expenses net of all reductions, if any  | .97% I,J | .99%  | .99%  | .81%  | .83%  | .80%  |
| Net investment income (loss)  | .48% I,J | .67%  | 1.08%  | 1.16%  | .73%  | 1.84%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $640033 | $654619 | $466735 | $452208 | $477239 | $374030 |
| Portfolio turnover rate K | 95% I<br>| 69%  | 65%  | 57%  | 54%  | 113%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Dividend Growth Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.87 | $17.94 | $18.29 | $20.14 | $16.08 | $16.94 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .09  | .14  | .17  | .09  | .23  |
| Net realized and unrealized gain (loss)  | (.17)  | 6.36  | .94  | (.83)  | 4.17  | (.35)  |
| Total from investment operations  | (.15)  | 6.45  | 1.08  | (.66)  | 4.26  | (.12)  |
| Distributions from net investment income  | (.04)  | (.15)  | (.12)  | (.20)  | (.20)  | (.21)  |
| Distributions from net realized gain  | (1.84)  | (.37)  | (1.31)  | (.99)  | -  | (.54)  |
| Total distributions  | (1.88)  | (.52)  | (1.43)  | (1.19)  | (.20)  | (.74) C |
| Net asset value, end of period  | $21.84 | $23.87 | $17.94 | $18.29 | $20.14 | $16.08 |
| **Total Return** D,E,F | (.63)% <br>| 36.74%  | 6.72%  | (3.70)%  | 26.77%  | (.85)%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.23% I,J | 1.24%  | 1.23%  | 1.06%  | 1.07%  | 1.05%  |
| Expenses net of fee waivers, if any  | 1.23% I,J<br>| 1.23%  | 1.23%  | 1.06%  | 1.07%  | 1.05%  |
| Expenses net of all reductions, if any  | 1.22% I,J | 1.23%  | 1.23%  | 1.06%  | 1.07%  | 1.04%  |
| Net investment income (loss)  | .24% I,J | .42%  | .84%  | .92%  | .49%  | 1.59%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $400790 | $424517 | $334462 | $341442 | $367608 | $315976 |
| Portfolio turnover rate K | 95% I<br>| 69%  | 65%  | 57%  | 54%  | 113%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Dividend Growth Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.23 | $16.77 | $17.17 | $18.89 | $15.10 | $15.92 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.02)  | .05  | .06  | (.01)  | .14  |
| Net realized and unrealized gain (loss)  | (.16)  | 5.93  | .87  | (.77)  | 3.92  | (.34)  |
| Total from investment operations  | (.19)  | 5.91  | .92  | (.71)  | 3.91  | (.20)  |
| Distributions from net investment income  | (.02)  | (.08)  | (.02)  | (.05)  | (.12)  | (.08)  |
| Distributions from net realized gain  | (1.84)  | (.37)  | (1.31)  | (.96)  | -  | (.54)  |
| Total distributions  | (1.86)  | (.45)  | (1.32) C | (1.01)  | (.12)  | (.62)  |
| Net asset value, end of period  | $20.18 | $22.23 | $16.77 | $17.17 | $18.89 | $15.10 |
| **Total Return** D,E,F | (.90)% <br>| 35.99%  | 6.17%  | (4.18)%  | 26.03%  | (1.41)%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.73% I,J | 1.75%  | 1.78%  | 1.60%  | 1.62%  | 1.61%  |
| Expenses net of fee waivers, if any  | 1.73% I,J<br>| 1.74%  | 1.77%  | 1.60%  | 1.62%  | 1.61%  |
| Expenses net of all reductions, if any  | 1.73% I,J | 1.74%  | 1.77%  | 1.60%  | 1.62%  | 1.60%  |
| Net investment income (loss)  | (.27)% I,J | (.09)%  | .29%  | .38%  | (.06)%  | 1.04%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $49498 | $52173 | $39002 | $44807 | $52714 | $55583 |
| Portfolio turnover rate K | 95% I<br>| 69%  | 65%  | 57%  | 54%  | 113%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Dividend Growth Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.94 | $19.45 | $19.76 | $21.72 | $17.32 | $18.18 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .21  | .24  | .27  | .20  | .32  |
| Net realized and unrealized gain (loss)  | (.18)  | 6.89  | 1.02  | (.89)  | 4.48  | (.36)  |
| Total from investment operations  | (.10)  | 7.10  | 1.26  | (.62)  | 4.68  | (.04)  |
| Distributions from net investment income  | (.07)  | (.25)  | (.26)  | (.35)  | (.28)  | (.28)  |
| Distributions from net realized gain  | (1.84)  | (.37)  | (1.31)  | (.99)  | -  | (.54)  |
| Total distributions  | (1.91)  | (.61) C | (1.57)  | (1.34)  | (.28)  | (.82)  |
| Net asset value, end of period  | $23.93 | $25.94 | $19.45 | $19.76 | $21.72 | $17.32 |
| **Total Return** D,E | (.38)% <br>| 37.33%  | 7.25%  | (3.23)%  | 27.37%  | (.36)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .73% H,I | .75%  | .76%  | .59%  | .60%  | .57%  |
| Expenses net of fee waivers, if any  | .73% H,I<br>| .74%  | .75%  | .58%  | .60%  | .57%  |
| Expenses net of all reductions, if any  | .73% H,I | .74%  | .75%  | .58%  | .60%  | .56%  |
| Net investment income (loss)  | .73% H,I | .91%  | 1.31%  | 1.39%  | .96%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $448019 | $457525 | $256115 | $238655 | $244686 | $180064 |
| Portfolio turnover rate J | 95% H<br>| 69%  | 65%  | 57%  | 54%  | 113%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Proxy expenses are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Dividend Growth Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.50 | $19.85 | $20.15 | $22.15 | $17.65 | $18.51 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .25  | .27  | .31  | .23  | .35  |
| Net realized and unrealized gain (loss)  | (.19)  | 7.05  | 1.05  | (.91)  | 4.57  | (.37)  |
| Total from investment operations  | (.09)  | 7.30  | 1.32  | (.60)  | 4.80  | (.02)  |
| Distributions from net investment income  | (.08)  | (.28)  | (.31)  | (.41)  | (.30)  | (.31)  |
| Distributions from net realized gain  | (1.84)  | (.37)  | (1.31)  | (.99)  | -  | (.54)  |
| Total distributions  | (1.92)  | (.65)  | (1.62)  | (1.40)  | (.30)  | (.84) C |
| Net asset value, end of period  | $24.49 | $26.50 | $19.85 | $20.15 | $22.15 | $17.65 |
| **Total Return** D,E | (.33)% <br>| 37.57%  | 7.44%  | (3.10)%  | 27.61%  | (.22)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .60% H,I | .61%  | .60%  | .43%  | .45%  | .41%  |
| Expenses net of fee waivers, if any  | .60% H,I<br>| .61%  | .60%  | .43%  | .44%  | .41%  |
| Expenses net of all reductions, if any  | .60% H,I | .61%  | .60%  | .43%  | .44%  | .40%  |
| Net investment income (loss)  | .86% H,I | 1.05%  | 1.47%  | 1.55%  | 1.12%  | 2.23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $196204 | $186731 | $32852 | $53396 | $60286 | $55251 |
| Portfolio turnover rate J | 95% H<br>| 69%  | 65%  | 57%  | 54%  | 113%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total distributions per share do not sum due to rounding.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Proxy expenses are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $480284398 |
| **Gross unrealized depreciation** | <u>(49565501)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$430718897</u> |
| **Tax cost** | <u>$1326716695</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Dividend Growth Fund** | 813248971 | 826660923 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .69 |
| **Class C** | .72 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Dividend Growth Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .01%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 786123 | 24707 |
| **Class M** | .25% | .25% | 998128 | 1534 |
| **Class C** | .75% | .25% | <u>246684</u> | <u>45872</u> |
|  |  |  | <u>2030935</u> | <u>72113</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 135516 |
| **Class M** | 5025 |
| **Class C**A | <u>868</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>141409</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Dividend Growth Fund** | 18862 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Dividend Growth Fund** | Borrower | 7386167 | 4.61% | 5678 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Dividend Growth Fund** | 75977393 | 58390274 | 4628839 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Dividend Growth Fund** | 1382 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Dividend Growth Fund** | 617 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $317.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $66,850.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Dividend Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $52095730 | $14793588 |
| Class M | 33413739 | 9605296 |
| Class C | 4358694 | 1024980 |
| Class I | 33851784 | 8469526 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>14087004</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1676458</u> |
| Total  | <u>$137806951</u> | <u>$35569848</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Dividend Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2158630 | 4023348 | $47173453 | $86334678 |
| Reinvestment of distributions | 2257953 | 732953 | 49629812 | 13984503 |
| Shares redeemed | <u>(2568728)</u> | <u>(3353342)</u> | <u>(54504714)</u> | <u>(70696937)</u> |
| Net increase (decrease) | <u>1847855</u> | <u>1402959</u> | <u>$42298551</u> | <u>$29622244</u> |
| **Class M** |  |  |  |  |
| Shares sold | 972685 | 1904353 | $20722682 | $40017978 |
| Reinvestment of distributions | 1508868 | 503851 | 33014034 | 9469355 |
| Shares redeemed | <u>(1914178)</u> | <u>(3262159)</u> | <u>(40712928)</u> | <u>(68648886)</u> |
| Net increase (decrease) | <u>567375</u> | <u>(853955)</u> | <u>$13023788</u> | <u>$(19161553)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 262906 | 557810 | $5240468 | $11150624 |
| Reinvestment of distributions | 214329 | 59021 | 4344455 | 1020293 |
| Shares redeemed | <u>(371600)</u> | <u>(595836)</u> | <u>(7355271)</u> | <u>(11684325)</u> |
| Net increase (decrease) | <u>105635</u> | <u>20995</u> | <u>$2229652</u> | <u>$486592</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2960341 | 6509289 | $69778770 | $148172687 |
| Reinvestment of distributions | 1390634 | 398238 | 33277873 | 8326771 |
| Shares redeemed | <u>(3264855)</u> | <u>(2443240)</u> | <u>(74675720)</u> | <u>(56652475)</u> |
| Net increase (decrease) | <u>1086120</u> | <u>4464287</u> | <u>$28380923</u> | <u>$99846983</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3328152 | 6854423 | $80022043 | $157862373 |
| Reinvestment of distributions | 482196 | 66377 | 11799344 | 1486016 |
| Shares redeemed | <u>(2845247)</u> | <u>(1528651)</u> | <u>(65417388)</u> | <u>(36740432)</u> |
| Net increase (decrease) | <u>965101</u> | <u>5392149</u> | <u>$26403999</u> | <u>$122607957</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**13. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Dividend Growth Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Dividend Growth Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

The Funds shareholders approved the reorganization that is expected to become effective during August 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the Funds or their shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Dividend Growth Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board noted that, at a meeting in November 2024, it had approved the reorganization of the fund into Fidelity Dividend Growth Fund and that such reorganization was subject to approval by the fund's shareholders.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate for Class I ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its asset-sized peer group median. The Board noted that the total expense ratio of Class I of the fund ranked above the total peer group competitive median due to the fund's positive performance adjustment.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109887_4.jpg)<br>

1.721239.126 ADGF-SANN-0725

**Fidelity Advisor® Equity Income Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109885_1.jpg)

![](img109885_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EPI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Equity Income Fund](#Sub_Sec_Fund_80_EPI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements80_EPI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EPI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EPI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EPI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EPI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Equity Income Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Restaurant Brands International Inc (United States)  | 118800 | 8483508 |
| DENMARK - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Carlsberg AS Series B  | 20200 | 2891468 |
| FRANCE - 1.9%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 217300 | 12792051 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Thales SA  | 10200 | 3123969 |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| Capgemini SE  | 115000 | 19097261 |
| TOTAL FRANCE |  | 35013281 |
| JAPAN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Subaru Corp  | 73500 | 1349244 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Samsung Electronics Co Ltd  | 181430 | 7379260 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 77800 | 15040296 |
| UNITED KINGDOM - 2.8%  |  |  |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola Europacific Partners PLC  | 117600 | 10794504 |
| Diageo PLC  | 211500 | 5740377 |
|  |  | 16534881 |
| Personal Care Products - 1.6% |  |  |
| Unilever PLC ADR  | 441200 | 28166208 |
| TOTAL CONSUMER STAPLES |  | 44701089 |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| DCC PLC  | 98600 | 6158866 |
| TOTAL UNITED KINGDOM |  | 50859955 |
| UNITED STATES - 89.8%  |  |  |
| Communication Services - 6.3% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| Verizon Communications Inc  | 676290 | 29729708 |
| Entertainment - 1.3% |  |  |
| Walt Disney Co/The  | 210900 | 23840136 |
| Interactive Media & Services - 0.3% |  |  |
| Alphabet Inc Class A  | 34500 | 5925030 |
| Media - 3.1% |  |  |
| Comcast Corp Class A  | 1178700 | 40747659 |
| Omnicom Group Inc  | 209500 | 15385680 |
|  |  | 56133339 |
| TOTAL COMMUNICATION SERVICES |  | 115628213 |
| Consumer Discretionary - 2.5% |  |  |
| Automobile Components - 0.4% |  |  |
| Lear Corp  | 79400 | 7179348 |
| Distributors - 0.5% |  |  |
| LKQ Corp  | 208900 | 8454183 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Vail Resorts Inc  | 34500 | 5525865 |
| Household Durables - 0.5% |  |  |
| Whirlpool Corp  | 117700 | 9191193 |
| Specialty Retail - 0.6% |  |  |
| Bath & Body Works Inc  | 396200 | 11141144 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Tapestry Inc  | 84000 | 6598200 |
| TOTAL CONSUMER DISCRETIONARY |  | 48089933 |
| Consumer Staples - 7.7% |  |  |
| Beverages - 1.7% |  |  |
| Coca-Cola Co/The  | 107100 | 7721910 |
| Keurig Dr Pepper Inc  | 678900 | 22858563 |
|  |  | 30580473 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A (a) | 547200 | 12164256 |
| Sysco Corp  | 280700 | 20491100 |
|  |  | 32655356 |
| Food Products - 1.2% |  |  |
| JM Smucker Co  | 106400 | 11981704 |
| The Campbell's Company  | 286500 | 9752460 |
|  |  | 21734164 |
| Household Products - 2.1% |  |  |
| Procter & Gamble Co/The  | 164000 | 27861960 |
| Reynolds Consumer Products Inc  | 469200 | 10359936 |
|  |  | 38221896 |
| Personal Care Products - 0.9% |  |  |
| Estee Lauder Cos Inc/The Class A  | 160200 | 10723788 |
| Kenvue Inc  | 279105 | 6662236 |
|  |  | 17386024 |
| TOTAL CONSUMER STAPLES |  | 140577913 |
| Energy - 7.2% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| Schlumberger NV  | 535900 | 17711495 |
| Oil, Gas & Consumable Fuels - 6.2% |  |  |
| Enterprise Products Partners LP  | 549700 | 16941754 |
| Exxon Mobil Corp  | 356700 | 36490410 |
| Plains All American Pipeline LP  | 221200 | 3658648 |
| Shell PLC ADR  | 855300 | 56637966 |
|  |  | 113728778 |
| TOTAL ENERGY |  | 131440273 |
| Financials - 20.3% |  |  |
| Banks - 11.2% |  |  |
| Bank of America Corp  | 824200 | 36371946 |
| East West Bancorp Inc  | 37100 | 3383520 |
| Huntington Bancshares Inc/OH  | 1105500 | 17278965 |
| M&T Bank Corp  | 197700 | 36107928 |
| PNC Financial Services Group Inc/The  | 112900 | 19623149 |
| US Bancorp  | 1151800 | 50206962 |
| Wells Fargo & Co (a) | 546950 | 40900921 |
|  |  | 203873391 |
| Capital Markets - 3.9% |  |  |
| Bank of New York Mellon Corp/The  | 163900 | 14523179 |
| Charles Schwab Corp/The  | 203300 | 17959522 |
| Lazard Inc  | 140000 | 6076000 |
| Northern Trust Corp  | 210100 | 22426074 |
| State Street Corp  | 111100 | 10696708 |
|  |  | 71681483 |
| Financial Services - 0.7% |  |  |
| Fidelity National Information Services Inc  | 113100 | 9003891 |
| Visa Inc Class A  | 12800 | 4674432 |
|  |  | 13678323 |
| Insurance - 4.5% |  |  |
| American Financial Group Inc/OH  | 21800 | 2702764 |
| Chubb Ltd  | 126584 | 37620765 |
| First American Financial Corp  | 160600 | 8963086 |
| The Travelers Companies, Inc.  | 119700 | 33001290 |
|  |  | 82287905 |
| TOTAL FINANCIALS |  | 371521102 |
| Health Care - 12.7% |  |  |
| Biotechnology - 1.4% |  |  |
| Gilead Sciences Inc  | 238700 | 26276096 |
| Health Care Providers & Services - 4.5% |  |  |
| Cigna Group/The  | 114200 | 36160288 |
| CVS Health Corp  | 147100 | 9420284 |
| Elevance Health Inc  | 18200 | 6985888 |
| UnitedHealth Group Inc  | 97900 | 29556989 |
|  |  | 82123449 |
| Pharmaceuticals - 6.8% |  |  |
| Bristol-Myers Squibb Co  | 183100 | 8840068 |
| GSK PLC ADR  | 927800 | 38067634 |
| Johnson & Johnson  | 170071 | 26396720 |
| Merck & Co Inc  | 445600 | 34239904 |
| Royalty Pharma PLC Class A  | 343700 | 11300856 |
| Sanofi SA ADR  | 134300 | 6630391 |
|  |  | 125475573 |
| TOTAL HEALTH CARE |  | 233875118 |
| Industrials - 10.4% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| General Dynamics Corp  | 21200 | 5903988 |
| Lockheed Martin Corp (a) | 39200 | 18909296 |
|  |  | 24813284 |
| Air Freight & Logistics - 2.0% |  |  |
| CH Robinson Worldwide Inc  | 110200 | 10575894 |
| FedEx Corp  | 62300 | 13587630 |
| United Parcel Service Inc Class B  | 121700 | 11870618 |
|  |  | 36034142 |
| Construction & Engineering - 0.6% |  |  |
| AECOM  | 93200 | 10238020 |
| Electrical Equipment - 0.9% |  |  |
| Regal Rexnord Corp  | 120500 | 16079520 |
| Ground Transportation - 0.4% |  |  |
| Knight-Swift Transportation Holdings Inc  | 177200 | 7853504 |
| Industrial Conglomerates - 0.8% |  |  |
| 3M Co  | 100300 | 14879505 |
| Machinery - 1.5% |  |  |
| Allison Transmission Holdings Inc  | 131200 | 13581824 |
| Oshkosh Corp  | 92200 | 9145318 |
| PACCAR Inc  | 57500 | 5396375 |
|  |  | 28123517 |
| Professional Services - 2.4% |  |  |
| Genpact Ltd  | 142000 | 6113100 |
| ManpowerGroup Inc  | 144000 | 6040800 |
| Robert Half Inc  | 119500 | 5471905 |
| SS&C Technologies Holdings Inc  | 333500 | 26950135 |
|  |  | 44575940 |
| Trading Companies & Distributors - 0.4% |  |  |
| Wesco International Inc  | 44700 | 7504683 |
| TOTAL INDUSTRIALS |  | 190102115 |
| Information Technology - 8.2% |  |  |
| Communications Equipment - 2.3% |  |  |
| Cisco Systems Inc (a) | 674953 | 42549037 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| TD SYNNEX Corp  | 95200 | 11551568 |
| IT Services - 1.8% |  |  |
| Amdocs Ltd  | 364122 | 33411835 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| QUALCOMM Inc  | 60700 | 8813640 |
| Software - 1.8% |  |  |
| Gen Digital Inc  | 520900 | 14835232 |
| Microsoft Corp  | 23600 | 10864496 |
| Salesforce Inc  | 29800 | 7908026 |
|  |  | 33607754 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Seagate Technology Holdings PLC  | 124300 | 14659942 |
| Western Digital Corp (b) | 127800 | 6588090 |
|  |  | 21248032 |
| TOTAL INFORMATION TECHNOLOGY |  | 151181866 |
| Materials - 4.3% |  |  |
| Chemicals - 0.5% |  |  |
| CF Industries Holdings Inc  | 100700 | 9134497 |
| Containers & Packaging - 3.7% |  |  |
| Amcor PLC  | 1347775 | 12278230 |
| Ball Corp  | 345200 | 18495816 |
| Crown Holdings Inc  | 240400 | 23679401 |
| Sonoco Products Co  | 309000 | 14071860 |
|  |  | 68525307 |
| Paper & Forest Products - 0.1% |  |  |
| Magnera Corp (b) | 81374 | 978115 |
| TOTAL MATERIALS |  | 78637919 |
| Real Estate - 4.0% |  |  |
| Office REITs - 0.7% |  |  |
| COPT Defense Properties  | 310800 | 8531460 |
| Douglas Emmett Inc  | 341200 | 4855276 |
|  |  | 13386736 |
| Specialized REITs - 3.3% |  |  |
| American Tower Corp (a) | 78900 | 16935885 |
| Crown Castle Inc  | 115700 | 11610495 |
| Gaming and Leisure Properties Inc  | 287500 | 13426250 |
| Public Storage Operating Co  | 27600 | 8512116 |
| Weyerhaeuser Co  | 332700 | 8620257 |
|  |  | 59105003 |
| TOTAL REAL ESTATE |  | 72491739 |
| Utilities - 6.2% |  |  |
| Electric Utilities - 5.0% |  |  |
| Duke Energy Corp  | 141700 | 16680924 |
| Edison International  | 101864 | 5668732 |
| Exelon Corp  | 687600 | 30130632 |
| FirstEnergy Corp  | 445200 | 18671688 |
| PG&E Corp  | 730300 | 12327464 |
| Portland General Electric Co  | 206000 | 8734400 |
|  |  | 92213840 |
| Multi-Utilities - 1.2% |  |  |
| Sempra  | 271700 | 21352903 |
| TOTAL UTILITIES |  | 113566743 |
| TOTAL UNITED STATES |  | 1647112934 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,481,588,333) |  | <br> **1768129946** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c)<br>(Cost $59,633,689)<br>| 4.32 | 59621763 | **59633688** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $1,541,222,022)<br>| <br>**1827763634** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **6821018** |
| **NET ASSETS - 100.0%** | **1834584652** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Albertsons Cos Inc Class A | Chicago Board Options Exchange | 2171 | 4826133 | 24.00 | 07/18/25 | (37993) |
| American Tower Corp | Chicago Board Options Exchange | 220 | 4722300 | 230.00 | 07/18/25 | (34100) |
| Cisco Systems Inc | Chicago Board Options Exchange | 1005 | 6335520 | 62.50 | 07/18/25 | (209040) |
| Lockheed Martin Corp | Chicago Board Options Exchange | 74 | 3569612 | 515.00 | 07/18/25 | (35335) |
| Wells Fargo & Co | Chicago Board Options Exchange | 1083 | 8098674 | 77.50 | 07/18/25 | (238260) |
|  |  |  |  |  |  | (554728) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(554728)** |

---

**Legend**

(a) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $27,552,239.

(b) Non-income producing

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 49209000 | 167805920 | 157381219 | 859382 | - | (13) | 59633688 | 59621763 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 210478436 | 210478436 | 10464 | - | - | - | - | 0.0% |
| Total | 49209000 | 378284356 | 367859655 | 869846 | - | (13) | 59633688 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 115628213 | 115628213 | - | - |
| Consumer Discretionary | 57922685 | 56573441 | 1349244 | - |
| Consumer Staples | 188170470 | 179538625 | 8631845 | - |
| Energy | 144232324 | 131440273 | 12792051 | - |
| Financials | 371521102 | 371521102 | - | - |
| Health Care | 233875118 | 233875118 | - | - |
| Industrials | 199384950 | 196260981 | 3123969 | - |
| Information Technology | 192698683 | 173601422 | 19097261 | - |
| Materials | 78637919 | 78637919 | - | - |
| Real Estate | 72491739 | 72491739 | - | - |
| Utilities | 113566743 | 113566743 | - | - |
|  **Money Market Funds** | 59633688 | 59633688 | - | - |
| **Total Investments in Securities:** | 1827763634 | 1782769264 | 44994370 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (554728) | (554728) | - | - |
| Total Liabilities | (554728) | (554728) | - | - |
| **Total Derivative Instruments:** | (554728) | (554728) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (554728) |
| **Total Equity Risk**  | 0 | (554728) |
| **Total Value of Derivatives** | 0 | (554728) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,481,588,333) | $1768129946 |  |
| Fidelity Central Funds (cost $59,633,689) | 59633688 |  |
| Total Investment in Securities (cost $1,541,222,022) |  | $1827763634 |
| Cash |  | 24 |
| Foreign currency held at value (cost $65,954) |  | 65997 |
| Receivable for investments sold |  | 3920262 |
| Receivable for fund shares sold |  | 1502277 |
| Dividends receivable |  | 4486467 |
| Reclaims receivable |  | 1163886 |
| Distributions receivable from Fidelity Central Funds |  | 211188 |
| Prepaid expenses |  | 265 |
| Receivable from investment adviser for expense reductions |  | 58950 |
| Other receivables |  | 40929 |
| **Total assets** |  | 1839213879 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $905778 |  |
| Payable for fund shares redeemed | 1725508 |  |
| Accrued management fee | 884922 |  |
| Distribution and service plan fees payable | 431328 |  |
| Written options, at value (premium received $499,056) | 554728 |  |
| Other payables and accrued expenses | 126963 |  |
| **Total liabilities** |  | 4629227 |
| **Net Assets**  |  | $1834584652 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1482878575 |
| Total accumulated earnings (loss) |  | 351706077 |
| **Net Assets** |  | $1834584652 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($802,555,943 ÷ 24,346,651 shares)(a) |  | $32.96 |
| Maximum offering price per share (100/94.25 of $32.96) |  | $34.97 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($537,716,519 ÷ 15,672,748 shares)(a) |  | $34.31 |
| Maximum offering price per share (100/96.50 of $34.31) |  | $35.55 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($50,071,305 ÷ 1,491,383 shares)(a) |  | $33.57 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($368,930,056 ÷ 10,358,508 shares) |  | $35.62 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($75,310,829 ÷ 2,119,167 shares) |  | $35.54 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $27392829 |
| Income from Fidelity Central Funds (including $10,464 from security lending)  |  | 869846 |
| **Total income** |  | 28262675 |
| **Expenses** |  |  |
| Management fee | $5402802 |  |
| Distribution and service plan fees | 2635596 |  |
| Custodian fees and expenses | 17746 |  |
| Independent trustees' fees and expenses | 4006 |  |
| Registration fees | 60896 |  |
| Audit fees | 83951 |  |
| Legal | 38855 |  |
| Interest | 26934 |  |
| Miscellaneous | 95246 |  |
| Total expenses before reductions | 8366032 |  |
| Expense reductions | (62624) |  |
| Total expenses after reductions |  | 8303408 |
| **Net Investment income (loss)** |  | 19959267 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53500391 |  |
| Foreign currency transactions | 32343 |  |
| Written options | 914950 |  |
| Total net realized gain (loss) |  | 54447684 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (168611281) |  |
| Fidelity Central Funds  | (13) |  |
| Assets and liabilities in foreign currencies | 87305 |  |
| Written options | 298171 |  |
| Total change in net unrealized appreciation (depreciation) |  | (168225818) |
| **Net gain (loss)** |  | (113778134) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(93818867) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19959267 | $39169714 |
| &nbsp;&nbsp;Net realized gain (loss) | 54447684<br>| 108234107<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (168225818) | 279340284<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (93818867)<br>| 426744105<br>|
| Distributions to shareholders | (117489041)<br>| (86238729)<br>|
| Share transactions - net increase (decrease) | (40302863)<br>| (61313116)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (251610771)<br>| 279192260<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2086195423 | 1807003163<br>|
| &nbsp;&nbsp;End of period | $1834584652 | $2086195423 |

---

**Financial Highlights** 

**Fidelity Advisor® Equity Income Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.74 | $30.62 | $31.78 | $32.34 | $27.88 | $30.22 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .72  | .69  | .61  | .58  | .65  |
| Net realized and unrealized gain (loss)  | (1.99)  | 6.95  | (.04)  | 2.32  | 4.53  | (.67)  |
| Total from investment operations  | (1.63)  | 7.67  | .65  | 2.93  | 5.11  | (.02)  |
| Distributions from net investment income  | (.39)  | (.76)  | (.64)  | (.58)  | (.65)  | (.66)  |
| Distributions from net realized gain  | (1.76)  | (.80)  | (1.17)  | (2.91)  | - C | (1.67)  |
| Total distributions  | (2.15)  | (1.55) D | (1.81)  | (3.49)  | (.65)  | (2.32) D |
| Net asset value, end of period  | $32.96 | $36.74 | $30.62 | $31.78 | $32.34 | $27.88 |
| **Total Return** E,F,G | (4.36)% <br>| 25.92%  | 2.34%  | 9.34%  | 18.46%  | .02%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .87% J,K | .86%  | .89%  | .89%  | .90%  | .92%  |
| Expenses net of fee waivers, if any  | .86% J,K<br>| .86%  | .89%  | .89%  | .89%  | .92%  |
| Expenses net of all reductions, if any  | .86% J,K | .86%  | .89%  | .89%  | .89%  | .92%  |
| Net investment income (loss)  | 2.18% J,K | 2.15%  | 2.30%  | 1.98%  | 1.80%  | 2.51%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $802556 | $857689 | $721260 | $741312 | $675220 | $591089 |
| Portfolio turnover rate L | 51% K<br>| 50%  | 47%  | 47%  | 48%  | 65%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Proxy expenses are not annualized.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Income Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.13 | $31.72 | $32.84 | $33.30 | $28.69 | $31.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .66  | .64  | .56  | .52  | .60  |
| Net realized and unrealized gain (loss)  | (2.05)  | 7.21  | (.03)  | 2.38  | 4.66  | (.68)  |
| Total from investment operations  | (1.72)  | 7.87  | .61  | 2.94  | 5.18  | (.08)  |
| Distributions from net investment income  | (.34)  | (.67)  | (.56)  | (.49)  | (.57)  | (.59)  |
| Distributions from net realized gain  | (1.76)  | (.80)  | (1.17)  | (2.91)  | - C | (1.67)  |
| Total distributions  | (2.10)  | (1.46) D | (1.73)  | (3.40)  | (.57)  | (2.25) D |
| Net asset value, end of period  | $34.31 | $38.13 | $31.72 | $32.84 | $33.30 | $28.69 |
| **Total Return** E,F,G | (4.45)% <br>| 25.60%  | 2.12%  | 9.08%  | 18.16%  | (.22)%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.11% J,K | 1.10%  | 1.13%  | 1.13%  | 1.14%  | 1.16%  |
| Expenses net of fee waivers, if any  | 1.10% J,K<br>| 1.10%  | 1.13%  | 1.13%  | 1.13%  | 1.16%  |
| Expenses net of all reductions, if any  | 1.10% J,K | 1.10%  | 1.13%  | 1.13%  | 1.13%  | 1.15%  |
| Net investment income (loss)  | 1.94% J,K | 1.91%  | 2.06%  | 1.74%  | 1.56%  | 2.28%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $537717 | $596279 | $524459 | $571256 | $554644 | $533726 |
| Portfolio turnover rate L | 51% K<br>| 50%  | 47%  | 47%  | 48%  | 65%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Proxy expenses are not annualized.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Income Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.36 | $31.11 | $32.23 | $32.75 | $28.21 | $30.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .47  | .46  | .37  | .32  | .45  |
| Net realized and unrealized gain (loss)  | (2.02)  | 7.06  | (.02)  | 2.35  | 4.60  | (.66)  |
| Total from investment operations  | (1.78)  | 7.53  | .44  | 2.72  | 4.92  | (.21)  |
| Distributions from net investment income  | (.26)  | (.49)  | (.39)  | (.32)  | (.37)  | (.43)  |
| Distributions from net realized gain  | (1.76)  | (.80)  | (1.17)  | (2.91)  | - C | (1.67)  |
| Total distributions  | (2.01) D | (1.28) D | (1.56)  | (3.24) D | (.38) D | (2.10)  |
| Net asset value, end of period  | $33.57 | $37.36 | $31.11 | $32.23 | $32.75 | $28.21 |
| **Total Return** E,F,G | (4.70)% <br>| 24.93%  | 1.57%  | 8.46%  | 17.51%  | (.77)%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.62% J,K | 1.62%  | 1.68%  | 1.68%  | 1.70%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.62% J,K<br>| 1.61%  | 1.67%  | 1.68%  | 1.69%  | 1.72%  |
| Expenses net of all reductions, if any  | 1.62% J,K | 1.61%  | 1.67%  | 1.68%  | 1.69%  | 1.72%  |
| Net investment income (loss)  | 1.42% J,K | 1.40%  | 1.52%  | 1.19%  | 1.00%  | 1.71%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $50071 | $53412 | $50681 | $68428 | $51811 | $63470 |
| Portfolio turnover rate L | 51% K<br>| 50%  | 47%  | 47%  | 48%  | 65%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

H*Expense 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.*

I*Fees 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.*

J*Proxy expenses are not annualized.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Income Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.50 | $32.81 | $33.91 | $34.28 | $29.51 | $31.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .86  | .82  | .73  | .70  | .75  |
| Net realized and unrealized gain (loss)  | (2.13)  | 7.46  | (.04)  | 2.47  | 4.80  | (.70)  |
| Total from investment operations  | (1.70)  | 8.32  | .78  | 3.20  | 5.50  | .05  |
| Distributions from net investment income  | (.43)  | (.83)  | (.71)  | (.65)  | (.73)  | (.72)  |
| Distributions from net realized gain  | (1.76)  | (.80)  | (1.17)  | (2.91)  | - C | (1.67)  |
| Total distributions  | (2.18) D | (1.63)  | (1.88)  | (3.57) D | (.73)  | (2.39)  |
| Net asset value, end of period  | $35.62 | $39.50 | $32.81 | $33.91 | $34.28 | $29.51 |
| **Total Return** E,F | (4.20)% <br>| 26.19%  | 2.60%  | 9.62%  | 18.75%  | .27%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .62% I,J | .61%  | .65%  | .65%  | .65%  | .67%  |
| Expenses net of fee waivers, if any  | .61% I,J<br>| .61%  | .65%  | .65%  | .65%  | .67%  |
| Expenses net of all reductions, if any  | .61% I,J | .61%  | .64%  | .65%  | .65%  | .66%  |
| Net investment income (loss)  | 2.43% I,J | 2.40%  | 2.54%  | 2.22%  | 2.05%  | 2.77%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $368930 | $429311 | $367712 | $359047 | $244066 | $178262 |
| Portfolio turnover rate K | 51% J<br>| 50%  | 47%  | 47%  | 48%  | 65%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Proxy expenses are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Income Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.42 | $32.76 | $33.86 | $34.24 | $29.48 | $31.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .91  | .86  | .77  | .75  | .79  |
| Net realized and unrealized gain (loss)  | (2.13)  | 7.44  | (.03)  | 2.46  | 4.78  | (.70)  |
| Total from investment operations  | (1.67)  | 8.35  | .83  | 3.23  | 5.53  | .09  |
| Distributions from net investment income  | (.45)  | (.90)  | (.76)  | (.70)  | (.77)  | (.76)  |
| Distributions from net realized gain  | (1.76)  | (.80)  | (1.17)  | (2.91)  | - C | (1.67)  |
| Total distributions  | (2.21)  | (1.69) D | (1.93)  | (3.61)  | (.77)  | (2.43)  |
| Net asset value, end of period  | $35.54 | $39.42 | $32.76 | $33.86 | $34.24 | $29.48 |
| **Total Return** E,F | (4.14)% <br>| 26.37%  | 2.75%  | 9.77%  | 18.89%  | .43%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .49% I,J | .47%  | .51%  | .51%  | .51%  | .53%  |
| Expenses net of fee waivers, if any  | .48% I,J<br>| .46%  | .50%  | .51%  | .51%  | .52%  |
| Expenses net of all reductions, if any  | .48% I,J | .46%  | .50%  | .51%  | .51%  | .52%  |
| Net investment income (loss)  | 2.56% I,J | 2.55%  | 2.69%  | 2.36%  | 2.18%  | 2.91%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $75311 | $149504 | $142891 | $117174 | $34870 | $26400 |
| Portfolio turnover rate K | 51% J<br>| 50%  | 47%  | 47%  | 48%  | 65%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Proxy expenses are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Equity Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Equity Income Fund** | $19133 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $348118434 |
| **Gross unrealized depreciation** | <u>(67764886)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$280353548</u> |
| **Tax cost** | <u>$1547354414</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

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

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

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

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Equity Income Fund** | 467509463 | 613804716 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .59 |
| **Class M** | .58 |
| **Class C** | .62 |
| **Class I** | .60 |
| **Class Z** | .46 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .59 |
| **Class M** | .58 |
| **Class C** | .59 |
| **Class I** | .59 |
| **Class Z** | .46 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 1005215 | 26546 |
| **Class M** | .25% | .25% | 1375346 | 5939 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>255035</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>37546</u> |
|  |  |  | <u>2635596</u> | <u>70031</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 66797 |
| **Class M** | 5891 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>315</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>73003</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Income Fund** | 21672 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Equity Income Fund** | Borrower | 30327571 | 4.57% | 26934 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Equity Income Fund** | 54507340 | 56279178 | 6394628 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Income Fund** | 1517 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Equity Income Fund** | 1108 | - | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3,674.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $58,950.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $50081472 | $36474168 |
| Class M | 32662188 | 23791672 |
| Class C | 2953836 | 2015970 |
| Class I | 23658654 | 17546366 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8132891</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6410553</u> |
| Total  | <u>$117489041</u> | <u>$86238729</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1425775 | 1926360 | $47101537 | $64008971 |
| Reinvestment of distributions | 1474154 | 1098509 | 48040945 | 34887511 |
| Shares redeemed | <u>(1901273)</u> | <u>(3229213)</u> | <u>(62819215)</u> | <u>(107448268)</u> |
| Net increase (decrease) | <u>998656</u> | <u>(204344)</u> | <u>$32323267</u> | <u>$(8551786)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 614441 | 1089497 | $21069690 | $37737514 |
| Reinvestment of distributions | 943230 | 707583 | 32030399 | 23259924 |
| Shares redeemed | <u>(1522661)</u> | <u>(2690747)</u> | <u>(52417023)</u> | <u>(92668727)</u> |
| Net increase (decrease) | <u>35010</u> | <u>(893667)</u> | <u>$683066</u> | <u>$(31671289)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 238163 | 234268 | $8112688 | $7981939 |
| Reinvestment of distributions | 86990 | 61617 | 2896492 | 1976212 |
| Shares redeemed | <u>(263331)</u> | <u>(495352)</u> | <u>(8902180)</u> | <u>(16723293)</u> |
| Net increase (decrease) | <u>61822</u> | <u>(199467)</u> | <u>$2107000</u> | <u>$(6765142)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1274724 | 2865014 | $45703846 | $105994394 |
| Reinvestment of distributions | 637182 | 487129 | 22420521 | 16617377 |
| Shares redeemed | <u>(2421689)</u> | <u>(3691068)</u> | <u>(85366733)</u> | <u>(127714990)</u> |
| Net increase (decrease) | <u>(509783)</u> | <u>(338925)</u> | <u>$(17242366)</u> | <u>$(5103219)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 627610 | 2758506 | $22438630 | $103896433 |
| Reinvestment of distributions | 195362 | 165445 | 6868503 | 5622374 |
| Shares redeemed | <u>(2496318)</u> | <u>(3492935)</u> | <u>(87480963)</u> | <u>(118740487)</u> |
| Net increase (decrease) | <u>(1673346)</u> | <u>(568984)</u> | <u>$(58173830)</u> | <u>$(9221680)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**14. Reorganization.**

Subsequent to period end, on June 6, 2025, Fidelity Equity Dividend Income Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Equity Income Fund ("Acquired" Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by Fidelity Equity Dividend Income Fund. The acquisition was accomplished by an exchange of each class of Fidelity Equity Dividend Income Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by Fidelity Equity Dividend Income Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of Fidelity Equity Dividend Income Fund ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| Fidelity Advisor Equity Income Fund | 1818066783 | 295616523 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 804694759 | 27950465 | 1.1053421327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class M |  |  | 536415288 | 18632018 | 1.1530600903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 50350980 | 1748903 | 1.1284056964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 370427662 | 12862087 | 1.1973263889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 73236119 | 2542924 | 1.1941944444 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| Fidelity Equity Dividend Income Fund | 5528220981 | 7363345789 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Equity Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board noted that, at a meeting in October 2024, it had approved the reorganization of the fund into Fidelity Equity Dividend Income Fund and that such reorganization was expected to occur on or about June 6, 2025.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109885_4.jpg)<br>

1.704674.127 EPI-SANN-0725

**Fidelity Advisor® Equity Value Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109884_1.jpg)

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**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AEV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Equity Value Fund](#Sub_Sec_Fund_150_AEV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements150_AEV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AEV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AEV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AEV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AEV-SANN)** |

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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Equity Value Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.6%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Alimentation Couche-Tard Inc  | 17300 | 896925 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Canadian Natural Resources Ltd (United States)  | 38938 | 1182547 |
| Imperial Oil Ltd (United States) (a) | 17985 | 1283230 |
| Parex Resources Inc  | 53432 | 528344 |
| Parkland Corp  | 10100 | 285112 |
|  |  | 3279233 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States) (a) | 22163 | 1308282 |
| TOTAL CANADA |  | 5484440 |
| FRANCE - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Capgemini SE  | 2637 | 437908 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 9164 | 878003 |
| SWEDEN - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 2300 | 236486 |
| UNITED KINGDOM - 4.1%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| Berkeley Group Holdings PLC  | 8394 | 476111 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Europacific Partners PLC  | 12682 | 1164081 |
| Diageo PLC  | 33280 | 903261 |
|  |  | 2067342 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| Astrazeneca PLC ADR  | 42578 | 3100956 |
| Utilities - 1.4% |  |  |
| Multi-Utilities - 1.4% |  |  |
| National Grid PLC  | 212739 | 2999624 |
| TOTAL UNITED KINGDOM |  | 8644033 |
| UNITED STATES - 91.6%  |  |  |
| Communication Services - 3.5% |  |  |
| Entertainment - 1.3% |  |  |
| Walt Disney Co/The  | 24395 | 2757611 |
| Interactive Media & Services - 0.7% |  |  |
| Alphabet Inc Class A  | 8704 | 1494825 |
| Media - 1.5% |  |  |
| Comcast Corp Class A  | 85792 | 2965829 |
| TOTAL COMMUNICATION SERVICES |  | 7218265 |
| Consumer Discretionary - 4.4% |  |  |
| Diversified Consumer Services - 1.2% |  |  |
| H&R Block Inc  | 43161 | 2458019 |
| Specialty Retail - 2.8% |  |  |
| Lowe's Cos Inc  | 7421 | 1675142 |
| Murphy USA Inc  | 1700 | 725543 |
| Ross Stores Inc  | 13259 | 1857453 |
| Ulta Beauty Inc (b) | 3395 | 1600607 |
|  |  | 5858745 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Tapestry Inc  | 10449 | 820769 |
| TOTAL CONSUMER DISCRETIONARY |  | 9137533 |
| Consumer Staples - 10.3% |  |  |
| Beverages - 2.3% |  |  |
| Coca-Cola Co/The  | 25291 | 1823481 |
| Keurig Dr Pepper Inc  | 88793 | 2989660 |
|  |  | 4813141 |
| Consumer Staples Distribution & Retail - 2.8% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 16430 | 1860040 |
| Target Corp  | 6525 | 613415 |
| US Foods Holding Corp (b) | 33560 | 2655268 |
| Walgreens Boots Alliance Inc  | 62900 | 707625 |
|  |  | 5836348 |
| Food Products - 1.6% |  |  |
| JM Smucker Co  | 7200 | 810792 |
| Mondelez International Inc  | 28647 | 1933386 |
| Tyson Foods Inc Class A  | 11185 | 628150 |
|  |  | 3372328 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 19334 | 3284653 |
| Personal Care Products - 2.0% |  |  |
| Kenvue Inc  | 178555 | 4262108 |
| TOTAL CONSUMER STAPLES |  | 21568578 |
| Energy - 7.1% |  |  |
| Oil, Gas & Consumable Fuels - 7.1% |  |  |
| ConocoPhillips  | 31927 | 2724969 |
| Exxon Mobil Corp  | 77041 | 7881294 |
| Shell PLC ADR  | 64939 | 4300261 |
|  |  | 14906524 |
| Financials - 26.6% |  |  |
| Banks - 11.7% |  |  |
| Bank of America Corp  | 143129 | 6316284 |
| Cullen/Frost Bankers Inc  | 4143 | 526078 |
| JPMorgan Chase & Co  | 20894 | 5516016 |
| M&T Bank Corp  | 10988 | 2006848 |
| PNC Financial Services Group Inc/The  | 18383 | 3195149 |
| US Bancorp  | 39946 | 1741246 |
| Wells Fargo & Co  | 66215 | 4951558 |
|  |  | 24253179 |
| Capital Markets - 3.2% |  |  |
| Bank of New York Mellon Corp/The  | 18000 | 1594980 |
| Blackrock Inc  | 1761 | 1725586 |
| Northern Trust Corp  | 22985 | 2453419 |
| State Street Corp  | 10000 | 962800 |
|  |  | 6736785 |
| Consumer Finance - 1.1% |  |  |
| Capital One Financial Corp  | 12301 | 2326734 |
| Financial Services - 2.6% |  |  |
| Berkshire Hathaway Inc Class B (b) | 7861 | 3961630 |
| Visa Inc Class A  | 4295 | 1568491 |
|  |  | 5530121 |
| Insurance - 7.4% |  |  |
| Chubb Ltd  | 18694 | 5555857 |
| Hartford Insurance Group Inc/The  | 6000 | 779039 |
| The Travelers Companies, Inc.  | 22835 | 6295610 |
| Willis Towers Watson PLC  | 7970 | 2522904 |
|  |  | 15153410 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| AGNC Investment Corp (a) | 76400 | 683016 |
| Annaly Capital Management Inc  | 32200 | 610190 |
|  |  | 1293206 |
| TOTAL FINANCIALS |  | 55293435 |
| Health Care - 12.8% |  |  |
| Biotechnology - 1.3% |  |  |
| Gilead Sciences Inc  | 25068 | 2759485 |
| Health Care Providers & Services - 7.1% |  |  |
| Centene Corp (b) | 78034 | 4404239 |
| Cigna Group/The  | 17275 | 5469957 |
| CVS Health Corp  | 45408 | 2907928 |
| UnitedHealth Group Inc  | 6566 | 1982341 |
|  |  | 14764465 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Thermo Fisher Scientific Inc  | 3400 | 1369588 |
| Pharmaceuticals - 3.8% |  |  |
| Elanco Animal Health Inc (b) | 90800 | 1220351 |
| GSK PLC ADR  | 76386 | 3134118 |
| Haleon PLC  | 318173 | 1776146 |
| Merck & Co Inc  | 22400 | 1721216 |
|  |  | 7851831 |
| TOTAL HEALTH CARE |  | 26745369 |
| Industrials - 12.9% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| L3Harris Technologies Inc  | 4932 | 1205085 |
| Lockheed Martin Corp  | 4034 | 1945921 |
| Northrop Grumman Corp  | 3187 | 1544962 |
| Textron Inc  | 5600 | 414568 |
|  |  | 5110536 |
| Air Freight & Logistics - 0.8% |  |  |
| CH Robinson Worldwide Inc  | 7900 | 758163 |
| FedEx Corp  | 900 | 196290 |
| United Parcel Service Inc Class B  | 7020 | 684731 |
|  |  | 1639184 |
| Building Products - 1.3% |  |  |
| Builders FirstSource Inc (b) | 4600 | 495328 |
| Johnson Controls International plc  | 22103 | 2240581 |
|  |  | 2735909 |
| Electrical Equipment - 0.5% |  |  |
| GE Vernova Inc  | 400 | 189192 |
| Regal Rexnord Corp  | 7056 | 941553 |
|  |  | 1130745 |
| Ground Transportation - 1.6% |  |  |
| CSX Corp  | 49963 | 1578332 |
| Heartland Express Inc  | 7100 | 63545 |
| Knight-Swift Transportation Holdings Inc  | 2300 | 101936 |
| Norfolk Southern Corp  | 6003 | 1483461 |
| Werner Enterprises Inc (a) | 6300 | 163485 |
|  |  | 3390759 |
| Industrial Conglomerates - 0.6% |  |  |
| 3M Co  | 8608 | 1276997 |
| Machinery - 4.5% |  |  |
| Allison Transmission Holdings Inc  | 5700 | 590064 |
| Cummins Inc  | 700 | 225036 |
| Deere & Co  | 8760 | 4434838 |
| Dover Corp  | 7012 | 1246383 |
| Pentair PLC  | 18200 | 1805076 |
| Westinghouse Air Brake Technologies Corp  | 5300 | 1072296 |
|  |  | 9373693 |
| Professional Services - 0.5% |  |  |
| Maximus Inc  | 13312 | 965252 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 7901 | 1440668 |
| TOTAL INDUSTRIALS |  | 27063743 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 2.3% |  |  |
| Cisco Systems Inc  | 76828 | 4843237 |
| IT Services - 1.5% |  |  |
| Amdocs Ltd  | 21561 | 1978438 |
| Cognizant Technology Solutions Corp Class A  | 14767 | 1195979 |
|  |  | 3174417 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Micron Technology Inc  | 14970 | 1414066 |
| Software - 1.3% |  |  |
| Gen Digital Inc  | 93584 | 2665272 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Western Digital Corp (b) | 9600 | 494880 |
| TOTAL INFORMATION TECHNOLOGY |  | 12591872 |
| Materials - 2.7% |  |  |
| Chemicals - 0.7% |  |  |
| AdvanSix Inc  | 2200 | 51722 |
| CF Industries Holdings Inc  | 7691 | 697651 |
| Mosaic Co/The  | 18500 | 668590 |
|  |  | 1417963 |
| Construction Materials - 0.8% |  |  |
| CRH PLC  | 19004 | 1732405 |
| Containers & Packaging - 0.9% |  |  |
| Crown Holdings Inc  | 14076 | 1386486 |
| Silgan Holdings Inc  | 7300 | 402011 |
|  |  | 1788497 |
| Metals & Mining - 0.3% |  |  |
| Newmont Corp  | 14000 | 738079 |
| TOTAL MATERIALS |  | 5676944 |
| Real Estate - 1.5% |  |  |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 5000 | 815350 |
| Specialized REITs - 1.1% |  |  |
| Crown Castle Inc  | 13431 | 1347801 |
| Lamar Advertising Co Class A  | 4400 | 530376 |
| Outfront Media Inc  | 21912 | 361986 |
|  |  | 2240163 |
| TOTAL REAL ESTATE |  | 3055513 |
| Utilities - 3.8% |  |  |
| Electric Utilities - 3.3% |  |  |
| Edison International  | 19902 | 1107546 |
| Eversource Energy  | 20248 | 1312273 |
| FirstEnergy Corp  | 27480 | 1152511 |
| PG&E Corp  | 184661 | 3117078 |
| Southern Co/The  | 3370 | 303300 |
|  |  | 6992708 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp  | 18000 | 649080 |
| Multi-Utilities - 0.2% |  |  |
| Sempra  | 4605 | 361907 |
| TOTAL UTILITIES |  | 8003695 |
| TOTAL UNITED STATES |  | 191261471 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $162,547,083) |  | <br> **206942341** |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $1,064,121)<br>| 29183 | **973640** |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 584023 | 584140 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 3526197 | 3526550 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,110,690) |  |  | **4110690** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $167,721,894)<br>| <br>**212026671** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(3018270)** |
| **NET ASSETS - 100.0%** | **209008401** |

---

**Legend**

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

(b) Non-income producing

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5311483 | 16064035 | 20791378 | 73825 | - | - | 584140 | 584023 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 18640211 | 15113661 | 2080 | - | - | 3526550 | 3526197 | 0.0% |
| Total | 5311483 | 34704246 | 35905039 | 75905 | - | - | 4110690 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 7218265 | 7218265 | - | - |
| Consumer Discretionary | 9850130 | 9374019 | 476111 | - |
| Consumer Staples | 24532845 | 23629584 | 903261 | - |
| Energy | 18185757 | 18185757 | - | - |
| Financials | 55293435 | 55293435 | - | - |
| Health Care | 30724328 | 28948182 | 1776146 | - |
| Industrials | 27063743 | 27063743 | - | - |
| Information Technology | 13029780 | 12591872 | 437908 | - |
| Materials | 6985226 | 6985226 | - | - |
| Real Estate | 3055513 | 3055513 | - | - |
| Utilities | 11003319 | 11003319 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 973640 | 973640 | - | - |
|  **Money Market Funds** | 4110690 | 4110690 | - | - |
| **Total Investments in Securities:** | 212026671 | 208433245 | 3593426 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,417,605) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $163,611,204) | $207915981 |  |
| Fidelity Central Funds (cost $4,110,690) | 4110690 |  |
| Total Investment in Securities (cost $167,721,894) |  | $212026671 |
| Foreign currency held at value (cost $270) |  | 1167 |
| Receivable for fund shares sold |  | 213318 |
| Dividends receivable |  | 547128 |
| Distributions receivable from Fidelity Central Funds |  | 8173 |
| Prepaid expenses |  | 31 |
| Receivable from investment adviser for expense reductions |  | 57936 |
| Other receivables |  | 2621 |
| **Total assets** |  | 212857045 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $124614 |  |
| Accrued management fee | 83943 |  |
| Distribution and service plan fees payable | 45094 |  |
| Other payables and accrued expenses | 68443 |  |
| Collateral on securities loaned | 3526550 |  |
| **Total liabilities** |  | 3848644 |
| **Net Assets**  |  | $209008401 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $159025855 |
| Total accumulated earnings (loss) |  | 49982546 |
| **Net Assets** |  | $209008401 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($116,445,795 ÷ 4,922,231 shares)(a) |  | $23.66 |
| Maximum offering price per share (100/94.25 of $23.66) |  | $25.10 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($29,856,923 ÷ 1,261,237 shares)(a) |  | $23.67 |
| Maximum offering price per share (100/96.50 of $23.67) |  | $24.53 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($10,370,066 ÷ 449,477 shares)(a) |  | $23.07 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($38,661,525 ÷ 1,585,920 shares) |  | $24.38 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($13,674,092 ÷ 565,068 shares) |  | $24.20 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2443380 |
| Income from Fidelity Central Funds (including $2,080 from security lending)  |  | 75905 |
| **Total income** |  | 2519285 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $726314 |  |
| Performance adjustment | (194355) |  |
| Distribution and service plan fees | 277771 |  |
| Custodian fees and expenses | 7483 |  |
| Independent trustees' fees and expenses | 450 |  |
| Registration fees | 69605 |  |
| Audit fees | 38767 |  |
| Legal | 11397 |  |
| Miscellaneous | 49728 |  |
| Total expenses before reductions | 987160 |  |
| Expense reductions | (58058) |  |
| Total expenses after reductions |  | 929102 |
| **Net Investment income (loss)** |  | 1590183 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4844448 |  |
| Foreign currency transactions | 4047 |  |
| Total net realized gain (loss) |  | 4848495 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (16530823) |  |
| Assets and liabilities in foreign currencies | 5538 |  |
| Total change in net unrealized appreciation (depreciation) |  | (16525285) |
| **Net gain (loss)** |  | (11676790) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(10086607) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1590183 | $2909279 |
| &nbsp;&nbsp;Net realized gain (loss) | 4848495<br>| 8971498<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (16525285) | 27997601<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (10086607)<br>| 39878378<br>|
| Distributions to shareholders | (10924136)<br>| (6994111)<br>|
| Share transactions - net increase (decrease) | 1196864<br>| (10884682)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (19813879)<br>| 21999585<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 228822280 | 206822695<br>|
| &nbsp;&nbsp;End of period | $209008401 | $228822280 |

---

**Financial Highlights** 

**Fidelity Advisor® Equity Value Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.07 | $22.39 | $23.31 | $22.52 | $18.87 | $18.81 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .33  | .27  | .20  | .16  | .24 C |
| Net realized and unrealized gain (loss)  | (1.33)  | 4.12  | (.83)  | 1.30  | 3.69  | .80  |
| Total from investment operations  | (1.15)  | 4.45  | (.56)  | 1.50  | 3.85  | 1.04  |
| Distributions from net investment income  | (.38)  | (.30)  | (.19)  | (.11)  | (.20)  | (.45)  |
| Distributions from net realized gain  | (.88)  | (.47)  | (.17)  | (.60)  | -  | (.53)  |
| Total distributions  | (1.26)  | (.77)  | (.36)  | (.71)  | (.20)  | (.98)  |
| Net asset value, end of period  | $23.66 | $26.07 | $22.39 | $23.31 | $22.52 | $18.87 |
| **Total Return** D,E,F | (4.35)% <br>| 20.44%  | (2.38)%  | 6.63%  | 20.58%  | 5.68%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .90% I,J | .94%  | 1.14%  | 1.19%  | 1.14%  | 1.11%  |
| Expenses net of fee waivers, if any  | .86% I,J<br>| .94%  | 1.13%  | 1.15%  | 1.14%  | 1.10%  |
| Expenses net of all reductions, if any  | .86% I,J | .94%  | 1.13%  | 1.15%  | 1.14%  | 1.09%  |
| Net investment income (loss)  | 1.53% I,J | 1.38%  | 1.24%  | .90%  | .73%  | 1.44% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116446 | $127177 | $110910 | $117379 | $96669 | $67291 |
| Portfolio turnover rate K | 49% I<br>| 31%  | 29%  | 40%  | 35%  | 75%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 1.08%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Value Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.05 | $22.37 | $23.28 | $22.50 | $18.85 | $18.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .27  | .22  | .14  | .11  | .20 C |
| Net realized and unrealized gain (loss)  | (1.34)  | 4.13  | (.83)  | 1.29  | 3.69  | .79  |
| Total from investment operations  | (1.19)  | 4.40  | (.61)  | 1.43  | 3.80  | .99  |
| Distributions from net investment income  | (.32)  | (.25)  | (.13)  | (.05)  | (.15)  | (.40)  |
| Distributions from net realized gain  | (.88)  | (.47)  | (.17)  | (.60)  | -  | (.53)  |
| Total distributions  | (1.19) D | (.72)  | (.30)  | (.65)  | (.15)  | (.93)  |
| Net asset value, end of period  | $23.67 | $26.05 | $22.37 | $23.28 | $22.50 | $18.85 |
| **Total Return** E,F,G | (4.49)% <br>| 20.18%  | (2.60)%  | 6.32%  | 20.31%  | 5.37%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.15% J,K | 1.19%  | 1.38%  | 1.44%  | 1.39%  | 1.37%  |
| Expenses net of fee waivers, if any  | 1.11% J,K<br>| 1.19%  | 1.38%  | 1.40%  | 1.38%  | 1.36%  |
| Expenses net of all reductions, if any  | 1.11% J,K | 1.19%  | 1.37%  | 1.40%  | 1.38%  | 1.35%  |
| Net investment income (loss)  | 1.28% J,K | 1.13%  | .99%  | .65%  | .48%  | 1.19% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29857 | $33590 | $30938 | $33509 | $31217 | $25905 |
| Portfolio turnover rate L | 49% J<br>| 31%  | 29%  | 40%  | 35%  | 75%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 .83%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Annualized.*

K*Proxy expenses are not annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Value Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.31 | $21.73 | $22.65 | $21.89 | $18.33 | $18.29 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .14  | .10  | .03  | (.01)  | .10 C |
| Net realized and unrealized gain (loss)  | (1.29)  | 4.01  | (.80)  | 1.25  | 3.61  | .76  |
| Total from investment operations  | (1.20)  | 4.15  | (.70)  | 1.28  | 3.60  | .86  |
| Distributions from net investment income  | (.16)  | (.10)  | (.05)  | -  | (.04)  | (.29)  |
| Distributions from net realized gain  | (.88)  | (.47)  | (.17)  | (.52)  | -  | (.53)  |
| Total distributions  | (1.04)  | (.57)  | (.22)  | (.52)  | (.04)  | (.82)  |
| Net asset value, end of period  | $23.07 | $25.31 | $21.73 | $22.65 | $21.89 | $18.33 |
| **Total Return** D,E,F | (4.72)% <br>| 19.51%  | (3.10)%  | 5.81%  | 19.67%  | 4.78%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.67% I,J | 1.72%  | 1.94%  | 1.98%  | 1.93%  | 1.91%  |
| Expenses net of fee waivers, if any  | 1.62% I,J<br>| 1.71%  | 1.90%  | 1.90%  | 1.93%  | 1.90%  |
| Expenses net of all reductions, if any  | 1.62% I,J | 1.71%  | 1.90%  | 1.90%  | 1.93%  | 1.89%  |
| Net investment income (loss)  | .77% I,J | .61%  | .47%  | .15%  | (.06)%  | .64% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10370 | $12345 | $13766 | $17461 | $14096 | $11555 |
| Portfolio turnover rate K | 49% I<br>| 31%  | 29%  | 40%  | 35%  | 75%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 .29%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Value Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.86 | $23.04 | $23.96 | $23.14 | $19.39 | $19.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .40  | .34  | .26  | .22  | .30 C |
| Net realized and unrealized gain (loss)  | (1.37)  | 4.25  | (.84)  | 1.33  | 3.79  | .81  |
| Total from investment operations  | (1.15)  | 4.65  | (.50)  | 1.59  | 4.01  | 1.11  |
| Distributions from net investment income  | (.45)  | (.35)  | (.25)  | (.18)  | (.26)  | (.35)  |
| Distributions from net realized gain  | (.88)  | (.47)  | (.17)  | (.60)  | -  | (.53)  |
| Total distributions  | (1.33)  | (.83) D | (.42)  | (.77) D | (.26)  | (.88)  |
| Net asset value, end of period  | $24.38 | $26.86 | $23.04 | $23.96 | $23.14 | $19.39 |
| **Total Return** E,F | (4.22)% <br>| 20.76%  | (2.09)%  | 6.86%  | 20.93%  | 5.95%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .63% I,J | .68%  | .88%  | .94%  | .90%  | .77%  |
| Expenses net of fee waivers, if any  | .59% I,J<br>| .67%  | .88%  | .90%  | .90%  | .76%  |
| Expenses net of all reductions, if any  | .59% I,J | .67%  | .88%  | .90%  | .90%  | .75%  |
| Net investment income (loss)  | 1.80% I,J | 1.65%  | 1.49%  | 1.15%  | .97%  | 1.78% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $38662 | $41246 | $35934 | $52405 | $51171 | $16291 |
| Portfolio turnover rate K | 49% I<br>| 31%  | 29%  | 40%  | 35%  | 75%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 1.42%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Equity Value Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.68 | $22.90 | $23.82 | $23.00 | $19.26 | $19.18 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .43  | .37  | .30  | .26  | .32 C |
| Net realized and unrealized gain (loss)  | (1.36)  | 4.21  | (.84)  | 1.32  | 3.75  | .82  |
| Total from investment operations  | (1.13)  | 4.64  | (.47)  | 1.62  | 4.01  | 1.14  |
| Distributions from net investment income  | (.48)  | (.39)  | (.28)  | (.20)  | (.27)  | (.52)  |
| Distributions from net realized gain  | (.88)  | (.47)  | (.17)  | (.60)  | -  | (.53)  |
| Total distributions  | (1.35) D | (.86)  | (.45)  | (.80)  | (.27)  | (1.06) D |
| Net asset value, end of period  | $24.20 | $26.68 | $22.90 | $23.82 | $23.00 | $19.26 |
| **Total Return** E,F | (4.16)% <br>| 20.90%  | (1.96)%  | 7.02%  | 21.07%  | 6.09%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .51% I,J | .56%  | .75%  | .79%  | .74%  | .70%  |
| Expenses net of fee waivers, if any  | .47% I,J<br>| .56%  | .74%  | .75%  | .74%  | .69%  |
| Expenses net of all reductions, if any  | .47% I,J | .56%  | .74%  | .75%  | .74%  | .68%  |
| Net investment income (loss)  | 1.92% I,J | 1.76%  | 1.63%  | 1.30%  | 1.12%  | 1.86% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13674 | $14464 | $15274 | $21317 | $35306 | $2606 |
| Portfolio turnover rate K | 49% I<br>| 31%  | 29%  | 40%  | 35%  | 75%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 1.50%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Proxy expenses are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Equity Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $49056888 |
| **Gross unrealized depreciation** | <u>(4850027)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$44206861</u> |
| **Tax cost** | <u>$167819810</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Equity Value Fund** | 51347679 | 54897588 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .72 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .72 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Equity Value Fund** | Russell 3000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.18) %.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 147054 | 4933 |
| **Class M** | .25% | .25% | 76232 | 1220 |
| **Class C** | .75% | .25% | <u>54485</u> | <u>4002</u> |
|  |  |  | <u>277771</u> | <u>10155</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 13792 |
| **Class M** | 858 |
| **Class C**A | <u>417</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15067</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Value Fund** | 1138 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Equity Value Fund** | 2522412 | 2463748 | 396946 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Value Fund** | 170 |

---

**7. Security Lending.**

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Equity Value Fund** | 224 | - | - |

---

**8. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $122.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $57,936.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $6140499 | $3749589 |
| Class M | 1524236 | 985374 |
| Class C | 494748 | 348269 |
| Class I | 2041329 | 1280447 |
| Class Z | <u>723324</u> | <u>630432</u> |
| Total  | <u>$10924136</u> | <u>$6994111</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 322809 | 641557 | $7585719 | $15082071 |
| Reinvestment of distributions | 254620 | 160909 | 5940286 | 3610796 |
| Shares redeemed | <u>(533554)</u> | <u>(878008)</u> | <u>(12511712)</u> | <u>(20654337)</u> |
| Net increase (decrease) | <u>43875</u> | <u>(75542)</u> | <u>$1014293</u> | <u>$(1961470)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 48547 | 82988 | $1149163 | $1970278 |
| Reinvestment of distributions | 64372 | 43178 | 1504376 | 970200 |
| Shares redeemed | <u>(141226)</u> | <u>(219438)</u> | <u>(3298169)</u> | <u>(5119052)</u> |
| Net increase (decrease) | <u>(28307)</u> | <u>(93272)</u> | <u>$(644630)</u> | <u>$(2178574)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 31389 | 56722 | $724197 | $1290479 |
| Reinvestment of distributions | 19708 | 14166 | 449939 | 310792 |
| Shares redeemed | <u>(89320)</u> | <u>(216758)</u> | <u>(2064204)</u> | <u>(4963265)</u> |
| Net increase (decrease) | <u>(38223)</u> | <u>(145870)</u> | <u>$(890068)</u> | <u>$(3361994)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 252744 | 514986 | $6090150 | $12728185 |
| Reinvestment of distributions | 78337 | 51615 | 1880870 | 1190250 |
| Shares redeemed | <u>(280684)</u> | <u>(590812)</u> | <u>(6767823)</u> | <u>(14335941)</u> |
| Net increase (decrease) | <u>50397</u> | <u>(24211)</u> | <u>$1203197</u> | <u>$(417506)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 77101 | 213389 | $1826511 | $5071011 |
| Reinvestment of distributions | 23742 | 22924 | 565776 | 524502 |
| Shares redeemed | <u>(77828)</u> | <u>(361318)</u> | <u>(1878215)</u> | <u>(8560651)</u> |
| Net increase (decrease) | <u>23015</u> | <u>(125005)</u> | <u>$514072</u> | <u>$(2965138)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**13. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Value Discovery Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Value Discovery Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

The Funds shareholders approved the reorganization that is expected to become effective during September 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Equity Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board noted that, at a meeting in November 2024, it had approved the reorganization of the fund into Fidelity Value Discovery Fund and that such reorganization was subject to approval by the fund's shareholders.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Class I ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians. The Board noted that the total expense ratio of Class I of the fund would have ranked above the total peer group competitive median for 2024 but for the fund's negative performance adjustment.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, and 0.75% through March 31, 2026.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109884_4.jpg)<br>

1.759108.124 AEV-SANN-0725

**Fidelity Advisor® Stock Selector Mid Cap Fund**

**Semi-Annual Report**

**May 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109877_1.jpg)

![](img109877_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Stock Selector Mid Cap Fund](#Sub_Sec_Fund_531_MC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements531_MC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MC-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Stock Selector Mid Cap Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 226500 | 10992021 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Lundin Mining Corp  | 895000 | 8471636 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Amer Sports Inc (b) | 162300 | 5904474 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Birkenstock Holding Plc (b) | 112300 | 6039494 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Patria Investments Ltd Class A  | 705981 | 8994198 |
| GREECE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Piraeus Financial Holdings SA  | 942763 | 6280568 |
| ISRAEL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 3100 | 183520 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Cellebrite DI Ltd (b) | 128800 | 2148384 |
| TOTAL ISRAEL |  | 2331904 |
| JAPAN - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Hokuhoku Financial Group Inc  | 637400 | 12343133 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Allegro MicroSystems Inc (b) | 420000 | 10647000 |
| TOTAL JAPAN |  | 22990133 |
| PUERTO RICO - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Popular Inc  | 279754 | 28962932 |
| UNITED KINGDOM - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Marex Group PLC  | 144920 | 6254747 |
| UNITED STATES - 90.9%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Frontier Communications Parent Inc (b) | 165900 | 6010557 |
| GCI Liberty Inc Class A (b)(c) | 24724 | 0 |
| Iridium Communications Inc (d) | 103300 | 2623820 |
|  |  | 8634377 |
| Entertainment - 0.2% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 10800 | 1042524 |
| Warner Music Group Corp Class A  | 95700 | 2518824 |
|  |  | 3561348 |
| Interactive Media & Services - 0.0% |  |  |
| ZoomInfo Technologies Inc (b) | 158900 | 1517495 |
| Media - 0.5% |  |  |
| EchoStar Corp Class A (b)(d) | 56600 | 1003518 |
| New York Times Co/The Class A  | 127500 | 7282800 |
| Nexstar Media Group Inc  | 16900 | 2880098 |
|  |  | 11166416 |
| TOTAL COMMUNICATION SERVICES |  | 24879636 |
| Consumer Discretionary - 11.8% |  |  |
| Automobile Components - 0.3% |  |  |
| Lear Corp  | 75000 | 6781500 |
| Diversified Consumer Services - 0.9% |  |  |
| Service Corp International/US  | 242600 | 18922800 |
| Hotels, Restaurants & Leisure - 3.0% |  |  |
| Aramark  | 460800 | 18662400 |
| Brinker International Inc (b) | 52500 | 9063075 |
| Churchill Downs Inc  | 98194 | 9374581 |
| Dutch Bros Inc Class A (b) | 120500 | 8700100 |
| Hilton Grand Vacations Inc (b) | 220900 | 8431753 |
| Wingstop Inc  | 34600 | 11822820 |
|  |  | 66054729 |
| Household Durables - 2.0% |  |  |
| Somnigroup International Inc (d) | 381600 | 24826896 |
| Taylor Morrison Home Corp (b) | 129264 | 7274978 |
| Toll Brothers Inc  | 118500 | 12353625 |
|  |  | 44455499 |
| Specialty Retail - 4.3% |  |  |
| Bath & Body Works Inc  | 481600 | 13542592 |
| Burlington Stores Inc (b) | 60248 | 13752811 |
| Chewy Inc Class A (b) | 250700 | 11344175 |
| Dick's Sporting Goods Inc  | 81300 | 14580342 |
| Floor & Decor Holdings Inc Class A (b) | 147700 | 10588613 |
| Murphy USA Inc  | 29400 | 12547626 |
| Valvoline Inc (b)(d) | 227304 | 7862445 |
| Williams-Sonoma Inc  | 38000 | 6146880 |
|  |  | 90365484 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Capri Holdings Ltd (b) | 360800 | 6537696 |
| PVH Corp  | 126754 | 10618183 |
| Tapestry Inc  | 149849 | 11770639 |
|  |  | 28926518 |
| TOTAL CONSUMER DISCRETIONARY |  | 255506530 |
| Consumer Staples - 5.6% |  |  |
| Beverages - 0.4% |  |  |
| Celsius Holdings Inc (b) | 117500 | 4450900 |
| Coca-Cola Consolidated Inc  | 44500 | 5101925 |
|  |  | 9552825 |
| Consumer Staples Distribution & Retail - 4.0% |  |  |
| Albertsons Cos Inc Class A  | 194500 | 4323735 |
| BJ's Wholesale Club Holdings Inc (b) | 112600 | 12747446 |
| Casey's General Stores Inc  | 31400 | 13745664 |
| Maplebear Inc (b) | 93100 | 4251877 |
| Performance Food Group Co (b) | 245300 | 21969068 |
| Sprouts Farmers Market Inc (b) | 69200 | 11961912 |
| US Foods Holding Corp (b) | 208000 | 16456960 |
|  |  | 85456662 |
| Food Products - 0.8% |  |  |
| Darling Ingredients Inc (b) | 144800 | 4511968 |
| Ingredion Inc  | 44600 | 6204752 |
| Post Holdings Inc (b) | 45600 | 5042904 |
|  |  | 15759624 |
| Personal Care Products - 0.4% |  |  |
| BellRing Brands Inc (b) | 82046 | 5164796 |
| elf Beauty Inc (b)(d) | 40898 | 4600616 |
|  |  | 9765412 |
| TOTAL CONSUMER STAPLES |  | 120534523 |
| Energy - 3.5% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Liberty Energy Inc Class A  | 281460 | 3262121 |
| Weatherford International PLC  | 144500 | 6300200 |
|  |  | 9562321 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Antero Resources Corp (b) | 465600 | 17436720 |
| Expand Energy Corp  | 85200 | 9894276 |
| HF Sinclair Corp  | 207106 | 7482740 |
| Northern Oil & Gas Inc  | 190800 | 5071464 |
| Permian Resources Corp Class A  | 1001300 | 12626393 |
| Plains All American Pipeline LP  | 351900 | 5820426 |
| Targa Resources Corp  | 48600 | 7675398 |
|  |  | 66007417 |
| TOTAL ENERGY |  | 75569738 |
| Financials - 14.4% |  |  |
| Banks - 4.7% |  |  |
| Associated Banc-Corp  | 420253 | 9737262 |
| Bancorp Inc/The (b)(d) | 592243 | 30263617 |
| Comerica Inc  | 217747 | 12431176 |
| Eastern Bankshares Inc  | 720281 | 10804215 |
| First Horizon Corp  | 768100 | 15269828 |
| Pathward Financial Inc  | 152411 | 11895679 |
| Synovus Financial Corp  | 260879 | 12477843 |
|  |  | 102879620 |
| Capital Markets - 1.7% |  |  |
| AllianceBernstein Holding LP (d) | 245809 | 9820070 |
| Blue Owl Capital Inc Class A  | 635558 | 11872223 |
| Bridge Investment Group Holdings Inc Class A  | 285106 | 2622975 |
| Interactive Brokers Group Inc Class A  | 18829 | 3948065 |
| Palmer Square Capital BDC Inc  | 267347 | 3737511 |
| Virtu Financial Inc Class A  | 131411 | 5281408 |
|  |  | 37282252 |
| Consumer Finance - 1.6% |  |  |
| FirstCash Holdings Inc  | 57472 | 7351244 |
| OneMain Holdings Inc  | 80443 | 4170164 |
| SLM Corp  | 753800 | 24400506 |
|  |  | 35921914 |
| Financial Services - 1.7% |  |  |
| AvidXchange Holdings Inc (b) | 912840 | 8936704 |
| Essent Group Ltd  | 147634 | 8562772 |
| Mr Cooper Group Inc (b) | 67749 | 8775528 |
| UWM Holdings Corp Class A  | 766189 | 3294612 |
| Voya Financial Inc  | 106388 | 7076930 |
|  |  | 36646546 |
| Insurance - 4.7% |  |  |
| American Financial Group Inc/OH  | 176388 | 21868584 |
| Baldwin Insurance Group Inc/The Class A (b) | 447233 | 17231887 |
| Brighthouse Financial Inc (b) | 141660 | 8472685 |
| Primerica Inc  | 54600 | 14774760 |
| Reinsurance Group of America Inc  | 114227 | 23221207 |
| Unum Group  | 188152 | 15373900 |
|  |  | 100943023 |
| TOTAL FINANCIALS |  | 313673355 |
| Health Care - 8.2% |  |  |
| Biotechnology - 1.2% |  |  |
| Exact Sciences Corp (b) | 220000 | 12381600 |
| Legend Biotech Corp ADR (b) | 114232 | 3307016 |
| United Therapeutics Corp (b) | 11700 | 3730545 |
| Veracyte Inc (b) | 272000 | 7237920 |
|  |  | 26657081 |
| Health Care Equipment & Supplies - 3.3% |  |  |
| Glaukos Corp (b) | 82900 | 7816641 |
| ICU Medical Inc (b) | 31200 | 4207632 |
| Inspire Medical Systems Inc (b) | 45400 | 6274280 |
| Insulet Corp (b) | 25400 | 8255762 |
| Masimo Corp (b) | 146500 | 23806250 |
| Penumbra Inc (b) | 76900 | 20529993 |
|  |  | 70890558 |
| Health Care Providers & Services - 3.3% |  |  |
| BrightSpring Health Services Inc (b) | 465000 | 11071650 |
| Chemed Corp  | 23100 | 13278804 |
| Hims & Hers Health Inc Class A (b)(d) | 94000 | 5316640 |
| Molina Healthcare Inc (b) | 28100 | 8571624 |
| Privia Health Group Inc (b) | 304400 | 6928144 |
| Surgery Partners Inc (b) | 190000 | 4485900 |
| Tenet Healthcare Corp (b) | 128000 | 21602560 |
|  |  | 71255322 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (b) | 45000 | 2344050 |
| Pharmaceuticals - 0.3% |  |  |
| Royalty Pharma PLC Class A  | 178000 | 5852640 |
| TOTAL HEALTH CARE |  | 176999651 |
| Industrials - 21.4% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| HEICO Corp Class A  | 128013 | 30190586 |
| Howmet Aerospace Inc  | 195300 | 33179517 |
| Standard Aero Inc (d) | 13000 | 381290 |
| Woodward Inc  | 70100 | 15164733 |
|  |  | 78916126 |
| Building Products - 2.3% |  |  |
| Carlisle Cos Inc  | 73740 | 28034473 |
| Owens Corning  | 51600 | 6911820 |
| Simpson Manufacturing Co Inc  | 22600 | 3518820 |
| Trex Co Inc (b) | 200600 | 11207522 |
|  |  | 49672635 |
| Commercial Services & Supplies - 0.7% |  |  |
| Brink's Co/The  | 196892 | 16156958 |
| Construction & Engineering - 1.3% |  |  |
| EMCOR Group Inc  | 37200 | 17553192 |
| WillScot Holdings Corp  | 427398 | 11518376 |
|  |  | 29071568 |
| Electrical Equipment - 1.2% |  |  |
| Acuity Inc  | 17700 | 4600053 |
| nVent Electric PLC  | 163500 | 10758300 |
| Regal Rexnord Corp  | 83033 | 11079924 |
|  |  | 26438277 |
| Ground Transportation - 2.0% |  |  |
| Landstar System Inc  | 110811 | 15205485 |
| XPO Inc (b) | 241400 | 27478562 |
|  |  | 42684047 |
| Machinery - 5.7% |  |  |
| Allison Transmission Holdings Inc  | 117063 | 12118362 |
| Chart Industries Inc (b) | 52500 | 8235150 |
| Crane Co  | 120600 | 20670840 |
| Dover Corp  | 62300 | 11073825 |
| Esab Corp  | 206900 | 25446631 |
| Flowserve Corp  | 398594 | 19893827 |
| ITT Inc  | 159787 | 24054335 |
|  |  | 121492970 |
| Marine Transportation - 0.9% |  |  |
| Kirby Corp (b) | 180394 | 19958792 |
| Professional Services - 1.4% |  |  |
| CACI International Inc (b) | 44000 | 18832000 |
| KBR Inc  | 227360 | 11865918 |
|  |  | 30697918 |
| Trading Companies & Distributors - 2.2% |  |  |
| Core & Main Inc Class A (b) | 199800 | 10951038 |
| Watsco Inc  | 35200 | 15613664 |
| Wesco International Inc  | 126313 | 21206690 |
|  |  | 47771392 |
| TOTAL INDUSTRIALS |  | 462860683 |
| Information Technology - 10.1% |  |  |
| Communications Equipment - 0.6% |  |  |
| Ciena Corp (b) | 168046 | 13453763 |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Belden Inc  | 77600 | 8241120 |
| Coherent Corp (b) | 198500 | 15012555 |
| Insight Enterprises Inc (b) | 34500 | 4498455 |
| Jabil Inc  | 59600 | 10013396 |
| TD SYNNEX Corp  | 114130 | 13848534 |
|  |  | 51614060 |
| IT Services - 1.8% |  |  |
| Kyndryl Holdings Inc (b) | 398200 | 15545728 |
| Okta Inc Class A (b) | 172300 | 17776191 |
| Twilio Inc Class A (b) | 56900 | 6697130 |
|  |  | 40019049 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| MACOM Technology Solutions Holdings Inc (b) | 110500 | 13437905 |
| MKS Inc  | 88800 | 7298472 |
| Onto Innovation Inc (b) | 83600 | 7686184 |
| Rambus Inc (b) | 133600 | 7143592 |
|  |  | 35566153 |
| Software - 3.3% |  |  |
| Appfolio Inc Class A (b) | 33700 | 7116429 |
| Commvault Systems Inc (b) | 54500 | 9981675 |
| CyberArk Software Ltd (b) | 13900 | 5320642 |
| Dynatrace Inc (b) | 335400 | 18114954 |
| Gen Digital Inc  | 188400 | 5365632 |
| Guidewire Software Inc (b) | 79873 | 17174292 |
| Monday.com Ltd (b) | 13600 | 4045864 |
| PTC Inc (b) | 19300 | 3248576 |
|  |  | 70368064 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Pure Storage Inc Class A (b) | 7906 | 423683 |
| Western Digital Corp (b) | 156200 | 8052110 |
|  |  | 8475793 |
| TOTAL INFORMATION TECHNOLOGY |  | 219496882 |
| Materials - 5.3% |  |  |
| Chemicals - 1.3% |  |  |
| Avient Corp  | 180300 | 6514239 |
| RPM International Inc  | 154100 | 17542744 |
| Westlake Corp  | 73100 | 5192293 |
|  |  | 29249276 |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 55900 | 11303539 |
| Containers & Packaging - 1.1% |  |  |
| AptarGroup Inc  | 74800 | 11848320 |
| Crown Holdings Inc  | 124700 | 12282950 |
|  |  | 24131270 |
| Metals & Mining - 1.9% |  |  |
| Carpenter Technology Corp  | 49800 | 11703000 |
| Reliance Inc  | 66600 | 19501812 |
| United States Steel Corp  | 166600 | 8966412 |
|  |  | 40171224 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 119300 | 10745351 |
| TOTAL MATERIALS |  | 115600660 |
| Real Estate - 6.7% |  |  |
| Health Care REITs - 0.7% |  |  |
| Ventas Inc  | 235400 | 15131512 |
| Industrial REITs - 1.0% |  |  |
| Rexford Industrial Realty Inc  | 298100 | 10505044 |
| Terreno Realty Corp  | 214300 | 12090806 |
|  |  | 22595850 |
| Office REITs - 0.8% |  |  |
| Douglas Emmett Inc  | 470100 | 6689523 |
| Postal Realty Trust Inc Class A  | 773180 | 10700811 |
|  |  | 17390334 |
| Real Estate Management & Development - 0.7% |  |  |
| Compass Inc Class A (b) | 745200 | 4404132 |
| Jones Lang LaSalle Inc (b) | 51800 | 11535860 |
|  |  | 15939992 |
| Residential REITs - 1.1% |  |  |
| American Homes 4 Rent Class A  | 254000 | 9613900 |
| Camden Property Trust  | 40500 | 4758345 |
| Sun Communities Inc  | 82400 | 10171456 |
|  |  | 24543701 |
| Retail REITs - 0.8% |  |  |
| Macerich Co/The  | 361400 | 5847452 |
| Tanger Inc  | 109900 | 3275020 |
| Urban Edge Properties  | 483600 | 8782176 |
|  |  | 17904648 |
| Specialized REITs - 1.6% |  |  |
| CubeSmart  | 235752 | 10080756 |
| Four Corners Property Trust Inc  | 472200 | 13037442 |
| Outfront Media Inc  | 594534 | 9821701 |
|  |  | 32939899 |
| TOTAL REAL ESTATE |  | 146445936 |
| Utilities - 2.8% |  |  |
| Electric Utilities - 1.1% |  |  |
| IDACORP Inc  | 18800 | 2236260 |
| OGE Energy Corp  | 186000 | 8271420 |
| Pinnacle West Capital Corp  | 45100 | 4114473 |
| TXNM Energy Inc  | 159200 | 9025048 |
|  |  | 23647201 |
| Gas Utilities - 1.1% |  |  |
| National Fuel Gas Co  | 95894 | 7915091 |
| Southwest Gas Holdings Inc  | 82800 | 5947524 |
| UGI Corp  | 250700 | 9040242 |
|  |  | 22902857 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Ormat Technologies Inc (d) | 49500 | 3679335 |
| Talen Energy Corp (b) | 22100 | 5391295 |
|  |  | 9070630 |
| Multi-Utilities - 0.2% |  |  |
| Northwestern Energy Group Inc  | 59800 | 3308734 |
| Water Utilities - 0.0% |  |  |
| Essential Utilities Inc  | 76200 | 2935986 |
| TOTAL UTILITIES |  | 61865408 |
| TOTAL UNITED STATES |  | 1973433002 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,612,145,512) |  | <br> **2080655109** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.5%** | &nbsp;&nbsp;**Money Market Funds - 5.5%** | &nbsp;&nbsp;**Money Market Funds - 5.5%** | &nbsp;&nbsp;**Money Market Funds - 5.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 110246280 | 110268329 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 9597982 | 9598942 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $119,865,816) |  |  | **119867271** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.4%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 6/20/2025 (h) | 4.23 | 1500000 | 1496824 |
| US Treasury Bills 0% 7/17/2025 (h) | 4.27 | 60000 | 59683 |
| US Treasury Bills 0% 8/14/2025 (h) | 4.30 | 6700000 | 6642395 |
| US Treasury Bills 0% 8/21/2025 (h) | 4.25 | 80000 | 79247 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $8,277,055) |  |  | **8278149** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $1,740,288,383)<br>| <br>**2208800529** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(38021802)** |
| **NET ASSETS - 100.0%** | **2170778727** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 190 | Jun 2025 | 57077900 | (1090497) | (1090497) |
| The notional amount of futures purchased as a percentage of Net Assets is 2.6% | The notional amount of futures purchased as a percentage of Net Assets is 2.6% | The notional amount of futures purchased as a percentage of Net Assets is 2.6% | The notional amount of futures purchased as a percentage of Net Assets is 2.6% | The notional amount of futures purchased as a percentage of Net Assets is 2.6% | The notional amount of futures purchased as a percentage of Net Assets is 2.6% |

---

**Legend**

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

(b) Non-income producing

(c) Level 3 security

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

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $7,230,371.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 43888427 | 540815879 | 474435976 | 822385 | - | (1) | 110268329 | 110246280 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 73503854 | 374365273 | 438270185 | 10871 | - | - | 9598942 | 9597982 | 0.0% |
| Total | 117392281 | 915181152 | 912706161 | 833256 | - | (1) | 119867271 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 24879636 | 24879636 | - | - |
| Consumer Discretionary | 278442519 | 278442519 | - | - |
| Consumer Staples | 120534523 | 120534523 | - | - |
| Energy | 75569738 | 75569738 | - | - |
| Financials | 376692453 | 370411885 | 6280568 | - |
| Health Care | 176999651 | 176999651 | - | - |
| Industrials | 462860683 | 462860683 | - | - |
| Information Technology | 232292266 | 232292266 | - | - |
| Materials | 124072296 | 124072296 | - | - |
| Real Estate | 146445936 | 146445936 | - | - |
| Utilities | 61865408 | 61865408 | - | - |
|  **U.S. Treasury Obligations** | 8278149 | - | 8278149 | - |
|  **Money Market Funds** | 119867271 | 119867271 | - | - |
| **Total Investments in Securities:** | 2208800529 | 2194241812 | 14558717 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1090497) | (1090497) | - | - |
| Total Liabilities | (1090497) | (1090497) | - | - |
| **Total Derivative Instruments:** | (1090497) | (1090497) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 0 | (1090497) |
| **Total Equity Risk**  | 0 | (1090497) |
| **Total Value of Derivatives** | 0 | (1090497) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,510,821) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,620,422,567) | $2088933258 |  |
| Fidelity Central Funds (cost $119,865,816) | 119867271 |  |
| Total Investment in Securities (cost $1,740,288,383) |  | $2208800529 |
| Foreign currency held at value (cost $31,173) |  | 31180 |
| Receivable for investments sold |  | 443671 |
| Receivable for fund shares sold |  | 391125 |
| Dividends receivable |  | 1741800 |
| Distributions receivable from Fidelity Central Funds |  | 189471 |
| Prepaid expenses |  | 338 |
| Other receivables |  | 40416 |
| **Total assets** |  | 2211638530 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1245 |  |
| Payable for investments purchased  | 902762 |  |
| Payable for fund shares redeemed | 28368108 |  |
| Accrued management fee | 1174293 |  |
| Distribution and service plan fees payable | 326945 |  |
| Payable for daily variation margin on futures contracts | 456395 |  |
| Other payables and accrued expenses | 31113 |  |
| Collateral on securities loaned | 9598942 |  |
| **Total liabilities** |  | 40859803 |
| **Net Assets**  |  | $2170778727 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1648333146 |
| Total accumulated earnings (loss) |  | 522445581 |
| **Net Assets** |  | $2170778727 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($641,263,609 ÷ 15,484,271 shares)(a) |  | $41.41 |
| Maximum offering price per share (100/94.25 of $41.41) |  | $43.94 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($425,474,663 ÷ 10,158,600 shares)(a) |  | $41.88 |
| Maximum offering price per share (100/96.50 of $41.88) |  | $43.40 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($17,863,923 ÷ 505,192 shares)(a) |  | $35.36 |
| **Fidelity Stock Selector Mid Cap Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($349,694,624 ÷ 7,843,087 shares) |  | $44.59 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($439,837,934 ÷ 9,833,082 shares) |  | $44.73 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($296,643,974 ÷ 6,652,539 shares) |  | $44.59 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $15015843 |
| Interest  |  | 48373 |
| Income from Fidelity Central Funds (including $10,871 from security lending)  |  | 833256 |
| **Total income** |  | 15897472 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $7892914 |  |
| Performance adjustment | (297852) |  |
| Distribution and service plan fees | 2033547 |  |
| Custodian fees and expenses | 26702 |  |
| Independent trustees' fees and expenses | 5302 |  |
| Registration fees | 89284 |  |
| Audit fees | 31534 |  |
| Legal | 3321 |  |
| Miscellaneous | 17495 |  |
| **Total expenses** |  | 9802247 |
| **Net Investment income (loss)** |  | 6095225 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 57040552 |  |
| Foreign currency transactions | (10398) |  |
| Futures contracts | (2485479) |  |
| Total net realized gain (loss) |  | 54544675 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (283632081) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 11079 |  |
| Futures contracts | (1040823) |  |
| Total change in net unrealized appreciation (depreciation) |  | (284661826) |
| **Net gain (loss)** |  | (230117151) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(224021926) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6095225 | $12200849 |
| &nbsp;&nbsp;Net realized gain (loss) | 54544675<br>| 102504353<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (284661826) | 534702827<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (224021926)<br>| 649408029<br>|
| Distributions to shareholders | (75288460)<br>| (13138531)<br>|
| Share transactions - net increase (decrease) | (277385972)<br>| 201668044<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (576696358)<br>| 837937542<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2747475085 | 1909537543<br>|
| &nbsp;&nbsp;End of period | $2170778727 | $2747475085 |

---

**Financial Highlights** 

**Fidelity Advisor® Stock Selector Mid Cap Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.53 | $35.44 | $38.19 | $45.46 | $37.74 | $36.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .18  | .26  | .20  | .20  | .30 C |
| Net realized and unrealized gain (loss)  | (3.91)  | 11.15  | .35  | (1.76)  | 8.40  | 2.85  |
| Total from investment operations  | (3.83)  | 11.33  | .61  | (1.56)  | 8.60  | 3.15  |
| Distributions from net investment income  | (.15)  | (.24)  | (.18)  | (.21)  | (.35)  | (.21)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  | (1.27)  |
| Total distributions  | (1.29)  | (.24)  | (3.36)  | (5.71)  | (.88) D | (1.48)  |
| Net asset value, end of period  | $41.41 | $46.53 | $35.44 | $38.19 | $45.46 | $37.74 |
| **Total Return** E,F,G | (8.31)% <br>| 32.09%  | 2.23%  | (4.66)%  | 23.19%  | 8.99%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .92% J | .92%  | .96%  | .97%  | 1.05%  | 1.14%  |
| Expenses net of fee waivers, if any  | .92% J<br>| .91%  | .96%  | .97%  | 1.05%  | 1.14%  |
| Expenses net of all reductions, if any  | .92% J | .91%  | .96%  | .97%  | 1.05%  | 1.13%  |
| Net investment income (loss)  | .38% J | .44%  | .73%  | .52%  | .45%  | .94% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $641264 | $726403 | $603063 | $654237 | $735720 | $626278 |
| Portfolio turnover rate K | 61% J<br>| 52% L | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.98 | $35.78 | $38.50 | $45.77 | $37.99 | $36.30 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .08  | .17  | .11  | .09  | .22 C |
| Net realized and unrealized gain (loss)  | (3.96)  | 11.26  | .37  | (1.80)  | 8.48  | 2.86  |
| Total from investment operations  | (3.93)  | 11.34  | .54  | (1.69)  | 8.57  | 3.08  |
| Distributions from net investment income  | (.03)  | (.14)  | (.08)  | (.09)  | (.25)  | (.12)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  | (1.27)  |
| Total distributions  | (1.17)  | (.14)  | (3.26)  | (5.58) D | (.79)  | (1.39)  |
| Net asset value, end of period  | $41.88 | $46.98 | $35.78 | $38.50 | $45.77 | $37.99 |
| **Total Return** E,F,G | (8.43)% <br>| 31.78%  | 1.99%  | (4.90)%  | 22.91%  | 8.71%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.17% J | 1.16%  | 1.21%  | 1.22%  | 1.29%  | 1.38%  |
| Expenses net of fee waivers, if any  | 1.17% J<br>| 1.16%  | 1.20%  | 1.21%  | 1.29%  | 1.38%  |
| Expenses net of all reductions, if any  | 1.17% J | 1.16%  | 1.20%  | 1.21%  | 1.29%  | 1.37%  |
| Net investment income (loss)  | .13% J | .20%  | .49%  | .27%  | .20%  | .70% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $425475 | $503885 | $428856 | $464165 | $552237 | $496186 |
| Portfolio turnover rate K | 61% J<br>| 52% L | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees 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.*

I*Expense 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.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.87 | $30.42 | $33.33 | $40.31 | $33.58 | $32.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.07)  | (.11)  | (.02)  | (.09)  | (.14)  | .04 C |
| Net realized and unrealized gain (loss)  | (3.34)  | 9.56  | .29  | (1.53)  | 7.51  | 2.50  |
| Total from investment operations  | (3.41)  | 9.45  | .27  | (1.62)  | 7.37  | 2.54  |
| Distributions from net investment income  | -  | -  | -  | -  | (.10)  | -  |
| Distributions from net realized gain  | (1.10)  | -  | (3.18)  | (5.36)  | (.54)  | (1.11)  |
| Total distributions  | (1.10)  | -  | (3.18)  | (5.36)  | (.64)  | (1.11)  |
| Net asset value, end of period  | $35.36 | $39.87 | $30.42 | $33.33 | $40.31 | $33.58 |
| **Total Return** D,E,F | (8.64)% <br>| 31.07%  | 1.44%  | (5.41)%  | 22.25%  | 8.10%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.67% I | 1.67%  | 1.76%  | 1.77%  | 1.84%  | 1.93%  |
| Expenses net of fee waivers, if any  | 1.67% I<br>| 1.67%  | 1.75%  | 1.76%  | 1.84%  | 1.93%  |
| Expenses net of all reductions, if any  | 1.67% I | 1.67%  | 1.75%  | 1.76%  | 1.84%  | 1.92%  |
| Net investment income (loss)  | (.37)% I | (.31)%  | (.07)%  | (.28)%  | (.35)%  | .15% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17864 | $21576 | $18853 | $22019 | $27346 | $30300 |
| Portfolio turnover rate J | 61% I<br>| 52% K | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Stock Selector Mid Cap Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.03 | $38.07 | $40.76 | $48.16 | $39.90 | $38.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .32  | .37  | .32  | .34  | .40 C |
| Net realized and unrealized gain (loss)  | (4.19)  | 11.96  | .40  | (1.90)  | 8.88  | 3.01  |
| Total from investment operations  | (4.04)  | 12.28  | .77  | (1.58)  | 9.22  | 3.41  |
| Distributions from net investment income  | (.26)  | (.32)  | (.27)  | (.33)  | (.42)  | (.24)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  | (1.27)  |
| Total distributions  | (1.40)  | (.32)  | (3.46) D | (5.82) D | (.96)  | (1.51)  |
| Net asset value, end of period  | $44.59 | $50.03 | $38.07 | $40.76 | $48.16 | $39.90 |
| **Total Return** E,F | (8.15)% <br>| 32.43%  | 2.52%  | (4.43)%  | 23.52%  | 9.24%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .63% I | .63%  | .71%  | .72%  | .79%  | .89%  |
| Expenses net of fee waivers, if any  | .63% I<br>| .63%  | .71%  | .72%  | .79%  | .89%  |
| Expenses net of all reductions, if any  | .63% I | .63%  | .71%  | .72%  | .79%  | .88%  |
| Net investment income (loss)  | .68% I | .73%  | .98%  | .77%  | .71%  | 1.19% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $349695 | $396121 | $326507 | $349497 | $394514 | $341925 |
| Portfolio turnover rate J | 61% I<br>| 52% K | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.18 | $38.19 | $40.88 | $48.29 | $40.01 | $38.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .30  | .36  | .31  | .33  | .40 C |
| Net realized and unrealized gain (loss)  | (4.21)  | 12.01  | .40  | (1.90)  | 8.91  | 3.02  |
| Total from investment operations  | (4.07)  | 12.31  | .76  | (1.59)  | 9.24  | 3.42  |
| Distributions from net investment income  | (.24)  | (.32)  | (.27)  | (.32)  | (.42)  | (.29)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  | (1.27)  |
| Total distributions  | (1.38)  | (.32)  | (3.45)  | (5.82)  | (.96)  | (1.56)  |
| Net asset value, end of period  | $44.73 | $50.18 | $38.19 | $40.88 | $48.29 | $40.01 |
| **Total Return** D,E | (8.19)% <br>| 32.39%  | 2.49%  | (4.45)%  | 23.50%  | 9.23%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .67% H | .67%  | .73%  | .74%  | .82%  | .90%  |
| Expenses net of fee waivers, if any  | .67% H<br>| .66%  | .72%  | .74%  | .81%  | .90%  |
| Expenses net of all reductions, if any  | .67% H | .66%  | .72%  | .74%  | .81%  | .89%  |
| Net investment income (loss)  | .63% H | .69%  | .96%  | .75%  | .68%  | 1.18% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $439838 | $472163 | $340854 | $385919 | $412941 | $293177 |
| Portfolio turnover rate I | 61% H<br>| 52% J | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.13 | $38.15 | $40.86 | $48.26 | $39.97 | $38.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .37  | .42  | .36  | .38  | .44 C |
| Net realized and unrealized gain (loss)  | (4.21)  | 11.99  | .38  | (1.88)  | 8.92  | 3.03  |
| Total from investment operations  | (4.04)  | 12.36  | .80  | (1.52)  | 9.30  | 3.47  |
| Distributions from net investment income  | (.36)  | (.38)  | (.33)  | (.38)  | (.47)  | (.35)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  | (1.27)  |
| Total distributions  | (1.50)  | (.38)  | (3.51)  | (5.88)  | (1.01)  | (1.62)  |
| Net asset value, end of period  | $44.59 | $50.13 | $38.15 | $40.86 | $48.26 | $39.97 |
| **Total Return** D,E | (8.14)% <br>| 32.59%  | 2.63%  | (4.30)%  | 23.69%  | 9.39%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .55% H | .54%  | .58%  | .59%  | .67%  | .75%  |
| Expenses net of fee waivers, if any  | .55% H<br>| .53%  | .57%  | .59%  | .67%  | .75%  |
| Expenses net of all reductions, if any  | .55% H | .53%  | .57%  | .59%  | .67%  | .73%  |
| Net investment income (loss)  | .75% H | .82%  | 1.11%  | .90%  | .82%  | 1.33% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $296644 | $627327 | $191405 | $216614 | $67190 | $149761 |
| Portfolio turnover rate I | 61% H<br>| 52% J | 44%  | 64%  | 43%  | 86%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Stock Selector Mid Cap Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Stock Selector Mid Cap Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $551321873 |
| **Gross unrealized depreciation** | <u>(88029236)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$463292637</u> |
| **Tax cost** | <u>$1744417395</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 728718873 | 1120213618 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 1304788 | 20720815 | 53979098 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic 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 basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .68 |
| **Class C** | .72 |
| **Fidelity Stock Selector Mid Cap Fund** | .68 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Fidelity Stock Selector Mid Cap Fund** | .64 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | S&P MidCap 400 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.02)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 821765 | 10655 |
| **Class M** | .25% | .25% | 1116618 | 10426 |
| **Class C** | .75% | .25% | <u>95164</u> | <u>8611</u> |
|  |  |  | <u>2033547</u> | <u>29692</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 35603 |
| **Class M** | 3062 |
| **Class C**A | <u>109</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>38774</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 30320 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 52440552 | 52206144 | 2151730 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 1995 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 849 | 9 | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $20035262 | $3989848 |
| Class M | 12452969 | 1688651 |
| Class C | 588743 | - |
| Fidelity Stock Selector Mid Cap Fund | 11045019 | 2725475 |
| Class I | 12874529 | 2798525 |
| Class Z | <u>18291938</u> | <u>1936032</u> |
| Total  | <u>$75288460</u> | <u>$13138531</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 484780 | 644683 | $20198691 | $26217390 |
| Reinvestment of distributions | 439189 | 95631 | 18687477 | 3714325 |
| Shares redeemed | <u>(1051283)</u> | <u>(2142836)</u> | <u>(43665274)</u> | <u>(87279045)</u> |
| Net increase (decrease) | <u>(127314)</u> | <u>(1402522)</u> | <u>$(4779106)</u> | <u>$(57347330)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 259044 | 521745 | $10925218 | $21284205 |
| Reinvestment of distributions | 281435 | 41809 | 12121410 | 1643105 |
| Shares redeemed | <u>(1108452)</u> | <u>(1821402)</u> | <u>(46721252)</u> | <u>(74705386)</u> |
| Net increase (decrease) | <u>(567973)</u> | <u>(1257848)</u> | <u>$(23674624)</u> | <u>$(51778076)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 40000 | 57132 | $1426003 | $1977533 |
| Reinvestment of distributions | 16133 | - | 587877 | - |
| Shares redeemed | <u>(92087)</u> | <u>(135785)</u> | <u>(3280970)</u> | <u>(4731974)</u> |
| Net increase (decrease) | <u>(35954)</u> | <u>(78653)</u> | <u>$(1267090)</u> | <u>$(2754441)</u> |
| **Fidelity Stock Selector Mid Cap Fund** |  |  |  |  |
| Shares sold | 427516 | 756365 | $19399937 | $33299502 |
| Reinvestment of distributions | 226976 | 61772 | 10384131 | 2573412 |
| Shares redeemed | <u>(728329)</u> | <u>(1478059)</u> | <u>(32565110)</u> | <u>(64117536)</u> |
| Net increase (decrease) | <u>(73837)</u> | <u>(659922)</u> | <u>$(2781042)</u> | <u>$(28244622)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1197059 | 3900560 | $53620303 | $163635570 |
| Reinvestment of distributions | 272274 | 61580 | 12497384 | 2573427 |
| Shares redeemed | <u>(1045466)</u> | <u>(3478484)</u> | <u>(46936436)</u> | <u>(149963945)</u> |
| Net increase (decrease) | <u>423867</u> | <u>483656</u> | <u>$19181251</u> | <u>$16245052</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 245426 | 14891219 | $11030767 | $653859925 |
| Reinvestment of distributions | 69619 | 39929 | 3184359 | 1665027 |
| Shares redeemed | <u>(6177226)</u> | <u>(7433025)</u> | <u>(278280487)</u> | <u>(329977491)</u> |
| Net increase (decrease) | <u>(5862181)</u> | <u>7498123</u> | <u>$(264065361)</u> | <u>$325547461</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Stock Selector Mid Cap Fund** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Class I as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109877_4.jpg)<br>

1.704677.127 MC-SANN-0725

**Fidelity Advisor® Equity Growth Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109886_1.jpg)

![](img109886_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EPG-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Equity Growth Fund](#Sub_Sec_Fund_86_EPG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements86_EPG-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EPG-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EPG-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EPG-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EPG-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Equity Growth Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (b) | 431371 | 12406230 |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 329000 | 59732732 |
| TOTAL BELGIUM |  | 72138962 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (b) | 60517 | 155122621 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 3759100 | 34320583 |
| TOTAL BRAZIL |  | 189443204 |
| CANADA - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| Shopify Inc Class A (United States) (b) | 1336400 | 143288808 |
| CHINA - 2.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| Tencent Holdings Ltd  | 2100200 | 132402182 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| BYD Co Ltd H Shares  | 2268240 | 112727069 |
| TOTAL CHINA |  | 245129251 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Chemometec A/S  | 164248 | 13227679 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 453867 | 43484997 |
| ISRAEL - 1.0%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (b)(c) | 1892438 | 19 |
| Gamida Cell Ltd warrants 4/21/2028 (b)(c) | 353699 | 3 |
|  |  | 22 |
| Pharmaceuticals - 0.5% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 3216054 | 53965387 |
| TOTAL HEALTH CARE |  | 53965409 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (b) | 408600 | 60860970 |
| TOTAL ISRAEL |  | 114826379 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 918210 | 48005416 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| BE Semiconductor Industries NV  | 462409 | 55943257 |
| TAIWAN - 2.4%  |  |  |
| Information Technology - 2.4% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| eMemory Technology Inc  | 136000 | 10836721 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1376324 | 266070956 |
| TOTAL TAIWAN |  | 276907677 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 124273 | 25668433 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (b) | 169213 | 6193196 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| RELX PLC ADR  | 697297 | 37598254 |
| TOTAL UNITED KINGDOM |  | 69459883 |
| UNITED STATES - 86.1%  |  |  |
| Communication Services - 8.9% |  |  |
| Entertainment - 1.9% |  |  |
| Live Nation Entertainment Inc (b) | 651138 | 89329622 |
| ROBLOX Corp Class A (b) | 1460800 | 127060384 |
|  |  | 216390006 |
| Interactive Media & Services - 7.0% |  |  |
| Alphabet Inc Class A  | 3225077 | 553874724 |
| Epic Games Inc (b)(c)(d) | 3289 | 2217214 |
| Meta Platforms Inc Class A  | 401251 | 259806010 |
|  |  | 815897948 |
| TOTAL COMMUNICATION SERVICES |  | 1032287954 |
| Consumer Discretionary - 15.0% |  |  |
| Broadline Retail - 10.3% |  |  |
| Amazon.com Inc (b) | 5796381 | 1188316069 |
| Savers Value Village Inc (b)(e) | 1247010 | 12495040 |
|  |  | 1200811109 |
| Diversified Consumer Services - 0.2% |  |  |
| Duolingo Inc Class A (b) | 58988 | 30650754 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (b) | 1091626 | 140819754 |
| Carnival Corp (b) | 983800 | 22843836 |
| Kura Sushi USA Inc Class A (b) | 219351 | 14490327 |
| Starbucks Corp  | 499600 | 41941420 |
|  |  | 220095337 |
| Household Durables - 0.5% |  |  |
| Blu Homes Inc (b)(c)(d) | 12123162 | 3758 |
| DR Horton Inc  | 203600 | 24037016 |
| TopBuild Corp (b) | 110797 | 31343364 |
|  |  | 55384138 |
| Specialty Retail - 2.1% |  |  |
| Floor & Decor Holdings Inc Class A (b) | 264300 | 18947667 |
| Lowe's Cos Inc  | 973800 | 219815874 |
|  |  | 238763541 |
| TOTAL CONSUMER DISCRETIONARY |  | 1745704879 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 758700 | 54702270 |
| Constellation Brands Inc Class A  | 445700 | 79463853 |
|  |  | 134166123 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1786100 | 119561534 |
| TOTAL CONSUMER STAPLES |  | 253727657 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Cheniere Energy Inc  | 459836 | 108976534 |
| Range Resources Corp  | 1598313 | 60799826 |
|  |  | 169776360 |
| Financials - 11.2% |  |  |
| Banks - 0.4% |  |  |
| Huntington Bancshares Inc/OH  | 1414200 | 22103946 |
| M&T Bank Corp  | 116800 | 21332352 |
|  |  | 43436298 |
| Capital Markets - 1.6% |  |  |
| Evercore Inc Class A  | 140500 | 32524345 |
| Intercontinental Exchange Inc  | 720100 | 129473980 |
| Morgan Stanley  | 231600 | 29651748 |
|  |  | 191650073 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 571435 | 108086930 |
| Financial Services - 6.4% |  |  |
| Mastercard Inc Class A  | 539289 | 315807638 |
| Rocket Cos Inc Class A (e) | 2425674 | 30927344 |
| Toast Inc Class A (b) | 2346600 | 98979588 |
| Visa Inc Class A  | 812979 | 296891801 |
|  |  | 742606371 |
| Insurance - 1.9% |  |  |
| Arthur J Gallagher & Co  | 635093 | 220656712 |
| TOTAL FINANCIALS |  | 1306436384 |
| Health Care - 12.2% |  |  |
| Biotechnology - 3.8% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1000100 | 10001 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1000100 | 10 |
| Alnylam Pharmaceuticals Inc (b) | 430866 | 131224549 |
| Arcellx Inc (b) | 61700 | 3829102 |
| Beam Therapeutics Inc (b)(e) | 873864 | 13833267 |
| Biogen Inc (b) | 247100 | 32071109 |
| Blueprint Medicines Corp (b) | 41532 | 4209268 |
| Cytokinetics Inc (b) | 210437 | 6527756 |
| Exact Sciences Corp (b) | 2068706 | 116426774 |
| Gilead Sciences Inc  | 942900 | 103794432 |
| Hookipa Pharma Inc (b) | 66861 | 106309 |
| Janux Therapeutics Inc (b) | 114614 | 2727813 |
| Krystal Biotech Inc (b) | 33264 | 4189933 |
| Moderna Inc (b) | 385578 | 10240952 |
| Seres Therapeutics Inc (b)(e) | 11730 | 82697 |
| Synlogic Inc (b) | 43116 | 49583 |
| Vor BioPharma Inc (b) | 474168 | 94786 |
| XOMA Royalty Corp (b) | 290628 | 7195949 |
|  |  | 436614290 |
| Health Care Equipment & Supplies - 3.6% |  |  |
| Align Technology Inc (b) | 312374 | 56520952 |
| Boston Scientific Corp (b) | 2908330 | 306130816 |
| Ceribell Inc  | 110500 | 1857505 |
| Glaukos Corp (b) | 248358 | 23417676 |
| Penumbra Inc (b) | 127759 | 34107820 |
| Pulmonx Corp (b) | 196759 | 668980 |
| RxSight Inc (b) | 53789 | 822434 |
|  |  | 423526183 |
| Health Care Providers & Services - 0.8% |  |  |
| HealthEquity Inc (b) | 908530 | 91407203 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (b) | 146300 | 40920110 |
| Life Sciences Tools & Services - 0.0% |  |  |
| 10X Genomics Inc Class A (b) | 514134 | 4899697 |
| Bio-Techne Corp  | 76542 | 3704633 |
| Codexis Inc (b) | 1122880 | 2582624 |
| MaxCyte Inc (United States) (b) | 758021 | 1804090 |
|  |  | 12991044 |
| Pharmaceuticals - 3.6% |  |  |
| Aclaris Therapeutics Inc (b) | 156646 | 228703 |
| Eli Lilly & Co  | 380658 | 280799987 |
| Royalty Pharma PLC Class A  | 3976400 | 130744032 |
| Zevra Therapeutics Inc (b) | 659820 | 5641461 |
|  |  | 417414183 |
| TOTAL HEALTH CARE |  | 1422873013 |
| Industrials - 8.5% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| GE Aerospace  | 681310 | 167540942 |
| Loar Holdings Inc (b) | 9398 | 818096 |
|  |  | 168359038 |
| Building Products - 0.0% |  |  |
| Simpson Manufacturing Co Inc  | 29700 | 4624289 |
| Electrical Equipment - 1.5% |  |  |
| GE Vernova Inc  | 364217 | 172267357 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc (b) | 416965 | 35091774 |
| Machinery - 2.5% |  |  |
| Deere & Co  | 312900 | 158408755 |
| Ingersoll Rand Inc  | 671263 | 54801911 |
| Westinghouse Air Brake Technologies Corp  | 316657 | 64066044 |
|  |  | 277276710 |
| Professional Services - 2.3% |  |  |
| Equifax Inc  | 750507 | 198276444 |
| KBR Inc  | 371159 | 19370788 |
| UL Solutions Inc Class A (e) | 730565 | 52235398 |
|  |  | 269882630 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 334715 | 61017358 |
| TOTAL INDUSTRIALS |  | 988519156 |
| Information Technology - 24.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Flex Ltd (b) | 1097841 | 46438674 |
| Jabil Inc  | 293372 | 49289430 |
|  |  | 95728104 |
| IT Services - 0.1% |  |  |
| Gartner Inc (b) | 23800 | 10386796 |
| Semiconductors & Semiconductor Equipment - 10.6% |  |  |
| Astera Labs Inc (b) | 17396 | 1578165 |
| NVIDIA Corp  | 8757758 | 1183435839 |
| SiTime Corp (b) | 188209 | 36902139 |
|  |  | 1221916143 |
| Software - 8.6% |  |  |
| Appfolio Inc Class A (b) | 23400 | 4941378 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 2071818 | 2133973 |
| CyberArk Software Ltd (b) | 57700 | 22086406 |
| Docusign Inc (b) | 498400 | 44163224 |
| HubSpot Inc (b) | 191773 | 113126893 |
| Microsoft Corp  | 1421552 | 654425679 |
| Monday.com Ltd (b) | 223400 | 66459266 |
| Nutanix Inc Class A (b) | 262814 | 20155206 |
| OpenAI Global LLC rights (b)(c)(d) | 6393400 | 9398298 |
| Palo Alto Networks Inc (b) | 184300 | 35463006 |
| SailPoint Inc  | 62900 | 1108297 |
| Zeta Global Holdings Corp Class A (b) | 1130400 | 14853456 |
| Zscaler Inc (b) | 53700 | 14805090 |
|  |  | 1003120172 |
| Technology Hardware, Storage & Peripherals - 4.0% |  |  |
| Apple Inc  | 2310168 | 463997243 |
| TOTAL INFORMATION TECHNOLOGY |  | 2795148458 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 21100 | 4266631 |
| Martin Marietta Materials Inc  | 94100 | 51524455 |
|  |  | 55791086 |
| Containers & Packaging - 0.6% |  |  |
| International Paper Co  | 1418500 | 67818485 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 304100 | 71463500 |
| TOTAL MATERIALS |  | 195073071 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Zillow Group Inc Class A (b) | 262800 | 17389476 |
| Zillow Group Inc Class C (b) | 1148300 | 77062413 |
|  |  | 94451889 |
| TOTAL UNITED STATES |  | 10003998821 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,010,654,531) |  | <br> **11275854334** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $1,619,000)<br>| 1619000 | **1586620** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 846 | 1094775 |
| Canva Inc Series A2 (b)(c)(d) | 154 | 199285 |
| TOTAL AUSTRALIA |  | 1294060 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 57400 | 734720 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 111100 | 218867 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (c)(d) | 208346 | 8517184 |
| Anduril Industries Inc Series G (c)(d) | 13400 | 547792 |
|  |  | 9064976 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 378200 | 13826993 |
| Software - 0.0% |  |  |
| Asapp Inc Series C (b)(c)(d) | 367427 | 598906 |
| Asapp Inc Series D (b)(c)(d) | 3611038 | 4874901 |
|  |  | 5473807 |
| TOTAL INFORMATION TECHNOLOGY |  | 19300800 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 76285 | 977211 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 95356 | 1221510 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 27230 | 348816 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 53844 | 689742 |
|  |  | 3237279 |
| TOTAL UNITED STATES |  | 32556642 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $39,971,910) |  | <br> **33850702** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $2,252,000)<br>| 2252000 | **2657135** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 432126568 | 432212993 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 89307002 | 89315933 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $521,528,926) |  |  | **521528926** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $8,576,026,367)<br>| <br>**11835477717** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(209420584)** |
| **NET ASSETS - 100.0%** | **11626057133** |

---

**Legend**

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

(b) Non-income producing

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $51,847,700 or 0.4% of net assets.

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

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

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 732470 |
| Anduril Industries Inc Series F | 8/07/24 | 4528734 |
| Anduril Industries Inc Series G | 4/17/25 | 547830 |
| Asapp Inc Series C | 4/30/21 | 2423953 |
| Asapp Inc Series D | 8/29/23 | 13944023 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 2 |
| Blu Homes Inc | 5/21/20 | 20968 |
| Canva Inc Series A | 9/22/23 | 902395 |
| Canva Inc Series A2 | 9/22/23 | 164266 |
| ElevateBio LLC Series C | 3/09/21 | 466065 |
| Epic Games Inc | 3/29/21 | 2910765 |
| Illuminated Holdings Inc 15% | 6/14/23 | 1619000 |
| Illuminated Holdings Inc 15% | 9/27/23 | 2252000 |
| Illuminated Holdings Inc Series C2 | 7/07/20 | 1907125 |
| Illuminated Holdings Inc Series C3 | 7/07/20 | 2860680 |
| Illuminated Holdings Inc Series C4 | 1/08/21 | 980280 |
| Illuminated Holdings Inc Series C5 | 6/16/21 | 2326061 |
| OpenAI Global LLC rights | 9/30/24 | 6393400 |
| X.Ai Holdings Corp Series C | 11/22/24 | 8188030 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 278492104 | 2203268540 | 2049547651 | 6795193 | - | - | 432212993 | 432126568 | 0.8% |
| Fidelity Securities Lending Cash Central Fund | 10560313 | 312730998 | 233975378 | 466322 | - | - | 89315933 | 89307002 | 0.3% |
| Total | 289052417 | 2515999538 | 2283523029 | 7261515 | - | - | 521528926 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1164690136 | 1030070740 | 132402182 | 2217214 |
| Consumer Discretionary | 2039223002 | 1926492175 | 112727069 | 3758 |
| Consumer Staples | 253727657 | 253727657 | - | - |
| Energy | 169776360 | 169776360 | - | - |
| Financials | 1306436384 | 1306436384 | - | - |
| Health Care | 1659888672 | 1598645544 | 61233095 | 10033 |
| Industrials | 1026117410 | 1026117410 | - | - |
| Information Technology | 3332149170 | 3309780178 | 10836721 | 11532271 |
| Materials | 229393654 | 229393654 | - | - |
| Real Estate | 94451889 | 94451889 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 1586620 | - | - | 1586620 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 734720 | - | - | 734720 |
| Health Care | 218867 | - | - | 218867 |
| Industrials | 9064976 | - | - | 9064976 |
| Information Technology | 20594860 | - | - | 20594860 |
| Materials | 3237279 | - | - | 3237279 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 2657135 | - | - | 2657135 |
|  **Money Market Funds** | 521528926 | 521528926 | - | - |
| **Total Investments in Securities:** | 11835477717 | 11466420917 | 317199067 | 51857733 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $86,442,615) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,054,497,441) | $11313948791 |  |
| Fidelity Central Funds (cost $521,528,926) | 521528926 |  |
| Total Investment in Securities (cost $8,576,026,367) |  | $11835477717 |
| Foreign currency held at value (cost $2,510,918) |  | 2489588 |
| Receivable for fund shares sold |  | 7790895 |
| Dividends receivable |  | 5989189 |
| Interest receivable |  | 327831 |
| Distributions receivable from Fidelity Central Funds |  | 1684305 |
| Prepaid expenses |  | 1581 |
| Other receivables |  | 237599 |
| **Total assets** |  | 11853998705 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $122957628 |  |
| Payable for fund shares redeemed | 8089369 |  |
| Accrued management fee | 5997741 |  |
| Distribution and service plan fees payable | 1471302 |  |
| Other payables and accrued expenses | 114833 |  |
| Collateral on securities loaned | 89310699 |  |
| **Total liabilities** |  | 227941572 |
| **Net Assets**  |  | $11626057133 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8046853535 |
| Total accumulated earnings (loss) |  | 3579203598 |
| **Net Assets** |  | $11626057133 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,608,128,160 ÷ 132,489,878 shares)(a) |  | $19.69 |
| Maximum offering price per share (100/94.25 of $19.69) |  | $20.89 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,895,297,531 ÷ 100,898,827 shares)(a) |  | $18.78 |
| Maximum offering price per share (100/96.50 of $18.78) |  | $19.46 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($197,419,540 ÷ 14,158,149 shares)(a) |  | $13.94 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,899,148,460 ÷ 167,338,151 shares) |  | $23.30 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,026,063,442 ÷ 127,536,455 shares) |  | $23.73 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $34401721 |
| Interest  |  | 133332 |
| Income from Fidelity Central Funds (including $466,322 from security lending)  |  | 7261515 |
| **Total income** |  | 41796568 |
| **Expenses** |  |  |
| Management fee | $35889326 |  |
| Distribution and service plan fees | 9009436 |  |
| Custodian fees and expenses | 111433 |  |
| Independent trustees' fees and expenses | 24186 |  |
| Registration fees | 123324 |  |
| Audit fees | 49794 |  |
| Legal | 8804 |  |
| Miscellaneous | 43171 |  |
| Total expenses before reductions | 45259474 |  |
| Expense reductions | (7550) |  |
| Total expenses after reductions |  | 45251924 |
| **Net Investment income (loss)** |  | (3455356) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 339079461 |  |
| Foreign currency transactions | (66470) |  |
| Total net realized gain (loss) |  | 339012991 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (565372111) |  |
| Assets and liabilities in foreign currencies | (3031) |  |
| Total change in net unrealized appreciation (depreciation) |  | (565375142) |
| **Net gain (loss)** |  | (226362151) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(229817507) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(3455356) | $(24251419) |
| &nbsp;&nbsp;Net realized gain (loss) | 339012991<br>| 1880966330<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (565375142) | 1246638682<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (229817507)<br>| 3103353593<br>|
| Distributions to shareholders | (1221174521)<br>| (42611263)<br>|
| Share transactions - net increase (decrease) | 1241858062<br>| 1063833563<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (209133966)<br>| 4124575893<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11835191099 | 7710615206<br>|
| &nbsp;&nbsp;End of period | $11626057133 | $11835191099 |

---

**Financial Highlights** 

**Fidelity Advisor® Equity Growth Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.52 | $16.39 | $13.85 | $19.23 | $17.06 | $13.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.07)  | (.02)  | (.02)  | - C | (.05)  |
| Net realized and unrealized gain (loss)  | (.33)  | 6.30  | 2.85  | (3.14)  | 4.08  | 5.22  |
| Total from investment operations  | (.35)  | 6.23  | 2.83  | (3.16)  | 4.08  | 5.17  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.22)  | (1.91)  | (1.18)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.22)  | (1.91)  | (1.18)  |
| Net asset value, end of period  | $19.69 | $22.52 | $16.39 | $13.85 | $19.23 | $17.06 |
| **Total Return** D,E,F | (1.87)% <br>| 38.17%  | 21.03%  | (18.79)%  | 26.35%  | 42.92%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .92% I | .93%  | .96%  | .97%  | .97%  | .99%  |
| Expenses net of fee waivers, if any  | .92% I<br>| .92%  | .96%  | .97%  | .97%  | .99%  |
| Expenses net of all reductions, if any  | .91% I | .92%  | .96%  | .97%  | .97%  | .99%  |
| Net investment income (loss)  | (.18)% I | (.35)%  | (.16)%  | (.11)%  | (.02)% C | (.33)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2608128 | $2674749 | $1821007 | $1421852 | $1751645 | $1476920 |
| Portfolio turnover rate J | 59% I<br>| 52% K | 43%  | 40%  | 44%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Equity Growth Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.62 | $15.78 | $13.38 | $18.64 | $16.60 | $12.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.11)  | (.06)  | (.05)  | (.04) C | (.08)  |
| Net realized and unrealized gain (loss)  | (.32)  | 6.05  | 2.75  | (3.04)  | 3.95  | 5.08  |
| Total from investment operations  | (.36)  | 5.94  | 2.69  | (3.09)  | 3.91  | 5.00  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.17)  | (1.87)  | (1.18)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.17)  | (1.87)  | (1.18)  |
| Net asset value, end of period  | $18.78 | $21.62 | $15.78 | $13.38 | $18.64 | $16.60 |
| **Total Return** D,E,F | (2.01)% <br>| 37.81%  | 20.71%  | (18.95)%  | 25.99%  | 42.54%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.16% I | 1.17%  | 1.21%  | 1.21%  | 1.21%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.16% I<br>| 1.16%  | 1.20%  | 1.21%  | 1.21%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.16% I | 1.16%  | 1.20%  | 1.21%  | 1.21%  | 1.23%  |
| Net investment income (loss)  | (.43)% I | (.59)%  | (.40)%  | (.36)%  | (.26)% C | (.57)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1895298 | $2060799 | $1619005 | $1436622 | $1937730 | $1746957 |
| Portfolio turnover rate J | 59% I<br>| 52% K | 43%  | 40%  | 44%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.*

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

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

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

G*Fees and expenses of any underlying 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Equity Growth Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.72 | $12.28 | $10.54 | $15.14 | $13.84 | $10.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.07)  | (.17)  | (.10)  | (.10)  | (.11) C | (.13)  |
| Net realized and unrealized gain (loss)  | (.23)  | 4.71  | 2.13  | (2.39)  | 3.24  | 4.25  |
| Total from investment operations  | (.30)  | 4.54  | 2.03  | (2.49)  | 3.13  | 4.12  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.11)  | (1.83)  | (1.18)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.11)  | (1.83)  | (1.18)  |
| Net asset value, end of period  | $13.94 | $16.72 | $12.28 | $10.54 | $15.14 | $13.84 |
| **Total Return** D,E,F | (2.27)% <br>| 37.18%  | 20.01%  | (19.38)%  | 25.36%  | 41.73%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.67% I | 1.68%  | 1.74%  | 1.75%  | 1.74%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.67% I<br>| 1.68%  | 1.74%  | 1.75%  | 1.74%  | 1.77%  |
| Expenses net of all reductions, if any  | 1.67% I | 1.68%  | 1.74%  | 1.75%  | 1.74%  | 1.77%  |
| Net investment income (loss)  | (.93)% I | (1.11)%  | (.93)%  | (.89)%  | (.79)% C | (1.12)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $197420 | $212853 | $132579 | $97630 | $133577 | $131436 |
| Portfolio turnover rate J | 59% I<br>| 52% K | 43%  | 40%  | 44%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.09)%.*

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

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Equity Growth Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.17 | $18.99 | $15.95 | $21.82 | $19.10 | $14.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | (.02)  | .02  | .02  | .05 C | (.01)  |
| Net realized and unrealized gain (loss)  | (.40)  | 7.30  | 3.31  | (3.63)  | 4.61  | 5.83  |
| Total from investment operations  | (.39)  | 7.28  | 3.33  | (3.61)  | 4.66  | 5.82  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.26)  | (1.94)  | (1.18)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.26)  | (1.94)  | (1.18)  |
| Net asset value, end of period  | $23.30 | $26.17 | $18.99 | $15.95 | $21.82 | $19.10 |
| **Total Return** D,E | (1.75)% <br>| 38.48%  | 21.40%  | (18.62)%  | 26.65%  | 43.32%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .66% H | .68%  | .71%  | .72%  | .71%  | .74%  |
| Expenses net of fee waivers, if any  | .66% H<br>| .68%  | .71%  | .71%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .66% H | .68%  | .71%  | .71%  | .71%  | .73%  |
| Net investment income (loss)  | .07% H | (.11)%  | .09%  | .14%  | .24% C | (.07)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3899148 | $3832108 | $2548297 | $1284799 | $1067081 | $770445 |
| Portfolio turnover rate I | 59% H<br>| 52% J | 43%  | 40%  | 44%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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 (.06)%.*

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

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

F*Fees and expenses of any underlying 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.*

G*Expense 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.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Equity Growth Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.59 | $19.27 | $16.17 | $22.07 | $19.30 | $14.59 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | - C | .04  | .04  | .07 D | .01  |
| Net realized and unrealized gain (loss)  | (.40)  | 7.42  | 3.35  | (3.66)  | 4.66  | 5.88  |
| Total from investment operations  | (.38)  | 7.42  | 3.39  | (3.62)  | 4.73  | 5.89  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.28)  | (1.96)  | (1.18)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.28)  | (1.96)  | (1.18)  |
| Net asset value, end of period  | $23.73 | $26.59 | $19.27 | $16.17 | $22.07 | $19.30 |
| **Total Return** E,F | (1.68)% <br>| 38.65%  | 21.48%  | (18.46)%  | 26.77%  | 43.43%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .55% I | .57%  | .59%  | .60%  | .60%  | .61%  |
| Expenses net of fee waivers, if any  | .55% I<br>| .56%  | .59%  | .60%  | .60%  | .61%  |
| Expenses net of all reductions, if any  | .55% I | .56%  | .59%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | .18% I | .01%  | .22%  | .26%  | .35% D | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3026063 | $3054682 | $1589727 | $644911 | $284652 | $180417 |
| Portfolio turnover rate J | 59% I<br>| 52% K | 43%  | 40%  | 44%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Amount represents less than $.005 per share.*

D*Net 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 .06%.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Equity Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Advisor Equity Growth Fund** | $19745 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, redemptions in-kind, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $3658857921 |
| **Gross unrealized depreciation** | <u>(404677850)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3254180071</u> |
| **Tax cost** | <u>$8581297646</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Equity Growth Fund** | 3314769143 | 3323410958 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Equity Growth Fund** | 23454495 | 466967476 | 586389713 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .67 |
| **Class M** | .66 |
| **Class C** | .70 |
| **Class I** | .67 |
| **Class Z** | .55 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Class I** | .66 |
| **Class Z** | .54 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 3204086 | 104316 |
| **Class M** | .25% | .25% | 4795800 | 33565 |
| **Class C** | .75% | .25% | <u>1009550</u> | <u>269507</u> |
|  |  |  | <u>9009436</u> | <u>407388</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 602113 |
| **Class M** | 15169 |
| **Class C**A | <u>1302</u> |
|  | <u>618584</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Growth Fund** | 26213 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Equity Growth Fund** | 167600763 | 191317343 | 29377028 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Equity Growth Fund** | 9129 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Equity Growth Fund** | 52977 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7,550.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $295630014 | $10699581 |
| Class M | 235907121 | 9786871 |
| Class C | 31799141 | 1027952 |
| Class I | 371558311 | 11788387 |
| Class Z | <u>286279934</u> | <u>9308472</u> |
| Total  | <u>$1221174521</u> | <u>$42611263</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 11542094 | 21682387 | $227034045 | $430357516 |
| Reinvestment of distributions | 13580718 | 581021 | 275552777 | 9923836 |
| Shares redeemed | <u>(11414394)</u> | <u>(14597665)</u> | <u>(222642150)</u> | <u>(290336237)</u> |
| Net increase (decrease) | <u>13708418</u> | <u>7665743</u> | <u>$279944672</u> | <u>$149945115</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3937597 | 7693278 | $73405042 | $147028167 |
| Reinvestment of distributions | 11903011 | 581524 | 230680356 | 9560259 |
| Shares redeemed | <u>(10243618)</u> | <u>(15572897)</u> | <u>(189360323)</u> | <u>(296321833)</u> |
| Net increase (decrease) | <u>5596990</u> | <u>(7298095)</u> | <u>$114725075</u> | <u>$(139733407)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1966096 | 4580281 | $27869420 | $68501705 |
| Reinvestment of distributions | 2162064 | 78879 | 31176964 | 1007289 |
| Shares redeemed | <u>(2699613)</u> | <u>(2721738)</u> | <u>(36719708)</u> | <u>(39701858)</u> |
| Net increase (decrease) | <u>1428547</u> | <u>1937422</u> | <u>$22326676</u> | <u>$29807136</u> |
| **Class I** |  |  |  |  |
| Shares sold | 31946023 | 77293658 | $746160093 | $1843401115 |
| Reinvestment of distributions | 14663719 | 561728 | 351782622 | 11122209 |
| Shares redeemed | <u>(25685507)</u> | <u>(65660385)</u> | <u>(586223037)</u> | <u>(1517446068)</u> |
| Net increase (decrease) | <u>20924235</u> | <u>12195001</u> | <u>$511719678</u> | <u>$337077256</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 21344133 | 60101254 | $500403691 | $1354899335 |
| Reinvestment of distributions | 10688023 | 437765 | 261001510 | 8799087 |
| Shares redeemed | <u>(19365364)</u> | <u>(28182953)</u> | <u>(448263240)</u> | <u>(676960959)</u> |
| Net increase (decrease) | <u>12666792</u> | <u>32356066</u> | <u>$313141961</u> | <u>$686737463</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Equity Growth Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk mananagement. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for Class I ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109886_4.jpg)<br>

1.704747.127 EPG-SANN-0725

**Fidelity Advisor® Series Equity Growth Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109880_1.jpg)

![](img109880_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_AXM1-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Series Equity Growth Fund](#Sub_Sec_Fund_2645_AXM1-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2645_AXM1-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AXM1-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AXM1-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AXM1-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AXM1-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity Advisor® Series Equity Growth Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (b) | 49386 | 1420341 |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 36800 | 6681352 |
| TOTAL BELGIUM |  | 8101693 |
| BRAZIL - 1.7%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| MercadoLibre Inc (b) | 6820 | 17481638 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 424200 | 3872946 |
| TOTAL BRAZIL |  | 21354584 |
| CANADA - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| IT Services - 1.3% |  |  |
| Shopify Inc Class A (United States) (b) | 150200 | 16104444 |
| CHINA - 2.2%  |  |  |
| Communication Services - 1.2% |  |  |
| Interactive Media & Services - 1.2% |  |  |
| Tencent Holdings Ltd  | 245100 | 15451755 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| BYD Co Ltd H Shares  | 264592 | 13149702 |
| TOTAL CHINA |  | 28601457 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Chemometec A/S  | 20000 | 1610695 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 51600 | 4943796 |
| ISRAEL - 1.0%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (b)(c) | 266229 | 3 |
| Gamida Cell Ltd warrants 4/21/2028 (b)(c) | 59930 | 0 |
|  |  | 3 |
| Pharmaceuticals - 0.5% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 360100 | 6042478 |
| TOTAL HEALTH CARE |  | 6042481 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (b) | 45900 | 6836805 |
| TOTAL ISRAEL |  | 12879286 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 107200 | 5604579 |
| NETHERLANDS - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| BE Semiconductor Industries NV  | 62876 | 7606877 |
| TAIWAN - 2.4%  |  |  |
| Information Technology - 2.4% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| eMemory Technology Inc  | 15207 | 1211721 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 154696 | 29905831 |
| TOTAL TAIWAN |  | 31117552 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 13785 | 2847275 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (b) | 23585 | 863211 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| RELX PLC ADR (d) | 78900 | 4254288 |
| TOTAL UNITED KINGDOM |  | 7964774 |
| UNITED STATES - 87.4%  |  |  |
| Communication Services - 9.0% |  |  |
| Entertainment - 1.9% |  |  |
| Live Nation Entertainment Inc (b) | 73200 | 10042308 |
| ROBLOX Corp Class A (b) | 164100 | 14273418 |
|  |  | 24315726 |
| Interactive Media & Services - 7.1% |  |  |
| Alphabet Inc Class A  | 362357 | 62231191 |
| Epic Games Inc (b)(c)(e) | 805 | 542675 |
| Meta Platforms Inc Class A  | 45100 | 29201799 |
|  |  | 91975665 |
| TOTAL COMMUNICATION SERVICES |  | 116291391 |
| Consumer Discretionary - 15.3% |  |  |
| Broadline Retail - 10.5% |  |  |
| Amazon.com Inc (b) | 651246 | 133511943 |
| Savers Value Village Inc (b)(d) | 143900 | 1441878 |
|  |  | 134953821 |
| Diversified Consumer Services - 0.3% |  |  |
| Duolingo Inc Class A (b) | 6600 | 3429426 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (b) | 122669 | 15824301 |
| Carnival Corp (b) | 109200 | 2535624 |
| Kura Sushi USA Inc Class A (b)(d) | 23704 | 1565886 |
| Starbucks Corp  | 56700 | 4759965 |
|  |  | 24685776 |
| Household Durables - 0.5% |  |  |
| DR Horton Inc  | 22400 | 2644544 |
| TopBuild Corp (b) | 12400 | 3507836 |
|  |  | 6152380 |
| Specialty Retail - 2.1% |  |  |
| Floor & Decor Holdings Inc Class A (b) | 29100 | 2086179 |
| Lowe's Cos Inc  | 109400 | 24694862 |
|  |  | 26781041 |
| TOTAL CONSUMER DISCRETIONARY |  | 196002444 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 85900 | 6193390 |
| Constellation Brands Inc Class A  | 50100 | 8932329 |
|  |  | 15125719 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 200700 | 13434858 |
| TOTAL CONSUMER STAPLES |  | 28560577 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Cheniere Energy Inc  | 51700 | 12252383 |
| Range Resources Corp  | 179568 | 6830767 |
|  |  | 19083150 |
| Financials - 11.4% |  |  |
| Banks - 0.4% |  |  |
| Huntington Bancshares Inc/OH  | 156700 | 2449221 |
| M&T Bank Corp  | 12800 | 2337792 |
|  |  | 4787013 |
| Capital Markets - 1.7% |  |  |
| Evercore Inc Class A  | 15600 | 3611244 |
| Intercontinental Exchange Inc  | 80900 | 14545820 |
| Morgan Stanley  | 25900 | 3315977 |
|  |  | 21473041 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 64200 | 12143430 |
| Financial Services - 6.5% |  |  |
| Mastercard Inc Class A  | 60583 | 35477405 |
| Rocket Cos Inc Class A (d) | 281954 | 3594914 |
| Toast Inc Class A (b) | 263600 | 11118648 |
| Visa Inc Class A  | 91300 | 33341847 |
|  |  | 83532814 |
| Insurance - 1.9% |  |  |
| Arthur J Gallagher & Co  | 71369 | 24796445 |
| TOTAL FINANCIALS |  | 146732743 |
| Health Care - 12.4% |  |  |
| Biotechnology - 3.8% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(c) | 220830 | 2209 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 220830 | 2 |
| Alnylam Pharmaceuticals Inc (b) | 48372 | 14732176 |
| Arcellx Inc (b) | 6579 | 408293 |
| Beam Therapeutics Inc (b) | 99566 | 1576130 |
| Biogen Inc (b) | 27800 | 3608162 |
| Blueprint Medicines Corp (b) | 4400 | 445940 |
| Cytokinetics Inc (b) | 24461 | 758780 |
| Exact Sciences Corp (b) | 227000 | 12775560 |
| Gilead Sciences Inc  | 105900 | 11657472 |
| Hookipa Pharma Inc (b) | 13430 | 21354 |
| Janux Therapeutics Inc (b) | 14200 | 337960 |
| Krystal Biotech Inc (b) | 4700 | 592012 |
| Moderna Inc (b) | 42800 | 1136768 |
| Seres Therapeutics Inc (b)(d) | 2730 | 19247 |
| Synlogic Inc (b) | 10646 | 12243 |
| Vor BioPharma Inc (b) | 43874 | 8770 |
| XOMA Royalty Corp (b) | 32707 | 809825 |
|  |  | 48902903 |
| Health Care Equipment & Supplies - 3.7% |  |  |
| Align Technology Inc (b) | 34900 | 6314806 |
| Boston Scientific Corp (b) | 326774 | 34396231 |
| Ceribell Inc  | 12800 | 215168 |
| Glaukos Corp (b) | 27600 | 2602404 |
| Penumbra Inc (b) | 14727 | 3931667 |
| Pulmonx Corp (b) | 27500 | 93500 |
| RxSight Inc (b) | 5200 | 79508 |
|  |  | 47633284 |
| Health Care Providers & Services - 0.8% |  |  |
| HealthEquity Inc (b) | 102054 | 10267653 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (b) | 16600 | 4643020 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (b) | 61342 | 584589 |
| Bio-Techne Corp  | 9302 | 450217 |
| Codexis Inc (b)(d) | 161901 | 372372 |
| MaxCyte Inc (United States) (b)(d) | 90400 | 215152 |
|  |  | 1622330 |
| Pharmaceuticals - 3.6% |  |  |
| Aclaris Therapeutics Inc (b) | 19672 | 28721 |
| Eli Lilly & Co  | 42798 | 31570801 |
| Royalty Pharma PLC Class A  | 446800 | 14690784 |
| Zevra Therapeutics Inc (b)(d) | 81300 | 695115 |
|  |  | 46985421 |
| TOTAL HEALTH CARE |  | 160054611 |
| Industrials - 8.6% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| GE Aerospace  | 76552 | 18824902 |
| Loar Holdings Inc (b) | 1200 | 104460 |
|  |  | 18929362 |
| Building Products - 0.0% |  |  |
| Simpson Manufacturing Co Inc  | 3600 | 560520 |
| Electrical Equipment - 1.5% |  |  |
| GE Vernova Inc  | 40888 | 19339206 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc (b) | 47076 | 3961916 |
| Machinery - 2.5% |  |  |
| Deere & Co  | 35200 | 17820353 |
| Ingersoll Rand Inc  | 75040 | 6126266 |
| Westinghouse Air Brake Technologies Corp  | 35541 | 7190655 |
|  |  | 31137274 |
| Professional Services - 2.3% |  |  |
| Equifax Inc  | 84284 | 22266990 |
| KBR Inc  | 40713 | 2124811 |
| UL Solutions Inc Class A (d) | 81500 | 5827250 |
|  |  | 30219051 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 37510 | 6837940 |
| TOTAL INDUSTRIALS |  | 110985269 |
| Information Technology - 24.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Flex Ltd (b) | 121784 | 5151463 |
| Jabil Inc  | 32615 | 5479646 |
|  |  | 10631109 |
| IT Services - 0.1% |  |  |
| Gartner Inc (b) | 2800 | 1221976 |
| Semiconductors & Semiconductor Equipment - 10.8% |  |  |
| Astera Labs Inc (b) | 2300 | 208656 |
| NVIDIA Corp  | 984020 | 132970623 |
| SiTime Corp (b) | 21318 | 4179820 |
|  |  | 137359099 |
| Software - 8.8% |  |  |
| Appfolio Inc Class A (b) | 2700 | 570159 |
| Asapp Inc warrants 8/28/2028 (b)(c)(e) | 294232 | 303059 |
| CyberArk Software Ltd (b) | 6300 | 2411514 |
| Docusign Inc (b) | 56600 | 5015326 |
| HubSpot Inc (b) | 21560 | 12718244 |
| Microsoft Corp  | 159744 | 73539748 |
| Monday.com Ltd (b) | 26000 | 7734740 |
| Nutanix Inc Class A (b) | 33400 | 2561446 |
| OpenAI Global LLC rights (b)(c)(e) | 751600 | 1104852 |
| Palo Alto Networks Inc (b) | 20600 | 3963852 |
| SailPoint Inc  | 6800 | 119816 |
| Zeta Global Holdings Corp Class A (b) | 124500 | 1635930 |
| Zscaler Inc (b) | 6200 | 1709340 |
|  |  | 113388026 |
| Technology Hardware, Storage & Peripherals - 4.0% |  |  |
| Apple Inc  | 259604 | 52141463 |
| TOTAL INFORMATION TECHNOLOGY |  | 314741673 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 2600 | 525746 |
| Martin Marietta Materials Inc  | 10700 | 5858785 |
|  |  | 6384531 |
| Containers & Packaging - 0.6% |  |  |
| International Paper Co  | 159400 | 7620914 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 34200 | 8037000 |
| TOTAL MATERIALS |  | 22042445 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Zillow Group Inc Class A (b) | 28700 | 1899078 |
| Zillow Group Inc Class C (b) | 129000 | 8657190 |
|  |  | 10556268 |
| TOTAL UNITED STATES |  | 1125050571 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $819,238,306) |  | <br> **1270940308** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(e)(f)<br>(Cost $248,100)<br>| 248100 | **243138** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(e) | 106 | 137171 |
| Canva Inc Series A2 (b)(c)(e) | 19 | 24587 |
| TOTAL AUSTRALIA |  | 161758 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(e) | 8000 | 102400 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(e) | 26300 | 51811 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (c)(e) | 24819 | 1014601 |
| Anduril Industries Inc Series G (c)(e) | 1500 | 61320 |
|  |  | 1075921 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (c)(e) | 42975 | 1571166 |
| Software - 0.1% |  |  |
| Asapp Inc Series C (b)(c)(e) | 90925 | 148208 |
| Asapp Inc Series D (b)(c)(e) | 512827 | 692316 |
|  |  | 840524 |
| TOTAL INFORMATION TECHNOLOGY |  | 2411690 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(e) | 21131 | 270688 |
| Illuminated Holdings Inc Series C3 (b)(c)(e) | 26414 | 338363 |
| Illuminated Holdings Inc Series C4 (b)(c)(e) | 6345 | 81279 |
| Illuminated Holdings Inc Series C5 (b)(c)(e) | 13150 | 168452 |
|  |  | 858782 |
| TOTAL UNITED STATES |  | 4500604 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,574,279) |  | <br> **4662362** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(e)(f)<br>(Cost $308,400)<br>| 308400 | **363881** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 27089421 | 27094839 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 8346262 | 8347097 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $35,441,936) |  |  | **35441936** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $861,811,021)<br>| <br>**1311651625** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(23362616)** |
| **NET ASSETS - 100.0%** | **1288289009** |

---

**Legend**

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

(b) Non-income producing

(c) Level 3 security

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

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,219,967 or 0.6% of net assets.

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

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 102086 |
| Anduril Industries Inc Series F | 8/07/24 | 539481 |
| Anduril Industries Inc Series G | 4/17/25 | 61324 |
| Asapp Inc Series C | 4/30/21 | 599841 |
| Asapp Inc Series D | 8/29/23 | 1980281 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 0 |
| Canva Inc Series A | 9/22/23 | 113066 |
| Canva Inc Series A2 | 9/22/23 | 20267 |
| ElevateBio LLC Series C | 3/09/21 | 110329 |
| Epic Games Inc | 3/29/21 | 712425 |
| Illuminated Holdings Inc 15% | 6/14/23 | 248100 |
| Illuminated Holdings Inc 15% | 9/27/23 | 308400 |
| Illuminated Holdings Inc Series C2 | 7/07/20 | 528275 |
| Illuminated Holdings Inc Series C3 | 7/07/20 | 792420 |
| Illuminated Holdings Inc Series C4 | 1/08/21 | 228420 |
| Illuminated Holdings Inc Series C5 | 6/16/21 | 568080 |
| OpenAI Global LLC rights | 9/30/24 | 751600 |
| X.Ai Holdings Corp Series C | 11/22/24 | 930409 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 44238556 | 183150350 | 200294067 | 361421 | - | - | 27094839 | 27089421 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2625155 | 38046425 | 32324483 | 53419 | - | - | 8347097 | 8346262 | 0.0% |
| Total | 46863711 | 221196775 | 232618550 | 414840 | - | - | 35441936 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 131743146 | 115748716 | 15451755 | 542675 |
| Consumer Discretionary | 229481059 | 216331357 | 13149702 | - |
| Consumer Staples | 28560577 | 28560577 | - | - |
| Energy | 19083150 | 19083150 | - | - |
| Financials | 146732743 | 146732743 | - | - |
| Health Care | 187221066 | 180003578 | 7215274 | 2214 |
| Industrials | 115239557 | 115239557 | - | - |
| Information Technology | 376407351 | 373787719 | 1211721 | 1407911 |
| Materials | 25915391 | 25915391 | - | - |
| Real Estate | 10556268 | 10556268 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 243138 | - | - | 243138 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 102400 | - | - | 102400 |
| Health Care | 51811 | - | - | 51811 |
| Industrials | 1075921 | - | - | 1075921 |
| Information Technology | 2573448 | - | - | 2573448 |
| Materials | 858782 | - | - | 858782 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 363881 | - | - | 363881 |
|  **Money Market Funds** | 35441936 | 35441936 | - | - |
| **Total Investments in Securities:** | 1311651625 | 1267400992 | 37028452 | 7222181 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,074,562) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $826,369,085) | $1276209689 |  |
| Fidelity Central Funds (cost $35,441,936) | 35441936 |  |
| Total Investment in Securities (cost $861,811,021) |  | $1311651625 |
| Cash |  | 42670 |
| Foreign currency held at value (cost $140,667) |  | 140667 |
| Receivable for investments sold |  | 31867231 |
| Dividends receivable |  | 700253 |
| Interest receivable |  | 50240 |
| Distributions receivable from Fidelity Central Funds |  | 103664 |
| Other receivables |  | 13466 |
| **Total assets** |  | 1344569816 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $47929633 |  |
| Other payables and accrued expenses | 4856 |  |
| Collateral on securities loaned | 8346318 |  |
| **Total liabilities** |  | 56280807 |
| **Net Assets**  |  | $1288289009 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $777679049 |
| Total accumulated earnings (loss) |  | 510609960 |
| **Net Assets** |  | $1288289009 |
| **Net Asset Value**, offering price and redemption price per share ($1,288,289,009 ÷ 80,863,557 shares) |  | $15.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3875504 |
| Interest  |  | 18810 |
| Income from Fidelity Central Funds (including $53,419 from security lending)  |  | 414840 |
| **Total income** |  | 4309154 |
| **Expenses** |  |  |
| Custodian fees and expenses | $12611 |  |
| Independent trustees' fees and expenses | 2712 |  |
| **Total expenses** |  | 15323 |
| **Net Investment income (loss)** |  | 4293831 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 60215174 |  |
| Foreign currency transactions | (5880) |  |
| Total net realized gain (loss) |  | 60209294 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (80131744) |  |
| Assets and liabilities in foreign currencies | 894 |  |
| Total change in net unrealized appreciation (depreciation) |  | (80130850) |
| **Net gain (loss)** |  | (19921556) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(15627725) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4293831 | $6552846 |
| &nbsp;&nbsp;Net realized gain (loss) | 60209294<br>| 322632925<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (80130850) | 83623520<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (15627725)<br>| 412809291<br>|
| Distributions to shareholders | (292430298)<br>| (60500167)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 127001381 | 202050543 |
| Reinvestment of distributions | 292430298<br>| 60500167<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (168317693) | (367419204) |
| **Net increase (decrease) in net assets resulting from share transactions** | 251113986<br>| (104868494)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (56944037)<br>| 247440630<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1345233046 | 1097792416<br>|
| &nbsp;&nbsp;End of period | $1288289009 | $1345233046 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8314888 | 10908456 |
| Issued in reinvestment of distributions | 17995711<br>| 3972434<br>|
| &nbsp;&nbsp;Redeemed | (10555695) | (20055607) |
| &nbsp;&nbsp;Net increase (decrease) | 15754904 | (5174717) |

---

**Financial Highlights** 

**Fidelity Advisor® Series Equity Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.66 | $15.62 | $13.45 | $19.74 | $19.73 | $15.53 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .09  | .11  | .12  | .17 C | .10  |
| Net realized and unrealized gain (loss)  | (.25)  | 5.82  | 2.74  | (2.96)  | 4.20  | 6.02  |
| Total from investment operations  | (.20)  | 5.91  | 2.85  | (2.84)  | 4.37  | 6.12  |
| Distributions from net investment income  | (.11)  | (.11)  | (.11)  | (.20)  | (.13)  | (.13)  |
| Distributions from net realized gain  | (4.43)  | (.75)  | (.57)  | (3.26)  | (4.23)  | (1.79)  |
| Total distributions  | (4.53) D | (.87) D | (.68)  | (3.45) D | (4.36)  | (1.92)  |
| Net asset value, end of period  | $15.93 | $20.66 | $15.62 | $13.45 | $19.74 | $19.73 |
| **Total Return** E,F | (1.38)% <br>| 39.78%  | 22.44%  | (17.55)%  | 27.43%  | 44.43%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | -% I,J | .01%  | .01%  | -% J | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% I,J<br>| .01%  | .01%  | -% J | -% J | .01%  |
| Expenses net of all reductions, if any  | -% I,J | .01%  | .01%  | -% J | -% J | .01%  |
| Net investment income (loss)  | .67% I | .52%  | .77%  | .84%  | .95% C | .65%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1288289 | $1345233 | $1097792 | $982361 | $1123206 | $1007642 |
| Portfolio turnover rate K | 65% I<br>| 67%  | 63%  | 49%  | 51%  | 56%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Net 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%.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees 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.*

H*Expense 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.*

I*Annualized.*

J*Amount represents less than .005%.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Advisor Series Equity Growth Fund (the Fund) is a non-diversified fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $490633054 |
| **Gross unrealized depreciation** | <u>(42118688)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$448514366</u> |
| **Tax cost** | <u>$863137259</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Series Equity Growth Fund** | 411765836 | 450999369 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Series Equity Growth Fund** | 3813 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Series Equity Growth Fund** | 11234409 | 34910218 | 7369903 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Series Equity Growth Fund** | 6051 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Series Equity Growth Fund** | 70658 |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Advisor Series Equity Growth Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109880_4.jpg)<br>

1.9860269.110 AXM1-SANN-0725

**Fidelity® Real Estate High Income Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109861_1.jpg)

![](img109861_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_REHI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate High Income Fund](#Sub_Sec_Fund_671_REHI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements671_REHI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REHI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REHI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REHI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REHI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-617-563-7644 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Real Estate High Income Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 3.7%** | &nbsp;&nbsp;**Asset-Backed Securities - 3.7%** | &nbsp;&nbsp;**Asset-Backed Securities - 3.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 5.9132% 3/20/2050 (b)(c)(d)(e) | 750000 | 0 |
| Capital Trust RE CDO Ltd Series 2005-1A Class E, CME Term SOFR 1 month Index + 2.2145%, 6.5132% 3/20/2050 (b)(c)(d)(e) | 2670000 | 0 |
| Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (b)(c)(d)(e) | 3000000 | 0 |
| CREST Ltd Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.69%, 8.9627% (b)(c)(d)(e)(f) | 3078262 | 0 |
| Taberna Preferred Funding VI Ltd Series 2006-6A Class F1, CME Term SOFR 3 month Index + 4.7616%, 9.0221% 12/5/2036 (b)(c)(d)(e)(f) | 7463519 | 2 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 2 |
| UNITED STATES - 3.7%  |  |  |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(d)(e)(g) | 2463541 | 25 |
| Blue Stream Issuer LLC Series 2024-1A Class C, 8.71% 11/20/2054 (b) | 1750000 | 1830012 |
| Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (b) | 3057000 | 3160532 |
| Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (b) | 2019452 | 1921948 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 868440 | 729262 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 5314094 | 5119603 |
| Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (b) | 1198988 | 1074496 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b) | 1345000 | 1311691 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (b)(d) | 3206000 | 2585582 |
| Switch Abs Issuer LLC Series 2024-1A Class B, 6.5% 3/25/2054 (b) | 1250000 | 1260504 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b) | 1975000 | 2049647 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (b) | 672000 | 652406 |
| VB-S1 Issuer LLC Series 2024-1A Class D, 6.644% 5/15/2054 (b) | 1800000 | 1834405 |
| VB-S1 Issuer LLC Series 2024-1A Class F, 8.871% 5/15/2054 (b) | 5192000 | 5378253 |
| TOTAL UNITED STATES |  | 28908366 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $38,942,638) |  | <br> **28908368** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 0.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Agellan Portfolio 9% 8/7/2025 (e)(h) | 908000 | 908000 |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3287% 1/9/2026 (c)(d)(e)(h) | 3462152 | 3340977 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $4,370,152) |  | <br> **4248977** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.6868% 2/25/2042 (b)(d)(e) | 18840 | 8178 |
| Fannie Mae Guaranteed REMIC Series 2002-W6 Class 3B4, 4.5875% 1/25/2042 (b)(d)(e) | 15437 | 2799 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B4, 3.9836% 6/25/2043 (b)(d)(e) | 63196 | 17156 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B5, 3.9836% 6/25/2043 (b)(d)(e) | 6656 | 87 |
| TOTAL UNITED STATES |  | 28220 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $23,770) |  | <br> **28220** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 89.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 89.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 89.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Prima Capital CRE Securitization Ltd/Llc Series 2019-RK1 Class BT, 4.45% 4/15/2038 (b) | 2265000 | 2172327 |
| UNITED STATES - 89.3%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.8787% 4/15/2042 (b)(c)(d) | 1730000 | 1720188 |
| Ares Trust Series 2024-IND2 Class F, CME Term SOFR 1 month Index + 4.039%, 8.3677% 10/15/2034 (b)(c)(d) | 2155000 | 2156185 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class B, 3.79% 7/15/2049  | 3085000 | 3005853 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8227% 7/15/2049 (d) | 2418000 | 2313432 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class D, 3% 7/15/2049 (b) | 726000 | 636378 |
| BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (b) | 2308000 | 1744819 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b) | 2625000 | 1171674 |
| BANK Series 2018-BN10 Class B, 4.078% 2/15/2061 (d) | 1035000 | 973472 |
| BANK Series 2018-BN10 Class C, 4.163% 2/15/2061 (d) | 2936000 | 2708028 |
| BANK Series 2019-BN22 Class D, 2.5% 11/15/2062 (b) | 2465000 | 1925238 |
| BANK Series 2020-BN27 Class D, 2.5% 4/15/2063 (b) | 921000 | 679906 |
| BANK Series 2020-BN28 Class AS, 2.14% 3/15/2063  | 717000 | 610246 |
| BANK Series 2020-BN28 Class E, 2.5% 3/15/2063 (b) | 903000 | 640371 |
| BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d) | 3921000 | 1846169 |
| BANK Series 2021-BN33 Class B, 2.893% 5/15/2064  | 903000 | 761537 |
| BANK Series 2021-BN35 Class A5, 2.285% 6/15/2064  | 2650000 | 2266798 |
| BANK Series 2022-BNK39 Class A4, 2.928% 2/15/2055  | 1895000 | 1663704 |
| BANK Series 2022-BNK42 Class A5, 4.493% 6/15/2055 (d) | 2326000 | 2221339 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b) | 1664000 | 1210762 |
| BANK Series 2022-BNK42 Class E, 2.5% 6/15/2055 (b)(e) | 1302000 | 883420 |
| BANK Series 2022-BNK43 Class D, 3% 8/15/2055 (b) | 2614000 | 1808968 |
| BANK Series 2022-BNK44 Class AS, 5.7439% 11/15/2055 (d) | 1225000 | 1246766 |
| BANK Series 2022-BNK44 Class C, 5.7439% 11/15/2055 (d) | 2840000 | 2735680 |
| BANK Series 2023-BNK45 Class B, 6.148% 2/15/2056 (d) | 1330000 | 1360680 |
| BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056  | 2458000 | 2543653 |
| BANK Series 2023-BNK46 Class B, 6.774% 8/15/2056 (d) | 1675000 | 1761958 |
| BANK5 Series 2024-5YR11 Class C, 6.3221% 11/15/2057 (d) | 1250000 | 1251194 |
| BANK5 Series 2024-5YR12 Class C, 6.3026% 12/15/2057 (d) | 1516000 | 1526940 |
| BBCMS Mortgage Trust Series 2016-ETC Class D, 3.6089% 8/14/2036 (b)(d) | 1749000 | 1592561 |
| BBCMS Mortgage Trust Series 2019-C5 Class D, 2.5% 11/15/2052 (b) | 726000 | 583389 |
| BBCMS Mortgage Trust Series 2020-C7 Class B, 3.152% 4/15/2053  | 853000 | 740967 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5874% 4/15/2053 (d) | 860000 | 724695 |
| BBCMS Mortgage Trust Series 2020-C8 Class E, 2.25% 10/15/2053 (b) | 3013000 | 1914340 |
| BBCMS Mortgage Trust Series 2022-C14 Class A5, 2.946% 2/15/2055 (d) | 3302000 | 2886349 |
| BBCMS Mortgage Trust Series 2022-C15 Class A5, 3.662% 4/15/2055  | 3015000 | 2729831 |
| BBCMS Mortgage Trust Series 2022-C16 Class A5, 4.6% 6/15/2055  | 4573000 | 4454863 |
| BBCMS Mortgage Trust Series 2022-C17 Class A5, 4.441% 9/15/2055  | 2719000 | 2599511 |
| BBCMS Mortgage Trust Series 2022-C17 Class B, 4.889% 9/15/2055  | 1491000 | 1407041 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b) | 1200000 | 861621 |
| BBCMS Mortgage Trust Series 2022-C18 Class A5, 5.71% 12/15/2055  | 3150000 | 3246504 |
| BBCMS Mortgage Trust Series 2022-C18 Class B, 6.1512% 12/15/2055 (d) | 1890000 | 1938176 |
| BBCMS Mortgage Trust Series 2023-C19 Class A5, 5.451% 4/15/2056  | 2015000 | 2048816 |
| BBCMS Mortgage Trust Series 2023-C20 Class A5, 5.576% 7/15/2056  | 1690000 | 1732450 |
| BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2958% 9/15/2056 (d) | 1196000 | 1252605 |
| BBCMS Mortgage Trust Series 2023-C21 Class C, 6.2958% 9/15/2056 (d) | 1789000 | 1778658 |
| BBCMS Mortgage Trust Series 2023-C22 Class C, 7.13% 11/15/2056 (d) | 1778000 | 1789299 |
| BBCMS Mortgage Trust Series 2024-C24 Class B, 5.718% 2/15/2057  | 681000 | 673822 |
| BBCMS Mortgage Trust Series 2024-C26 Class C, 6% 5/15/2057  | 475000 | 467154 |
| BBCMS Mortgage Trust Series 2024-C30 Class C, 5.98% 11/15/2057  | 1313000 | 1283474 |
| BBCMS Mortgage Trust Series 2025-5C33 Class C, 5.981% 3/15/2058  | 1063000 | 1059978 |
| BBCMS Mortgage Trust Series 2025-5C33 Class D, 6.8473% 3/15/2058 (b)(d) | 1575000 | 1496992 |
| BBCMS Mortgage Trust Series 2025-C32 Class C, 6.125% 2/15/2062 (d) | 2732000 | 2693979 |
| BBCMS Mortgage Trust Series 2025-C32 Class D, 4.5% 2/15/2062 (b) | 790000 | 596785 |
| Benchmark Mortgage Trust Series 2018-B7 Class D, 3% 5/15/2053 (b)(d) | 833000 | 645980 |
| Benchmark Mortgage Trust Series 2019-B12 Class B, 3.5702% 8/15/2052  | 1186000 | 1068114 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (b)(d) | 1680000 | 40976 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (b)(d) | 1132000 | 9035 |
| Benchmark Mortgage Trust Series 2020-B18 Class AGNG, 4.3885% 7/15/2053 (b)(d) | 4074000 | 3982791 |
| Benchmark Mortgage Trust Series 2020-B18 Class D, 2.25% 7/15/2053 (b)(e) | 1500000 | 857492 |
| Benchmark Mortgage Trust Series 2020-B21 Class AS, 2.2543% 12/17/2053  | 662000 | 562265 |
| Benchmark Mortgage Trust Series 2020-B21 Class D, 2% 12/17/2053 (b)(e) | 1638000 | 1105125 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825C, 3.0763% 9/15/2048 (b)(d) | 1784000 | 1636152 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825D, 3.0763% 9/15/2048 (b)(d) | 1955000 | 1769129 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825E, 3.0763% 9/15/2048 (b)(d)(e) | 3049000 | 2722558 |
| Benchmark Mortgage Trust Series 2021-B25 Class 300D, 2.9942% 4/15/2054 (b)(d)(e) | 6055000 | 3118783 |
| Benchmark Mortgage Trust Series 2021-B25 Class 300E, 2.9942% 4/15/2054 (b)(d)(e) | 1113000 | 440156 |
| Benchmark Mortgage Trust Series 2021-B29 Class A5, 2.3879% 9/15/2054  | 2055000 | 1768677 |
| Benchmark Mortgage Trust Series 2022-B33 Class A5, 3.4582% 3/15/2055  | 2477000 | 2231233 |
| Benchmark Mortgage Trust Series 2022-B35 Class D, 2.5% 5/15/2055 (b) | 3003000 | 1979188 |
| Benchmark Mortgage Trust Series 2022-B36 Class AS, 4.9505% 7/15/2055  | 1190000 | 1150225 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b) | 1872000 | 1281413 |
| Benchmark Mortgage Trust Series 2022-B37 Class B, 5.7499% 11/15/2055 (d) | 980000 | 964427 |
| Benchmark Mortgage Trust Series 2022-B37 Class C, 5.7499% 11/15/2055 (d) | 2090000 | 1994392 |
| Benchmark Mortgage Trust Series 2023-B38 Class B, 6.2445% 4/15/2056 (d) | 1351000 | 1388558 |
| Benchmark Mortgage Trust Series 2023-B39 Class A5, 5.7536% 7/15/2056  | 2714000 | 2822335 |
| Benchmark Mortgage Trust Series 2023-B39 Class C, 6.5734% 7/15/2056 (d) | 1859000 | 1879537 |
| Benchmark Mortgage Trust Series 2024-V11 Class C, 6.295% 11/15/2057  | 2621000 | 2637077 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 7.0196% 11/15/2041 (b)(c)(d) | 1000000 | 1000000 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class E, CME Term SOFR 1 month Index + 3.6395%, 7.9682% 11/15/2041 (b)(c)(d) | 3174000 | 3166698 |
| BFLD Trust Series 2024-WRHS Class E, CME Term SOFR 1 month Index + 3.6889%, 8.0176% 8/15/2026 (b)(c)(d) | 1714945 | 1713049 |
| BMO Mortgage Trust Series 2022-C1 Class 360D, 3.9387% 2/17/2055 (b)(d)(e) | 1638000 | 1282845 |
| BMO Mortgage Trust Series 2022-C1 Class 360E, 3.9387% 2/17/2055 (b)(d)(e) | 1970000 | 1460038 |
| BMO Mortgage Trust Series 2022-C1 Class A5, 3.374% 2/15/2055  | 3142000 | 2831308 |
| BMO Mortgage Trust Series 2023-C4 Class B, 5.3955% 2/15/2056 (d) | 1186000 | 1182589 |
| BMO Mortgage Trust Series 2023-C4 Class C, 5.8627% 2/15/2056 (d) | 2468000 | 2446153 |
| BMO Mortgage Trust Series 2023-C5 Class A5, 5.7653% 6/15/2056  | 1463000 | 1508433 |
| BMO Mortgage Trust Series 2024-C10 Class C, 5.979% 11/15/2057 (d) | 1039000 | 1016274 |
| BMO Mortgage Trust Series 2025-5C10 Class C, 6.485% 5/15/2058 (d) | 297000 | 299279 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (b)(d) | 1858000 | 1874858 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class D, 7.001% 11/5/2039 (b)(d) | 2536000 | 2572785 |
| BPR Trust Series 2023-BRK2 Class C, 8.335% 10/5/2038 (b)(d) | 1845000 | 1933202 |
| BPR Trust Series 2024-PMDW Class B, 5.85% 11/5/2041 (b)(d) | 1314000 | 1321721 |
| BPR Trust Series 2024-PMDW Class E, 5.85% 11/5/2041 (b)(d) | 766000 | 705123 |
| Bx Coml Mtg Tr 2023-Vlt3 Series 2023-VLT3 Class C, CME Term SOFR 1 month Index + 3.438%, 7.7667% 11/15/2028 (b)(c)(d) | 1000000 | 1000000 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class D, 3.5488% 3/11/2044 (b)(d) | 9422000 | 8479901 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (b)(d) | 9936000 | 8707176 |
| BX Commercial Mortgage Trust 2022-LP2 Series 2022-LP2 Class F, CME Term SOFR 1 month Index + 3.2578%, 7.5865% 2/15/2039 (b)(c)(d) | 1925000 | 1909360 |
| BX Commercial Mortgage Trust 2022-LP2 Series 2022-LP2 Class G, CME Term SOFR 1 month Index + 4.1058%, 8.4345% 2/15/2039 (b)(c)(d) | 1213800 | 1204884 |
| BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 8.0167% 5/15/2034 (b)(c)(d) | 7886180 | 7856607 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class A, 5.4104% 11/13/2046 (b)(d) | 2180000 | 2159717 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (b)(d) | 535000 | 531491 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class C, 6.192% 11/13/2046 (b)(d) | 2016000 | 2010540 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 7.8715% 11/13/2046 (b)(d) | 7158000 | 7443622 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 8.0171% 3/15/2041 (b)(c)(d) | 4462676 | 4437141 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class G, CME Term SOFR 1 month Index + 2.9145%, 7.2435% 6/15/2038 (b)(c)(d) | 3857646 | 3849208 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class J, CME Term SOFR 1 month Index + 3.8645%, 8.1935% 6/15/2038 (b)(c)(d) | 2630213 | 2615207 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class E, CME Term SOFR 1 month Index + 3.6883%, 8.017% 5/15/2041 (b)(c)(d) | 2509480 | 2501129 |
| BX Commercial Mortgage Trust Series 2021-CIP Class E, CME Term SOFR 1 month Index + 2.9345%, 7.2635% 12/15/2038 (b)(c)(d) | 3819419 | 3807484 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.6625% 12/15/2038 (b)(c)(d) | 2199113 | 2182619 |
| BX Commercial Mortgage Trust Series 2021-MC Class G, CME Term SOFR 1 month Index + 3.2013%, 7.5303% 4/15/2034 (b)(c)(d) | 1572000 | 1442285 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.3896% 10/15/2036 (b)(c)(d) | 3192000 | 3158085 |
| BX Commercial Mortgage Trust Series 2021-VINO Class F, CME Term SOFR 1 month Index + 2.9168%, 7.2458% 5/15/2038 (b)(c)(d) | 7020300 | 6996168 |
| BX Commercial Mortgage Trust Series 2021-VINO Class G, CME Term SOFR 1 month Index + 4.0668%, 8.3958% 5/15/2038 (b)(c)(d) | 3495800 | 3459326 |
| BX Commercial Mortgage Trust Series 2024-GPA2 Class E, CME Term SOFR 1 month Index + 3.5395%, 7.8682% 11/15/2041 (b)(c)(d) | 1875000 | 1868677 |
| BX Commercial Mortgage Trust Series 2024-WPT Class E, CME Term SOFR 1 month Index + 3.5884%, 7.9171% 3/15/2034 (b)(c)(d) | 1775000 | 1767429 |
| BX Commercial Mortgage Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 8.0189% 4/15/2040 (b)(c)(d) | 6630000 | 6576209 |
| Bx Tr 2025-Tail Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 7.6% 6/15/2035 (b)(c)(d) | 1959000 | 1959000 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (b)(d) | 14678000 | 13301659 |
| BX Trust 2021-VOL Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8432% 9/15/2036 (b)(c)(d) | 3227000 | 3200781 |
| BX Trust 2021-VOL Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 7.2932% 9/15/2036 (b)(c)(d) | 7836000 | 7734380 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 7.2181% 7/15/2029 (b)(c)(d) | 2820000 | 2781225 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2666% 7/15/2029 (b)(c)(d) | 5450000 | 5387642 |
| BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 8.0174% 4/15/2041 (b)(c)(d) | 3743867 | 3731420 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.2689% 11/15/2041 (b)(c)(d) | 1003096 | 1003723 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.2675% 11/15/2041 (b)(c)(d) | 4813939 | 4788372 |
| BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 7.27% 3/15/2030 (b)(c)(d) | 5347000 | 5213491 |
| BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.7385% 11/15/2038 (b)(c)(d) | 2523887 | 2493916 |
| BX Trust Series 2021-LBA Class FJV, CME Term SOFR 1 month Index + 2.5145%, 6.8435% 2/15/2036 (b)(c)(d) | 458000 | 452275 |
| BX Trust Series 2021-LBA Class GJV, CME Term SOFR 1 month Index + 3.1145%, 7.4435% 2/15/2036 (b)(c)(d) | 1033000 | 1012340 |
| BX Trust Series 2021-MFM1 Class F, CME Term SOFR 1 month Index + 3.1145%, 7.4435% 1/15/2034 (b)(c)(d) | 583800 | 581362 |
| BX Trust Series 2021-MFM1 Class G, CME Term SOFR 1 month Index + 4.0145%, 8.3435% 1/15/2034 (b)(c)(d) | 291900 | 289686 |
| Bx Trust Series 2021-SDMF Class F, CME Term SOFR 1 month Index + 2.0515%, 6.3805% 9/15/2034 (b)(c)(d) | 1441138 | 1423124 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6787% 1/15/2039 (b)(c)(d) | 4315000 | 4266456 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.6277% 1/15/2039 (b)(c)(d) | 3200000 | 3158821 |
| BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 8.5168% 2/15/2039 (b)(c)(d) | 1893939 | 1892967 |
| BX Trust Series 2025-DIME Class E, 7.3287% 2/15/2035 (b) | 3267000 | 3241662 |
| Bx Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 8.28% 6/15/2040 (b)(c)(d) | 722000 | 722000 |
| BX Trust Series 2025-VLT6 Class E, CME Term SOFR 1 month Index + 3.1907%, 7.5194% 3/15/2042 (b)(c)(d) | 3278000 | 3253415 |
| BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 8.2684% 3/15/2042 (b)(c)(d) | 3413000 | 3340002 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (b)(d) | 709000 | 507545 |
| CAMB Commercial Mortgage Trust Series 2019-LIFE Class G, CME Term SOFR 1 month Index + 3.547%, 7.876% 12/15/2037 (b)(c)(d) | 4642000 | 4604215 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (b)(e) | 4073000 | 850156 |
| Citigroup Commercial Mortgage Trust Series 2020-420K Class D, 3.3118% 11/10/2042 (b)(d) | 636000 | 551539 |
| Citigroup Commercial Mortgage Trust Series 2020-420K Class E, 3.3118% 11/10/2042 (b)(d) | 3345000 | 2798664 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48 Class D, 2.5% 6/15/2055 (b) | 3129000 | 2106054 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class C, 6.3597% 7/10/2028 (b)(d) | 1204000 | 1228912 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class D, 6.3597% 7/10/2028 (b)(d) | 1383000 | 1384700 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class D, 5.8524% 10/12/2040 (b)(d) | 2611000 | 2582749 |
| COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (b)(d) | 1773736 | 1606176 |
| COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (b) | 2840000 | 2612800 |
| COMM Mortgage Trust Series 2014-CR17 Class E, 4.8431% 5/10/2047 (b)(d) | 589000 | 449607 |
| COMM Mortgage Trust Series 2014-CR20 Class C, 4.6707% 11/10/2047 (d)(e) | 501480 | 483727 |
| COMM Mortgage Trust Series 2015-DC1 Class B, 4.035% 2/10/2048 (d) | 3527000 | 3407752 |
| COMM Mortgage Trust Series 2015-DC1 Class C, 4.2871% 2/10/2048 (d) | 3928000 | 3553230 |
| COMM Mortgage Trust Series 2015-LC19 Class B, 3.829% 2/10/2048  | 192000 | 189068 |
| COMM Mortgage Trust Series 2015-LC19 Class C, 4.1051% 2/10/2048 (d)(e) | 3842000 | 3703433 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 1920000 | 1757165 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 356070 | 293139 |
| COMM Mortgage Trust Series 2017-COR2 Class C, 4.5872% 9/10/2050 (d) | 1192000 | 1123173 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b) | 1146000 | 993735 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6813% 9/15/2033 (b)(c)(d)(e) | 1487000 | 24951 |
| Commercial Mortgage Trust Series 2016-CD2 Class D, 2.7247% 11/10/2049 (d)(e) | 1680000 | 408751 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.2172% 8/15/2041 (b)(c)(d) | 3075000 | 3051301 |
| CPT Mortgage Trust Series 2019-CPT Class E, 2.9968% 11/13/2039 (b)(d) | 2205000 | 1779632 |
| CPT Mortgage Trust Series 2019-CPT Class F, 2.9968% 11/13/2039 (b)(d) | 2772000 | 2063639 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7601% 6/15/2034 (b)(c)(e) | 2561600 | 1121809 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 month Index + 3.5737%, 7.9027% 5/9/2026 (b)(c)(d) | 3038314 | 2965277 |
| CSAIL Commercial Mortgage Trust Series 2017-C8 Class C, 4.2578% 6/15/2050 (d) | 3060000 | 2628391 |
| CSMC Trust Series 2019-UVIL Class E, 3.2833% 12/15/2041 (b)(d) | 6276000 | 5234381 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.6372% 10/15/2051 (d) | 777000 | 676565 |
| DBGS Mortgage Trust Series 2019-1735 Class F, 4.1946% 4/10/2037 (b)(d) | 1000000 | 643120 |
| DC Commercial Mortgage Trust Series 2023-DC Class D, 7.1405% 9/12/2040 (b)(d) | 2100000 | 2100143 |
| DC Office Trust Series 2019-MTC Class E, 3.072% 9/15/2045 (b)(d) | 1029000 | 781296 |
| DK Trust Series 2024-SPBX Class E, CME Term SOFR 1 month Index + 4%, 8.3287% 3/15/2034 (b)(c)(d) | 2463000 | 2466589 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class D, 6.7308% 1/15/2041 (b)(d) | 4760000 | 4755062 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class E, 5.7759% 1/15/2041 (b)(d) | 769000 | 732914 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class F, CME Term SOFR 1 month Index + 2.7815%, 7.1105% 11/15/2038 (b)(c)(d) | 1221578 | 1214707 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class G, CME Term SOFR 1 month Index + 3.2305%, 7.5595% 11/15/2038 (b)(c)(d) | 1248547 | 1240743 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class J, CME Term SOFR 1 month Index + 3.7294%, 8.0584% 11/15/2038 (b)(c)(d) | 5313815 | 5255201 |
| EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (b)(c)(d) | 1817000 | 1831323 |
| EQT Trust Series 2024-EXTR Class C, 6.0464% 7/5/2041 (b)(d) | 1535000 | 1549779 |
| EQT Trust Series 2024-EXTR Class D, 6.6819% 7/5/2041 (b)(d) | 327000 | 330103 |
| Extended Stay America Trust Series 2021-ESH Class F, CME Term SOFR 1 month Index + 3.8145%, 8.1435% 7/15/2038 (b)(c)(d) | 4038182 | 4038182 |
| Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.9787% 12/15/2039 (b)(c)(d) | 3198000 | 3195550 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.148% 8/10/2044 (b)(d) | 1929752 | 1443121 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.148% 8/10/2044 (b)(d)(e) | 2432000 | 731854 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e) | 4308000 | 12924 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class D, 4.5879% 11/10/2045 (b)(d) | 2035486 | 1954067 |
| GS Mortgage Securities Trust Series 2016-GS2 Class D, 2.753% 5/10/2049 (b) | 2058050 | 1900256 |
| GS Mortgage Securities Trust Series 2017-GS5 Class C, 4.299% 3/10/2050 (d) | 2499000 | 1407958 |
| GS Mortgage Securities Trust Series 2019-GC38 Class D, 3% 2/10/2052 (b) | 1667000 | 1346604 |
| GS Mortgage Securities Trust Series 2019-GC39 Class D, 3% 5/10/2052 (b) | 2830000 | 2090914 |
| GS Mortgage Securities Trust Series 2019-GC42 Class C, 3.6973% 9/10/2052 (d) | 3833000 | 3280375 |
| GS Mortgage Securities Trust Series 2019-GC42 Class D, 2.8% 9/10/2052 (b) | 2307000 | 1619106 |
| GS Mortgage Securities Trust Series 2020-GC45 Class SWD, 3.2185% 12/13/2039 (b)(d) | 1764000 | 1335318 |
| GS Mortgage Securities Trust Series 2020-GC47 Class D, 3.4522% 5/12/2053 (b)(d) | 756000 | 557010 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (b)(d) | 3235000 | 3256384 |
| GS Mortgage Securities Trust Series 2024-RVR Class B, 5.538% 8/10/2041 (b)(d) | 939000 | 935340 |
| GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.7767% 11/25/2041 (b)(c)(d) | 1325000 | 1325077 |
| Hilton USA Trust Series 2016-HHV Class E, 4.1935% 11/5/2038 (b)(d) | 5078000 | 4907912 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (b)(d) | 6517000 | 6248175 |
| Home Partners of America Trust Series 2019-1 Class E, 3.604% 9/17/2039 (b) | 1240068 | 1170027 |
| Home Partners of America Trust Series 2019-1 Class F, 4.101% 9/17/2039 (b) | 201216 | 187509 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/2035 (b) | 2943000 | 2883421 |
| Intown Mortgage Trust Series 2025-STAY Class E, CME Term SOFR 1 month Index + 3.85%, 8.179% 3/15/2042 (b)(c)(d) | 1607000 | 1597957 |
| Ip 2025-Ip Mtg Tr Series 2025-IP, 7.851% 6/10/2042 (b)(d) | 1424000 | 1423999 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.671% 1/15/2048 (b)(d) | 2250000 | 1867478 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C32 Class C, 4.6544% 11/15/2048 (d)(e) | 1500000 | 637153 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.3752% 12/15/2049 (b)(d) | 2418000 | 1788381 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2565% 6/15/2051 (b)(d) | 1171000 | 891297 |
| JPMDB Commercial Mortgage Securities Trust Series 2019-COR6 Class D, 2.5% 11/13/2052 (b) | 1354000 | 651671 |
| JPMDB Commercial Mortgage Securities Trust Series 2020-COR7 Class D, 1.75% 5/13/2053 (b)(e) | 1535000 | 788081 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class E, 5.525% 2/15/2046 (b)(d) | 2360000 | 1550858 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (b)(d) | 1082000 | 143195 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (b)(d) | 2622000 | 181272 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6896% 6/15/2045 (b)(d)(e) | 2575887 | 2332040 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (b)(e) | 3743000 | 3098426 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(e) | 4129000 | 2300504 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.1572% 4/15/2046 (d)(e) | 3677000 | 861448 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class E, 3.25% 4/15/2046 (b)(d) | 104000 | 4313 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(d) | 5894000 | 10020 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D, 3.8046% 6/10/2027 (b)(d)(e) | 3213000 | 8080 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (b)(d) | 4232000 | 10587 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (b)(d) | 2150000 | 377135 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class A, 3.3973% 6/5/2039 (b) | 1696000 | 1574821 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class D, 3.7828% 6/5/2039 (b)(d) | 984000 | 881987 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class E, 3.7828% 6/5/2039 (b)(d) | 3019000 | 2643840 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class EFX, 3.972% 1/16/2037 (b)(e) | 2771000 | 828501 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b)(e) | 2388000 | 454651 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class GFX, 4.8445% 1/16/2037 (b)(d) | 942000 | 91836 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class E, CME Term SOFR 1 month Index + 2.8145%, 7.1435% 4/15/2038 (b)(c)(d) | 2015000 | 2013741 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.6435% 4/15/2038 (b)(c)(d) | 1716000 | 1714391 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (b)(d) | 3234000 | 3128448 |
| KNDR Trust Series 2021-KIND Class C, CME Term SOFR 1 month Index + 1.8645%, 6.2% 8/15/2038 (b)(c)(d) | 532626 | 523971 |
| KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.75% 8/15/2038 (b)(c)(d) | 2020408 | 1982526 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.4% 8/15/2038 (b)(c)(d) | 4435575 | 4317476 |
| KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 7.3287% 3/15/2042 (b)(c)(d) | 2527000 | 2505464 |
| LBA Trust Series 2024-BOLT Class E, CME Term SOFR 1 month Index + 3.6881%, 8.0168% 6/15/2039 (b)(c)(d) | 1000000 | 998750 |
| LBA Trust Series 2024-BOLT Class F, CME Term SOFR 1 month Index + 4.437%, 8.7657% 6/15/2039 (b)(c)(d) | 1450000 | 1444016 |
| LV Trust Series 2024-SHOW Class C, 6.0739% 10/10/2041 (b)(d) | 1629000 | 1626994 |
| Market Mortgage Trust Series 2020-525M Class F, 2.9406% 2/12/2040 (b)(d) | 1976000 | 1334003 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 7.0444% 4/15/2038 (b)(c)(d) | 4520000 | 4517175 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6444% 4/15/2038 (b)(c)(d) | 8960000 | 8954400 |
| MHC Trust Series 2021-MHC2 Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8435% 5/15/2038 (b)(c)(d) | 754400 | 751571 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 7.1935% 7/15/2038 (b)(c)(d) | 4235000 | 4227059 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.3935% 7/15/2038 (b)(c)(d) | 1847000 | 1839460 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class E, CME Term SOFR 1 month Index + 2.6106%, 6.9393% 1/15/2039 (b)(c)(d) | 4096000 | 4067840 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.5879% 1/15/2039 (b)(c)(d) | 2614400 | 2594792 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 8.2862% 1/15/2027 (b)(c)(d) | 1881600 | 1878324 |
| MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (b) | 1012000 | 1027156 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.3446% 11/15/2045 (b)(d)(e) | 3633000 | 2942766 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (b)(d) | 1575000 | 214216 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.8018% 5/15/2046 (b)(d) | 4000000 | 3634888 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C33 Class D, 3.356% 5/15/2050 (b) | 2932000 | 2563223 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (b)(d) | 2205752 | 2183695 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (b)(d) | 2011000 | 1387590 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9414% 7/15/2049 (b)(d) | 711137 | 690201 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9414% 7/15/2049 (b)(d) | 984000 | 915213 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9414% 7/15/2049 (b)(d) | 3536800 | 3223221 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class B, 4.0115% 5/15/2048 (d) | 428000 | 410183 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class C, 4.0115% 5/15/2048 (d) | 1973000 | 1786893 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.0115% 5/15/2048 (b)(d) | 1541000 | 1232819 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class B, 4.075% 6/15/2050  | 1000000 | 954392 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 2733000 | 2549013 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class D, 2.546% 6/15/2050 (b) | 5262000 | 4232499 |
| Morgan Stanley Capital I Trust Series 2017-HR2 Class D, 2.73% 12/15/2050  | 5150000 | 4531176 |
| Morgan Stanley Capital I Trust Series 2018-MP Class E, 4.276% 7/11/2040 (b)(d) | 3059000 | 2077256 |
| Morgan Stanley Capital I Trust Series 2020-CNP Class D, 2.4276% 4/5/2042 (b)(d) | 1043000 | 794309 |
| Morgan Stanley Capital I Trust Series 2021-L5 Class A4, 2.728% 5/15/2054  | 3744000 | 3309753 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b) | 2316138 | 2400947 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d) | 1786000 | 1668881 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class C, 4.0803% 9/24/2057 (b)(d) | 1928000 | 1809167 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (b)(d) | 1014000 | 857575 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056  | 1899000 | 1962506 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class C, 6.6829% 5/15/2056 (d) | 1266000 | 1267808 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8761% 12/15/2056 (d) | 1070000 | 1131450 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class C, 7.0181% 12/15/2056 (d) | 3564000 | 3616474 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class D, 4% 12/15/2056 (b) | 351000 | 265166 |
| Natixis Commercial Mortgage Securities Trust Series 2019-10K Class E, 4.1346% 5/15/2039 (b)(d) | 2293000 | 2040336 |
| Natixis Commercial Mortgage Securities Trust Series 2019-10K Class F, 4.1346% 5/15/2039 (b)(d) | 3014000 | 2571827 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (b)(d) | 7586000 | 7693977 |
| OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 11.0125% 11/15/2040 (b)(c)(d) | 2000000 | 2000000 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class F, CME Term SOFR 1 month Index + 3.4645%, 7.7935% 7/15/2038 (b)(c)(d)(e) | 2225000 | 1103623 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class NR, CME Term SOFR 1 month Index + 6.1145%, 10.4435% 7/15/2038 (b)(c)(d)(e) | 631000 | 232700 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 6369000 | 5256336 |
| PRM5 Trust Series 2025-PRM5 Class D, 5.6245% 3/10/2033 (b)(d) | 1195000 | 1182028 |
| PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (b)(d) | 4435000 | 4417703 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 1032301 | 1050019 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 4917000 | 5131950 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.5172% 11/15/2034 (b)(c)(d) | 2627000 | 2619830 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class F, CME Term SOFR 1 month Index + 5.187%, 9.5157% 11/15/2034 (b)(c)(d) | 2189000 | 2176536 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (b)(d) | 3855000 | 3008300 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9287% 10/15/2041 (b)(c)(d) | 3580000 | 3577761 |
| SHR Trust Series 2024-LXRY Class E, CME Term SOFR 1 month Index + 4.45%, 8.7787% 10/15/2041 (b)(c)(d) | 1216000 | 1204592 |
| SOHO Trust Series 2021-SOHO Class D, 2.7865% 8/10/2038 (b)(d)(e) | 2499000 | 1498155 |
| SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.7093% 10/15/2038 (b)(c)(d) | 3339000 | 3289890 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.417% 11/15/2038 (b)(c)(d) | 5032210 | 5012301 |
| SREIT Trust Series 2021-MFP2 Class G, CME Term SOFR 1 month Index + 3.082%, 7.411% 11/15/2036 (b)(c)(d) | 3024000 | 2997540 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.359% 11/15/2036 (b)(c)(d) | 1803000 | 1782980 |
| SREIT Trust Series 2021-PALM Class G, CME Term SOFR 1 month Index + 3.7306%, 8.0596% 10/15/2034 (b)(c)(d) | 3411000 | 3396787 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.994% 11/15/2036 (b)(c)(d) | 4149000 | 4087954 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.643% 11/15/2036 (b)(c)(d) | 1134000 | 1115053 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.5676% 2/15/2042 (b)(c)(d) | 7802000 | 7715303 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(d) | 1432663 | 1296560 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(d)(e) | 2484000 | 793228 |
| UBS Commercial Mortgage Trust Series 2018-C8 Class C, 4.6825% 2/15/2051 (d) | 756000 | 650747 |
| VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 8.3435% 7/15/2039 (b)(c)(d) | 3009000 | 2295647 |
| VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 9.4435% 7/15/2039 (b)(c)(d)(e) | 693000 | 469630 |
| Wells Fargo Commercial Mortgage Trust Series 2015-NXS4 Class D, 3.6704% 12/15/2048 (d) | 1834000 | 1740795 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (b) | 1526000 | 906381 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class C, 4.3944% 11/15/2049 (d) | 1262000 | 1198908 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class D, 3.059% 11/15/2049 (b) | 1250000 | 1091726 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C44 Class D, 3% 5/15/2051 (b) | 3949000 | 3017782 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C49 Class B, 4.546% 3/15/2052  | 450000 | 433657 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C49 Class C, 4.866% 3/15/2052 (d) | 3863000 | 3687278 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C53 Class B, 3.514% 10/15/2052  | 1459000 | 1332199 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C57 Class D, 2.5% 8/15/2053 (b) | 2108000 | 1608073 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C60 Class A4, 2.342% 8/15/2054  | 2703000 | 2326731 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C60 Class D, 2.5% 8/15/2054 (b) | 761000 | 562083 |
| Wells Fargo Commercial Mortgage Trust Series 2021-SAVE Class D, CME Term SOFR 1 month Index + 2.7145%, 7.0435% 2/15/2040 (b)(c)(d) | 1000000 | 999410 |
| Wells Fargo Commercial Mortgage Trust Series 2021-SAVE Class E, CME Term SOFR 1 month Index + 3.8645%, 8.1935% 2/15/2040 (b)(c)(d) | 450400 | 450134 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class E, 7.8268% 7/15/2035 (b)(d) | 2867000 | 2901760 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C2 Class C, 6.3334% 11/15/2057 (d) | 757000 | 762496 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.8545% 3/15/2044 (b)(d) | 1284756 | 417545 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4 Class D, 4.9829% 6/15/2044 (b)(d) | 1148282 | 1099480 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4 Class E, 4.9829% 6/15/2044 (b)(d) | 1274000 | 1188642 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e) | 1252600 | 398698 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0652% 3/15/2045 (b)(d) | 4999000 | 3398875 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.955% 5/15/2045 (b)(d) | 1190587 | 1092471 |
| WF-RBS Commercial Mortgage Trust Series 2013-C16 Class D, 4.615% 9/15/2046 (b)(d) | 266187 | 252980 |
| WFCM Series 2022-C62 Class A4, 4% 4/15/2055  | 2074000 | 1932194 |
| WFCM Series 2022-C62 Class D, 2.5% 4/15/2055 (b) | 2352000 | 1566822 |
| Worldwide Plaza Trust Series 2017-WWP Class F, 3.5955% 11/10/2036 (b)(d) | 1695000 | 84749 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (b)(d) | 1638000 | 1527435 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (b)(d)(e) | 4354000 | 3786676 |
| TOTAL UNITED STATES |  | 693459116 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $749,719,615) |  | <br> **695631443** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 571896 | 573337 |
| Real Estate - 2.7% |  |  |
| Diversified REITs - 0.4% |  |  |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 2792000 | 2844977 |
| Health Care REITs - 0.1% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 955000 | 978916 |
| Real Estate Management & Development - 0.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 1625000 | 1561359 |
| Essex Portfolio LP 5.5% 4/1/2034  | 1401000 | 1407593 |
|  |  | 2968952 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 3646000 | 3638576 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 540000 | 503053 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 2455000 | 2447976 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 450000 | 420781 |
|  |  | 7010386 |
| Retail REITs - 0.3% |  |  |
| NNN REIT Inc 5.6% 10/15/2033  | 2485000 | 2519737 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp 5.45% 2/15/2034  | 1100000 | 1110726 |
| Iron Mountain Inc 6.25% 1/15/2033 (b) | 3250000 | 3280524 |
|  |  | 4391250 |
| TOTAL REAL ESTATE |  | 20714218 |
| TOTAL UNITED STATES |  | 21287555 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $20,911,581) |  | <br> **21287555** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Crest Dartmouth Street 0% (b)(d)(e)(i)<br>(Cost $2,796,600)<br>| 3100000 | **31** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j)<br>(Cost $29,716,233)<br>| 4.32 | 29710291 | **29716233** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $846,480,589)<br>| <br>**779820827** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(2257797)** |
| **NET ASSETS - 100.0%** | **777563030** |

---

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $575,242,802 or 74.0% of net assets.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(e) Level 3 security

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

(g) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(i) Non-income producing

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 26339434 | 152167791 | 148790992 | 756302 | - | - | 29716233 | 29710291 | 0.1% |
| Total | 26339434 | 152167791 | 148790992 | 756302 | - | - | 29716233 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 28908368 | - | 28908341 | 27 |
|  **Bank Loan Obligations** |  |  |  |  |
| Financials | 4248977 | - | - | 4248977 |
|  **Collateralized Mortgage Obligations** | 28220 | - | - | 28220 |
|  **Commercial Mortgage Securities** | 695631443 | - | 653889061 | 41742382 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 573337 | - | 573337 | - |
| Real Estate | 20714218 | - | 20714218 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 31 | - | - | 31 |
|  **Money Market Funds** | 29716233 | 29716233 | - | - |
| **Total Investments in Securities:** | 779820827 | 29716233 | 704084957 | 46019637 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Asset-Backed Securities** | 26 | - | (85) | - | - | 86 | - | - | 27 | (85) |
| **Bank Loan Obligations** | 5306506 | - | 38356 | - | (1095885) | - | - | - | 4248977 | 38356 |
| **Collateralized Mortgage Obligations** | 31258 | 6260 | (838) | - | (7920) | (540) | - | - | 28220 | (838) |
| **Commercial Mortgage Securities** | 21779787 | 10780 | 1274716 | - | (355304) | (433890) | 22495912 | (3029619) | 41742382 | 1300555 |
| **Non-Convertible Preferred Stocks** | 31 | - | - | - | - | - | - | - | 31 | - |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $816,764,356) | $750104594 |  |
| Fidelity Central Funds (cost $29,716,233) | 29716233 |  |
| Total Investment in Securities (cost $846,480,589) |  | $779820827 |
| Receivable for investments sold |  | 122 |
| Interest receivable |  | 3389606 |
| Distributions receivable from Fidelity Central Funds |  | 114035 |
| Prepaid expenses |  | 84 |
| **Total assets** |  | 783324674 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1866 |  |
| Payable for investments purchased  | 4104999 |  |
| Distributions payable | 1097011 |  |
| Accrued management fee | 462457 |  |
| Other payables and accrued expenses | 95311 |  |
| **Total liabilities** |  | 5761644 |
| **Net Assets**  |  | $777563030 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $938739004 |
| Total accumulated earnings (loss) |  | (161175974) |
| **Net Assets** |  | $777563030 |
| **Net Asset Value**, offering price and redemption price per share ($777,563,030 ÷ 106,557,183 shares) |  | $7.30 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $22091107 |
| Income from Fidelity Central Funds  |  | 756302 |
| **Total income** |  | 22847409 |
| **Expenses** |  |  |
| Management fee | $2700802 |  |
| Custodian fees and expenses | 2533 |  |
| Independent trustees' fees and expenses | 1520 |  |
| Audit fees | 93796 |  |
| Legal | 312 |  |
| Miscellaneous | 2016 |  |
| Total expenses before reductions | 2800979 |  |
| Expense reductions | (2911) |  |
| Total expenses after reductions |  | 2798068 |
| **Net Investment income (loss)** |  | 20049341 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 27357 |  |
| Total net realized gain (loss) |  | 27357 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 8030559 |
| **Net gain (loss)** |  | 8057916 |
| **Net increase (decrease) in net assets resulting from operations** |  | $28107257 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20049341 | $33215806 |
| &nbsp;&nbsp;Net realized gain (loss) | 27357<br>| (10306043)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 8030559 | 57770217<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 28107257<br>| 80679980<br>|
| Distributions to shareholders | (19982159)<br>| (32795736)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 85096000 | 144461000 |
| Reinvestment of distributions | 13315917<br>| 18852447<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (17250000) | (40000000) |
| **Net increase (decrease) in net assets resulting from share transactions** | 81161917<br>| 123313447<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 89287015<br>| 171197691<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 688276015 | 517078324<br>|
| &nbsp;&nbsp;End of period | $777563030 | $688276015 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 11768176 | 20256392 |
| Issued in reinvestment of distributions | 1831211<br>| 2664936<br>|
| &nbsp;&nbsp;Redeemed | (2371263) | (5930104) |
| &nbsp;&nbsp;Net increase (decrease) | 11228124 | 16991224 |

---

**Financial Highlights** 

**Fidelity® Real Estate High Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.22 | $6.60 | $7.17 | $8.24 | $7.80 | $8.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .194  | .407  | .423  | .345  | .305  | .341  |
| Net realized and unrealized gain (loss)  | .112  | .617  | (.594)  | (1.059)  | .469  | (.972)  |
| Total from investment operations  | .306  | 1.024  | (.171)  | (.714)  | .774  | (.631)  |
| Distributions from net investment income  | (.226)  | (.404)  | (.392)  | (.324)  | (.334)  | (.339)  |
| Distributions from tax return of capital  | - | - | (.007) | (.032) | - | - |
| Total distributions  | (.226)  | (.404)  | (.399)  | (.356)  | (.334)  | (.339)  |
| Net asset value, end of period  | $7.30 | $7.22 | $6.60 | $7.17 | $8.24 | $7.80 |
| **Total Return** C,D | 3.82% <br>| 15.83%  | (2.44)%  | (8.84)%  | 10.07%  | (7.06)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .75% G | .76%  | .78%  | .78%  | .78%  | .79%  |
| Expenses net of fee waivers, if any  | .75% G<br>| .76%  | .78%  | .78%  | .78%  | .79%  |
| Expenses net of all reductions, if any  | .75% G | .76%  | .78%  | .78%  | .78%  | .79%  |
| Net investment income (loss)  | 5.37% G | 5.79%  | 6.13%  | 4.48%  | 3.74%  | 4.41%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $777563 | $688276 | $517078 | $722213 | $945943 | $757024 |
| Portfolio turnover rate H | 21% G<br>| 23%  | 32%  | 16%  | 22%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

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

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

E*Fees and expenses of any underlying 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.*

F*Expense 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.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

Fidelity Real Estate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

The Fund attempts to obtain prices from one or more third party pricing services or brokers. For certain securities, independent prices may be unavailable, unreliable or limited to a single third party pricing service or broker, and the values reflected may differ from the amount that would be realized if the securities were sold.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Asset-Backed Securities | $27 | Indicative market price  | Evaluated bid  | $0.00  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
| Bank Loan Obligations | $4248977 | Discounted cash flow  | Yield  | 9.5% - 11.8% / 10.7% | Decrease |
| Collateralized Mortgage Obligations | $28220 | Indicative market price  | Evaluated bid  | $1.32 - $43.41 / $22.50 | Increase |
| Commercial Mortgage Securities | $41742382 | Indicative market price  | Evaluated bid  | $0.25 - $96.46 / $50.93 | Increase |
| Non-Convertible Preferred Stocks | $31 | Recovery value  | Recovery value  | $0.00  | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, controlled foreign corporations and capital loss carryforwards.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $15150198 |
| **Gross unrealized depreciation** | <u>(81810803)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(66660605)</u> |
| **Tax cost** | <u>$846481432</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(10027052) |
| Long-term | <u>(82445741)</u> |
| **Total capital loss carryforward** | <u>$(92472793)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate High Income Fund** | 151181006 | 74294658 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment 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 a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Real Estate High Income Fund** | .72 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the 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 the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Real Estate High Income Fund** | .72 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Real Estate High Income Fund** | 576 |

---

**7. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,911.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| Fidelity Real Estate High Income Fund  | 3 | 70% |

---

**9. Credit and Liquidity Risk.**

The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities. As these securities have a higher degree of sensitivity to changes in economic conditions, including real estate values, the risk of default is higher, and the liquidity and/or value of such securities may be adversely affected.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Real Estate High Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that the fund is a specialized institutional product with a $1 million investment minimum that, unlike the majority of funds in its total peer group, primarily invests in lower quality commercial mortgage-backed securities and other real estate-related investments, which require significant proprietary research and investment expertise. The Board noted that FMR has not identified any other publicly available competitor open-end funds that are comparable to the fund.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109861_4.jpg)<br>

1.723505.126 REHI-SANN-0725

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99906cert.htm) .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Advisor Series I (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>