# EDGAR Filing Document

**Accession Number:** 0000722574
**File Stem:** 0000722574-26-000012
**Filing Date:** 2026-1
**Character Count:** 1056724
**Document Hash:** 27366a3053bb2bf8a24ca4146c65894e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000722574-26-000012.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000722574-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 126

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03785
- **FILM NUMBER:** 26550283

**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 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 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 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, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;November 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class C : FMCEX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $170  | 1.69% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10471<br>| $12535<br>| $12859<br>| $14309<br>| $15468<br>| $18910<br>| $17886<br>| $18143<br>| $23965<br>| $24499<br>|
| S&P MidCap 400® Index<br>| $10000 | $11323<br>| $13421<br>| $13486<br>| $14680<br>| $16104<br>| $20368<br>| $19698<br>| $19928<br>| $26576<br>| $26515<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120953_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 0.50% | 9.30%<br>| 9.37% |
| Class C | 1.48% | 9.30% | 9.37% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 10.24% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120953_3.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> 1.9914093.101 484-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class A : FMCDX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $95  | 0.94% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9942<br>| $11995<br>| $12398<br>| $13901<br>| $15151<br>| $18665<br>| $17795<br>| $18192<br>| $24030<br>| $24565<br>|
| S&P MidCap 400® Index<br>| $10000 | $11323<br>| $13421<br>| $13486<br>| $14680<br>| $16104<br>| $20368<br>| $19698<br>| $19928<br>| $26576<br>| $26515<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120954_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -3.65% | 8.85%<br>| 9.40% |
| Class A (without 5.75% sales charge) | 2.23% | 10.15% | 10.05% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 10.24% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120954_3.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> 1.9914091.101 251-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class Z : FZAOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $85  | 0.83% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, most notably in the health care sector. Also hurting our result were picks in materials and communication services, primarily within the media & entertainment industry.

• The largest individual relative detractor was a non-benchmark stake in Wix.com (-57%). An overweight in Simply Good Foods (-51%), where we increased our stake this period, hurt as well. Not owning Credo Technology, a benchmark component that gained 263%, was another negative.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the financial services industry. Picks in industrials, capital goods firms in particular, as well as consumer discretionary, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Sterling Infrastructure (+76%), one of our biggest holdings. Outsized exposure to Fabrinet (+94%) also helped. The stock was one of the fund's largest holdings. An overweight in IES Holdings (+82%), a stake we established this period, proved advantageous as well. The stock was one of our biggest holdings at the end of November.

• Notable changes in positioning included decreased exposure to the consumer discretionary sector and a higher allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10173<br>| $11920<br>| $11347<br>| $12989<br>| $14577<br>| $19789<br>| $17123<br>| $17385<br>| $23593<br>| $24534<br>|
| Russell 2000® Index<br>| $10000 | $11208<br>| $13263<br>| $13339<br>| $14341<br>| $16291<br>| $19879<br>| $17292<br>| $16848<br>| $22987<br>| $23928<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120955_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 3.99% | 10.97% | 9.39% |
| Russell 2000® Index | 4.09%<br>| 7.99%<br>| 9.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2063100027<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $18166528<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.1 |
| Financials | 18.2 |
| Health Care | 15.5 |
| Information Technology | 14.5 |
| Consumer Discretionary | 8.6 |
| Energy | 6.2 |
| Materials | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 2.5 |
| Utilities | 2.4 |
| Communication Services | 0.7 |

---

Common Stocks 99.1 <br> Domestic Equity Funds 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 4.5 |
| Thailand | 1.8 |
| United Kingdom | 1.7 |
| Israel | 1.2 |
| Netherlands | 0.5 |
| Japan | 0.4 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&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;Thailand - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| FirstCash Holdings Inc | 1.9<br>|
| Fabrinet | 1.8<br>|
| Sanmina Corp | 1.8<br>|
| PennyMac Financial Services Inc | 1.6<br>|
| Sterling Infrastructure Inc | 1.6<br>|
| Nextpower Inc Class A | 1.5<br>|
| Carpenter Technology Corp | 1.5<br>|
| TD SYNNEX Corp | 1.5<br>|
| IES Holdings Inc | 1.5<br>|
| Ensign Group Inc/The | 1.4<br>|
|  | 16.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img294_20251130_2.jpg)<br>| ![](img120955_3.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> 1.9914069.101 2540-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class M : FSCTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $148  | 1.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, most notably in the health care sector. Also hurting our result were picks in materials and communication services, primarily within the media & entertainment industry.

• The largest individual relative detractor was a non-benchmark stake in Wix.com (-57%). An overweight in Simply Good Foods (-51%), where we increased our stake this period, hurt as well. Not owning Credo Technology, a benchmark component that gained 263%, was another negative.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the financial services industry. Picks in industrials, capital goods firms in particular, as well as consumer discretionary, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Sterling Infrastructure (+76%), one of our biggest holdings. Outsized exposure to Fabrinet (+94%) also helped. The stock was one of the fund's largest holdings. An overweight in IES Holdings (+82%), a stake we established this period, proved advantageous as well. The stock was one of our biggest holdings at the end of November.

• Notable changes in positioning included decreased exposure to the consumer discretionary sector and a higher allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9756<br>| $11357<br>| $10741<br>| $12216<br>| $13620<br>| $18375<br>| $15797<br>| $15938<br>| $21492<br>| $22218<br>|
| Russell 2000® Index<br>| $10000 | $11208<br>| $13263<br>| $13339<br>| $14341<br>| $16291<br>| $19879<br>| $17292<br>| $16848<br>| $22987<br>| $23928<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120956_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -0.24% | 9.50%<br>| 8.31% |
| Class M (without 3.50% sales charge) | 3.38% | 10.28% | 8.70% |
| Russell 2000® Index | 4.09%<br>| 7.99%<br>| 9.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2063100027<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $18166528<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.1 |
| Financials | 18.2 |
| Health Care | 15.5 |
| Information Technology | 14.5 |
| Consumer Discretionary | 8.6 |
| Energy | 6.2 |
| Materials | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 2.5 |
| Utilities | 2.4 |
| Communication Services | 0.7 |

---

Common Stocks 99.1 <br> Domestic Equity Funds 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 4.5 |
| Thailand | 1.8 |
| United Kingdom | 1.7 |
| Israel | 1.2 |
| Netherlands | 0.5 |
| Japan | 0.4 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&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;Thailand - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| FirstCash Holdings Inc | 1.9<br>|
| Fabrinet | 1.8<br>|
| Sanmina Corp | 1.8<br>|
| PennyMac Financial Services Inc | 1.6<br>|
| Sterling Infrastructure Inc | 1.6<br>|
| Nextpower Inc Class A | 1.5<br>|
| Carpenter Technology Corp | 1.5<br>|
| TD SYNNEX Corp | 1.5<br>|
| IES Holdings Inc | 1.5<br>|
| Ensign Group Inc/The | 1.4<br>|
|  | 16.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img294_20251130_2.jpg)<br>| ![](img120956_3.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> 1.9914073.101 299-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class I : FSCIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $97  | 0.95% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, most notably in the health care sector. Also hurting our result were picks in materials and communication services, primarily within the media & entertainment industry.

• The largest individual relative detractor was a non-benchmark stake in Wix.com (-57%). An overweight in Simply Good Foods (-51%), where we increased our stake this period, hurt as well. Not owning Credo Technology, a benchmark component that gained 263%, was another negative.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the financial services industry. Picks in industrials, capital goods firms in particular, as well as consumer discretionary, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Sterling Infrastructure (+76%), one of our biggest holdings. Outsized exposure to Fabrinet (+94%) also helped. The stock was one of the fund's largest holdings. An overweight in IES Holdings (+82%), a stake we established this period, proved advantageous as well. The stock was one of our biggest holdings at the end of November.

• Notable changes in positioning included decreased exposure to the consumer discretionary sector and a higher allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10158<br>| $11885<br>| $11299<br>| $12910<br>| $14468<br>| $19615<br>| $16946<br>| $17178<br>| $23289<br>| $24186<br>|
| Russell 2000® Index<br>| $10000 | $11208<br>| $13263<br>| $13339<br>| $14341<br>| $16291<br>| $19879<br>| $17292<br>| $16848<br>| $22987<br>| $23928<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120957_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 3.85% | 10.82% | 9.23% |
| Russell 2000® Index | 4.09%<br>| 7.99%<br>| 9.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2063100027<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $18166528<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.1 |
| Financials | 18.2 |
| Health Care | 15.5 |
| Information Technology | 14.5 |
| Consumer Discretionary | 8.6 |
| Energy | 6.2 |
| Materials | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 2.5 |
| Utilities | 2.4 |
| Communication Services | 0.7 |

---

Common Stocks 99.1 <br> Domestic Equity Funds 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 4.5 |
| Thailand | 1.8 |
| United Kingdom | 1.7 |
| Israel | 1.2 |
| Netherlands | 0.5 |
| Japan | 0.4 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&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;Thailand - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| FirstCash Holdings Inc | 1.9<br>|
| Fabrinet | 1.8<br>|
| Sanmina Corp | 1.8<br>|
| PennyMac Financial Services Inc | 1.6<br>|
| Sterling Infrastructure Inc | 1.6<br>|
| Nextpower Inc Class A | 1.5<br>|
| Carpenter Technology Corp | 1.5<br>|
| TD SYNNEX Corp | 1.5<br>|
| IES Holdings Inc | 1.5<br>|
| Ensign Group Inc/The | 1.4<br>|
|  | 16.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img294_20251130_2.jpg)<br>| ![](img120957_3.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> 1.9914072.101 298-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class C : FSCEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $198  | 1.95% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, most notably in the health care sector. Also hurting our result were picks in materials and communication services, primarily within the media & entertainment industry.

• The largest individual relative detractor was a non-benchmark stake in Wix.com (-57%). An overweight in Simply Good Foods (-51%), where we increased our stake this period, hurt as well. Not owning Credo Technology, a benchmark component that gained 263%, was another negative.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the financial services industry. Picks in industrials, capital goods firms in particular, as well as consumer discretionary, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Sterling Infrastructure (+76%), one of our biggest holdings. Outsized exposure to Fabrinet (+94%) also helped. The stock was one of the fund's largest holdings. An overweight in IES Holdings (+82%), a stake we established this period, proved advantageous as well. The stock was one of our biggest holdings at the end of November.

• Notable changes in positioning included decreased exposure to the consumer discretionary sector and a higher allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10050<br>| $11639<br>| $10955<br>| $12384<br>| $13730<br>| $18415<br>| $15743<br>| $15794<br>| $21354<br>| $22130<br>|
| Russell 2000® Index<br>| $10000 | $11208<br>| $13263<br>| $13339<br>| $14341<br>| $16291<br>| $19879<br>| $17292<br>| $16848<br>| $22987<br>| $23928<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120958_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 2.01% | 9.68%<br>| 8.27% |
| Class C | 2.83% | 9.68% | 8.27% |
| Russell 2000® Index | 4.09%<br>| 7.99%<br>| 9.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2063100027<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $18166528<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.1 |
| Financials | 18.2 |
| Health Care | 15.5 |
| Information Technology | 14.5 |
| Consumer Discretionary | 8.6 |
| Energy | 6.2 |
| Materials | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 2.5 |
| Utilities | 2.4 |
| Communication Services | 0.7 |

---

Common Stocks 99.1 <br> Domestic Equity Funds 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 4.5 |
| Thailand | 1.8 |
| United Kingdom | 1.7 |
| Israel | 1.2 |
| Netherlands | 0.5 |
| Japan | 0.4 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&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;Thailand - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| FirstCash Holdings Inc | 1.9<br>|
| Fabrinet | 1.8<br>|
| Sanmina Corp | 1.8<br>|
| PennyMac Financial Services Inc | 1.6<br>|
| Sterling Infrastructure Inc | 1.6<br>|
| Nextpower Inc Class A | 1.5<br>|
| Carpenter Technology Corp | 1.5<br>|
| TD SYNNEX Corp | 1.5<br>|
| IES Holdings Inc | 1.5<br>|
| Ensign Group Inc/The | 1.4<br>|
|  | 16.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img294_20251130_2.jpg)<br>| ![](img120958_3.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> 1.9914071.101 297-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Small Cap Fund<br> **Fidelity Advisor® Small Cap Fund Class A : FSCDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Small Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $122  | 1.20% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, most notably in the health care sector. Also hurting our result were picks in materials and communication services, primarily within the media & entertainment industry.

• The largest individual relative detractor was a non-benchmark stake in Wix.com (-57%). An overweight in Simply Good Foods (-51%), where we increased our stake this period, hurt as well. Not owning Credo Technology, a benchmark component that gained 263%, was another negative.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the financial services industry. Picks in industrials, capital goods firms in particular, as well as consumer discretionary, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Sterling Infrastructure (+76%), one of our biggest holdings. Outsized exposure to Fabrinet (+94%) also helped. The stock was one of the fund's largest holdings. An overweight in IES Holdings (+82%), a stake we established this period, proved advantageous as well. The stock was one of our biggest holdings at the end of November.

• Notable changes in positioning included decreased exposure to the consumer discretionary sector and a higher allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9548<br>| $11141<br>| $10564<br>| $12040<br>| $13459<br>| $18197<br>| $15683<br>| $15856<br>| $21439<br>| $22218<br>|
| Russell 2000® Index<br>| $10000 | $11208<br>| $13263<br>| $13339<br>| $14341<br>| $16291<br>| $19879<br>| $17292<br>| $16848<br>| $22987<br>| $23928<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120959_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -2.33% | 9.24%<br>| 8.31% |
| Class A (without 5.75% sales charge) | 3.63% | 10.54% | 8.95% |
| Russell 2000® Index | 4.09%<br>| 7.99%<br>| 9.12% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2063100027<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $18166528<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.1 |
| Financials | 18.2 |
| Health Care | 15.5 |
| Information Technology | 14.5 |
| Consumer Discretionary | 8.6 |
| Energy | 6.2 |
| Materials | 5.4 |
| Real Estate | 5.0 |
| Consumer Staples | 2.5 |
| Utilities | 2.4 |
| Communication Services | 0.7 |

---

Common Stocks 99.1 <br> Domestic Equity Funds 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img294_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Canada | 4.5 |
| Thailand | 1.8 |
| United Kingdom | 1.7 |
| Israel | 1.2 |
| Netherlands | 0.5 |
| Japan | 0.4 |
| Puerto Rico | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img294_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&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;Thailand - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| FirstCash Holdings Inc | 1.9<br>|
| Fabrinet | 1.8<br>|
| Sanmina Corp | 1.8<br>|
| PennyMac Financial Services Inc | 1.6<br>|
| Sterling Infrastructure Inc | 1.6<br>|
| Nextpower Inc Class A | 1.5<br>|
| Carpenter Technology Corp | 1.5<br>|
| TD SYNNEX Corp | 1.5<br>|
| IES Holdings Inc | 1.5<br>|
| Ensign Group Inc/The | 1.4<br>|
|  | 16.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img294_20251130_2.jpg)<br>| ![](img120959_3.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> 1.9914070.101 294-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Series Growth Opportunities Fund<br> **Fidelity Advisor® Series Growth Opportunities Fund : FAOFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Series Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **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%

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by a sizable overweight in communication services, where an outsized stake in media & entertainment helped most. Picks in information technology, primarily within the software & services industry, also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+43%). The company was among our largest holdings at period end. A second notable relative contributor was an overweight in AppLovin (+71%). An overweight in Roku (+42%) also contributed. The stock was one of the fund's largest holdings this period.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services. Also hurting our result was security selection in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an overweight in Builders FirstSource (-40%). A non-benchmark stake in T-Mobile US returned -14% and was the second-largest relative detractor. Another notable relative detractor was untimely ownership of Oracle (-18%).

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Advisor® Series Growth Opportunities Fund<br>| $10000 | $9791<br>| $13257<br>| $16323<br>| $21558<br>| $35148<br>| $42569<br>| $28767<br>| $36328<br>| $53712<br>| $65356<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120960_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Advisor® Series Growth Opportunities Fund | 21.68% | 13.21% | 20.65% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1023048430<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 82%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 44.6 |
| Communication Services | 21.4 |
| Consumer Discretionary | 11.0 |
| Health Care | 7.0 |
| Industrials | 6.4 |
| Financials | 3.3 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.3 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.4 |
| Domestic Equity Funds | 2.4 |
| Preferred Stocks | 1.8 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2614_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.8&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 93.1 |
| Taiwan | 2.6 |
| Singapore | 1.1 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| Canada | 0.6 |
| Germany | 0.4 |
| Finland | 0.3 |
| Denmark | 0.2 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2614_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.6&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 - 1.1&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;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;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;Finland - 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;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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.3<br>|
| Microsoft Corp | 9.2<br>|
| Amazon.com Inc | 6.4<br>|
| Alphabet Inc Class C | 6.2<br>|
| Meta Platforms Inc Class A | 5.7<br>|
| Broadcom Inc | 5.5<br>|
| Apple Inc | 4.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.6<br>|
| Eli Lilly & Co | 2.5<br>|
| Carvana Co Class A | 2.5<br>|
|  | 58.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 .

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2614_20251130_2.jpg)<br>| ![](img120960_3.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> 1.9914118.101 2614-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Series Equity Growth Fund<br> **Fidelity Advisor® Series Equity Growth Fund : FMFMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Series Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **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%

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were security selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The biggest individual relative detractor was our stake in Broadcom (+18%). This was a position we established this period. The company was one of our largest holdings at period end. A second notable relative detractor was an overweight in Amazon.com (+11%). The stock was among the fund's biggest holdings. Another notable relative detractor was an underweight in Palantir Technologies (+151%). This was a position we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The fund's non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 54% and was the top individual relative contributor. This period we decreased our position in Taiwan Semiconductor Manufacturing. The stock was one of the fund's biggest holdings. A second notable relative contributor was an overweight in Roblox (+89%). This period we decreased our position in Roblox. Another notable relative contributor was an overweight in GE Vernova (+83%). This period we decreased our position in GE Vernova.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Advisor® Series Equity Growth Fund<br>| $10000 | $9989<br>| $13736<br>| $14967<br>| $17920<br>| $25883<br>| $32983<br>| $27195<br>| $33297<br>| $46541<br>| $53217<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120961_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity Advisor® Series Equity Growth Fund | 14.34% | 15.51% | 18.20% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1448799696<br>|
| Number of Holdings | 137<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.5 |
| Communication Services | 15.1 |
| Consumer Discretionary | 10.9 |
| Health Care | 8.0 |
| Financials | 7.6 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.2 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2645_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Taiwan | 2.7 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.7 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2645_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.7&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 - 1.7&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;China - 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;Belgium - 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;Korea (South) - 0.7&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;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;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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.8<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 .

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img2645_20251130_2.jpg)<br>| ![](img120961_3.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> 1.9914119.101 2645-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class Z : FZAHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $66  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by a large overweight in communication services. Stock picking in information technology also boosted the fund's relative performance. Also helping our relative result were stock picks and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+44%). The stock was among our largest holdings at period end. The second-largest relative contributor was an overweight in AppLovin (+75%). Another notable relative contributor was an overweight in Alphabet (+89%). The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks in communication services also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Builders FirstSource (-39%). A non-benchmark stake in T-Mobile US returned -14% and was a second notable relative detractor. Another meaningful relative detractor was an underweight in Oracle (+10%).

• Notable changes in positioning include lower allocations to the financials and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9804<br>| $13254<br>| $16014<br>| $21108<br>| $34558<br>| $41484<br>| $27768<br>| $34742<br>| $51415<br>| $62536<br>|
| Russell 1000® Growth Index<br>| $10000 | $10422<br>| $13632<br>| $14803<br>| $17913<br>| $24433<br>| $31935<br>| $25024<br>| $31573<br>| $43584<br>| $52454<br>|
| Russell 1000® Index<br>| $10000 | $10801<br>| $13243<br>| $14027<br>| $16286<br>| $19447<br>| $24633<br>| $22008<br>| $24994<br>| $33593<br>| $38325<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120962_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 21.63% | 12.59% | 20.12% |
| Russell 1000® Growth Index | 20.35%<br>| 16.51%<br>| 18.03% |
| Russell 1000® Index | 14.09%<br>| 14.53%<br>| 14.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30359914367<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $178375818<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.0 |
| Communication Services | 23.2 |
| Consumer Discretionary | 10.2 |
| Health Care | 6.7 |
| Industrials | 5.6 |
| Financials | 3.4 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.5 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.3 |
| Preferred Stocks | 2.5 |
| Domestic Equity Funds | 0.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&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;  |
| Domestic Equity Funds - 0.4&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) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 92.7 |
| Taiwan | 2.9 |
| Singapore | 1.2 |
| United Kingdom | 0.7 |
| Netherlands | 0.6 |
| Canada | 0.6 |
| Germany | 0.5 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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;Singapore - 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;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;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;Canada - 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;Germany - 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;India - 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;Finland - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.9<br>|
| Microsoft Corp | 7.9<br>|
| Broadcom Inc | 6.2<br>|
| Alphabet Inc Class C | 6.1<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.3<br>|
| Apple Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
| Carvana Co Class A | 2.6<br>|
| Eli Lilly & Co | 2.6<br>|
|  | 58.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img223_20251130_2.jpg)<br>| ![](img120962_3.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> 1.9914061.101 2533-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class M : FAGOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $134  | 1.21% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by a large overweight in communication services. Stock picking in information technology also boosted the fund's relative performance. Also helping our relative result were stock picks and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+44%). The stock was among our largest holdings at period end. The second-largest relative contributor was an overweight in AppLovin (+75%). Another notable relative contributor was an overweight in Alphabet (+89%). The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks in communication services also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Builders FirstSource (-39%). A non-benchmark stake in T-Mobile US returned -14% and was a second notable relative detractor. Another meaningful relative detractor was an underweight in Oracle (+10%).

• Notable changes in positioning include lower allocations to the financials and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9400<br>| $12628<br>| $15162<br>| $19863<br>| $32319<br>| $38560<br>| $25654<br>| $31896<br>| $46916<br>| $56713<br>|
| Russell 1000® Growth Index<br>| $10000 | $10422<br>| $13632<br>| $14803<br>| $17913<br>| $24433<br>| $31935<br>| $25024<br>| $31573<br>| $43584<br>| $52454<br>|
| Russell 1000® Index<br>| $10000 | $10801<br>| $13243<br>| $14027<br>| $16286<br>| $19447<br>| $24633<br>| $22008<br>| $24994<br>| $33593<br>| $38325<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120963_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 16.65% | 11.11%<br>| 18.95% |
| Class M (without 3.50% sales charge) | 20.88% | 11.90% | 19.38% |
| Russell 1000® Growth Index | 20.35%<br>| 16.51%<br>| 18.03% |
| Russell 1000® Index | 14.09%<br>| 14.53%<br>| 14.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30359914367<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $178375818<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.0 |
| Communication Services | 23.2 |
| Consumer Discretionary | 10.2 |
| Health Care | 6.7 |
| Industrials | 5.6 |
| Financials | 3.4 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.5 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.3 |
| Preferred Stocks | 2.5 |
| Domestic Equity Funds | 0.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&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;  |
| Domestic Equity Funds - 0.4&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) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 92.7 |
| Taiwan | 2.9 |
| Singapore | 1.2 |
| United Kingdom | 0.7 |
| Netherlands | 0.6 |
| Canada | 0.6 |
| Germany | 0.5 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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;Singapore - 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;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;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;Canada - 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;Germany - 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;India - 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;Finland - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.9<br>|
| Microsoft Corp | 7.9<br>|
| Broadcom Inc | 6.2<br>|
| Alphabet Inc Class C | 6.1<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.3<br>|
| Apple Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
| Carvana Co Class A | 2.6<br>|
| Eli Lilly & Co | 2.6<br>|
|  | 58.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img223_20251130_2.jpg)<br>| ![](img120963_3.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> 1.9914059.101 223-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class I : FAGCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $79  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by a large overweight in communication services. Stock picking in information technology also boosted the fund's relative performance. Also helping our relative result were stock picks and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+44%). The stock was among our largest holdings at period end. The second-largest relative contributor was an overweight in AppLovin (+75%). Another notable relative contributor was an overweight in Alphabet (+89%). The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks in communication services also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Builders FirstSource (-39%). A non-benchmark stake in T-Mobile US returned -14% and was a second notable relative detractor. Another meaningful relative detractor was an underweight in Oracle (+10%).

• Notable changes in positioning include lower allocations to the financials and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9791<br>| $13219<br>| $15951<br>| $21000<br>| $34339<br>| $41174<br>| $27526<br>| $34397<br>| $50844<br>| $61769<br>|
| Russell 1000® Growth Index<br>| $10000 | $10422<br>| $13632<br>| $14803<br>| $17913<br>| $24433<br>| $31935<br>| $25024<br>| $31573<br>| $43584<br>| $52454<br>|
| Russell 1000® Index<br>| $10000 | $10801<br>| $13243<br>| $14027<br>| $16286<br>| $19447<br>| $24633<br>| $22008<br>| $24994<br>| $33593<br>| $38325<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120964_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 21.49% | 12.46% | 19.97% |
| Russell 1000® Growth Index | 20.35%<br>| 16.51%<br>| 18.03% |
| Russell 1000® Index | 14.09%<br>| 14.53%<br>| 14.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30359914367<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $178375818<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.0 |
| Communication Services | 23.2 |
| Consumer Discretionary | 10.2 |
| Health Care | 6.7 |
| Industrials | 5.6 |
| Financials | 3.4 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.5 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.3 |
| Preferred Stocks | 2.5 |
| Domestic Equity Funds | 0.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&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;  |
| Domestic Equity Funds - 0.4&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) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 92.7 |
| Taiwan | 2.9 |
| Singapore | 1.2 |
| United Kingdom | 0.7 |
| Netherlands | 0.6 |
| Canada | 0.6 |
| Germany | 0.5 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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;Singapore - 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;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;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;Canada - 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;Germany - 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;India - 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;Finland - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.9<br>|
| Microsoft Corp | 7.9<br>|
| Broadcom Inc | 6.2<br>|
| Alphabet Inc Class C | 6.1<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.3<br>|
| Apple Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
| Carvana Co Class A | 2.6<br>|
| Eli Lilly & Co | 2.6<br>|
|  | 58.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img223_20251130_2.jpg)<br>| ![](img120964_3.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> 1.9914063.101 688-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class C : FACGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $188  | 1.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by a large overweight in communication services. Stock picking in information technology also boosted the fund's relative performance. Also helping our relative result were stock picks and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+44%). The stock was among our largest holdings at period end. The second-largest relative contributor was an overweight in AppLovin (+75%). Another notable relative contributor was an overweight in Alphabet (+89%). The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks in communication services also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Builders FirstSource (-39%). A non-benchmark stake in T-Mobile US returned -14% and was a second notable relative detractor. Another meaningful relative detractor was an underweight in Oracle (+10%).

• Notable changes in positioning include lower allocations to the financials and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9690<br>| $12949<br>| $15466<br>| $20155<br>| $32628<br>| $38729<br>| $25633<br>| $31709<br>| $46751<br>| $56657<br>|
| Russell 1000® Growth Index<br>| $10000 | $10422<br>| $13632<br>| $14803<br>| $17913<br>| $24433<br>| $31935<br>| $25024<br>| $31573<br>| $43584<br>| $52454<br>|
| Russell 1000® Index<br>| $10000 | $10801<br>| $13243<br>| $14027<br>| $16286<br>| $19447<br>| $24633<br>| $22008<br>| $24994<br>| $33593<br>| $38325<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120965_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 19.28% | 11.33%<br>| 18.94% |
| Class C | 20.28% | 11.33% | 18.94% |
| Russell 1000® Growth Index | 20.35%<br>| 16.51%<br>| 18.03% |
| Russell 1000® Index | 14.09%<br>| 14.53%<br>| 14.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30359914367<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $178375818<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.0 |
| Communication Services | 23.2 |
| Consumer Discretionary | 10.2 |
| Health Care | 6.7 |
| Industrials | 5.6 |
| Financials | 3.4 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.5 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.3 |
| Preferred Stocks | 2.5 |
| Domestic Equity Funds | 0.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&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;  |
| Domestic Equity Funds - 0.4&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) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 92.7 |
| Taiwan | 2.9 |
| Singapore | 1.2 |
| United Kingdom | 0.7 |
| Netherlands | 0.6 |
| Canada | 0.6 |
| Germany | 0.5 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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;Singapore - 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;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;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;Canada - 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;Germany - 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;India - 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;Finland - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.9<br>|
| Microsoft Corp | 7.9<br>|
| Broadcom Inc | 6.2<br>|
| Alphabet Inc Class C | 6.1<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.3<br>|
| Apple Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
| Carvana Co Class A | 2.6<br>|
| Eli Lilly & Co | 2.6<br>|
|  | 58.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img223_20251130_2.jpg)<br>| ![](img120965_3.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> 1.9914062.101 482-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Growth Opportunities Fund<br> **Fidelity Advisor® Growth Opportunities Fund Class A : FAGAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Growth Opportunities Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $106  | 0.96% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by a large overweight in communication services. Stock picking in information technology also boosted the fund's relative performance. Also helping our relative result were stock picks and an underweight in consumer discretionary.

• The top individual relative contributor was an overweight in Carvana (+44%). The stock was among our largest holdings at period end. The second-largest relative contributor was an overweight in AppLovin (+75%). Another notable relative contributor was an overweight in Alphabet (+89%). The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Stock picks in communication services also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Builders FirstSource (-39%). A non-benchmark stake in T-Mobile US returned -14% and was a second notable relative detractor. Another meaningful relative detractor was an underweight in Oracle (+10%).

• Notable changes in positioning include lower allocations to the financials and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9202<br>| $12389<br>| $14910<br>| $19576<br>| $31932<br>| $38190<br>| $25467<br>| $31743<br>| $46802<br>| $56719<br>|
| Russell 1000® Growth Index<br>| $10000 | $10422<br>| $13632<br>| $14803<br>| $17913<br>| $24433<br>| $31935<br>| $25024<br>| $31573<br>| $43584<br>| $52454<br>|
| Russell 1000® Index<br>| $10000 | $10801<br>| $13243<br>| $14027<br>| $16286<br>| $19447<br>| $24633<br>| $22008<br>| $24994<br>| $33593<br>| $38325<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120966_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 14.22% | 10.86%<br>| 18.95% |
| Class A (without 5.75% sales charge) | 21.19% | 12.18% | 19.66% |
| Russell 1000® Growth Index | 20.35%<br>| 16.51%<br>| 18.03% |
| Russell 1000® Index | 14.09%<br>| 14.53%<br>| 14.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30359914367<br>|
| Number of Holdings | 191<br>|
| Total Advisory Fee | $178375818<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 46.0 |
| Communication Services | 23.2 |
| Consumer Discretionary | 10.2 |
| Health Care | 6.7 |
| Industrials | 5.6 |
| Financials | 3.4 |
| Utilities | 1.8 |
| Consumer Staples | 1.4 |
| Materials | 0.5 |
| Real Estate | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.3 |
| Preferred Stocks | 2.5 |
| Domestic Equity Funds | 0.4 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img223_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&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;  |
| Domestic Equity Funds - 0.4&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) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 92.7 |
| Taiwan | 2.9 |
| Singapore | 1.2 |
| United Kingdom | 0.7 |
| Netherlands | 0.6 |
| Canada | 0.6 |
| Germany | 0.5 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img223_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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;Singapore - 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;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;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;Canada - 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;Germany - 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;India - 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;Finland - 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 - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.9<br>|
| Microsoft Corp | 7.9<br>|
| Broadcom Inc | 6.2<br>|
| Alphabet Inc Class C | 6.1<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.3<br>|
| Apple Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
| Carvana Co Class A | 2.6<br>|
| Eli Lilly & Co | 2.6<br>|
|  | 58.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img223_20251130_2.jpg)<br>| ![](img120966_3.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> 1.9914060.101 248-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class Z : FZAFX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $58  | 0.54% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were stock selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+17%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+11%). The company was among our largest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was an investment we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+54%). This period we decreased our investment in Taiwan Semiconductor Manufacturing. The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Roblox (+88%). This period we decreased our investment in Roblox. Another notable relative contributor was an overweight in GE Vernova (+81%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10002<br>| $13630<br>| $14829<br>| $17627<br>| $25283<br>| $32052<br>| $26135<br>| $31749<br>| $44019<br>| $50045<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120967_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 13.69% | 14.63% | 17.47% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12628956476<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $74752380<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.7 |
| Communication Services | 15.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.0 |
| Financials | 7.5 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.8 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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 - 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;China - 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;Belgium - 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;Korea (South) - 0.8&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;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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.9<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.1<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img86_20251130_2.jpg)<br>| ![](img120967_3.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> 1.9914050.101 2531-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class M : FAEGX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $123  | 1.16% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were stock selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+17%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+11%). The company was among our largest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was an investment we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+54%). This period we decreased our investment in Taiwan Semiconductor Manufacturing. The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Roblox (+88%). This period we decreased our investment in Roblox. Another notable relative contributor was an overweight in GE Vernova (+81%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9591<br>| $12987<br>| $14035<br>| $16586<br>| $23642<br>| $29786<br>| $24142<br>| $29142<br>| $40161<br>| $45369<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120968_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 9.01% | 13.12%<br>| 16.33% |
| Class M (without 3.50% sales charge) | 12.97% | 13.92% | 16.74% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12628956476<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $74752380<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.7 |
| Communication Services | 15.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.0 |
| Financials | 7.5 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.8 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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 - 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;China - 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;Belgium - 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;Korea (South) - 0.8&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;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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.9<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.1<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img86_20251130_2.jpg)<br>| ![](img120968_3.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> 1.9914051.101 286-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class I : EQPGX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $70  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were stock selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+17%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+11%). The company was among our largest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was an investment we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+54%). This period we decreased our investment in Taiwan Semiconductor Manufacturing. The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Roblox (+88%). This period we decreased our investment in Roblox. Another notable relative contributor was an overweight in GE Vernova (+81%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9988<br>| $13591<br>| $14767<br>| $17525<br>| $25117<br>| $31812<br>| $25888<br>| $31428<br>| $43521<br>| $49420<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120969_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 13.55% | 14.49% | 17.33% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12628956476<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $74752380<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.7 |
| Communication Services | 15.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.0 |
| Financials | 7.5 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.8 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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 - 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;China - 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;Belgium - 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;Korea (South) - 0.8&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;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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.9<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.1<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img86_20251130_2.jpg)<br>| ![](img120969_3.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> 1.9914053.101 86-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class C : EPGCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $176  | 1.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were stock selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+17%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+11%). The company was among our largest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was an investment we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+54%). This period we decreased our investment in Taiwan Semiconductor Manufacturing. The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Roblox (+88%). This period we decreased our investment in Roblox. Another notable relative contributor was an overweight in GE Vernova (+81%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9885<br>| $13315<br>| $14313<br>| $16822<br>| $23842<br>| $29888<br>| $24097<br>| $28919<br>| $39959<br>| $45247<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120970_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 11.42% | 13.34%<br>| 16.29% |
| Class C | 12.38% | 13.34% | 16.29% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12628956476<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $74752380<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.7 |
| Communication Services | 15.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.0 |
| Financials | 7.5 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.8 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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 - 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;China - 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;Belgium - 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;Korea (South) - 0.8&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;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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.9<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.1<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img86_20251130_2.jpg)<br>| ![](img120970_3.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> 1.9914052.101 479-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Equity Growth Fund<br> **Fidelity Advisor® Equity Growth Fund Class A : EPGAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Equity Growth Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $97  | 0.91% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result were stock selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+17%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+11%). The company was among our largest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was an investment we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials. Stock selection in financials, primarily within the financial services industry, and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+54%). This period we decreased our investment in Taiwan Semiconductor Manufacturing. The stock was one of our biggest holdings. The second-largest relative contributor was an overweight in Roblox (+88%). This period we decreased our investment in Roblox. Another notable relative contributor was an overweight in GE Vernova (+81%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9388<br>| $12742<br>| $13810<br>| $16343<br>| $23358<br>| $29513<br>| $23968<br>| $29008<br>| $40081<br>| $45385<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120971_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 6.72% | 12.86%<br>| 16.33% |
| Class A (without 5.75% sales charge) | 13.23% | 14.21% | 17.02% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12628956476<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $74752380<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.7 |
| Communication Services | 15.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.0 |
| Financials | 7.5 |
| Industrials | 6.8 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img86_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.8 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img86_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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 - 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;China - 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;Belgium - 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;Korea (South) - 0.8&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;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;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 - 0.2&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 10.9<br>|
| Alphabet Inc Class A | 6.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.1<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img86_20251130_2.jpg)<br>| ![](img120971_3.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> 1.9914049.101 245-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Real Estate High Income Fund<br> **Fidelity® Real Estate High Income Fund true** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate High Income Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate High Income Fund  | $78  | 0.75% |

---

**What affected the Fund's performance this period?**

• Real estate high-income securities achieved a strong gain for the 12 months ending November 30, 2025. Compelling value versus competing credit products created an environment where investor demand for CMBS outweighed supply, while stability in commercial real estate property prices and fundamentals also boosted demand for CMBS.

• Against this backdrop, steady results from single asset/single borrower CMBS, specifically conventional office-backed CMBS, contributed to the fund's performance for the fiscal year, as fundamentals and sentiment for this property type improved.

• One example of this was VASA 2021-VASA F (+83%), a floating-rate SASB CMBS backed by an office complex in Mountain View, Calif.

• Within conduit CMBS, the seasoned segment of the portfolio was a top contributor, as loan resolutions led to increased clarity on bond outcomes, which benefited these discounted securities.

• Within this category, a good example is JPMCC 2011-C3 E (+58%), which is a conduit transaction now backed by two loans, both secured by regional malls. We exited this position by period end.

• The largest detractors were WP Glimcher Mall Trust Series 2015-WPG Class PR2 (-59%), a fixed-rate SASB CMBS backed by a retail property in Hawaii, and JPMCC 2013-LC11 D (-83%), a seasoned conduit bond, majority backed by a Denver office building.

• Positioning was relatively steady, but notable changes included an increased fund tilt to SASB while reducing conduit holdings. Within conduits, we decreased exposure to recently issued securities in favor of those with a more-seasoned profile.

• At period end, the fund's yield was 7.84%, with a credit spread of 409 basis points and a weighted average credit-quality rating of double-B plus.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $1,000,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Real Estate High Income Fund<br>| $1000000 | $1012635<br>| $1072787<br>| $1107408<br>| $1208769<br>| $1123427<br>| $1236525<br>| $1127275<br>| $1099734<br>| $1273788<br>| $1374974<br>|
| Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index<br>| $1000000 | $1033346<br>| $1092935<br>| $1109705<br>| $1237839<br>| $1250320<br>| $1321199<br>| $1146159<br>| $1150238<br>| $1318464<br>| $1417008<br>|
| Bloomberg U.S. Universal Bond Index<br>| $1000000 | $1030851<br>| $1071483<br>| $1056928<br>| $1171457<br>| $1257734<br>| $1248999<br>| $1089692<br>| $1110880<br>| $1194580<br>| $1266626<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120917_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Real Estate High Income Fund | 7.94% | 4.12% | 3.24% |
| Bloomberg U.S. CMBS ex-AAA ex-Agency Guaranteed Index | 7.47%<br>| 2.53%<br>| 3.55% |
| Bloomberg U.S. Universal Bond Index | 6.03%<br>| 0.14%<br>| 2.39% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $709308938<br>|
| Number of Holdings | 350<br>|
| Total Advisory Fee | $5413486<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| AAA | 6.5 |
| AA | 0.9 |
| A | 2.4 |
| BBB | 6.2 |
| BB | 15.2 |
| B | 5.9 |
| CCC,CC,C | 4.0 |
| Not Rated | 55.3 |
| Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img671_20251130_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 6.5&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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.2&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;BB - 15.2&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;B - 5.9&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 4.0&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;Not Rated - 55.3&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) - 3.6 |
| 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 | 88.7 |
| Asset-Backed Securities | 4.5 |
| Corporate Bonds | 2.9 |
| Bank Loan Obligations | 0.3 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img671_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| CMOs and Other Mortgage Related Securities - 88.7 |
| Asset-Backed Securities - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Corporate Bonds - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.3&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) - 3.6 |

---

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

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img671_20251130_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**<br>**(% of Fund's net assets)**  |  |
| BX Commercial Mortgage Trust 2020-VIVA | 2.6<br>|
| BX Trust 2019-OC11 | 2.0<br>|
| BX Commercial Mortgage Trust 2024-VLT5 | 1.8<br>|
| Hilton USA Trust | 1.6<br>|
| BX Trust 2021-VOL | 1.5<br>|
| BX Trust 2024 VLT4 | 1.4<br>|
| MHC Commercial Mortgage Trust | 1.3<br>|
| Morgan Stanley Capital I Trust | 1.1<br>|
| NXPT Commercial Mortgage Trust | 1.1<br>|
| SWCH Commercial Mortgage Trust | 1.1<br>|
|  | 15.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img671_20251130_2.jpg)<br>| ![](img120917_3.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> 1.9914102.101 671-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity® Value Strategies Fund : FSLSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Value Strategies Fund  | $66  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Value Strategies Fund<br>| $10000 | $10464<br>| $12576<br>| $11835<br>| $13803<br>| $14333<br>| $18954<br>| $19993<br>| $20995<br>| $27034<br>| $26522<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120943_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Value Strategies Fund | -1.89% | 13.10% | 10.25% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120943_3.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> 1.9914035.101 14-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class M : FASPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $119  | 1.21% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10046<br>| $12012<br>| $11246<br>| $13053<br>| $13486<br>| $17747<br>| $18624<br>| $19464<br>| $24928<br>| $24323<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120944_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -5.84% | 11.72%<br>| 9.30% |
| Class M (without 3.50% sales charge) | -2.43% | 12.52% | 9.69% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120944_3.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> 1.9914036.101 174-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity® Value Strategies Fund Class K : FVSKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $58  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10476<br>| $12609<br>| $11878<br>| $13873<br>| $14426<br>| $19102<br>| $20170<br>| $21211<br>| $27339<br>| $26838<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120945_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | -1.83% | 13.22% | 10.38% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120945_3.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> 1.9914037.101 2104-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class I : FASOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $70  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10457<br>| $12562<br>| $11814<br>| $13780<br>| $14304<br>| $18914<br>| $19943<br>| $20946<br>| $26962<br>| $26438<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120946_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | -1.94% | 13.07% | 10.21% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120946_3.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> 1.9914040.101 694-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class C : FVCSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $169  | 1.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10349<br>| $12312<br>| $11464<br>| $13231<br>| $13592<br>| $17784<br>| $18561<br>| $19299<br>| $24775<br>| $24232<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120947_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | -3.76% | 11.92%<br>| 9.25% |
| Class C | -2.92% | 11.92% | 9.25% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120947_3.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> 1.9914039.101 5636-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Strategies Fund<br> **Fidelity Advisor® Value Strategies Fund Class A : FSOAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Value Strategies Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $95  | 0.96% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials. Also hurting our result were stock picks in health care and financials, primarily within the financial services industry.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-60%). This was a position we established this period. The second-largest relative detractor was an overweight in Molina Healthcare (-50%). This period we increased our stake in Molina Healthcare. The company was one of our biggest holdings this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 242%.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in Sandisk (+360%). This was an investment we established this period. The company was among our largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+222%). This was a stake we established this period. The company was the fund's largest holding at period end. Our stake in Jabil (+58%) also contributed. The stock was not held at period end.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9833<br>| $11784<br>| $11059<br>| $12865<br>| $13320<br>| $17571<br>| $18480<br>| $19364<br>| $24858<br>| $24313<br>|
| Russell Midcap® Value Index<br>| $10000 | $11425<br>| $13019<br>| $12916<br>| $14255<br>| $14736<br>| $18618<br>| $18338<br>| $18201<br>| $23934<br>| $24619<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120948_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -7.81% | 11.46%<br>| 9.29% |
| Class A (without 5.75% sales charge) | -2.19% | 12.79% | 9.94% |
| Russell Midcap® Value Index | 2.86%<br>| 10.81%<br>| 9.43% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1697060005<br>|
| Number of Holdings | 112<br>|
| Total Advisory Fee | $12165456<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.7 |
| Financials | 16.8 |
| Consumer Discretionary | 11.6 |
| Information Technology | 9.4 |
| Health Care | 8.4 |
| Energy | 7.8 |
| Real Estate | 7.3 |
| Materials | 5.9 |
| Utilities | 5.5 |
| Consumer Staples | 5.2 |
| Communication Services | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img14_20251130_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 | 3.7 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img14_20251130_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 - 3.7&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;Portugal - 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;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;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;Hong Kong - 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;Spain - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.4<br>|
| Sandisk Corp/DE | 2.2<br>|
| First Solar Inc | 1.6<br>|
| Sempra | 1.4<br>|
| Imperial Oil Ltd | 1.4<br>|
| CVS Health Corp | 1.3<br>|
| Ventas Inc | 1.2<br>|
| Expro Group Holdings NV | 1.2<br>|
| Welltower Inc | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
|  | 15.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img14_20251130_2.jpg)<br>| ![](img120948_3.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> 1.9914038.101 266-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity® Stock Selector Mid Cap Fund : FSSMX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Stock Selector Mid Cap Fund  | $65  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Stock Selector Mid Cap Fund<br>| $10000 | $10573<br>| $12780<br>| $13231<br>| $14868<br>| $16242<br>| $20062<br>| $19174<br>| $19656<br>| $26030<br>| $26691<br>|
| S&P MidCap 400® Index<br>| $10000 | $11323<br>| $13421<br>| $13486<br>| $14680<br>| $16104<br>| $20368<br>| $19698<br>| $19928<br>| $26576<br>| $26515<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120949_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Stock Selector Mid Cap Fund | 2.54% | 10.44% | 10.32% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 10.24% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120949_3.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> 1.9914090.101 2412-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class Z : FSLZX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $58  | 0.57% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 1, 2017 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11615<br>| $12050<br>| $13568<br>| $14842<br>| $18358<br>| $17569<br>| $18030<br>| $23906<br>|
| S&P MidCap 400® Index<br>| $10000 | $11433<br>| $11488<br>| $12505<br>| $13718<br>| $17350<br>| $16780<br>| $16975<br>| $22639<br>|
| S&P 500® Index<br>| $10000 | $11819<br>| $12560<br>| $14584<br>| $17129<br>| $21912<br>| $19894<br>| $22647<br>| $30323<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120950_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 2.61% | 10.57% | 10.69% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 9.66% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 15.19% |

---

**A** From February 1, 2017

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120950_3.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> 1.9914092.101 2888-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class M : FMCAX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $120  | 1.19% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10154<br>| $12222<br>| $12600<br>| $14098<br>| $15325<br>| $18836<br>| $17912<br>| $18269<br>| $24074<br>| $24549<br>|
| S&P MidCap 400® Index<br>| $10000 | $11323<br>| $13421<br>| $13486<br>| $14680<br>| $16104<br>| $20368<br>| $19698<br>| $19928<br>| $26576<br>| $26515<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120951_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -1.59% | 9.10%<br>| 9.40% |
| Class M (without 3.50% sales charge) | 1.98% | 9.88% | 9.79% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 10.24% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120951_3.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> 1.9914094.101 531-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity Advisor® Stock Selector Mid Cap Fund<br> **Fidelity Advisor® Stock Selector Mid Cap Fund Class I : FMCCX** <br>|

---

This annual shareholder report contains information about Fidelity Advisor® Stock Selector Mid Cap Fund for the period December 1, 2024 to November 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $69  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. mid-cap equities finished about where they started for the 12 months ending November 30, 2025. Share prices declined through early April amid increasing trade tension, but a 90-day pause in most tariffs on April 9 spurred a historically fast rebound, aided by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials, primarily among banks, as well as in health care and information technology, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Howmet Aerospace gained approximately 73% and was the top individual relative contributor. The stock was one of the fund's largest holdings this period. Out-of-index exposure to Western Digital (+307%), a position we established this period, helped as well. Another notable relative contributor was an overweight in Coherent (+57%), where we increased our allocation, making it the fund's biggest holding at period end.

• In contrast, the largest relative detractors from performance versus the benchmark were stock selection and an underweight in energy. Investment choices in materials also hurt.

• The biggest individual relative detractor was an underweight in Lumentum Holdings (+274%), a position that was no longer held at period end. A non-benchmark stake in Baldwin Insurance Group returned -41% and hurt as well. An underweight in Comfort Systems USA (+99%), a holding we established this period, also proved detrimental to performance.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10575<br>| $12787<br>| $13251<br>| $14894<br>| $16268<br>| $20091<br>| $19197<br>| $19675<br>| $26048<br>| $26696<br>|
| S&P MidCap 400® Index<br>| $10000 | $11323<br>| $13421<br>| $13486<br>| $14680<br>| $16104<br>| $20368<br>| $19698<br>| $19928<br>| $26576<br>| $26515<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120952_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 2.49% | 10.41% | 10.32% |
| S&P MidCap 400® Index | -0.23%<br>| 10.49%<br>| 10.24% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2207566570<br>|
| Number of Holdings | 207<br>|
| Total Advisory Fee | $14909110<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 15.9 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 9.0 |
| Real Estate | 6.8 |
| Materials | 4.5 |
| Consumer Staples | 4.4 |
| Energy | 4.1 |
| Utilities | 3.5 |
| Communication Services | 1.3 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img531_20251130_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Puerto Rico | 1.1 |
| Japan | 1.1 |
| United Kingdom | 0.7 |
| France | 0.7 |
| Chile | 0.6 |
| Canada | 0.5 |
| Finland | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img531_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.1&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;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 - 0.7&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;Chile - 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;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;Finland - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coherent Corp | 1.9<br>|
| Bancorp Inc/The | 1.6<br>|
| XPO Inc | 1.5<br>|
| Wesco International Inc | 1.5<br>|
| ITT Inc | 1.4<br>|
| Flowserve Corp | 1.3<br>|
| Carpenter Technology Corp | 1.3<br>|
| Twilio Inc Class A | 1.2<br>|
| CACI International Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
|  | 14.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img531_20251130_2.jpg)<br>| ![](img120952_3.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> 1.9914095.101 533-TSRA-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2025, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Advisor Equity Growth Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Series Growth Opportunities Fund, Fidelity Advisor Stock Selector Mid Cap Fund, and Fidelity Advisor Value Strategies Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Equity Growth Fund | &nbsp;&nbsp;$55800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Advisor Growth Opportunities Fund | &nbsp;&nbsp;$52600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Advisor Series Growth Opportunities Fund | &nbsp;&nbsp;$48600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Advisor Stock Selector Mid Cap Fund | &nbsp;&nbsp;$48100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Advisor Value Strategies Fund | &nbsp;&nbsp;$43800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$500  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Equity Growth Fund | &nbsp;&nbsp;$46700  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9400  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Advisor Growth Opportunities Fund | &nbsp;&nbsp;$54000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Advisor Series Growth Opportunities Fund | &nbsp;&nbsp;$47000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Advisor Stock Selector Mid Cap Fund | &nbsp;&nbsp;$42600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Advisor Value Strategies Fund | &nbsp;&nbsp;$42100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$11200  | &nbsp;&nbsp;$1000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Advisor Series Equity Growth Fund, Fidelity Advisor Small Cap Fund, and Fidelity Real Estate High Income Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Series Equity Growth Fund | &nbsp;&nbsp;$27500  | &nbsp;&nbsp;$1300  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Advisor Small Cap Fund | &nbsp;&nbsp;$39800  | &nbsp;&nbsp;$1900  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Real Estate High Income Fund | &nbsp;&nbsp;$162900  | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$2500  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Advisor Series Equity Growth Fund | &nbsp;&nbsp;$26800  | &nbsp;&nbsp;$2500  | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Advisor Small Cap Fund | &nbsp;&nbsp;$38100  | &nbsp;&nbsp;$3400  | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Real Estate High Income Fund | &nbsp;&nbsp;$158700  | &nbsp;&nbsp;$13200  | &nbsp;&nbsp;$13900  | &nbsp;&nbsp;$4500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2493400  | &nbsp;&nbsp;$3442500  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13786400  | &nbsp;&nbsp;$15374000  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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® Real Estate High Income Fund**

**Annual Report**

**November 30, 2025**

![](img120710_1.jpg)

![](img120710_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_REHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate High Income Fund](#Sub_Sec_Fund_671_REHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements671_REHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_REHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_REHI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REHI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REHI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REHI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REHI-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity® Real Estate High Income Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 4.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 4.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 4.5%** |
|  | 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%, 5.5743% 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%, 6.1743% 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%, 8.6622% (b)(c)(d)(e)(f) | 7810908 | 1 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1 |
| UNITED STATES - 4.5%  |  |  |
| Blue Stream Issuer LLC Series 2024-1A Class C, 8.71% 11/20/2054 (b) | 1750000 | 1836142 |
| CNSL Series 2025-4A Class C, 8.098% 12/20/2055 (b) | 2500000 | 2525161 |
| Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (b) | 3057000 | 3200559 |
| Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (b) | 2019452 | 1958770 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 854275 | 742385 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 5311768 | 5199720 |
| Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (b) | 1193200 | 1107032 |
| MetroNet Infrastructure Issuer LLC Series 2025-2A Class C, 7.83% 8/20/2055 (b) | 500000 | 507646 |
| 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 | 1362507 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (b)(d) | 3206000 | 2669189 |
| Switch Abs Issuer LLC Series 2024-1A Class B, 6.5% 3/25/2054 (b) | 1250000 | 1260483 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b) | 1975000 | 2022751 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (b) | 672000 | 663918 |
| VB-S1 Issuer LLC Series 2024-1A Class D, 6.644% 5/15/2054 (b) | 1800000 | 1830772 |
| VB-S1 Issuer LLC Series 2024-1A Class F, 8.871% 5/15/2054 (b) | 5192000 | 5382154 |
| TOTAL UNITED STATES |  | 32269189 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $43,108,465) |  | <br> **32269190** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.959% 1/9/2027 (c)(d)(e)(g)<br>(Cost $2,622,852)<br>| 2622852 | **2557281** |

---

---

| | | |
|:---|:---|:---|
| &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, 3.8813% 2/25/2042 (b)(d)(e) | 18236 | 9107 |
| Fannie Mae Guaranteed REMIC Series 2002-W6 Class 3B4, 4.9818% 1/25/2042 (b)(d)(e) | 15437 | 2878 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B4, 3.9572% 6/25/2043 (b)(d)(e) | 58462 | 17030 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B5, 3.9572% 6/25/2043 (b)(d)(e) | 6157 | 389 |
| TOTAL UNITED STATES |  | 29404 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $22,636) |  | <br> **29404** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 88.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 88.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 88.7%** |
|  | 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 | 2150168 |
| UNITED STATES - 88.4%  |  |  |
| Ares Trust Series 2024-IND2 Class F, CME Term SOFR 1 month Index + 4.039%, 7.998% 10/15/2034 (b)(c)(d) | 2155000 | 2157513 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class B, 3.79% 7/15/2049  | 3085000 | 3042915 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8187% 7/15/2049 (d) | 2418000 | 2336654 |
| BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (b)(e) | 2308000 | 1295138 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b) | 2625000 | 1344196 |
| BANK Series 2018-BN10 Class B, 4.078% 2/15/2061 (d) | 1035000 | 970725 |
| BANK Series 2018-BN10 Class C, 4.163% 2/15/2061 (d) | 2936000 | 2687562 |
| BANK Series 2019-BN22 Class D, 2.5% 11/15/2062 (b) | 2465000 | 2003639 |
| BANK Series 2020-BN27 Class D, 2.5% 4/15/2063 (b) | 921000 | 714749 |
| BANK Series 2020-BN28 Class AS, 2.14% 3/15/2063  | 717000 | 635610 |
| BANK Series 2020-BN28 Class E, 2.5% 3/15/2063 (b) | 903000 | 672012 |
| BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d)(e) | 3921000 | 2024521 |
| BANK Series 2021-BN33 Class B, 2.893% 5/15/2064  | 903000 | 781813 |
| BANK Series 2022-BNK39 Class A4, 2.928% 2/15/2055  | 1895000 | 1736089 |
| BANK Series 2022-BNK42 Class A5, 4.493% 6/15/2055 (d) | 2326000 | 2311485 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b) | 1664000 | 1222605 |
| BANK Series 2022-BNK42 Class E, 2.5% 6/15/2055 (b) | 1302000 | 899280 |
| BANK Series 2022-BNK43 Class D, 3% 8/15/2055 (b) | 2614000 | 1918582 |
| BANK Series 2022-BNK44 Class AS, 5.7436% 11/15/2055 (d) | 1225000 | 1279693 |
| BANK Series 2023-BNK45 Class B, 6.148% 2/15/2056 (d) | 1330000 | 1385833 |
| BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056  | 2458000 | 2615616 |
| BANK Series 2023-BNK46 Class B, 6.7741% 8/15/2056 (d) | 1675000 | 1786434 |
| BANK5 Series 2024-5YR12 Class C, 6.3023% 12/15/2057 (d) | 1516000 | 1564190 |
| BBCMS Mortgage Trust Series 2016-ETC Class D, 3.6089% 8/14/2036 (b)(d) | 1749000 | 1656155 |
| BBCMS Mortgage Trust Series 2019-C5 Class D, 2.5% 11/15/2052 (b) | 726000 | 550961 |
| BBCMS Mortgage Trust Series 2020-C7 Class B, 3.152% 4/15/2053  | 853000 | 752567 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5867% 4/15/2053 (d) | 860000 | 736483 |
| BBCMS Mortgage Trust Series 2020-C8 Class E, 2.25% 10/15/2053 (b) | 3013000 | 2038304 |
| BBCMS Mortgage Trust Series 2022-C14 Class A5, 2.946% 2/15/2055 (d) | 3302000 | 3019056 |
| BBCMS Mortgage Trust Series 2022-C15 Class A5, 3.662% 4/15/2055  | 3015000 | 2828088 |
| BBCMS Mortgage Trust Series 2022-C16 Class A5, 4.6% 6/15/2055  | 4573000 | 4574960 |
| BBCMS Mortgage Trust Series 2022-C17 Class B, 4.889% 9/15/2055 (d) | 1491000 | 1446095 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b) | 1200000 | 901759 |
| BBCMS Mortgage Trust Series 2022-C18 Class A5, 5.71% 12/15/2055  | 3150000 | 3360204 |
| BBCMS Mortgage Trust Series 2022-C18 Class B, 6.1682% 12/15/2055 (d) | 1890000 | 1972064 |
| BBCMS Mortgage Trust Series 2023-C19 Class A5, 5.451% 4/15/2056  | 2015000 | 2110149 |
| BBCMS Mortgage Trust Series 2023-C20 Class A5, 5.576% 7/15/2056  | 1690000 | 1787211 |
| BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2959% 9/15/2056 (d) | 1196000 | 1295675 |
| BBCMS Mortgage Trust Series 2023-C21 Class C, 6.2959% 9/15/2056 (d) | 1789000 | 1825543 |
| BBCMS Mortgage Trust Series 2023-C22 Class C, 7.1308% 11/15/2056 (d) | 1778000 | 1820984 |
| BBCMS Mortgage Trust Series 2024-C24 Class B, 5.718% 2/15/2057  | 681000 | 686486 |
| BBCMS Mortgage Trust Series 2024-C26 Class C, 6% 5/15/2057  | 475000 | 480844 |
| BBCMS Mortgage Trust Series 2024-C30 Class C, 5.98% 11/15/2057  | 2533000 | 2546985 |
| BBCMS Mortgage Trust Series 2025-5C33 Class C, 5.981% 3/15/2058  | 1063000 | 1078076 |
| BBCMS Mortgage Trust Series 2025-5C33 Class D, 6.6265% 3/15/2058 (b)(d) | 1575000 | 1525655 |
| BBCMS Mortgage Trust Series 2025-C32 Class C, 6.125% 2/15/2062 (d) | 2732000 | 2772748 |
| BBCMS Mortgage Trust Series 2025-C32 Class D, 4.5% 2/15/2062 (b) | 790000 | 624184 |
| BBCMS Mortgage Trust Series 2025-C35 Class C, 6.1137% 7/15/2058 (d) | 1630000 | 1660320 |
| Benchmark Mortgage Trust Series 2018-B7 Class D, 3% 5/15/2053 (b)(d) | 833000 | 656265 |
| Benchmark Mortgage Trust Series 2019-B12 Class B, 3.5702% 8/15/2052  | 1186000 | 1080500 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (b)(d)(e) | 1680000 | 8400 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (b)(d)(e) | 1132000 | 2829 |
| Benchmark Mortgage Trust Series 2020-B18 Class D, 2.25% 7/15/2053 (b)(e) | 1500000 | 868474 |
| Benchmark Mortgage Trust Series 2020-B21 Class AS, 2.2543% 12/17/2053  | 662000 | 580566 |
| Benchmark Mortgage Trust Series 2020-B21 Class D, 2% 12/17/2053 (b)(e) | 1638000 | 1136588 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825C, 3.0763% 9/15/2048 (b)(d) | 1784000 | 1684198 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825D, 3.0763% 9/15/2048 (b)(d) | 1955000 | 1827692 |
| Benchmark Mortgage Trust Series 2020-IG3 Class 825E, 3.0763% 9/15/2048 (b)(d) | 3049000 | 2820112 |
| Benchmark Mortgage Trust Series 2021-B25 Class 300E, 2.9942% 4/15/2054 (b)(d)(e) | 1113000 | 485983 |
| Benchmark Mortgage Trust Series 2021-B29 Class A5, 2.3879% 9/15/2054  | 2055000 | 1834201 |
| Benchmark Mortgage Trust Series 2022-B33 Class A5, 3.4582% 3/15/2055  | 2477000 | 2320771 |
| Benchmark Mortgage Trust Series 2022-B35 Class D, 2.5% 5/15/2055 (b)(e) | 3003000 | 1798821 |
| Benchmark Mortgage Trust Series 2022-B36 Class AS, 4.9505% 7/15/2055  | 1190000 | 1183186 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b) | 1872000 | 1344727 |
| Benchmark Mortgage Trust Series 2022-B37 Class B, 5.941% 11/15/2055 (d) | 980000 | 984567 |
| Benchmark Mortgage Trust Series 2022-B37 Class C, 5.7495% 11/15/2055 (d) | 2090000 | 2036925 |
| Benchmark Mortgage Trust Series 2023-B38 Class B, 6.4526% 4/15/2056 (d) | 1351000 | 1409027 |
| Benchmark Mortgage Trust Series 2023-B39 Class A5, 5.7536% 7/15/2056  | 2714000 | 2895144 |
| Benchmark Mortgage Trust Series 2023-B39 Class C, 6.573% 7/15/2056 (d) | 1859000 | 1912870 |
| Benchmark Mortgage Trust Series 2025-B41 Class C, 6.1365% 7/15/2068  | 825000 | 846248 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class E, CME Term SOFR 1 month Index + 3.6395%, 7.5985% 11/15/2041 (b)(c)(d) | 3174000 | 3175106 |
| BFLD Trust Series 2024-WRHS Class E, CME Term SOFR 1 month Index + 3.6889%, 7.6479% 7/15/2039 (b)(c)(d) | 1714945 | 1711820 |
| BMO Mortgage Trust Series 2022-C1 Class 360D, 3.9387% 2/17/2055 (b)(d)(e) | 1638000 | 1314567 |
| BMO Mortgage Trust Series 2022-C1 Class 360E, 3.9387% 2/17/2055 (b)(d) | 1970000 | 1499573 |
| BMO Mortgage Trust Series 2022-C1 Class A5, 3.374% 2/15/2055  | 3142000 | 2941781 |
| BMO Mortgage Trust Series 2023-C4 Class B, 5.3954% 2/15/2056 (d) | 1186000 | 1209493 |
| BMO Mortgage Trust Series 2023-C4 Class C, 5.8625% 2/15/2056 (d) | 2468000 | 2507293 |
| BMO Mortgage Trust Series 2023-C5 Class A5, 5.7653% 6/15/2056  | 1463000 | 1545541 |
| BMO Mortgage Trust Series 2024-C10 Class C, 5.979% 11/15/2057 (d) | 1039000 | 1050354 |
| BMO Mortgage Trust Series 2025-5C10 Class C, 6.485% 5/15/2058 (d) | 297000 | 305564 |
| BMO Mortgage Trust Series 2025-C13 Class C, 6.1337% 10/15/2058 (d) | 2113000 | 2105106 |
| Bpr Coml Mtg Trust Series 2025-STAR Class C, 6.0608% 11/5/2042 (b)(d) | 1500000 | 1512000 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class D, 7.001% 11/5/2039 (b)(d) | 2536000 | 2648169 |
| BPR Trust Series 2023-BRK2 Class C, 8.335% 10/5/2038 (b)(d) | 1845000 | 1921013 |
| BPR Trust Series 2024-PMDW Class E, 5.85% 11/5/2041 (b)(d) | 766000 | 740538 |
| Bres Coml Mtg Trust Series 2025-ATCAP Class E, CME Term SOFR 1 month Index + 3.6408%, 7.5997% 11/15/2042 (b)(c)(d) | 1640000 | 1634474 |
| Bres Coml Mtg Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 9.1475% 11/15/2042 (b)(c)(d) | 3017000 | 3006911 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class D, 3.5488% 3/11/2044 (b)(d) | 9422000 | 8800290 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (b)(d) | 9936000 | 9002396 |
| BX Commercial Mortgage Trust 2022-LP2 Series 2022-LP2 Class F, CME Term SOFR 1 month Index + 3.2578%, 7.2168% 2/15/2039 (b)(c)(d) | 1925000 | 1922598 |
| BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.6469% 5/15/2034 (b)(c)(d) | 5418664 | 5435569 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class A, 5.5908% 11/13/2046 (b)(d) | 2180000 | 2212848 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (b)(d) | 535000 | 545706 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class C, 6.192% 11/13/2046 (b)(d) | 2016000 | 2063076 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 7.8715% 11/13/2046 (b)(d) | 7158000 | 7590367 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.6473% 3/15/2041 (b)(c)(d) | 3736365 | 3728391 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.6491% 4/15/2040 (b)(c)(d) | 6011037 | 6041078 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class E, CME Term SOFR 1 month Index + 3.6883%, 7.6473% 5/15/2041 (b)(c)(d) | 2308028 | 2306501 |
| BX Commercial Mortgage Trust Series 2021-CIP Class E, CME Term SOFR 1 month Index + 2.9345%, 6.8935% 12/15/2038 (b)(c)(d) | 3819419 | 3812308 |
| BX Commercial Mortgage Trust Series 2021-MC Class G, CME Term SOFR 1 month Index + 3.2013%, 7.1603% 4/15/2034 (b)(c)(d) | 1572000 | 1475754 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.0196% 10/15/2036 (b)(c)(d) | 3192000 | 3184040 |
| BX Commercial Mortgage Trust Series 2024-GPA2 Class E, CME Term SOFR 1 month Index + 3.5395%, 7.4985% 11/15/2041 (b)(c)(d) | 1875000 | 1874499 |
| BX Commercial Mortgage Trust Series 2024-WPT Class E, CME Term SOFR 1 month Index + 3.5884%, 7.5474% 3/15/2034 (b)(c)(d) | 1402250 | 1390965 |
| Bx Tr 2025-Tail Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 7.259% 6/15/2035 (b)(c)(d) | 1959000 | 1957657 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (b)(d) | 14678000 | 13556721 |
| BX Trust 2021-VOL Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.4735% 9/15/2036 (b)(c)(d) | 3126408 | 3124471 |
| BX Trust 2021-VOL Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 6.9235% 9/15/2036 (b)(c)(d) | 7591737 | 7589559 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.8484% 6/15/2041 (b)(c)(d) | 3298000 | 3279478 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.8968% 6/15/2041 (b)(c)(d) | 6600000 | 6607841 |
| BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.6476% 4/15/2041 (b)(c)(d) | 3217322 | 3201476 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.8991% 11/15/2041 (b)(c)(d) | 1003096 | 1003721 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.8977% 11/15/2041 (b)(c)(d) | 4813939 | 4790890 |
| BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 6.9003% 3/15/2030 (b)(c)(d) | 6128099 | 6089837 |
| BX Trust 2025-VLT6 Series 2025-VLT6 Class E, CME Term SOFR 1 month Index + 3.1907%, 7.1497% 3/15/2042 (b)(c)(d) | 3278000 | 3253444 |
| BX Trust 2025-VLT6 Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 7.8986% 3/15/2042 (b)(c)(d) | 3413000 | 3323026 |
| BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.3685% 11/15/2038 (b)(c)(d) | 2296797 | 2279663 |
| BX Trust Series 2021-LBA Class FJV, CME Term SOFR 1 month Index + 2.5145%, 6.4735% 2/15/2036 (b)(c)(d) | 458000 | 457437 |
| BX Trust Series 2021-LBA Class GJV, CME Term SOFR 1 month Index + 3.1145%, 7.0735% 2/15/2036 (b)(c)(d) | 1033000 | 1030442 |
| BX Trust Series 2021-MFM1 Class F, CME Term SOFR 1 month Index + 3.1145%, 7.0735% 1/15/2034 (b)(c)(d) | 4239200 | 4235690 |
| BX Trust Series 2021-MFM1 Class G, CME Term SOFR 1 month Index + 4.0145%, 7.9735% 1/15/2034 (b)(c)(d) | 291900 | 291444 |
| BX Trust Series 2021-RISE Class F, CME Term SOFR 1 month Index + 2.7645%, 6.7235% 11/15/2036 (b)(c)(d) | 1462419 | 1461508 |
| BX Trust Series 2021-XL2 Class G, CME Term SOFR 1 month Index + 2.9573%, 6.9163% 10/15/2038 (b)(c)(d) | 857500 | 854829 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.309% 1/15/2039 (b)(c)(d) | 4315000 | 4306926 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.258% 1/15/2039 (b)(c)(d) | 3200000 | 3179669 |
| BX Trust Series 2024-XL4 Class D, CME Term SOFR 1 month Index + 3.1396%, 7.0986% 2/15/2039 (b)(c)(d) | 541045 | 542056 |
| BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 8.147% 2/15/2039 (b)(c)(d) | 1856070 | 1858479 |
| Bx Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 7.909% 6/15/2040 (b)(c)(d) | 640905 | 643627 |
| BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.559% 10/15/2042 (b)(c)(d) | 2060000 | 2060824 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (b)(d) | 709000 | 569677 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (b)(e) | 3736554 | 193454 |
| Cip Commercial Mortgage Trust Series 2025-SBAY Class E, CME Term SOFR 1 month Index + 3.75%, 7.85% 10/15/2037 (b)(c)(d) | 4140000 | 4144968 |
| Citigroup Commercial Mortgage Trust Series 2020-420K Class D, 3.4222% 11/10/2042 (b)(d) | 636000 | 570635 |
| Citigroup Commercial Mortgage Trust Series 2020-420K Class E, 3.3118% 11/10/2042 (b)(d) | 3345000 | 2910089 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48 Class D, 2.5% 6/15/2055 (b) | 3129000 | 2212744 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class C, 6.5717% 7/10/2028 (b)(d) | 1204000 | 1237708 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class D, 6.5717% 7/10/2028 (b)(d) | 1383000 | 1401766 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class D, 5.8524% 10/12/2040 (b)(d) | 2611000 | 2617174 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class E, 6.0475% 10/12/2040 (b)(d) | 2970000 | 2933018 |
| COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (b)(d) | 1749197 | 1607343 |
| COMM Mortgage Trust Series 2014-CR17 Class E, 4.8446% 5/10/2047 (b)(d) | 589000 | 443496 |
| COMM Mortgage Trust Series 2014-CR20 Class C, 4.4144% 11/10/2047 (d) | 408832 | 394535 |
| COMM Mortgage Trust Series 2015-DC1 Class B, 4.035% 2/10/2048 (d) | 3527000 | 3376750 |
| COMM Mortgage Trust Series 2015-DC1 Class C, 4.2893% 2/10/2048 (d) | 3928000 | 3485707 |
| COMM Mortgage Trust Series 2015-LC19 Class C, 4.064% 2/10/2048 (d) | 2299663 | 2186276 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 1920000 | 1783288 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 356070 | 307048 |
| COMM Mortgage Trust Series 2017-COR2 Class C, 4.7398% 9/10/2050 (d) | 1192000 | 1143793 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b) | 1146000 | 1031086 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.3113% 9/15/2033 (b)(c)(d) | 1487000 | 27727 |
| COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (b)(d) | 1035000 | 1009216 |
| Commercial Mortgage Trust Series 2016-CD2 Class D, 2.7225% 11/10/2049 (d) | 1674096 | 414909 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.8474% 8/15/2041 (b)(c)(d) | 4245000 | 4237057 |
| CPT Mortgage Trust Series 2019-CPT Class E, 2.9968% 11/13/2039 (b)(d) | 2205000 | 1838727 |
| CPT Mortgage Trust Series 2019-CPT Class F, 2.9968% 11/13/2039 (b)(d) | 2772000 | 2157116 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.3903% 6/15/2034 (b)(c) | 2561600 | 1345453 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 month Index + 3.5737%, 7.5327% 5/9/2026 (b)(c)(d) | 3038314 | 3024911 |
| CSAIL Commercial Mortgage Trust Series 2017-C8 Class C, 4.2552% 6/15/2050 (d) | 3060000 | 2731053 |
| CSMC Trust Series 2019-UVIL Class E, 3.2833% 12/15/2041 (b)(d) | 6276000 | 5495021 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.6362% 10/15/2051 (d) | 777000 | 696852 |
| DBGS Mortgage Trust Series 2019-1735 Class F, 4.1946% 4/10/2037 (b)(d) | 1000000 | 680663 |
| DC Office Trust Series 2019-MTC Class E, 3.072% 9/15/2045 (b)(d) | 1029000 | 818072 |
| DK Trust Series 2024-SPBX Class E, CME Term SOFR 1 month Index + 4%, 7.959% 3/15/2034 (b)(c)(d) | 2463000 | 2466947 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class D, 6.7308% 1/15/2041 (b)(d) | 4760000 | 4798718 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class E, 5.7759% 1/15/2041 (b)(d) | 769000 | 744064 |
| ELP Series 2025-ELP Class D, 5.4314% 11/13/2042 (b)(d) | 1020000 | 1025714 |
| ELP Series 2025-ELP Class E, 6.45% 11/13/2042 (b)(d) | 1200000 | 1206535 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (b)(d) | 1817000 | 1858444 |
| EQT Trust Series 2024-EXTR Class C, 6.0464% 7/5/2041 (b)(d) | 1535000 | 1572244 |
| EQT Trust Series 2024-EXTR Class D, 6.6819% 7/5/2041 (b)(d) | 327000 | 334823 |
| Extended Stay America Trust Series 2025-ESH Class E, CME Term SOFR 1 month Index + 3.35%, 7.309% 10/15/2042 (b)(c)(d) | 2000000 | 2029740 |
| Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 8.059% 10/15/2042 (b)(c)(d) | 2000000 | 2017460 |
| Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.609% 12/15/2039 (b)(c)(d) | 3198000 | 3225359 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1672% 8/10/2044 (b)(d) | 1929752 | 1486837 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1672% 8/10/2044 (b)(d)(e) | 2432000 | 850953 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e) | 4308000 | 12924 |
| GS Mortgage Securities Trust Series 2017-GS5 Class C, 4.299% 3/10/2050 (d) | 2499000 | 1433154 |
| GS Mortgage Securities Trust Series 2019-GC38 Class D, 3% 2/10/2052 (b) | 1667000 | 1399420 |
| GS Mortgage Securities Trust Series 2019-GC39 Class D, 3% 5/10/2052 (b) | 2830000 | 2193091 |
| GS Mortgage Securities Trust Series 2019-GC42 Class C, 3.6967% 9/10/2052 (d) | 3833000 | 3303292 |
| GS Mortgage Securities Trust Series 2019-GC42 Class D, 2.8% 9/10/2052 (b) | 2307000 | 1699384 |
| GS Mortgage Securities Trust Series 2020-GC45 Class SWD, 3.2185% 12/13/2039 (b)(d) | 1764000 | 1425578 |
| GS Mortgage Securities Trust Series 2020-GC47 Class D, 3.4514% 5/12/2053 (b)(d) | 756000 | 584775 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (b)(d) | 3235000 | 3245667 |
| GS Mortgage Securities Trust Series 2024-RVR Class B, 5.538% 8/10/2041 (b)(d) | 939000 | 956364 |
| GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.4126% 11/25/2041 (b)(c)(d) | 1325000 | 1325566 |
| GSAT Trust Series 2025-BMF Class F, CME Term SOFR 1 month Index + 4.15%, 8.109% 7/15/2040 (b)(c)(d) | 3180000 | 3178724 |
| Hilton USA Trust Series 2016-HHV Class E, 4.1935% 11/5/2038 (b)(d) | 5078000 | 5008960 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (b)(d) | 6517000 | 6371324 |
| Home Partners of America Trust Series 2019-1 Class F, 4.101% 9/17/2039 (b) | 201216 | 192888 |
| Intown Mortgage Trust Series 2025-STAY Class E, CME Term SOFR 1 month Index + 3.85%, 7.809% 3/15/2042 (b)(c)(d) | 1607000 | 1609005 |
| Ip 2025-Ip Mtg Tr Series 2025-IP Class F, 7.7123% 6/10/2042 (b)(d) | 1424000 | 1449032 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.5653% 1/15/2048 (b)(d) | 2250000 | 1968705 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C32 Class C, 4.7056% 11/15/2048 (d) | 1500000 | 472875 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.3742% 12/15/2049 (b)(d) | 2418000 | 1755052 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2557% 6/15/2051 (b)(d) | 1171000 | 927711 |
| JPMDB Commercial Mortgage Securities Trust Series 2019-COR6 Class D, 2.5% 11/13/2052 (b)(e) | 1354000 | 680715 |
| JPMDB Commercial Mortgage Securities Trust Series 2020-COR7 Class D, 1.75% 5/13/2053 (b) | 1535000 | 852295 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (b)(d) | 2346041 | 2298982 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (b) | 3743000 | 3196988 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b) | 3129000 | 2087795 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.1987% 4/15/2046 (d) | 3677000 | 220620 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class E, 3.25% 4/15/2046 (b)(d) | 104000 | 3120 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(d) | 5894000 | 2947 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D, 3.9314% 6/10/2027 (b)(d)(e) | 3213000 | 8081 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (b)(d) | 4232000 | 10538 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (b)(d) | 2150000 | 223466 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class A, 3.3973% 6/5/2039 (b) | 1696000 | 1606897 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class D, 3.7828% 6/5/2039 (b)(d) | 984000 | 896748 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class E, 3.7828% 6/5/2039 (b)(d) | 3019000 | 2695159 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class EFX, 3.972% 1/16/2037 (b) | 2771000 | 831383 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b)(e) | 2388000 | 454986 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class GFX, 4.6882% 1/16/2037 (b)(d) | 942000 | 91873 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.2735% 4/15/2038 (b)(c)(d) | 1716000 | 1715998 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (b)(d) | 3234000 | 3188565 |
| KNDR Trust Series 2021-KIND Class C, CME Term SOFR 1 month Index + 1.8645%, 5.83% 8/15/2038 (b)(c)(d) | 532626 | 526700 |
| KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.38% 8/15/2038 (b)(c)(d) | 2020408 | 1992931 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.03% 8/15/2038 (b)(c)(d) | 4435575 | 4384882 |
| KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 6.959% 3/15/2042 (b)(c)(d) | 2527000 | 2514531 |
| LBA Trust Series 2024-BOLT Class E, CME Term SOFR 1 month Index + 3.6881%, 7.6471% 6/15/2039 (b)(c)(d) | 1000000 | 1002496 |
| LBA Trust Series 2024-BOLT Class F, CME Term SOFR 1 month Index + 4.437%, 8.396% 6/15/2039 (b)(c)(d) | 1450000 | 1449674 |
| LV Trust Series 2024-SHOW Class C, 6.0739% 10/10/2041 (b)(d) | 1629000 | 1651356 |
| Market Mortgage Trust Series 2020-525M Class F, 2.9406% 2/12/2040 (b)(d) | 1976000 | 1451450 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.2744% 4/15/2038 (b)(c)(d) | 8960000 | 8971153 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.8235% 7/15/2038 (b)(c)(d) | 4235000 | 4217870 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.0235% 7/15/2038 (b)(c)(d) | 1847000 | 1833783 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.2182% 1/15/2039 (b)(c)(d) | 4082400 | 4077328 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 7.9165% 1/15/2027 (b)(c)(d) | 1881600 | 1881483 |
| MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.459% 9/15/2040 (b)(c)(d) | 3195000 | 3185723 |
| MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (b) | 1012000 | 1033635 |
| Morgan Stanley Bank Amer Trust Series 2025-C35 Class C, 6.349% 8/15/2058  | 1014000 | 1056983 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (b)(d) | 1575000 | 220610 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7968% 5/15/2046 (b)(d) | 1740000 | 1603360 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C33 Class D, 3.356% 5/15/2050 (b) | 2932000 | 2581314 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (b)(d) | 1832146 | 1814374 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9406% 7/15/2049 (b)(d) | 640728 | 630733 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9406% 7/15/2049 (b)(d) | 984000 | 944731 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9406% 7/15/2049 (b)(d) | 3536800 | 3351902 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class B, 4.1503% 5/15/2048 (d) | 418901 | 403192 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class C, 4.1503% 5/15/2048 (d) | 1973000 | 1792471 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.1503% 5/15/2048 (b)(d) | 736000 | 619241 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class B, 4.075% 6/15/2050  | 1000000 | 973666 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 2733000 | 2577099 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class D, 2.546% 6/15/2050 (b) | 5262000 | 4447920 |
| Morgan Stanley Capital I Trust Series 2017-HR2 Class D, 2.73% 12/15/2050  | 5150000 | 4649687 |
| Morgan Stanley Capital I Trust Series 2020-CNP Class D, 2.4276% 4/5/2042 (b)(d) | 1043000 | 826691 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b) | 2256775 | 2384149 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d) | 1786000 | 1719856 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class C, 4.1459% 9/24/2057 (b)(d) | 1928000 | 1849125 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (b)(d) | 1014000 | 883557 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056  | 1899000 | 2029671 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class C, 6.9056% 5/15/2056 (d) | 1266000 | 1336605 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8763% 12/15/2056 (d) | 1070000 | 1154260 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class C, 7.0183% 12/15/2056 (d) | 3564000 | 3798756 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class D, 4% 12/15/2056 (b) | 351000 | 281817 |
| Natixis Commercial Mortgage Securities Trust Series 2019-10K Class E, 4.1346% 5/15/2039 (b)(d) | 2293000 | 2126308 |
| Natixis Commercial Mortgage Securities Trust Series 2019-10K Class F, 4.1346% 5/15/2039 (b)(d) | 3014000 | 2692507 |
| NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (b)(d) | 2115000 | 2157448 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (b)(d) | 7586000 | 7684337 |
| OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 10.6427% 11/15/2040 (b)(c)(d) | 2000000 | 2001241 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class F, CME Term SOFR 1 month Index + 3.4645%, 7.4235% 7/15/2038 (b)(c)(d)(e) | 2225000 | 596500 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class NR, CME Term SOFR 1 month Index + 6.1145%, 10.0735% 7/15/2038 (b)(c)(d) | 631000 | 73753 |
| Prima Capital CRE Securitization Ltd Series 2019-7A Class D, 4.25% 12/25/2050 (b) | 1750000 | 1665578 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 6369000 | 5441037 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (b)(d) | 1412000 | 1413434 |
| PRM Trust Series 2025-PRM6 Class F, 7.0585% 7/5/2033 (b)(d) | 3176000 | 3169947 |
| PRM5 Trust Series 2025-PRM5 Class D, 5.812% 3/10/2033 (b)(d) | 1195000 | 1194144 |
| PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (b)(d) | 4435000 | 4452139 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 899567 | 917374 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 4917000 | 5190362 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.1475% 11/15/2034 (b)(c)(d) | 2627000 | 2630278 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class F, CME Term SOFR 1 month Index + 5.187%, 9.146% 11/15/2034 (b)(c)(d) | 2189000 | 2184050 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (b)(d) | 3855000 | 2993834 |
| SHR Trust Series 2024-LXRY Class E, CME Term SOFR 1 month Index + 4.45%, 8.409% 10/15/2041 (b)(c)(d) | 1216000 | 1224929 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.0472% 11/15/2038 (b)(c)(d) | 5032210 | 5026075 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.989% 11/15/2036 (b)(c)(d) | 1803000 | 1801118 |
| SREIT Trust Series 2021-PALM Class G, CME Term SOFR 1 month Index + 3.7306%, 7.6896% 10/15/2034 (b)(c)(d) | 3411000 | 3408005 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.624% 11/15/2036 (b)(c)(d) | 4149000 | 4141257 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.273% 11/15/2036 (b)(c)(d) | 1134000 | 1127294 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.1979% 2/15/2042 (b)(c)(d) | 7802000 | 7675562 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(d) | 1432663 | 1296589 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(d)(e) | 2484000 | 879658 |
| UBS Commercial Mortgage Trust Series 2018-C8 Class C, 4.682% 2/15/2051 (d) | 756000 | 702256 |
| VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 7.9735% 7/15/2039 (b)(c)(d) | 3009000 | 2573163 |
| VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 9.0735% 7/15/2039 (b)(c)(d)(e) | 693000 | 495603 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 5.8383% 7/13/2044 (b)(d) | 2185000 | 2229733 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 6.2261% 7/13/2044 (b)(d) | 1520000 | 1553818 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class E, 7.6756% 7/13/2044 (b)(d) | 1080000 | 1093334 |
| VTR Commercial Mortgage Trust Series 2025-STEM Class C, 6.0567% 10/13/2039 (b)(d) | 710000 | 715339 |
| VTR Commercial Mortgage Trust Series 2025-STEM Class D, 6.7089% 10/13/2039 (b)(d) | 2045000 | 2060150 |
| Wells Fargo Commercial Mortgage Trust Series 2015-NXS4 Class D, 3.7578% 12/15/2048 (d) | 684978 | 669566 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class C, 4.342% 11/15/2049 (d) | 1262000 | 1217095 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C44 Class D, 3% 5/15/2051 (b) | 1864000 | 1327731 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C49 Class B, 4.546% 3/15/2052  | 450000 | 440558 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C57 Class D, 2.5% 8/15/2053 (b) | 2108000 | 1682240 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C60 Class D, 2.5% 8/15/2054 (b) | 761000 | 584702 |
| Wells Fargo Commercial Mortgage Trust Series 2021-SAVE Class E, CME Term SOFR 1 month Index + 3.8645%, 7.8235% 2/15/2040 (b)(c)(d) | 450400 | 449793 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class E, 7.5743% 7/15/2035 (b)(d) | 2867000 | 2903892 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C2 Class C, 6.3331% 11/15/2057 (d) | 757000 | 779569 |
| Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class C, 6.014% 10/15/2058 (d) | 2070000 | 2081000 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.8545% 3/15/2044 (b)(d)(e) | 1284756 | 462538 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4 Class D, 4.984% 6/15/2044 (b)(d) | 998995 | 966557 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4 Class E, 4.984% 6/15/2044 (b)(d) | 1274000 | 1200529 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e) | 1252600 | 403003 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0662% 3/15/2045 (b)(d) | 4999000 | 3517132 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 4.0874% 5/15/2045 (b)(d) | 1147518 | 1052870 |
| WF-RBS Commercial Mortgage Trust Series 2013-C16 Class D, 4.5103% 9/15/2046 (b)(d) | 175806 | 169658 |
| WFCM Series 2022-C62 Class A4, 4% 4/15/2055  | 2074000 | 1996821 |
| WFCM Series 2022-C62 Class D, 2.5% 4/15/2055 (b)(e) | 2352000 | 1441860 |
| WHARF Series 2025-DC Class E, 7.9816% 7/15/2040 (b)(d) | 1742000 | 1790577 |
| Worldwide Plaza Trust Series 2017-WWP Class F, 3.5955% 11/10/2036 (b)(d) | 1695000 | 8762 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (b)(d) | 1638000 | 986928 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (b)(d)(e) | 4354000 | 1436907 |
| TOTAL UNITED STATES |  | 626843932 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $671,140,584) |  | <br> **628994100** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 2.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Windstream Services LLC 7.5% 10/15/2033 (b) | 2480000 | 2523849 |
| WULF Compute LLC 7.75% 10/15/2030 (b) | 1520000 | 1571559 |
|  |  | 4095408 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 350408 | 351380 |
| Real Estate - 2.3% |  |  |
| Diversified REITs - 0.4% |  |  |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 2792000 | 2969850 |
| Health Care REITs - 0.1% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 955000 | 1009229 |
| Real Estate Management & Development - 0.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 1625000 | 1603520 |
| Essex Portfolio LP 5.5% 4/1/2034  | 1401000 | 1461707 |
|  |  | 3065227 |
| Residential REITs - 1.0% |  |  |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 3646000 | 3778797 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 2455000 | 2556579 |
|  |  | 6335376 |
| Retail REITs - 0.4% |  |  |
| NNN REIT Inc 5.6% 10/15/2033  | 2485000 | 2614888 |
| TOTAL REAL ESTATE |  | 15994570 |
| TOTAL UNITED STATES |  | 20441358 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $19,477,292) |  | <br> **20441358** |

---

---

| | | |
|:---|:---|:---|
| &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)(h)<br>(Cost $2,796,600)<br>| 3100000 | **31** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (i)<br>(Cost $26,078,267)<br>| 4.02 | 26073052 | **26078267** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $765,246,696)<br>| <br>**710369631** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(1060693)** |
| **NET ASSETS - 100.0%** | **709308938** |

---

**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 $526,380,565 or 74.2% 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) 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.

(h) Non-income producing.

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

**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 | 332273969 | 332535179 | 1536595 | 43 | - | 26078267 | 26073052 | 0.0% |
| Total | 26339434 | 332273969 | 332535179 | 1536595 | 43 | - | 26078267 |  |  |

---

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 November 30, 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 32269190 | - | 32269189 | 1 |
|  **Bank Loan Obligations** |  |  |  |  |
| Financials | 2557281 | - | - | 2557281 |
|  **Collateralized Mortgage Obligations** | 29404 | - | - | 29404 |
|  **Commercial Mortgage Securities** | 628994100 | - | 612141597 | 16852503 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 4095408 | - | 4095408 | - |
| Consumer Discretionary | 351380 | - | 351380 | - |
| Real Estate | 15994570 | - | 15994570 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 31 | - | - | 31 |
|  **Money Market Funds** | 26078267 | 26078267 | - | - |
| **Total Investments in Securities:** | 710369631 | 26078267 | 664852144 | 19439220 |

---

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 ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Bank Loan Obligations** | 5306506 | - | 93960 | - | (2843185) | - | - | - | 2557281 | 93960 |
| **Non-Convertible Preferred Stocks** | 31 | - | - | - | - | - | - | - | 31 | - |
| **Asset-Backed Securities** | 26 | - | (1063659) | - | - | 1063634 | - | - | 1 | (1063634) |
| **Commercial Mortgage Securities** | 21779787 | (4414900) | 1509949 | 10200096 | (16947688) | 440061 | 13179072 | (8893874) | 16852503 | (3477535) |
| **Collateralized Mortgage Obligations** | 31258 | 11711 | 1480 | - | (13327) | (1718) | - | - | 29404 | 1480 |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $739,168,429) | $684291364 |  |
| Fidelity Central Funds (cost $26,078,267) | 26078267 |  |
| Total Investment in Securities (cost $765,246,696) |  | $710369631 |
| Cash |  | 6390 |
| Receivable for investments sold |  | 669 |
| Interest receivable |  | 3016969 |
| Distributions receivable from Fidelity Central Funds |  | 93763 |
| Prepaid expenses |  | 729 |
| **Total assets** |  | 713488151 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2499999 |  |
| Distributions payable | 1072958 |  |
| Accrued management fee | 435159 |  |
| Other payables and accrued expenses | 171097 |  |
| **Total liabilities** |  | 4179213 |
| **Net Assets**  |  | $709308938 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $861253016 |
| Total accumulated earnings (loss) |  | (151944078) |
| **Net Assets** |  | $709308938 |
| **Net Asset Value**, offering price and redemption price per share ($709,308,938 ÷ 96,006,456 shares) |  | $7.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $45727739 |
| Income from Fidelity Central Funds  |  | 1536595 |
| **Total income** |  | 47264334 |
| **Expenses** |  |  |
| Management fee | $5413486 |  |
| Custodian fees and expenses | 4616 |  |
| Independent trustees' fees and expenses | 2948 |  |
| Audit fees | 188421 |  |
| Legal | 479 |  |
| Miscellaneous | 3858 |  |
| Total expenses before reductions | 5613808 |  |
| Expense reductions | (4672) |  |
| Total expenses after reductions |  | 5609136 |
| **Net Investment income (loss)** |  | 41655198 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3986485) |  |
| Fidelity Central Funds | 43 |  |
| Total net realized gain (loss) |  | (3986442) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 19813256 |
| **Net gain (loss)** |  | 15826814 |
| **Net increase (decrease) in net assets resulting from operations** |  | $57482012 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $41655198 | $33215806 |
| &nbsp;&nbsp;Net realized gain (loss) | (3986442)<br>| (10306043)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19813256 | 57770217<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 57482012<br>| 80679980<br>|
| Distributions to shareholders | (40124940)<br>| (32795736)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 127861000 | 144461000 |
| Reinvestment of distributions | 26786153<br>| 18852447<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (150971302) | (40000000) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3675851<br>| 123313447<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 21032923<br>| 171197691<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 688276015 | 517078324<br>|
| &nbsp;&nbsp;End of period | $709308938 | $688276015 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17546497 | 20256392 |
| Issued in reinvestment of distributions | 3659515<br>| 2664936<br>|
| &nbsp;&nbsp;Redeemed | (20528615) | (5930104) |
| &nbsp;&nbsp;Net increase (decrease) | 677397 | 16991224 |

---

**Financial Highlights** 

**Fidelity® Real Estate High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.22 | $6.60 | $7.17 | $8.24 | $7.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .405  | .407  | .423  | .345  | .305  |
| Net realized and unrealized gain (loss)  | .155  | .617  | (.594)  | (1.059)  | .469  |
| Total from investment operations  | .560  | 1.024  | (.171)  | (.714)  | .774  |
| Distributions from net investment income  | (.390)  | (.404)  | (.392)  | (.324)  | (.334)  |
| Distributions from tax return of capital  | - | - | (.007) | (.032) | - |
| Total distributions  | (.390)  | (.404)  | (.399)  | (.356)  | (.334)  |
| Net asset value, end of period  | $7.39 | $7.22 | $6.60 | $7.17 | $8.24 |
| **Total Return** C | 7.94% <br>| 15.83%  | (2.44)%  | (8.84)%  | 10.07%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .75%  | .76%  | .78%  | .78%  | .78%  |
| Expenses net of fee waivers, if any  | .75% <br>| .76%  | .78%  | .78%  | .78%  |
| Expenses net of all reductions, if any  | .75%  | .76%  | .78%  | .78%  | .78%  |
| Net investment income (loss)  | 5.54%  | 5.79%  | 6.13%  | 4.48%  | 3.74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $709309 | $688276 | $517078 | $722213 | $945943 |
| Portfolio turnover rate F | 32% <br>| 23%  | 32%  | 16%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*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.*

E*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.*

F*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**

For the period ended November 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Recovery value  | Recovery value  | $0.00  | Increase |
| Bank Loan Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557281  | Discounted cash flow  | Yield  | 11.5% | Decrease |
| Collateralized Mortgage Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29404  | Indicative market price  | Evaluated bid  | $6.33 - $49.94 / $34.25 | Increase |
| Commercial Mortgage Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16852503  | Indicative market price  | Evaluated bid  | $0.25 - $80.25 / $51.18 | Increase |
| Non-Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 November 30, 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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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**  | $17492296 |
| **Gross unrealized depreciation**  | <u>(73110692)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(55618396)</u> |
| **Tax Cost**  | <u>$765988027</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$151703</u> |
| **Capital loss carryforward**  | <u>$(96477385)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(55618396)</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(9466668) |
| Long-term | <u>(87010717)</u> |
| **Total capital loss carryforward** | <u>$(96477385)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $40124940 | $32795736 |

---

**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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate High Income Fund** | 233399125 | 227623524 |

---

**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** | 1022 |

---

**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 $4,672.

**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 ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| Fidelity Real Estate High Income Fund  | 2 | 55% |

---

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Real Estate High Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Real Estate High Income Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.84% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $33,948,108 of distributions paid in the calendar 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $40,124,940 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120710_4.jpg)<br>

1.734092.126 REHI-ANN-0126

**Fidelity Advisor® Value Strategies Fund**

**Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img120725_1.jpg)

![](img120725_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Value Strategies Fund](#Sub_Sec_Fund_14_SO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements14_SO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SO-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SO-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SO-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SO-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SO-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Value Strategies Fund**

**Schedule of Investments November 30, 2025**

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 - 3.7%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Gildan Activewear Inc (a) | 302600 | 16987348 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Imperial Oil Ltd  | 236100 | 23362488 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc  | 99400 | 8714082 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Methanex Corp (United States)  | 381900 | 13599459 |
| TOTAL CANADA |  | 62663377 |
| HONG KONG - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Insurance - 0.6% |  |  |
| Prudential PLC  | 648100 | 9390473 |
| PORTUGAL - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Galp Energia SGPS SA  | 824700 | 16617274 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 142900 | 16392059 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Cellnex Telecom SA (b)(c) | 220600 | 6625107 |
| UNITED STATES - 92.2%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| ZoomInfo Technologies Inc (d) | 1167600 | 11582592 |
| Media - 1.0% |  |  |
| Nexstar Media Group Inc (a) | 89000 | 17100460 |
| TOTAL COMMUNICATION SERVICES |  | 28683052 |
| Consumer Discretionary - 10.6% |  |  |
| Automobile Components - 1.0% |  |  |
| Patrick Industries Inc (a) | 156911 | 16980908 |
| Diversified Consumer Services - 0.6% |  |  |
| Driven Brands Holdings Inc (a)(d) | 717100 | 10476831 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Hilton Grand Vacations Inc (d) | 327800 | 14039674 |
| Household Durables - 2.0% |  |  |
| Somnigroup International Inc  | 166600 | 15247232 |
| TopBuild Corp (d) | 41200 | 18643000 |
|  |  | 33890232 |
| Leisure Products - 2.0% |  |  |
| BRP Inc Subordinate Voting Shares  | 246900 | 17033618 |
| Hasbro Inc  | 197500 | 16313500 |
|  |  | 33347118 |
| Specialty Retail - 3.4% |  |  |
| Bath & Body Works Inc  | 596200 | 10379842 |
| Lithia Motors Inc Class A  | 59800 | 19066632 |
| Signet Jewelers Ltd (a) | 151100 | 15134176 |
| Upbound Group Inc  | 711800 | 12755456 |
|  |  | 57336106 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| PVH Corp (a) | 161300 | 13671788 |
| TOTAL CONSUMER DISCRETIONARY |  | 179742657 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.8% |  |  |
| Constellation Brands Inc Class A  | 82200 | 11210436 |
| Keurig Dr Pepper Inc  | 374200 | 10440180 |
| Primo Brands Corp Class A  | 587300 | 9214737 |
|  |  | 30865353 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Dollar Tree Inc (d) | 141700 | 15701777 |
| Food Products - 2.5% |  |  |
| Bunge Global SA  | 169400 | 16274258 |
| Darling Ingredients Inc (d) | 455122 | 16662016 |
| Ingredion Inc  | 76700 | 8248318 |
|  |  | 41184592 |
| TOTAL CONSUMER STAPLES |  | 87751722 |
| Energy - 5.4% |  |  |
| Energy Equipment & Services - 2.3% |  |  |
| Expro Group Holdings NV (d) | 1429600 | 19942920 |
| Weatherford International PLC  | 263600 | 19717280 |
|  |  | 39660200 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Core Natural Resources Inc  | 206607 | 16528560 |
| Phillips 66  | 136600 | 18708736 |
| Targa Resources Corp  | 99600 | 17460876 |
|  |  | 52698172 |
| TOTAL ENERGY |  | 92358372 |
| Financials - 15.2% |  |  |
| Banks - 2.2% |  |  |
| East West Bancorp Inc  | 169873 | 18125449 |
| First Citizens BancShares Inc/NC Class A  | 10300 | 19342267 |
|  |  | 37467716 |
| Capital Markets - 2.4% |  |  |
| Ameriprise Financial Inc  | 37200 | 16953528 |
| Blue Owl Capital Inc Class A (a) | 538000 | 8070000 |
| Raymond James Financial Inc  | 103500 | 16201890 |
|  |  | 41225418 |
| Consumer Finance - 1.9% |  |  |
| OneMain Holdings Inc  | 305000 | 18919150 |
| SLM Corp  | 468084 | 13714861 |
|  |  | 32634011 |
| Financial Services - 4.6% |  |  |
| Apollo Global Management Inc  | 112200 | 14793570 |
| Global Payments Inc  | 208500 | 15795960 |
| NCR Atleos Corp (d) | 402500 | 14920675 |
| PennyMac Financial Services Inc  | 115000 | 15475550 |
| WEX Inc (d) | 107700 | 15978373 |
|  |  | 76964128 |
| Insurance - 4.1% |  |  |
| Assurant Inc  | 77700 | 17728032 |
| First American Financial Corp  | 217048 | 14273076 |
| Reinsurance Group of America Inc  | 99933 | 18974279 |
| Travelers Companies Inc/The  | 60000 | 17571600 |
|  |  | 68546987 |
| TOTAL FINANCIALS |  | 256838260 |
| Health Care - 8.4% |  |  |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Lantheus Holdings Inc (d) | 204300 | 12027141 |
| QuidelOrtho Corp (d) | 610900 | 16708115 |
| Solventum Corp (d) | 154700 | 13189722 |
|  |  | 41924978 |
| Health Care Providers & Services - 3.8% |  |  |
| Acadia Healthcare Co Inc (d) | 775200 | 13333440 |
| AdaptHealth Corp (a)(d) | 1275600 | 12322296 |
| CVS Health Corp  | 279800 | 22484728 |
| Molina Healthcare Inc (d) | 111800 | 16575468 |
| PACS Group Inc (d) | 7400 | 247234 |
|  |  | 64963166 |
| Life Sciences Tools & Services - 2.1% |  |  |
| ICON PLC (d) | 93900 | 17371500 |
| IQVIA Holdings Inc (d) | 83200 | 19136832 |
|  |  | 36508332 |
| TOTAL HEALTH CARE |  | 143396476 |
| Industrials - 19.2% |  |  |
| Air Freight & Logistics - 2.5% |  |  |
| FedEx Corp  | 54200 | 14941856 |
| GXO Logistics Inc (d) | 328300 | 16657942 |
| United Parcel Service Inc Class B  | 111700 | 10699743 |
|  |  | 42299541 |
| Building Products - 0.5% |  |  |
| Owens Corning  | 67500 | 7643700 |
| Commercial Services & Supplies - 1.9% |  |  |
| Brink's Co/The  | 143300 | 16096889 |
| HNI Corp (a) | 195300 | 8108856 |
| Vestis Corp  | 1166900 | 7561512 |
|  |  | 31767257 |
| Construction & Engineering - 1.8% |  |  |
| Centuri Holdings Inc (d) | 575100 | 12933999 |
| Fluor Corp (d) | 207100 | 8890803 |
| WillScot Holdings Corp  | 450100 | 8889475 |
|  |  | 30714277 |
| Electrical Equipment - 1.0% |  |  |
| Regal Rexnord Corp  | 115500 | 16861845 |
| Ground Transportation - 3.1% |  |  |
| Ryder System Inc  | 83000 | 14376430 |
| Saia Inc (d) | 39200 | 11037152 |
| U-Haul Holding Co Class N  | 268400 | 12912724 |
| XPO Inc (d) | 96700 | 13737202 |
|  |  | 52063508 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 178000 | 15781480 |
| CNH Industrial NV Class A  | 1116800 | 10531424 |
| Gates Industrial Corp PLC (d) | 654900 | 14905524 |
| Oshkosh Corp  | 136500 | 17496571 |
| Terex Corp  | 282900 | 13072809 |
| Timken Co/The (a) | 101400 | 8252946 |
|  |  | 80040754 |
| Professional Services - 2.7% |  |  |
| Amentum Holdings Inc (d) | 680200 | 19474126 |
| First Advantage Corp (a)(d) | 955100 | 13256788 |
| KBR Inc  | 314900 | 12980178 |
|  |  | 45711092 |
| Trading Companies & Distributors - 1.0% |  |  |
| Herc Holdings Inc  | 122300 | 16421221 |
| TOTAL INDUSTRIALS |  | 323523195 |
| Information Technology - 9.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Arrow Electronics Inc (d) | 141800 | 15315818 |
| Avnet Inc  | 296800 | 14100968 |
|  |  | 29416786 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| First Solar Inc (d) | 102400 | 27947008 |
| ON Semiconductor Corp (d) | 368100 | 18493344 |
|  |  | 46440352 |
| Software - 0.4% |  |  |
| NCR Voyix Corp (a)(d) | 694500 | 7021395 |
| Technology Hardware, Storage & Peripherals - 4.6% |  |  |
| Sandisk Corp/DE  | 168733 | 37674704 |
| Western Digital Corp  | 243600 | 39787188 |
|  |  | 77461892 |
| TOTAL INFORMATION TECHNOLOGY |  | 160340425 |
| Materials - 4.3% |  |  |
| Chemicals - 1.5% |  |  |
| Corteva Inc  | 233300 | 15740751 |
| Mosaic Co/The  | 409300 | 10023757 |
|  |  | 25764508 |
| Containers & Packaging - 0.9% |  |  |
| Smurfit WestRock PLC  | 451700 | 16121173 |
| Metals & Mining - 1.9% |  |  |
| Constellium SE (d) | 1063330 | 17874577 |
| Reliance Inc  | 47600 | 13295632 |
|  |  | 31170209 |
| TOTAL MATERIALS |  | 73055890 |
| Real Estate - 7.3% |  |  |
| Health Care REITs - 2.4% |  |  |
| Ventas Inc  | 254000 | 20480020 |
| Welltower Inc  | 94500 | 19676790 |
|  |  | 40156810 |
| Industrial REITs - 2.1% |  |  |
| Prologis Inc  | 142137 | 18268869 |
| Rexford Industrial Realty Inc  | 431700 | 17963037 |
|  |  | 36231906 |
| Real Estate Management & Development - 1.1% |  |  |
| Jones Lang LaSalle Inc (d) | 57100 | 18596899 |
| Residential REITs - 1.0% |  |  |
| Sun Communities Inc  | 136800 | 17625312 |
| Specialized REITs - 0.7% |  |  |
| Equinix Inc  | 15300 | 11525643 |
| TOTAL REAL ESTATE |  | 124136570 |
| Utilities - 5.5% |  |  |
| Electric Utilities - 3.1% |  |  |
| Constellation Energy Corp  | 49000 | 17853640 |
| Eversource Energy  | 233700 | 15699966 |
| PG&E Corp  | 1143700 | 18436444 |
|  |  | 51990050 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| AES Corp/The  | 1285300 | 18071318 |
| Multi-Utilities - 1.4% |  |  |
| Sempra  | 253900 | 24049408 |
| TOTAL UTILITIES |  | 94110776 |
| TOTAL UNITED STATES |  | 1563937395 |
| ZAMBIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| First Quantum Minerals Ltd (d) | 618400 | 13992492 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,408,073,665) |  | <br> **1689618177** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 7911250 | 7912831 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 29392339 | 29395279 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $37,308,110) |  |  | **37308110** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $1,445,381,775)<br>| <br>**1726926287** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(29866282)** |
| **NET ASSETS - 100.0%** | **1697060005** |

---

**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 $6,625,107 or 0.4% of net assets.

(c) 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 $6,625,107 or 0.4% of net assets.

(d) Non-income producing.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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 | 381041227 | 377802758 | 388942 | (567) | - | 7912831 | 7911250 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 44437581 | 724598825 | 739640568 | 311728 | (559) | - | 29395279 | 29392339 | 0.1% |
| Total | 49112510 | 1105640052 | 1117443326 | 700670 | (1126) | - | 37308110 |  |  |

---

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 November 30, 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 | 35308159 | 28683052 | 6625107 | - |
| Consumer Discretionary | 196730005 | 196730005 | - | - |
| Consumer Staples | 87751722 | 87751722 | - | - |
| Energy | 132338134 | 132338134 | - | - |
| Financials | 282620792 | 273230319 | 9390473 | - |
| Health Care | 143396476 | 143396476 | - | - |
| Industrials | 332237277 | 332237277 | - | - |
| Information Technology | 160340425 | 160340425 | - | - |
| Materials | 100647841 | 100647841 | - | - |
| Real Estate | 124136570 | 124136570 | - | - |
| Utilities | 94110776 | 94110776 | - | - |
|  **Money Market Funds** | 37308110 | 37308110 | - | - |
| **Total Investments in Securities:** | 1726926287 | 1710910707 | 16015580 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $68,752,499) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,408,073,665) | $1689618177 |  |
| Fidelity Central Funds (cost $37,308,110) | 37308110 |  |
| Total Investment in Securities (cost $1,445,381,775) |  | $1726926287 |
| Receivable for fund shares sold |  | 165867 |
| Dividends receivable |  | 1746308 |
| Distributions receivable from Fidelity Central Funds |  | 13822 |
| Prepaid expenses |  | 1627 |
| Other receivables |  | 20670 |
| **Total assets** |  | 1728874581 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1326345 |  |
| Accrued management fee | 856274 |  |
| Distribution and service plan fees payable | 183757 |  |
| Other payables and accrued expenses | 52362 |  |
| Collateral on securities loaned | 29395838 |  |
| **Total liabilities** |  | 31814576 |
| **Net Assets**  |  | $1697060005 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1278496898 |
| Total accumulated earnings (loss) |  | 418563107 |
| **Net Assets** |  | $1697060005 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($372,732,642 ÷ 8,182,485 shares)(a) |  | $45.55 |
| Maximum offering price per share (100/94.25 of $45.55) |  | $48.33 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($230,693,381 ÷ 4,655,459 shares)(a) |  | $49.55 |
| Maximum offering price per share (100/96.50 of $49.55) |  | $51.35 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($17,303,792 ÷ 484,136 shares)(a) |  | $35.74 |
| **Fidelity Value Strategies Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($608,685,944 ÷ 10,458,746 shares) |  | $58.20 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($88,179,042 ÷ 1,509,059 shares) |  | $58.43 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($379,465,204 ÷ 7,200,766 shares) |  | $52.70 |
| *(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** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $28563410 |
| Income from Fidelity Central Funds (including $311,728 from security lending)  |  | 700670 |
| **Total income** |  | 29264080 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $12008839 |  |
| Performance adjustment | 156617 |  |
| Distribution and service plan fees | 2244408 |  |
| Custodian fees and expenses | 43698 |  |
| Independent trustees' fees and expenses | 7567 |  |
| Registration fees | 140961 |  |
| Audit fees | 60948 |  |
| Legal | 4900 |  |
| Interest | 43244 |  |
| Miscellaneous | 24295 |  |
| **Total expenses** |  | 14735477 |
| **Net Investment income (loss)** |  | 14528603 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 165531793 |  |
| Fidelity Central Funds | (1126) |  |
| Foreign currency transactions | 22911 |  |
| Total net realized gain (loss) |  | 165553578 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (289312798) |  |
| Assets and liabilities in foreign currencies | 577 |  |
| Total change in net unrealized appreciation (depreciation) |  | (289312221) |
| **Net gain (loss)** |  | (123758643) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(109230040) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14528603 | $17091159 |
| &nbsp;&nbsp;Net realized gain (loss) | 165553578<br>| 238346760<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (289312221) | 287146806<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (109230040)<br>| 542584725<br>|
| Distributions to shareholders | (223187455)<br>| (54202367)<br>|
| Share transactions - net increase (decrease) | (314148457)<br>| (47669461)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (646565952)<br>| 440712897<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2343625957 | 1902913060<br>|
| &nbsp;&nbsp;End of period | $1697060005 | $2343625957 |

---

**Financial Highlights** 

**Fidelity Advisor® Value Strategies Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.63 | $42.18 | $41.23 | $42.62 | $32.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .28  | .23  | .24  | .37 C |
| Net realized and unrealized gain (loss)  | (1.72)  | 11.46  | 1.65  | 2.05  | 9.96  |
| Total from investment operations  | (1.44)  | 11.74  | 1.88  | 2.29  | 10.33  |
| Distributions from net investment income  | (.40)  | (.27)  | (.27)  | (.39)  | (.29)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.64)  | (1.29) D | (.93) D | (3.68)  | (.29)  |
| Net asset value, end of period  | $45.55 | $52.63 | $42.18 | $41.23 | $42.62 |
| **Total Return** E,F | (2.19)% <br>| 28.37%  | 4.78%  | 5.18%  | 31.91%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .96%  | 1.10%  | 1.15%  | 1.14%  | 1.13%  |
| Expenses net of fee waivers, if any  | .96% <br>| 1.10%  | 1.15%  | 1.13%  | 1.13%  |
| Expenses net of all reductions, if any  | .96%  | 1.10%  | 1.15%  | 1.13%  | 1.13%  |
| Net investment income (loss)  | .65%  | .61%  | .58%  | .61%  | .90% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $372733 | $460135 | $355355 | $317773 | $253532 |
| Portfolio turnover rate I | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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 $.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*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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $56.64 | $45.28 | $44.16 | $45.37 | $34.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .18  | .15  | .16  | .29 C |
| Net realized and unrealized gain (loss)  | (1.83)  | 12.33  | 1.76  | 2.17  | 10.61  |
| Total from investment operations  | (1.64)  | 12.51  | 1.91  | 2.33  | 10.90  |
| Distributions from net investment income  | (.21)  | (.13)  | (.14)  | (.25)  | (.20)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.45)  | (1.15) D | (.79)  | (3.54)  | (.20)  |
| Net asset value, end of period  | $49.55 | $56.64 | $45.28 | $44.16 | $45.37 |
| **Total Return** E,F | (2.43)% <br>| 28.07%  | 4.51%  | 4.95%  | 31.59%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.21%  | 1.35%  | 1.39%  | 1.37%  | 1.37%  |
| Expenses net of fee waivers, if any  | 1.21% <br>| 1.34%  | 1.39%  | 1.37%  | 1.37%  |
| Expenses net of all reductions, if any  | 1.21%  | 1.34%  | 1.39%  | 1.37%  | 1.37%  |
| Net investment income (loss)  | .40%  | .36%  | .34%  | .37%  | .66% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $230693 | $264424 | $223355 | $231490 | $237047 |
| Portfolio turnover rate I | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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 $.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*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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.64 | $34.45 | $33.87 | $35.64 | $27.33 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.06)  | (.06)  | (.06)  | .04 C |
| Net realized and unrealized gain (loss)  | (1.45)  | 9.33  | 1.34  | 1.72  | 8.37  |
| Total from investment operations  | (1.48)  | 9.27  | 1.28  | 1.66  | 8.41  |
| Distributions from net investment income  | (.17)  | (.05)  | (.05)  | (.14)  | (.10)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.42) D | (1.08)  | (.70)  | (3.43)  | (.10)  |
| Net asset value, end of period  | $35.74 | $42.64 | $34.45 | $33.87 | $35.64 |
| **Total Return** E,F | (2.92)% <br>| 27.41%  | 3.97%  | 4.37%  | 30.84%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.86%  | 1.93%  | 1.92%  | 1.92%  |
| Expenses net of fee waivers, if any  | 1.71% <br>| 1.85%  | 1.93%  | 1.91%  | 1.91%  |
| Expenses net of all reductions, if any  | 1.71%  | 1.85%  | 1.93%  | 1.91%  | 1.91%  |
| Net investment income (loss)  | (.10)%  | (.15)%  | (.19)%  | (.17)%  | .11% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17304 | $25534 | $19120 | $18076 | $14064 |
| Portfolio turnover rate I | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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 $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.*

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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.44 | $52.08 | $50.65 | $51.53 | $39.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .51  | .52  | .41  | .43  | .58 C |
| Net realized and unrealized gain (loss)  | (2.06)  | 14.22  | 2.02  | 2.47  | 12.00  |
| Total from investment operations  | (1.55)  | 14.74  | 2.43  | 2.90  | 12.58  |
| Distributions from net investment income  | (.45)  | (.35)  | (.35)  | (.49)  | (.35)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.69)  | (1.38)  | (1.00)  | (3.78)  | (.35)  |
| Net asset value, end of period  | $58.20 | $65.44 | $52.08 | $50.65 | $51.53 |
| **Total Return** D | (1.89)% <br>| 28.76%  | 5.01%  | 5.48%  | 32.24%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .82%  | .90%  | .88%  | .86%  |
| Expenses net of fee waivers, if any  | .66% <br>| .81%  | .90%  | .87%  | .86%  |
| Expenses net of all reductions, if any  | .66%  | .81%  | .90%  | .87%  | .86%  |
| Net investment income (loss)  | .95%  | .89%  | .84%  | .87%  | 1.17% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $608686 | $815177 | $629237 | $565088 | $512558 |
| Portfolio turnover rate G | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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*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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $65.37 | $52.04 | $50.61 | $51.49 | $39.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .56  | .56  | .48  | .49  | .64 C |
| Net realized and unrealized gain (loss)  | (2.05)  | 14.22  | 2.02  | 2.46  | 11.98  |
| Total from investment operations  | (1.49)  | 14.78  | 2.50  | 2.95  | 12.62  |
| Distributions from net investment income  | (.20)  | (.42)  | (.42)  | (.54)  | (.40)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.45) D | (1.45)  | (1.07)  | (3.83)  | (.40)  |
| Net asset value, end of period  | $58.43 | $65.37 | $52.04 | $50.61 | $51.49 |
| **Total Return** E | (1.83)% <br>| 28.89%  | 5.16%  | 5.59%  | 32.41%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .59%  | .73%  | .77%  | .75%  | .75%  |
| Expenses net of fee waivers, if any  | .59% <br>| .73%  | .77%  | .75%  | .75%  |
| Expenses net of all reductions, if any  | .59%  | .73%  | .77%  | .75%  | .75%  |
| Net investment income (loss)  | 1.02%  | .98%  | .97%  | .99%  | 1.28% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88179 | $103334 | $218927 | $61703 | $54407 |
| Portfolio turnover rate H | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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*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*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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $59.88 | $47.79 | $46.56 | $47.69 | $36.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44  | .46  | .38  | .39  | .54 C |
| Net realized and unrealized gain (loss)  | (1.91)  | 13.02  | 1.86  | 2.28  | 11.10  |
| Total from investment operations  | (1.47)  | 13.48  | 2.24  | 2.67  | 11.64  |
| Distributions from net investment income  | (.47)  | (.36)  | (.36)  | (.51)  | (.35)  |
| Distributions from net realized gain  | (5.24)  | (1.03)  | (.65)  | (3.29)  | -  |
| Total distributions  | (5.71)  | (1.39)  | (1.01)  | (3.80)  | (.35)  |
| Net asset value, end of period  | $52.70 | $59.88 | $47.79 | $46.56 | $47.69 |
| **Total Return** D | (1.94)% <br>| 28.72%  | 5.03%  | 5.44%  | 32.23%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .71%  | .85%  | .90%  | .89%  | .88%  |
| Expenses net of fee waivers, if any  | .71% <br>| .85%  | .90%  | .88%  | .88%  |
| Expenses net of all reductions, if any  | .71%  | .85%  | .90%  | .88%  | .88%  |
| Net investment income (loss)  | .90%  | .86%  | .83%  | .86%  | 1.15% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $379465 | $675022 | $456919 | $352428 | $255660 |
| Portfolio turnover rate G | 57% <br>| 61%  | 59%  | 46%  | 53%  |

---

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*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*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**

For the period ended November 30, 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 November 30, 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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions 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**  | $435928496 |
| **Gross unrealized depreciation**  | <u>(158501948)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$277426548</u> |
| **Tax Cost**  | <u>$1449499739</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$12511092</u> |
| **Undistributed long-term capital gain**  | <u>$128625116</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$277426899</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income** | $37180305 | $12624612 |
| **Long-term Capital Gains** | <u>186007150</u> | <u>41577755</u> |
| **Total** | <u>$223187455</u> | <u>$54202367</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** | 1040387865 | 1565970087 |

---

**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** | .68 |
| **Fidelity Value Strategies Fund** | .64 |
| **Class K** | .56 |
| **Class I** | .68 |

---

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 annual 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% | 919869 | 28054 |
| **Class M** | .25% | .25% | 1130712 | 2232 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>193827</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>31257</u> |
|  |  |  | <u>2244408</u> | <u>61543</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** | 42831 |
| **Class M** | 1905 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>169</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>44905</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 Value Strategies Fund** | 34331 |

---

**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 | 8750513 | 4.56% | 43244 |

---

**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** | 117926790 | 87812716 | 18794586 |

---

**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** | 2634 |

---

**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** | 33032 | 20185 | - |

---

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 Value Strategies Fund** | 41072895 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Value Strategies Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $51382266 | $10920447 |
| Class M | 25196597 | 5651196 |
| Class C | 3247315 | 615596 |
| Fidelity Value Strategies Fund | 70384685 | 16995066 |
| Class K | 8644227 | 6225149 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; <u>64332365</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>13794913</u> |
| Total  | <u>$223187455</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** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Value Strategies Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1485577 | 1606406 | $67008976 | $74141222 |
| Reinvestment of distributions | 951014 | 207268 | 41226473 | 9285604 |
| Shares redeemed | <u>(2996660)</u> | <u>(1496824)</u> | <u>(127696179)</u> | <u>(69929449)</u> |
| Net increase (decrease) | <u>(560069)</u> | <u>316850</u> | <u>$(19460730)</u> | <u>$13497377</u> |
| **Class M** |  |  |  |  |
| Shares sold | 156702 | 256680 | $7172579 | $12670737 |
| Reinvestment of distributions | 495949 | 107891 | 23438566 | 5214370 |
| Shares redeemed | <u>(665343)</u> | <u>(629038)</u> | <u>(31109257)</u> | <u>(31577162)</u> |
| Net increase (decrease) | <u>(12692)</u> | <u>(264467)</u> | <u>$(498112)</u> | <u>$(13692055)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 68630 | 157450 | $2339072 | $5922771 |
| Reinvestment of distributions | 88433 | 15954 | 3028841 | 583123 |
| Shares redeemed | <u>(271747)</u> | <u>(129629)</u> | <u>(8760734)</u> | <u>(4902074)</u> |
| Net increase (decrease) | <u>(114684)</u> | <u>43775</u> | <u>$(3392821)</u> | <u>$1603820</u> |
| **Fidelity Value Strategies Fund** |  |  |  |  |
| Shares sold | 1138309 | 3124958 | $62063007 | $178317233 |
| Reinvestment of distributions | 1162843 | 278235 | 64223843 | 15458753 |
| Shares redeemed | <u>(4298992)</u> | <u>(3027638)</u> | <u>(230458150)</u> | <u>(174325455)</u> |
| Net increase (decrease) | <u>(1997840)</u> | <u>375555</u> | <u>$(104171300)</u> | <u>$19450531</u> |
| **Class K** |  |  |  |  |
| Shares sold | 385828 | 1457805 | $20620781 | $83697217 |
| Reinvestment of distributions | 156005 | 112266 | 8644227 | 6225149 |
| Shares redeemed | <u>(613625)</u> | <u>(4195855)</u> | <u>(33051803)</u> | <u>(243960483)</u> |
| Net increase (decrease) | <u>(71792)</u> | <u>(2625784)</u> | <u>$(3786795)</u> | <u>$(154038117)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2628305 | 4567127 | $127703516 | $237710071 |
| Reinvestment of distributions | 1166313 | 259364 | 58350620 | 13188666 |
| Shares redeemed | <u>(7867169)</u> | <u>(3114122)</u> | <u>(368892835)</u> | <u>(165389754)</u> |
| Net increase (decrease) | <u>(4072551)</u> | <u>1712369</u> | <u>$(182838699)</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Value Strategies Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Strategies Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $159,713,391, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $482,112 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 67%; Class M designates 84%; Class C designates 87%; Fidelity Value Strategies Fund designates 63%; Class K designates 84%; and Class I designates 62%; of the dividend distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 77.67%; Class M designates 97.42%; Class C designates 100%; Fidelity Value Strategies Fund designates 73.51%; Class K designates 98.21%; and Class I designates 72.20%; of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 8.43%; Class M designates 2.59%; Class C designates 0.00%; Fidelity Value Strategies Fund designates 7.98%; Class K designates 1.80%; and Class I designates 7.84%; of the dividend distributed in December 2024 during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120725_4.jpg)<br>

1.539180.128 SO-ANN-0126

**Fidelity Advisor® Stock Selector Mid Cap Fund**

**Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img120726_1.jpg)

![](img120726_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Stock Selector Mid Cap Fund](#Sub_Sec_Fund_531_MC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements531_MC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MC-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Stock Selector Mid Cap Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 151600 | 11938588 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Lundin Mining Corp  | 687200 | 12864254 |
| FINLAND - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Amer Sports Inc (b) | 292200 | 10849386 |
| FRANCE - 0.7%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Amundi SA (c)(d) | 86400 | 6917542 |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Sartorius Stedim Biotech  | 33400 | 8034055 |
| TOTAL FRANCE |  | 14951597 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Birkenstock Holding Plc (b)(e) | 221200 | 9584596 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Patria Investments Ltd Class A (e) | 672843 | 10139744 |
| GREECE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Piraeus Financial Holdings SA  | 739489 | 6066527 |
| ISRAEL - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 20500 | 6413220 |
| JAPAN - 1.1%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Hokuhoku Financial Group Inc  | 517700 | 14718515 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Allegro MicroSystems Inc (b) | 374600 | 9998074 |
| TOTAL JAPAN |  | 24716589 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Popular Inc  | 219434 | 25171274 |
| UNITED KINGDOM - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.2% |  |  |
| Shawbrook Group PLC (c)(d) | 730300 | 4034998 |
| Capital Markets - 0.5% |  |  |
| Marex Group PLC  | 323791 | 11264689 |
| TOTAL UNITED KINGDOM |  | 15299687 |
| UNITED STATES - 92.4%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Frontier Communications Parent Inc (b) | 157700 | 5979984 |
| GCI Liberty Inc/DEL Class A (b)(f) | 24724 | 0 |
| Iridium Communications Inc  | 31500 | 516600 |
|  |  | 6496584 |
| Entertainment - 0.1% |  |  |
| IMAX Corp (b) | 20200 | 749420 |
| Warner Music Group Corp Class A  | 63400 | 1790416 |
|  |  | 2539836 |
| Interactive Media & Services - 0.1% |  |  |
| ZoomInfo Technologies Inc (b) | 224200 | 2224064 |
| Media - 0.8% |  |  |
| EchoStar Corp Class A (b)(e) | 96400 | 7065156 |
| New York Times Co/The Class A  | 115900 | 7475550 |
| News Corp Class B  | 23800 | 700434 |
| Nexstar Media Group Inc  | 17500 | 3362450 |
|  |  | 18603590 |
| TOTAL COMMUNICATION SERVICES |  | 29864074 |
| Consumer Discretionary - 9.9% |  |  |
| Automobile Components - 0.3% |  |  |
| LCI Industries (e) | 67300 | 7649991 |
| Diversified Consumer Services - 1.1% |  |  |
| Duolingo Inc Class A (b) | 38200 | 7311862 |
| Service Corp International/US  | 213000 | 16918590 |
|  |  | 24230452 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Aramark  | 465100 | 17287767 |
| Brinker International Inc (b) | 39700 | 6105463 |
| Cava Group Inc (b)(e) | 93600 | 4576104 |
| Hilton Grand Vacations Inc (b) | 177300 | 7593759 |
| Sportradar Holding AG Class A (b)(e) | 206700 | 4547400 |
| Wyndham Hotels & Resorts Inc (e) | 69500 | 5087400 |
|  |  | 45197893 |
| Household Durables - 2.6% |  |  |
| Somnigroup International Inc  | 274100 | 25085632 |
| Taylor Morrison Home Corp (b) | 168364 | 10554739 |
| Toll Brothers Inc  | 144100 | 20149503 |
|  |  | 55789874 |
| Specialty Retail - 2.8% |  |  |
| Bath & Body Works Inc  | 354100 | 6164881 |
| Burlington Stores Inc (b) | 50648 | 12774945 |
| Chewy Inc Class A (b) | 210900 | 7332993 |
| Dick's Sporting Goods Inc  | 70100 | 14480557 |
| Floor & Decor Holdings Inc Class A (b) | 127400 | 8105188 |
| Murphy USA Inc  | 22000 | 8471540 |
| Williams-Sonoma Inc  | 14200 | 2556142 |
|  |  | 59886246 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Capri Holdings Ltd (b) | 303200 | 7692184 |
| PVH Corp  | 93054 | 7887257 |
| Tapestry Inc  | 84049 | 9184875 |
|  |  | 24764316 |
| TOTAL CONSUMER DISCRETIONARY |  | 217518772 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 0.6% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3200 | 623360 |
| Celsius Holdings Inc (b) | 108100 | 4425614 |
| Coca-Cola Consolidated Inc  | 40200 | 6550590 |
|  |  | 11599564 |
| Consumer Staples Distribution & Retail - 3.2% |  |  |
| Albertsons Cos Inc Class A  | 191000 | 3501030 |
| BJ's Wholesale Club Holdings Inc (b) | 110300 | 9842069 |
| Casey's General Stores Inc  | 28500 | 16258110 |
| Maplebear Inc (b) | 94900 | 3986749 |
| Performance Food Group Co (b) | 156600 | 15201162 |
| Sprouts Farmers Market Inc (b) | 67100 | 5623651 |
| US Foods Holding Corp (b) | 190700 | 15002369 |
|  |  | 69415140 |
| Food Products - 0.4% |  |  |
| Darling Ingredients Inc (b) | 131900 | 4828859 |
| Flowers Foods Inc  | 53500 | 574055 |
| Ingredion Inc  | 41800 | 4495172 |
|  |  | 9898086 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 82646 | 2552935 |
| elf Beauty Inc (b)(e) | 37398 | 2848606 |
|  |  | 5401541 |
| TOTAL CONSUMER STAPLES |  | 96314331 |
| Energy - 4.1% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Liberty Energy Inc Class A  | 291760 | 5187493 |
| Weatherford International PLC  | 152100 | 11377080 |
|  |  | 16564573 |
| Oil, Gas & Consumable Fuels - 3.4% |  |  |
| Antero Resources Corp (b) | 482500 | 17577475 |
| Expand Energy Corp  | 88400 | 10778612 |
| HF Sinclair Corp  | 214506 | 11349512 |
| Northern Oil & Gas Inc  | 197600 | 4424264 |
| Permian Resources Corp Class A  | 1037400 | 15031926 |
| Plains All American Pipeline LP  | 364500 | 6345945 |
| Targa Resources Corp  | 50400 | 8835624 |
|  |  | 74343358 |
| TOTAL ENERGY |  | 90907931 |
| Financials - 12.3% |  |  |
| Banks - 5.2% |  |  |
| Associated Banc-Corp  | 332895 | 8751809 |
| Bancorp Inc/The (b)(e) | 549116 | 35181862 |
| Comerica Inc  | 185604 | 14918850 |
| Eastern Bankshares Inc  | 775730 | 14606996 |
| First Horizon Corp  | 977519 | 21837774 |
| Pathward Financial Inc  | 125275 | 9007273 |
| Synovus Financial Corp  | 209190 | 10082958 |
|  |  | 114387522 |
| Capital Markets - 0.7% |  |  |
| Blue Owl Capital Inc Class A (e) | 615378 | 9230670 |
| Palmer Square Capital BDC Inc  | 209703 | 2600317 |
| Virtu Financial Inc Class A  | 103077 | 3686034 |
|  |  | 15517021 |
| Consumer Finance - 1.2% |  |  |
| FirstCash Holdings Inc  | 35959 | 5696265 |
| SLM Corp (e) | 738664 | 21642855 |
|  |  | 27339120 |
| Financial Services - 1.3% |  |  |
| Chime Financial Inc Class A (b)(e) | 221198 | 4673913 |
| Essent Group Ltd  | 115802 | 7267734 |
| UWM Holdings Corp Class A  | 994308 | 5816702 |
| Voya Financial Inc  | 148726 | 10455438 |
|  |  | 28213787 |
| Insurance - 3.9% |  |  |
| American Financial Group Inc/OH  | 171370 | 23601076 |
| Baldwin Insurance Group Inc/The Class A (b) | 597454 | 17033414 |
| Brighthouse Financial Inc (b) | 111114 | 7283523 |
| Reinsurance Group of America Inc  | 114127 | 21669293 |
| Selective Insurance Group Inc  | 76542 | 6013139 |
| Unum Group  | 147377 | 11196231 |
|  |  | 86796676 |
| TOTAL FINANCIALS |  | 272254126 |
| Health Care - 8.6% |  |  |
| Biotechnology - 1.9% |  |  |
| Cytokinetics Inc (b) | 110000 | 7494300 |
| Legend Biotech Corp ADR (b) | 200000 | 5542000 |
| Moderna Inc (b) | 169000 | 4390620 |
| Roivant Sciences Ltd (b) | 169600 | 3529376 |
| Soleno Therapeutics Inc (b) | 71000 | 3581950 |
| United Therapeutics Corp (b) | 18500 | 8991000 |
| Veracyte Inc (b) | 200000 | 9468000 |
|  |  | 42997246 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Insulet Corp (b) | 23500 | 7688965 |
| Masimo Corp (b) | 130000 | 18515900 |
| Penumbra Inc (b) | 74333 | 21792206 |
|  |  | 47997071 |
| Health Care Providers & Services - 2.0% |  |  |
| Alignment Healthcare Inc (b) | 30136 | 578913 |
| BrightSpring Health Services Inc (b) | 267000 | 9654720 |
| Chemed Corp  | 4500 | 1976355 |
| Hims & Hers Health Inc Class A (b)(e) | 42500 | 1689800 |
| Privia Health Group Inc (b) | 284200 | 6925954 |
| Surgery Partners Inc (b) | 203000 | 3465210 |
| Tenet Healthcare Corp (b) | 96000 | 20816640 |
|  |  | 45107592 |
| Health Care Technology - 0.5% |  |  |
| Doximity Inc Class A (b) | 40000 | 2057599 |
| Waystar Holding Corp (b) | 265000 | 9781150 |
|  |  | 11838749 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 180000 | 3385800 |
| Repligen Corp (b) | 91300 | 15614126 |
|  |  | 18999926 |
| Pharmaceuticals - 1.1% |  |  |
| Elanco Animal Health Inc (b) | 628000 | 14613560 |
| Royalty Pharma PLC Class A  | 228000 | 9124560 |
|  |  | 23738120 |
| TOTAL HEALTH CARE |  | 190678704 |
| Industrials - 24.2% |  |  |
| Aerospace & Defense - 4.5% |  |  |
| Beta Technologies Inc Class A (b) | 11100 | 302697 |
| Carpenter Technology Corp  | 86000 | 27394440 |
| Curtiss-Wright Corp  | 9600 | 5417184 |
| HEICO Corp Class A  | 86713 | 21415510 |
| Howmet Aerospace Inc  | 116700 | 23875653 |
| StandardAero Inc (b) | 13000 | 339560 |
| Woodward Inc  | 69700 | 20912091 |
|  |  | 99657135 |
| Building Products - 1.4% |  |  |
| Carlisle Cos Inc (e) | 45340 | 14421294 |
| Owens Corning  | 51300 | 5809212 |
| Simpson Manufacturing Co Inc  | 22500 | 3766050 |
| Trex Co Inc (b) | 200200 | 7002996 |
|  |  | 30999552 |
| Commercial Services & Supplies - 0.8% |  |  |
| Brink's Co/The  | 151392 | 17005863 |
| Construction & Engineering - 2.5% |  |  |
| Comfort Systems USA Inc  | 23900 | 23348866 |
| EMCOR Group Inc  | 37000 | 22757590 |
| WillScot Holdings Corp  | 426598 | 8425311 |
|  |  | 54531767 |
| Electrical Equipment - 2.3% |  |  |
| Acuity Inc  | 31700 | 11615514 |
| Nextpower Inc Class A (b) | 116900 | 10710378 |
| nVent Electric PLC  | 162500 | 17431375 |
| Regal Rexnord Corp  | 82433 | 12034394 |
|  |  | 51791661 |
| Ground Transportation - 2.2% |  |  |
| Landstar System Inc  | 110011 | 14393839 |
| XPO Inc (b) | 240100 | 34108606 |
|  |  | 48502445 |
| Machinery - 5.5% |  |  |
| Allison Transmission Holdings Inc  | 119763 | 10618188 |
| Crane Co  | 120000 | 21990000 |
| Dover Corp  | 31400 | 5817792 |
| Esab Corp  | 205700 | 23087768 |
| Flowserve Corp  | 396294 | 28275577 |
| ITT Inc  | 158887 | 29260630 |
|  |  | 119049955 |
| Marine Transportation - 0.9% |  |  |
| Kirby Corp (b) | 179394 | 20364807 |
| Professional Services - 1.6% |  |  |
| CACI International Inc (b) | 43700 | 26967270 |
| KBR Inc  | 226960 | 9355291 |
|  |  | 36322561 |
| Trading Companies & Distributors - 2.5% |  |  |
| Core & Main Inc Class A (b) | 198300 | 9585822 |
| Watsco Inc (e) | 35100 | 12158640 |
| Wesco International Inc  | 125513 | 33563431 |
|  |  | 55307893 |
| TOTAL INDUSTRIALS |  | 533533639 |
| Information Technology - 13.4% |  |  |
| Communications Equipment - 1.2% |  |  |
| Ciena Corp (b) | 127746 | 26087011 |
| Electronic Equipment, Instruments & Components - 3.5% |  |  |
| Belden Inc  | 18159 | 2059231 |
| Coherent Corp (b) | 250600 | 41163556 |
| Jabil Inc  | 78000 | 16435380 |
| TD SYNNEX Corp  | 118130 | 18012462 |
|  |  | 77670629 |
| IT Services - 2.3% |  |  |
| Kyndryl Holdings Inc (b) | 308200 | 7960806 |
| Okta Inc Class A (b) | 202500 | 16266825 |
| Twilio Inc Class A (b) | 211800 | 27468342 |
|  |  | 51695973 |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| MACOM Technology Solutions Holdings Inc (b) | 150500 | 26335995 |
| MKS Inc  | 96000 | 15013440 |
| Rambus Inc (b) | 136200 | 13016634 |
|  |  | 54366069 |
| Software - 3.1% |  |  |
| Commvault Systems Inc (b) | 61200 | 7558200 |
| Dynatrace Inc (b) | 320000 | 14259200 |
| Gen Digital Inc  | 264900 | 6985413 |
| Guidewire Software Inc (b) | 82373 | 17790921 |
| Nutanix Inc Class A (b) | 131667 | 6293683 |
| Pivotal Software Inc rights (b)(f) | 509500 | 4 |
| PTC Inc (b) | 39400 | 6911942 |
| Rubrik Inc Class A (b) | 124900 | 8658068 |
|  |  | 68457431 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Pure Storage Inc Class A (b) | 7906 | 703318 |
| Western Digital Corp  | 98600 | 16104338 |
|  |  | 16807656 |
| TOTAL INFORMATION TECHNOLOGY |  | 295084769 |
| Materials - 3.9% |  |  |
| Chemicals - 1.2% |  |  |
| Avient Corp  | 171100 | 5233949 |
| RPM International Inc  | 143000 | 15336750 |
| Westlake Corp (e) | 72800 | 4863768 |
|  |  | 25434467 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 55400 | 12394088 |
| Containers & Packaging - 0.6% |  |  |
| Crown Holdings Inc  | 138500 | 13410955 |
| Metals & Mining - 1.1% |  |  |
| Cleveland-Cliffs Inc (b) | 640000 | 8345600 |
| Reliance Inc  | 59200 | 16535744 |
|  |  | 24881344 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 111000 | 9103110 |
| TOTAL MATERIALS |  | 85223964 |
| Real Estate - 6.8% |  |  |
| Health Care REITs - 0.8% |  |  |
| Ventas Inc  | 211500 | 17053245 |
| Industrial REITs - 1.2% |  |  |
| EastGroup Properties Inc  | 69300 | 12555774 |
| Terreno Realty Corp  | 215400 | 13524966 |
|  |  | 26080740 |
| Office REITs - 0.6% |  |  |
| Postal Realty Trust Inc Class A  | 698680 | 10857487 |
| SL Green Realty Corp (e) | 72000 | 3393360 |
|  |  | 14250847 |
| Real Estate Management & Development - 1.0% |  |  |
| Compass Inc Class A (b) | 640500 | 6674010 |
| Jones Lang LaSalle Inc (b) | 46500 | 15144585 |
|  |  | 21818595 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent Class A  | 239300 | 7686316 |
| Camden Property Trust  | 49000 | 5210660 |
| Sun Communities Inc  | 60700 | 7820588 |
|  |  | 20717564 |
| Retail REITs - 0.8% |  |  |
| Macerich Co/The  | 286100 | 4966696 |
| Tanger Inc  | 109900 | 3690442 |
| Urban Edge Properties  | 502100 | 9650362 |
|  |  | 18307500 |
| Specialized REITs - 1.5% |  |  |
| CubeSmart  | 207252 | 7715992 |
| Four Corners Property Trust Inc  | 415200 | 9981408 |
| Outfront Media Inc  | 570634 | 13427018 |
|  |  | 31124418 |
| TOTAL REAL ESTATE |  | 149352909 |
| Utilities - 3.5% |  |  |
| Electric Utilities - 1.0% |  |  |
| IDACORP Inc  | 20900 | 2754202 |
| OGE Energy Corp  | 198100 | 9069018 |
| Pinnacle West Capital Corp  | 41900 | 3807034 |
| TXNM Energy Inc  | 128800 | 7528360 |
|  |  | 23158614 |
| Gas Utilities - 1.3% |  |  |
| National Fuel Gas Co  | 111094 | 9159700 |
| Southwest Gas Holdings Inc  | 87300 | 7250265 |
| UGI Corp  | 267600 | 10583580 |
|  |  | 26993545 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| Ormat Technologies Inc (e) | 65300 | 7373023 |
| Talen Energy Corp (b) | 44900 | 17702723 |
|  |  | 25075746 |
| Water Utilities - 0.1% |  |  |
| Essential Utilities Inc  | 46600 | 1844894 |
| TOTAL UTILITIES |  | 77072799 |
| TOTAL UNITED STATES |  | 2037806018 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,603,258,532) |  | <br> **2185801480** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/26/2026 (h)<br>(Cost $39,638)<br>| 3.77 | 40000 | **39642** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (i) | 4.02 | 22201896 | 22206336 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.02 | 49446256 | 49451201 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $71,656,082) |  |  | **71657537** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $1,674,954,252)<br>| <br>**2257498659** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(49932089)** |
| **NET ASSETS - 100.0%** | **2207566570** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P MidCap 400 Index Contracts (United States) | 1 | 12/19/2025 | 331440 | (2006) | (2006) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% |

---

**Legend**

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

(b) Non-income producing.

(c) 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 $10,952,540 or 0.5% of net assets.

(d) 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 $10,952,540 or 0.5% of net assets.

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

(f) Level 3 security.

(g) 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.

(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 $39,642.

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

(j) 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 | 43888427 | 801452668 | 823133771 | 1584208 | (987) | (1) | 22206336 | 22201896 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 73503854 | 880720595 | 904773243 | 37941 | (5) | - | 49451201 | 49446256 | 0.2% |
| Total | 117392281 | 1682173263 | 1727907014 | 1622149 | (992) | (1) | 71657537 |  |  |

---

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 November 30, 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 | 29864074 | 29864074 | - | - |
| Consumer Discretionary | 249891342 | 249891342 | - | - |
| Consumer Staples | 96314331 | 96314331 | - | - |
| Energy | 90907931 | 90907931 | - | - |
| Financials | 350567415 | 350567415 | - | - |
| Health Care | 198712759 | 198712759 | - | - |
| Industrials | 533533639 | 533533639 | - | - |
| Information Technology | 311496063 | 311496059 | - | 4 |
| Materials | 98088218 | 98088218 | - | - |
| Real Estate | 149352909 | 149352909 | - | - |
| Utilities | 77072799 | 77072799 | - | - |
|  **U.S. Treasury Obligations** | 39642 | - | 39642 | - |
|  **Money Market Funds** | 71657537 | 71657537 | - | - |
| **Total Investments in Securities:** | 2257498659 | 2257459013 | 39642 | 4 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (2006) | (2006) | - | - |
| Total Liabilities | (2006) | (2006) | - | - |
| **Total Derivative Instruments:** | (2006) | (2006) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 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)  | - | (2006) |
| **Total Equity Risk**  | - | (2006) |
| **Total Value of Derivatives** | - | (2006) |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $71,089,339) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,603,298,170) | $2185841122 |  |
| Fidelity Central Funds (cost $71,656,082) | 71657537 |  |
| Total Investment in Securities (cost $1,674,954,252) |  | $2257498659 |
| Cash |  | 30047 |
| Foreign currency held at value (cost $31,935) |  | 31856 |
| Receivable for investments sold |  | 519204 |
| Receivable for fund shares sold |  | 307416 |
| Dividends receivable |  | 1547320 |
| Distributions receivable from Fidelity Central Funds |  | 98017 |
| Receivable for daily variation margin on futures contracts |  | 1390 |
| Prepaid expenses |  | 2076 |
| Other receivables |  | 27204 |
| **Total assets** |  | 2260063189 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $518350 |  |
| Payable for fund shares redeemed | 820351 |  |
| Accrued management fee | 1310714 |  |
| Distribution and service plan fees payable | 335638 |  |
| Other payables and accrued expenses | 60384 |  |
| Collateral on securities loaned | 49451182 |  |
| **Total liabilities** |  | 52496619 |
| **Net Assets**  |  | $2207566570 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1464588571 |
| Total accumulated earnings (loss) |  | 742977999 |
| **Net Assets** |  | $2207566570 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($681,959,487 ÷ 14,770,134 shares)(a) |  | $46.17 |
| Maximum offering price per share (100/94.25 of $46.17) |  | $48.99 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($449,325,096 ÷ 9,634,680 shares)(a) |  | $46.64 |
| Maximum offering price per share (100/96.50 of $46.64) |  | $48.33 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($18,364,584 ÷ 467,585 shares)(a) |  | $39.28 |
| **Fidelity Stock Selector Mid Cap Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($325,129,693 ÷ 6,531,027 shares) |  | $49.78 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($459,712,924 ÷ 9,206,883 shares) |  | $49.93 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($273,074,786 ÷ 5,482,799 shares) |  | $49.81 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $28646713 |
| Interest  |  | 122379 |
| Income from Fidelity Central Funds (including $37,941 from security lending)  |  | 1622149 |
| **Total income** |  | 30391241 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $14945183 |  |
| Performance adjustment | (36073) |  |
| Distribution and service plan fees | 4057763 |  |
| Custodian fees and expenses | 61936 |  |
| Independent trustees' fees and expenses | 9451 |  |
| Registration fees | 131309 |  |
| Audit fees | 63143 |  |
| Legal | 4142 |  |
| Miscellaneous | 20649 |  |
| **Total expenses** |  | 19257503 |
| **Net Investment income (loss)** |  | 11133738 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 174035374 |  |
| Fidelity Central Funds | (992) |  |
| Foreign currency transactions | 11385 |  |
| Futures contracts | (2722441) |  |
| Total net realized gain (loss) |  | 171323326 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (169599820) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 3917 |  |
| Futures contracts | 47668 |  |
| Total change in net unrealized appreciation (depreciation) |  | (169548236) |
| **Net gain (loss)** |  | 1775090 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12908828 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11133738 | $12200849 |
| &nbsp;&nbsp;Net realized gain (loss) | 171323326<br>| 102504353<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (169548236) | 534702827<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12908828<br>| 649408029<br>|
| Distributions to shareholders | (75288610)<br>| (13138531)<br>|
| Share transactions - net increase (decrease) | (477528733)<br>| 201668044<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (539908515)<br>| 837937542<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2747475085 | 1909537543<br>|
| &nbsp;&nbsp;End of period | $2207566570 | $2747475085 |

---

**Financial Highlights** 

**Fidelity Advisor® Stock Selector Mid Cap Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.53 | $35.44 | $38.19 | $45.46 | $37.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .18  | .26  | .20  | .20  |
| Net realized and unrealized gain (loss)  | .77  | 11.15  | .35  | (1.76)  | 8.40  |
| Total from investment operations  | .93  | 11.33  | .61  | (1.56)  | 8.60  |
| Distributions from net investment income  | (.15)  | (.24)  | (.18)  | (.21)  | (.35)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  |
| Total distributions  | (1.29)  | (.24)  | (3.36)  | (5.71)  | (.88) C |
| Net asset value, end of period  | $46.17 | $46.53 | $35.44 | $38.19 | $45.46 |
| **Total Return** D,E | 2.23% <br>| 32.09%  | 2.23%  | (4.66)%  | 23.19%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .94%  | .92%  | .96%  | .97%  | 1.05%  |
| Expenses net of fee waivers, if any  | .94% <br>| .91%  | .96%  | .97%  | 1.05%  |
| Expenses net of all reductions, if any  | .94%  | .91%  | .96%  | .97%  | 1.05%  |
| Net investment income (loss)  | .38%  | .44%  | .73%  | .52%  | .45%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $681959 | $726403 | $603063 | $654237 | $735720 |
| Portfolio turnover rate H | 55% <br>| 52% I | 44%  | 64%  | 43%  |

---

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 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*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® Stock Selector Mid Cap Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.98 | $35.78 | $38.50 | $45.77 | $37.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .08  | .17  | .11  | .09  |
| Net realized and unrealized gain (loss)  | .77  | 11.26  | .37  | (1.80)  | 8.48  |
| Total from investment operations  | .83  | 11.34  | .54  | (1.69)  | 8.57  |
| Distributions from net investment income  | (.03)  | (.14)  | (.08)  | (.09)  | (.25)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  |
| Total distributions  | (1.17)  | (.14)  | (3.26)  | (5.58) C | (.79)  |
| Net asset value, end of period  | $46.64 | $46.98 | $35.78 | $38.50 | $45.77 |
| **Total Return** D,E | 1.98% <br>| 31.78%  | 1.99%  | (4.90)%  | 22.91%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.16%  | 1.21%  | 1.22%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.16%  | 1.20%  | 1.21%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.16%  | 1.20%  | 1.21%  | 1.29%  |
| Net investment income (loss)  | .13%  | .20%  | .49%  | .27%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $449325 | $503885 | $428856 | $464165 | $552237 |
| Portfolio turnover rate H | 55% <br>| 52% I | 44%  | 64%  | 43%  |

---

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 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*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® Stock Selector Mid Cap Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.87 | $30.42 | $33.33 | $40.31 | $33.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.11)  | (.02)  | (.09)  | (.14)  |
| Net realized and unrealized gain (loss)  | .64  | 9.56  | .29  | (1.53)  | 7.51  |
| Total from investment operations  | .51  | 9.45  | .27  | (1.62)  | 7.37  |
| Distributions from net investment income  | -  | -  | -  | -  | (.10)  |
| Distributions from net realized gain  | (1.10)  | -  | (3.18)  | (5.36)  | (.54)  |
| Total distributions  | (1.10)  | -  | (3.18)  | (5.36)  | (.64)  |
| Net asset value, end of period  | $39.28 | $39.87 | $30.42 | $33.33 | $40.31 |
| **Total Return** C,D | 1.48% <br>| 31.07%  | 1.44%  | (5.41)%  | 22.25%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.67%  | 1.76%  | 1.77%  | 1.84%  |
| Expenses net of fee waivers, if any  | 1.69% <br>| 1.67%  | 1.75%  | 1.76%  | 1.84%  |
| Expenses net of all reductions, if any  | 1.69%  | 1.67%  | 1.75%  | 1.76%  | 1.84%  |
| Net investment income (loss)  | (.37)%  | (.31)%  | (.07)%  | (.28)%  | (.35)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18365 | $21576 | $18853 | $22019 | $27346 |
| Portfolio turnover rate G | 55% <br>| 52% H | 44%  | 64%  | 43%  |

---

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

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

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*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.*

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

**Fidelity® Stock Selector Mid Cap Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.03 | $38.07 | $40.76 | $48.16 | $39.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .32  | .37  | .32  | .34  |
| Net realized and unrealized gain (loss)  | .84  | 11.96  | .40  | (1.90)  | 8.88  |
| Total from investment operations  | 1.15  | 12.28  | .77  | (1.58)  | 9.22  |
| Distributions from net investment income  | (.26)  | (.32)  | (.27)  | (.33)  | (.42)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  |
| Total distributions  | (1.40)  | (.32)  | (3.46) C | (5.82) C | (.96)  |
| Net asset value, end of period  | $49.78 | $50.03 | $38.07 | $40.76 | $48.16 |
| **Total Return** D | 2.54% <br>| 32.43%  | 2.52%  | (4.43)%  | 23.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .64%  | .63%  | .71%  | .72%  | .79%  |
| Expenses net of fee waivers, if any  | .64% <br>| .63%  | .71%  | .72%  | .79%  |
| Expenses net of all reductions, if any  | .64%  | .63%  | .71%  | .72%  | .79%  |
| Net investment income (loss)  | .68%  | .73%  | .98%  | .77%  | .71%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $325130 | $396121 | $326507 | $349497 | $394514 |
| Portfolio turnover rate G | 55% <br>| 52% H | 44%  | 64%  | 43%  |

---

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 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*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.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.18 | $38.19 | $40.88 | $48.29 | $40.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .30  | .36  | .31  | .33  |
| Net realized and unrealized gain (loss)  | .84  | 12.01  | .40  | (1.90)  | 8.91  |
| Total from investment operations  | 1.13  | 12.31  | .76  | (1.59)  | 9.24  |
| Distributions from net investment income  | (.24)  | (.32)  | (.27)  | (.32)  | (.42)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  |
| Total distributions  | (1.38)  | (.32)  | (3.45)  | (5.82)  | (.96)  |
| Net asset value, end of period  | $49.93 | $50.18 | $38.19 | $40.88 | $48.29 |
| **Total Return** C | 2.49% <br>| 32.39%  | 2.49%  | (4.45)%  | 23.50%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .69%  | .67%  | .73%  | .74%  | .82%  |
| Expenses net of fee waivers, if any  | .69% <br>| .66%  | .72%  | .74%  | .81%  |
| Expenses net of all reductions, if any  | .69%  | .66%  | .72%  | .74%  | .81%  |
| Net investment income (loss)  | .63%  | .69%  | .96%  | .75%  | .68%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $459713 | $472163 | $340854 | $385919 | $412941 |
| Portfolio turnover rate F | 55% <br>| 52% G | 44%  | 64%  | 43%  |

---

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

D*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.*

E*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.*

F*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.*

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

**Fidelity Advisor® Stock Selector Mid Cap Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.13 | $38.15 | $40.86 | $48.26 | $39.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .37  | .42  | .36  | .38  |
| Net realized and unrealized gain (loss)  | .84  | 11.99  | .38  | (1.88)  | 8.92  |
| Total from investment operations  | 1.18  | 12.36  | .80  | (1.52)  | 9.30  |
| Distributions from net investment income  | (.36)  | (.38)  | (.33)  | (.38)  | (.47)  |
| Distributions from net realized gain  | (1.14)  | -  | (3.18)  | (5.50)  | (.54)  |
| Total distributions  | (1.50)  | (.38)  | (3.51)  | (5.88)  | (1.01)  |
| Net asset value, end of period  | $49.81 | $50.13 | $38.15 | $40.86 | $48.26 |
| **Total Return** C | 2.61% <br>| 32.59%  | 2.63%  | (4.30)%  | 23.69%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .57%  | .54%  | .58%  | .59%  | .67%  |
| Expenses net of fee waivers, if any  | .57% <br>| .53%  | .57%  | .59%  | .67%  |
| Expenses net of all reductions, if any  | .57%  | .53%  | .57%  | .59%  | .67%  |
| Net investment income (loss)  | .75%  | .82%  | 1.11%  | .90%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $273075 | $627327 | $191405 | $216614 | $67190 |
| Portfolio turnover rate F | 55% <br>| 52% G | 44%  | 64%  | 43%  |

---

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

D*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.*

E*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.*

F*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.*

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

**Notes to Financial Statements**

For the period ended November 30, 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 November 30, 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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, 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**  | $678907225 |
| **Gross unrealized depreciation**  | <u>(101844724)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$577062501</u> |
| **Tax Cost**  | <u>$1680436158</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$11398004</u> |
| **Undistributed long-term capital gain**  | <u>$154521137</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$577058857</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $13677859 | $13138531 |
| **Long-term Capital Gains**  | <u>61610751</u> | <u>-</u> |
| **Total**  | <u>$75288610</u> | <u>$13138531</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. 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, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** | 14796436 |

---

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** | 1258745997 | 1766493958 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **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** | .63 |
| **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 annual performance adjustment was an amount less than .005%.

**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% | 1653717 | 17051 |
| **Class M** | .25% | .25% | 2218010 | 13669 |
| **Class C** | .75% | .25% | <u>186036</u> | <u>17264</u> |
|  |  |  | <u>4057763</u> | <u>47984</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** | 70922 |
| **Class M** | 5119 |
| **Class C**A | <u>230</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>76271</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** | 42962 |

---

**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** | 86989010 | 92001806 | 8991129 |

---

**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** | 3278 |

---

**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** | 3793 | 1175 | - |

---

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 Stock Selector Mid Cap Fund** | 22606955 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $20035262 | $3989848 |
| Class M | 12453119 | 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>$75288610</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** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Stock Selector Mid Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 805196 | 644683 | $34293197 | $26217390 |
| Reinvestment of distributions | 439189 | 95631 | 18687477 | 3714325 |
| Shares redeemed | <u>(2085836)</u> | <u>(2142836)</u> | <u>(89025610)</u> | <u>(87279045)</u> |
| Net increase (decrease) | <u>(841451)</u> | <u>(1402522)</u> | <u>$(36044936)</u> | <u>$(57347330)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 468267 | 521745 | $20230815 | $21284205 |
| Reinvestment of distributions | 281445 | 41809 | 12121822 | 1643105 |
| Shares redeemed | <u>(1841605)</u> | <u>(1821402)</u> | <u>(79371694)</u> | <u>(74705386)</u> |
| Net increase (decrease) | <u>(1091893)</u> | <u>(1257848)</u> | <u>$(47019057)</u> | <u>$(51778076)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 62553 | 57132 | $2276378 | $1977533 |
| Reinvestment of distributions | 16133 | - | 587877 | - |
| Shares redeemed | <u>(152247)</u> | <u>(135785)</u> | <u>(5536904)</u> | <u>(4731974)</u> |
| Net increase (decrease) | <u>(73561)</u> | <u>(78653)</u> | <u>$(2672649)</u> | <u>$(2754441)</u> |
| **Fidelity Stock Selector Mid Cap Fund** |  |  |  |  |
| Shares sold | 720800 | 756365 | $33352335 | $33299502 |
| Reinvestment of distributions | 226976 | 61772 | 10384131 | 2573412 |
| Shares redeemed | <u>(2333673)</u> | <u>(1478059)</u> | <u>(106606859)</u> | <u>(64117536)</u> |
| Net increase (decrease) | <u>(1385897)</u> | <u>(659922)</u> | <u>$(62870393)</u> | <u>$(28244622)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2056037 | 3900560 | $94578789 | $163635570 |
| Reinvestment of distributions | 272274 | 61580 | 12497384 | 2573427 |
| Shares redeemed | <u>(2530643)</u> | <u>(3478484)</u> | <u>(117948034)</u> | <u>(149963945)</u> |
| Net increase (decrease) | <u>(202332)</u> | <u>483656</u> | <u>$(10871861)</u> | <u>$16245052</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 460198 | 14891219 | $21103159 | $653859925 |
| Reinvestment of distributions | 69619 | 39929 | 3184359 | 1665027 |
| Shares redeemed | <u>(7561738)</u> | <u>(7433025)</u> | <u>(342337355)</u> | <u>(329977491)</u> |
| Net increase (decrease) | <u>(7031921)</u> | <u>7498123</u> | <u>$(318049837)</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Stock Selector Mid Cap Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Stock Selector Mid Cap Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $170,926,636, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $1,041,096 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 100%; Class I designates 100% and Class Z designates 90% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Fidelity Stock Selector Mid Cap Fund designates 100%, Class I designates 100% and Class Z designates 94.96% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 0%; Class M designates 0%; Fidelity Stock Selector Mid Cap Fund designates 0%; Class I designates 0% and Class Z designates 5.05% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120726_4.jpg)<br>

1.539186.128 MC-ANN-0126

**Fidelity Advisor® Small Cap Fund**

**Annual Report**

**November 30, 2025**

![](img120727_1.jpg)

![](img120727_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ASCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Small Cap Fund](#Sub_Sec_Fund_294_ASCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements294_ASCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ASCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ASCF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ASCF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ASCF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ASCF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ASCF-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Small Cap Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 4.5%  |  |  |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| CES Energy Solutions Corp  | 2393200 | 21030088 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| TMX Group Ltd  | 406200 | 14920209 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Xenon Pharmaceuticals Inc (a) | 150000 | 6708000 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc (United States)  | 111900 | 9790131 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Kraken Robotics Inc (a) | 1344200 | 5780987 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 86600 | 12490677 |
| Utilities - 1.1% |  |  |
| Gas Utilities - 1.1% |  |  |
| Brookfield Infrastructure Corp (United States) (b) | 468167 | 21371824 |
| TOTAL CANADA |  | 92091916 |
| ISRAEL - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (a) | 113500 | 10863085 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Nova Ltd (a) | 44289 | 13855371 |
| TOTAL ISRAEL |  | 24718456 |
| JAPAN - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Allegro MicroSystems Inc (a) | 329400 | 8791686 |
| NETHERLANDS - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Merus NV (a) | 59900 | 5758786 |
| Newamsterdam Pharma Co NV (a) | 119300 | 4927090 |
| TOTAL NETHERLANDS |  | 10685876 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Latin America Ltd Class C (a) | 343026 | 3001478 |
| THAILAND - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Fabrinet (a) | 79700 | 36614977 |
| UNITED KINGDOM - 1.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| 4imprint Group PLC  | 166300 | 8574114 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Nomad Foods Ltd  | 537416 | 6572598 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| TechnipFMC PLC  | 460600 | 20846756 |
| TOTAL UNITED KINGDOM |  | 35993468 |
| UNITED STATES - 88.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Gogo Inc (a) | 576600 | 4122690 |
| Consumer Discretionary - 8.6% |  |  |
| Automobile Components - 1.2% |  |  |
| Patrick Industries Inc (b) | 236996 | 25647707 |
| Diversified Consumer Services - 0.4% |  |  |
| Laureate Education Inc (a) | 237186 | 7329047 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Brinker International Inc (a) | 91200 | 14025648 |
| Pursuit Attractions and Hospitality Inc (a) | 253400 | 8699222 |
|  |  | 22724870 |
| Household Durables - 1.4% |  |  |
| Champion Homes Inc (a) | 156886 | 13467094 |
| Lovesac Co/The (a) | 307490 | 4412481 |
| SharkNinja Inc (a) | 108966 | 10631813 |
|  |  | 28511388 |
| Specialty Retail - 3.7% |  |  |
| Academy Sports & Outdoors Inc (b) | 307605 | 14841941 |
| Boot Barn Holdings Inc (a) | 108200 | 20971324 |
| Group 1 Automotive Inc  | 37900 | 15199416 |
| Murphy USA Inc  | 65000 | 25029551 |
|  |  | 76042232 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Kontoor Brands Inc  | 234300 | 17420205 |
| TOTAL CONSUMER DISCRETIONARY |  | 177675449 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 0.7% |  |  |
| Vita Coco Co Inc/The (a) | 285896 | 15269705 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 78630 | 7016155 |
| Performance Food Group Co (a) | 120500 | 11696935 |
|  |  | 18713090 |
| Food Products - 0.6% |  |  |
| Simply Good Foods Co/The (a) | 613100 | 12065808 |
| TOTAL CONSUMER STAPLES |  | 46048603 |
| Energy - 4.2% |  |  |
| Energy Equipment & Services - 2.2% |  |  |
| Cactus Inc Class A  | 360000 | 15451200 |
| Liberty Energy Inc Class A  | 781600 | 13896848 |
| Weatherford International PLC  | 206200 | 15423760 |
|  |  | 44771808 |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Antero Resources Corp (a) | 253500 | 9235005 |
| Chord Energy Corp  | 113500 | 10653110 |
| Core Natural Resources Inc  | 144900 | 11592000 |
| Hess Midstream LP Class A (b) | 333248 | 11223793 |
|  |  | 42703908 |
| TOTAL ENERGY |  | 87475716 |
| Financials - 17.5% |  |  |
| Banks - 7.4% |  |  |
| Central BanCo Inc  | 128600 | 3029816 |
| Connectone Bancorp Inc  | 775455 | 19595748 |
| CVB Financial Corp  | 884800 | 17412864 |
| First Bancorp/Southern Pines NC (b) | 357700 | 18246277 |
| First Hawaiian Inc  | 774900 | 19310508 |
| First Interstate BancSystem Inc Class A  | 586800 | 19270512 |
| Metropolitan Bank Holding Corp  | 137482 | 10257532 |
| Pinnacle Financial Partners Inc  | 126600 | 11606688 |
| SOUTHSTATE BANK CORP  | 219400 | 19638494 |
| TriCo Bancshares  | 281400 | 13535340 |
|  |  | 151903779 |
| Capital Markets - 2.7% |  |  |
| Houlihan Lokey Inc Class A  | 46600 | 8173640 |
| Lazard Inc  | 166800 | 8423400 |
| Piper Sandler Cos  | 43200 | 14510880 |
| Stifel Financial Corp  | 115500 | 14091000 |
| WisdomTree Inc (b) | 1024600 | 11311584 |
|  |  | 56510504 |
| Consumer Finance - 2.1% |  |  |
| FirstCash Holdings Inc  | 243300 | 38541153 |
| SLM Corp  | 217022 | 6358745 |
|  |  | 44899898 |
| Financial Services - 2.8% |  |  |
| Essent Group Ltd  | 380423 | 23875347 |
| PennyMac Financial Services Inc  | 250900 | 33763613 |
|  |  | 57638960 |
| Insurance - 2.5% |  |  |
| Old Republic International Corp  | 252100 | 11621810 |
| Primerica Inc  | 97700 | 25140164 |
| Selective Insurance Group Inc  | 176900 | 13897264 |
|  |  | 50659238 |
| TOTAL FINANCIALS |  | 361612379 |
| Health Care - 14.7% |  |  |
| Biotechnology - 5.4% |  |  |
| Arcellx Inc (a)(b) | 109900 | 7990829 |
| Avidity Biosciences Inc (a) | 112900 | 8094930 |
| Celldex Therapeutics Inc (a) | 119000 | 3215380 |
| Centessa Pharmaceuticals PLC ADR (a) | 103300 | 2998799 |
| CG oncology Inc (a)(b) | 104100 | 4667844 |
| Cogent Biosciences Inc (a) | 444672 | 17884708 |
| Cytokinetics Inc (a) | 210600 | 14348178 |
| Disc Medicine Inc (a) | 77000 | 7188720 |
| Legend Biotech Corp ADR (a) | 98600 | 2732206 |
| Madrigal Pharmaceuticals Inc (a)(b) | 7500 | 4477350 |
| Rezolute Inc (a) | 278000 | 2702160 |
| Soleno Therapeutics Inc (a) | 65500 | 3304475 |
| Travere Therapeutics Inc (a) | 192300 | 6809343 |
| Ultragenyx Pharmaceutical Inc (a) | 123100 | 4277725 |
| Vaxcyte Inc (a) | 167700 | 8319597 |
| Viking Therapeutics Inc (a)(b) | 162000 | 5963220 |
| Viridian Therapeutics Inc (a) | 156600 | 5004936 |
|  |  | 109980400 |
| Health Care Equipment & Supplies - 3.1% |  |  |
| Artivion Inc (a) | 176200 | 8221492 |
| iRadimed Corp  | 65270 | 6084469 |
| Lantheus Holdings Inc (a) | 112000 | 6593440 |
| Masimo Corp (a) | 121800 | 17347974 |
| Merit Medical Systems Inc (a) | 164800 | 14270032 |
| TransMedics Group Inc (a)(b) | 81200 | 11880372 |
|  |  | 64397779 |
| Health Care Providers & Services - 3.8% |  |  |
| Chemed Corp  | 26700 | 11726373 |
| Ensign Group Inc/The  | 157900 | 29296766 |
| Option Care Health Inc (a) | 509237 | 15837271 |
| Privia Health Group Inc (a) | 345000 | 8407650 |
| Progyny Inc (a) | 509100 | 13424967 |
|  |  | 78693027 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Repligen Corp (a) | 65700 | 11236014 |
| Pharmaceuticals - 1.9% |  |  |
| Corcept Therapeutics Inc (a) | 42700 | 3390380 |
| Crinetics Pharmaceuticals Inc (a) | 201000 | 9157560 |
| Enliven Therapeutics Inc (a) | 135700 | 2931120 |
| Ligand Pharmaceuticals Inc (a) | 78800 | 16010584 |
| Structure Therapeutics Inc ADR (a) | 96300 | 3448503 |
| Trevi Therapeutics Inc (a) | 279500 | 3686605 |
|  |  | 38624752 |
| TOTAL HEALTH CARE |  | 302931972 |
| Industrials - 19.6% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Carpenter Technology Corp  | 97400 | 31025796 |
| Building Products - 2.5% |  |  |
| AAON Inc (b) | 127100 | 11881308 |
| AZZ Inc (b) | 155800 | 16424436 |
| Simpson Manufacturing Co Inc  | 144600 | 24203148 |
|  |  | 52508892 |
| Commercial Services & Supplies - 1.1% |  |  |
| Brink's Co/The  | 196860 | 22113284 |
| Construction & Engineering - 4.2% |  |  |
| Construction Partners Inc Class A (a) | 142300 | 15510700 |
| IES Holdings Inc (a) | 73400 | 30723038 |
| Legence Corp Class A  | 157100 | 7223458 |
| Sterling Infrastructure Inc (a) | 93300 | 32124123 |
|  |  | 85581319 |
| Electrical Equipment - 2.1% |  |  |
| Nextpower Inc Class A (a) | 345700 | 31673034 |
| Thermon Group Holdings Inc (a) | 333600 | 11709360 |
|  |  | 43382394 |
| Machinery - 4.0% |  |  |
| Federal Signal Corp  | 140200 | 15982800 |
| REV Group Inc  | 417300 | 22229571 |
| SPX Technologies Inc (a) | 119900 | 25783296 |
| Terex Corp  | 353400 | 16330614 |
|  |  | 80326281 |
| Passenger Airlines - 1.1% |  |  |
| SkyWest Inc (a) | 218600 | 22192272 |
| Professional Services - 1.6% |  |  |
| ExlService Holdings Inc (a) | 377800 | 15009994 |
| KBR Inc  | 445400 | 18359388 |
|  |  | 33369382 |
| Trading Companies & Distributors - 1.5% |  |  |
| Applied Industrial Technologies Inc  | 50500 | 13070410 |
| Rush Enterprises Inc Class A (b) | 342791 | 17845699 |
|  |  | 30916109 |
| TOTAL INDUSTRIALS |  | 401415729 |
| Information Technology - 10.8% |  |  |
| Electronic Equipment, Instruments & Components - 6.9% |  |  |
| Advanced Energy Industries Inc  | 95600 | 20189764 |
| Belden Inc  | 200200 | 22702680 |
| Insight Enterprises Inc (a) | 126772 | 10974652 |
| Sanmina Corp (a) | 232400 | 36292746 |
| TD SYNNEX Corp  | 202841 | 30929196 |
| TTM Technologies Inc (a) | 300300 | 21075054 |
|  |  | 142164092 |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Diodes Inc (a) | 249800 | 11543258 |
| MACOM Technology Solutions Holdings Inc (a) | 92600 | 16204074 |
| Veeco Instruments Inc (a) | 365959 | 10696981 |
|  |  | 38444313 |
| Software - 2.0% |  |  |
| Agilysys Inc (a)(b) | 141900 | 17448024 |
| Intapp Inc (a) | 279500 | 12071605 |
| Riot Platforms Inc (a) | 245700 | 3963141 |
| SPS Commerce Inc (a) | 105700 | 8806924 |
|  |  | 42289694 |
| TOTAL INFORMATION TECHNOLOGY |  | 222898099 |
| Materials - 5.4% |  |  |
| Chemicals - 2.2% |  |  |
| Element Solutions Inc  | 1057200 | 27402624 |
| Hawkins Inc (b) | 64400 | 8373288 |
| Perimeter Solutions Inc (a)(b) | 368400 | 10270992 |
|  |  | 46046904 |
| Construction Materials - 1.3% |  |  |
| Eagle Materials Inc  | 120100 | 26868772 |
| Metals & Mining - 1.9% |  |  |
| Commercial Metals Co  | 320100 | 20415978 |
| Constellium SE (a) | 1066600 | 17929546 |
|  |  | 38345524 |
| TOTAL MATERIALS |  | 111261200 |
| Real Estate - 4.4% |  |  |
| Diversified REITs - 1.1% |  |  |
| Essential Properties Realty Trust Inc  | 725601 | 22972528 |
| Health Care REITs - 1.1% |  |  |
| CareTrust REIT Inc  | 611200 | 22938336 |
| Retail REITs - 1.4% |  |  |
| Acadia Realty Trust  | 742800 | 15279396 |
| Urban Edge Properties  | 686600 | 13196452 |
|  |  | 28475848 |
| Specialized REITs - 0.8% |  |  |
| Outfront Media Inc  | 664400 | 15633332 |
| TOTAL REAL ESTATE |  | 90020044 |
| Utilities - 1.3% |  |  |
| Gas Utilities - 1.3% |  |  |
| Southwest Gas Holdings Inc  | 319300 | 26517865 |
| TOTAL UNITED STATES |  | 1831979746 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,462,798,784) |  | <br> **2043877603** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.0%** |
|  | Shares | Value ($)<br>|
| iShares Russell 2000 ETF (b)<br>(Cost $18,014,546)<br>| 83600 | **20795500** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 4.02 | 3327035 | 3327700 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.02 | 75477084 | 75484632 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $78,812,332) |  |  | **78812332** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.9%**<br> (Cost $1,559,625,662)<br>| <br>**2143485435** |
| **NET OTHER ASSETS (LIABILITIES) - (3.9)%**  | **(80385408)** |
| **NET ASSETS - 100.0%** | **2063100027** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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 | 551600013 | 601717942 | 733769 | 373 | - | 3327700 | 3327035 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 119495964 | 826219528 | 870229929 | 68099 | (931) | - | 75484632 | 75477084 | 0.3% |
| Total | 172941220 | 1377819541 | 1471947871 | 801868 | (558) | - | 78812332 |  |  |

---

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 November 30, 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 | 15698282 | 15698282 | - | - |
| Consumer Discretionary | 177675449 | 177675449 | - | - |
| Consumer Staples | 52621201 | 52621201 | - | - |
| Energy | 129352560 | 129352560 | - | - |
| Financials | 376532588 | 376532588 | - | - |
| Health Care | 320325848 | 320325848 | - | - |
| Industrials | 411205860 | 411205860 | - | - |
| Information Technology | 298804205 | 298804205 | - | - |
| Materials | 111261200 | 111261200 | - | - |
| Real Estate | 102510721 | 102510721 | - | - |
| Utilities | 47889689 | 47889689 | - | - |
|  **Domestic Equity Funds** | 20795500 | 20795500 | - | - |
|  **Money Market Funds** | 78812332 | 78812332 | - | - |
| **Total Investments in Securities:** | 2143485435 | 2143485435 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $110,338,963) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,480,813,330) | $2064673103 |  |
| Fidelity Central Funds (cost $78,812,332) | 78812332 |  |
| Total Investment in Securities (cost $1,559,625,662) |  | $2143485435 |
| Foreign currency held at value (cost $835,743) |  | 842781 |
| Receivable for fund shares sold |  | 364457 |
| Dividends receivable |  | 1246954 |
| Distributions receivable from Fidelity Central Funds |  | 40793 |
| Prepaid expenses |  | 1857 |
| Other receivables |  | 16708 |
| **Total assets** |  | 2145998985 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3961880 |  |
| Payable for forward foreign currency contracts | 38 |  |
| Payable for fund shares redeemed | 1519118 |  |
| Accrued management fee | 1492217 |  |
| Distribution and service plan fees payable | 376159 |  |
| Other payables and accrued expenses | 66643 |  |
| Collateral on securities loaned | 75482903 |  |
| **Total liabilities** |  | 82898958 |
| **Net Assets**  |  | $2063100027 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1449728340 |
| Total accumulated earnings (loss) |  | 613371687 |
| **Net Assets** |  | $2063100027 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($790,635,270 ÷ 25,499,820 shares)(a) |  | $31.01 |
| Maximum offering price per share (100/94.25 of $31.01) |  | $32.90 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($462,064,285 ÷ 17,366,711 shares)(a) |  | $26.61 |
| Maximum offering price per share (100/96.50 of $26.61) |  | $27.58 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($35,118,731 ÷ 2,075,425 shares)(a) |  | $16.92 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($532,985,063 ÷ 14,501,976 shares) |  | $36.75 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($242,296,678 ÷ 6,530,494 shares) |  | $37.10 |
| *(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** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $20996632 |
| Interest  |  | 506 |
| Income from Fidelity Central Funds (including $68,099 from security lending)  |  | 801868 |
| **Total income** |  | 21799006 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $15912325 |  |
| Performance adjustment | 2254203 |  |
| Distribution and service plan fees | 4435020 |  |
| Custodian fees and expenses | 55246 |  |
| Independent trustees' fees and expenses | 7867 |  |
| Registration fees | 102038 |  |
| Audit fees | 57876 |  |
| Legal | 2867 |  |
| Interest | 9587 |  |
| Miscellaneous | 18033 |  |
| **Total expenses** |  | 22855062 |
| **Net Investment income (loss)** |  | (1056056) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 63945731 |  |
| Redemptions in-kind | 58790802 |  |
| Fidelity Central Funds | (558) |  |
| Foreign currency transactions | 27540 |  |
| Futures contracts | (973052) |  |
| Total net realized gain (loss) |  | 121790463 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (70407096) |  |
| Assets and liabilities in foreign currencies | 8729 |  |
| Total change in net unrealized appreciation (depreciation) |  | (70398367) |
| **Net gain (loss)** |  | 51392096 |
| **Net increase (decrease) in net assets resulting from operations** |  | $50336040 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1056056) | $(6076749) |
| &nbsp;&nbsp;Net realized gain (loss) | 121790463<br>| 268018465<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (70398367) | 330536270<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 50336040<br>| 592477986<br>|
| Distributions to shareholders | (255978287)<br>| (25662255)<br>|
| Share transactions - net increase (decrease) | 24829844<br>| (46675004)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (180812403)<br>| 520140727<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2243912430 | 1723771703<br>|
| &nbsp;&nbsp;End of period | $2063100027 | $2243912430 |

---

**Financial Highlights** 

**Fidelity Advisor® Small Cap Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.14 | $25.59 | $26.67 | $34.34 | $26.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.10)  | (.10)  | (.11)  | (.17)  |
| Net realized and unrealized gain (loss)  | .82  | 9.03  | .31  | (4.04)  | 9.15  |
| Total from investment operations  | .79  | 8.93  | .21  | (4.15)  | 8.98  |
| Distributions from net investment income  | (.48)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.52)  | (.73)  |
| Total distributions  | (3.92)  | (.38)  | (1.29)  | (3.52)  | (.73)  |
| Net asset value, end of period  | $31.01 | $34.14 | $25.59 | $26.67 | $34.34 |
| **Total Return** C,D | 3.63% <br>| 35.21%  | 1.11%  | (13.82)%  | 35.20%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.20%  | 1.29%  | 1.36%  | 1.33%  | 1.22%  |
| Expenses net of fee waivers, if any  | 1.20% <br>| 1.29%  | 1.35%  | 1.32%  | 1.22%  |
| Expenses net of all reductions, if any  | 1.20%  | 1.29%  | 1.35%  | 1.32%  | 1.22%  |
| Net investment income (loss)  | (.09)%  | (.33)%  | (.39)%  | (.40)%  | (.53)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $790635 | $839815 | $643377 | $676037 | $836898 |
| Portfolio turnover rate G | 34% H<br>| 40%  | 29%  | 47%  | 41%  |

---

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

D*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Small Cap Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.91 | $22.52 | $23.68 | $30.88 | $23.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | (.15)  | (.14)  | (.15)  | (.22)  |
| Net realized and unrealized gain (loss)  | .65  | 7.92  | .27  | (3.59)  | 8.25  |
| Total from investment operations  | .57  | 7.77  | .13  | (3.74)  | 8.03  |
| Distributions from net investment income  | (.43)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.46)  | (.73)  |
| Total distributions  | (3.87)  | (.38)  | (1.29)  | (3.46)  | (.73)  |
| Net asset value, end of period  | $26.61 | $29.91 | $22.52 | $23.68 | $30.88 |
| **Total Return** C,D | 3.38% <br>| 34.85%  | .89%  | (14.03)%  | 34.91%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.45%  | 1.53%  | 1.60%  | 1.57%  | 1.46%  |
| Expenses net of fee waivers, if any  | 1.45% <br>| 1.53%  | 1.59%  | 1.56%  | 1.46%  |
| Expenses net of all reductions, if any  | 1.45%  | 1.53%  | 1.59%  | 1.56%  | 1.46%  |
| Net investment income (loss)  | (.34)%  | (.58)%  | (.63)%  | (.64)%  | (.77)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $462064 | $515939 | $428022 | $477111 | $618821 |
| Portfolio turnover rate G | 34% H<br>| 40%  | 29%  | 47%  | 41%  |

---

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

D*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Small Cap Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.62 | $15.71 | $17.02 | $23.16 | $17.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.20)  | (.19)  | (.21)  | (.29)  |
| Net realized and unrealized gain (loss)  | .30  | 5.49  | .17  | (2.56)  | 6.22  |
| Total from investment operations  | .17  | 5.29  | (.02)  | (2.77)  | 5.93  |
| Distributions from net investment income  | (.43)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.37)  | (.73)  |
| Total distributions  | (3.87)  | (.38)  | (1.29)  | (3.37)  | (.73)  |
| Net asset value, end of period  | $16.92 | $20.62 | $15.71 | $17.02 | $23.16 |
| **Total Return** C,D | 2.83% <br>| 34.16%  | .32%  | (14.51)%  | 34.12%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.95%  | 2.03%  | 2.18%  | 2.15%  | 2.03%  |
| Expenses net of fee waivers, if any  | 1.95% <br>| 2.03%  | 2.17%  | 2.14%  | 2.03%  |
| Expenses net of all reductions, if any  | 1.95%  | 2.03%  | 2.17%  | 2.14%  | 2.03%  |
| Net investment income (loss)  | (.84)%  | (1.08)%  | (1.21)%  | (1.22)%  | (1.34)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35119 | $43204 | $38926 | $50464 | $73011 |
| Portfolio turnover rate G | 34% H<br>| 40%  | 29%  | 47%  | 41%  |

---

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

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

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*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.*

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

**Fidelity Advisor® Small Cap Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.67 | $29.60 | $30.56 | $38.84 | $29.34 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | (.03)  | (.04)  | (.05)  | (.10)  |
| Net realized and unrealized gain (loss)  | 1.01  | 10.48  | .37  | (4.63)  | 10.33  |
| Total from investment operations  | 1.06  | 10.45  | .33  | (4.68)  | 10.23  |
| Distributions from net investment income  | (.54)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.60)  | (.73)  |
| Total distributions  | (3.98)  | (.38)  | (1.29)  | (3.60)  | (.73)  |
| Net asset value, end of period  | $36.75 | $39.67 | $29.60 | $30.56 | $38.84 |
| **Total Return** C | 3.85% <br>| 35.58%  | 1.37%  | (13.61)%  | 35.57%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .95%  | 1.04%  | 1.10%  | 1.08%  | .97%  |
| Expenses net of fee waivers, if any  | .95% <br>| 1.04%  | 1.10%  | 1.07%  | .96%  |
| Expenses net of all reductions, if any  | .95%  | 1.04%  | 1.10%  | 1.07%  | .96%  |
| Net investment income (loss)  | .16%  | (.09)%  | (.14)%  | (.15)%  | (.27)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $532985 | $631515 | $434482 | $455676 | $518832 |
| Portfolio turnover rate F | 34% G<br>| 40%  | 29%  | 47%  | 41%  |

---

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

D*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.*

E*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.*

F*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.*

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

**Fidelity Advisor® Small Cap Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.02 | $29.83 | $30.74 | $39.04 | $29.45 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .02  | - C | - C | (.05)  |
| Net realized and unrealized gain (loss)  | 1.03  | 10.55  | .38  | (4.65)  | 10.37  |
| Total from investment operations  | 1.12  | 10.57  | .38  | (4.65)  | 10.32  |
| Distributions from net investment income  | (.60)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (3.44)  | (.38)  | (1.29)  | (3.65)  | (.73)  |
| Total distributions  | (4.04)  | (.38)  | (1.29)  | (3.65)  | (.73)  |
| Net asset value, end of period  | $37.10 | $40.02 | $29.83 | $30.74 | $39.04 |
| **Total Return** D | 3.99% <br>| 35.71%  | 1.53%  | (13.47)%  | 35.75%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .83%  | .89%  | .96%  | .93%  | .83%  |
| Expenses net of fee waivers, if any  | .83% <br>| .89%  | .95%  | .93%  | .83%  |
| Expenses net of all reductions, if any  | .83%  | .89%  | .95%  | .93%  | .83%  |
| Net investment income (loss)  | .28%  | .06%  | .01%  | -% G | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $242297 | $213439 | $178965 | $254115 | $117343 |
| Portfolio turnover rate H | 34% I<br>| 40%  | 29%  | 47%  | 41%  |

---

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 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*Amount represents less than .005%.*

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.*

**Notes to Financial Statements**

For the period ended November 30, 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 November 30, 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.

**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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, futures and options transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses 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**  | $667457571 |
| **Gross unrealized depreciation**  | <u>(87905847)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$579551724</u> |
| **Tax Cost**  | <u>$1563933711</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$37154706</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$579558595</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $31886527 | - |
| **Long-term Capital Gains**  | <u>224091760</u> | <u>25662255</u> |
| **Total**  | <u>$255978287</u> | <u>$25662255</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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Small Cap Fund** | 668313123 | 753099756 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Small Cap Fund** | 3012048 | - | 58790802 | 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** | .82 |
| **Class M** | .82 |
| **Class C** | .82 |
| **Class I** | .82 |
| **Class Z** | .70 |

---

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 annual performance adjustment was .11%.

**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% | 1854525 | 31045 |
| **Class M** | .25% | .25% | 2228126 | 8771 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>352369</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35713</u> |
|  |  |  | <u>4435020</u> | <u>75529</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** | 63542 |
| **Class M** | 5954 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>335</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>69831</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** | 25895 |

---

**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** | 18694292 | 90142057 | 9059471 |

---

**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** | 2708 |

---

**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** | 7628 | - | - |

---

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** | 36959502 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Small Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $96110948 | $9569499 |
| Class M | 66369676 | 7225479 |
| Class C | 8061980 | 929395 |
| Class I | 62618098 | 5633472 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>22817585</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2304410</u> |
| Total  | <u>$255978287</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** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Small Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2171516 | 2855570 | $60799846 | $85373028 |
| Reinvestment of distributions | 3300397 | 323464 | 91751040 | 9179901 |
| Shares redeemed | <u>(4569362)</u> | <u>(3723781)</u> | <u>(127053217)</u> | <u>(111524060)</u> |
| Net increase (decrease) | <u>902551</u> | <u>(544747)</u> | <u>$25497669</u> | <u>$(16971131)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1653020 | 1848191 | $39399932 | $49024049 |
| Reinvestment of distributions | 2737732 | 285942 | 65459174 | 7125661 |
| Shares redeemed | <u>(4271708)</u> | <u>(3895445)</u> | <u>(102400021)</u> | <u>(102576032)</u> |
| Net increase (decrease) | <u>119044</u> | <u>(1761312)</u> | <u>$2459085</u> | <u>$(46426322)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 310546 | 305382 | $4892953 | $5569268 |
| Reinvestment of distributions | 519014 | 53353 | 7930534 | 920881 |
| Shares redeemed | <u>(849198)</u> | <u>(742122)</u> | <u>(13013238)</u> | <u>(13399467)</u> |
| Net increase (decrease) | <u>(19638)</u> | <u>(383387)</u> | <u>$(189751)</u> | <u>$(6909318)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 5772274 | 5212253 | $190289104 | $183626969 |
| Reinvestment of distributions | 1759010 | 156733 | 57836252 | 5156507 |
| Shares redeemed | <u>(8950044)</u> | <u>(4125929)</u> | <u>(291765299)</u> | <u>(142963926)</u> |
| Net increase (decrease) | <u>(1418760)</u> | <u>1243057</u> | <u>$(43639943)</u> | <u>$45819550</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2419791 | 2830058 | $81292826 | $99399654 |
| Reinvestment of distributions | 616307 | 64784 | 20430575 | 2147596 |
| Shares redeemed | <u>(1838812)</u> | <u>(3561868)</u> | <u>(61020617)</u> | <u>(123735033)</u> |
| Net increase (decrease) | <u>1197286</u> | <u>(667026)</u> | <u>$40702784</u> | <u>$(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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Small Cap Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Small Cap Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $44,438,762, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 35%; Class M designates 38%; Class C designates 39%; Class I designates 31%; Class Z designates 28%; of the dividends distributed in December 2024, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Revenue Code.

Class A designates 45.34%; Class M designates 50.06%; Class C designates 50.52%; Class I designates 40.21%; Class Z designates 36.37%; of the dividends distributed in December 2024, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 3.81%; Class M designates 4.21%; Class C designates 4.25%; Class I designates 3.38%; Class Z designates 3.06%; of the dividends distributed in December 2024, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120727_4.jpg)<br>

1.713164.128 ASCF-ANN-0126

**Fidelity Advisor® Series Growth Opportunities Fund**

**Annual Report**

**November 30, 2025**

![](img120728_1.jpg)

![](img120728_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AXS3-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Series Growth Opportunities Fund](#Sub_Sec_Fund_2614_AXS3-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2614_AXS3-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AXS3-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AXS3-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AXS3-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AXS3-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AXS3-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AXS3-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Series Growth Opportunities Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 310 | 510303 |
| CANADA - 0.6%  |  |  |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Celestica Inc (United States) (c) | 8200 | 2824162 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 16700 | 2912981 |
| Franco-Nevada Corp (United States)  | 3000 | 629520 |
|  |  | 3542501 |
| TOTAL CANADA |  | 6366663 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (c) | 8116 | 1723270 |
| GERMANY - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| SAP SE  | 18500 | 4466086 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Lenskart Solutions Ltd (e) | 125485 | 576406 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 10416 | 14582 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Argenx SE ADR (c) | 8327 | 7594057 |
| SINGAPORE - 1.1%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 1.1% |  |  |
| Sea Ltd Class A ADR (c) | 83640 | 11626796 |
| TAIWAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 90200 | 26294203 |
| UNITED KINGDOM - 0.8%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (b) | 244400 | 769959 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 1106 | 1496540 |
| TOTAL FINANCIALS |  | 2266499 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Rolls-Royce Holdings PLC ADR  | 397800 | 5605002 |
| TOTAL UNITED KINGDOM |  | 7871501 |
| UNITED STATES - 88.9%  |  |  |
| Communication Services - 21.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AT&T Inc  | 132000 | 3434640 |
| Entertainment - 5.0% |  |  |
| Netflix Inc (c) | 149000 | 16029420 |
| ROBLOX Corp Class A (c) | 101900 | 9683557 |
| Roku Inc Class A (c) | 246836 | 23891256 |
| Spotify Technology SA (c) | 100 | 59887 |
|  |  | 49664120 |
| Interactive Media & Services - 13.8% |  |  |
| Alphabet Inc Class A  | 19000 | 6083420 |
| Alphabet Inc Class C  | 195960 | 62730716 |
| Epic Games Inc (b)(c)(d) | 2200 | 1430198 |
| Meta Platforms Inc Class A  | 89189 | 57790013 |
| Reddit Inc Class A (c) | 56700 | 12273849 |
|  |  | 140308196 |
| Wireless Telecommunication Services - 2.2% |  |  |
| T-Mobile US Inc  | 109924 | 22975215 |
| TOTAL COMMUNICATION SERVICES |  | 216382171 |
| Consumer Discretionary - 9.6% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 77208 | 7412 |
| Rad Power Bikes Inc (b)(c)(d) | 13874 | 0 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 18888 | 0 |
| Tesla Inc (c) | 260 | 111844 |
|  |  | 119256 |
| Broadline Retail - 6.4% |  |  |
| Amazon.com Inc (c) | 276480 | 64480666 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Hilton Worldwide Holdings Inc  | 12000 | 3420360 |
| 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 |
|  |  | 3420360 |
| Specialty Retail - 2.9% |  |  |
| Carvana Co Class A (c) | 67200 | 25166400 |
| O'Reilly Automotive Inc (c) | 49200 | 5003640 |
|  |  | 30170040 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(d) | 174908 | 451263 |
| TOTAL CONSUMER DISCRETIONARY |  | 98641585 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.7% |  |  |
| Coca-Cola Co/The  | 102300 | 7480176 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Costco Wholesale Corp  | 2700 | 2466693 |
| Tobacco - 0.5% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 836067 | 1586830 |
| JUUL Labs Inc Class B (b)(c)(d) | 709 | 1346 |
| Philip Morris International Inc  | 20100 | 3165348 |
|  |  | 4753524 |
| TOTAL CONSUMER STAPLES |  | 14700393 |
| Financials - 3.1% |  |  |
| Financial Services - 2.8% |  |  |
| Affirm Holdings Inc Class A (c) | 72400 | 5136780 |
| Apollo Global Management Inc  | 61500 | 8108775 |
| Visa Inc Class A  | 44526 | 14891275 |
|  |  | 28136830 |
| Insurance - 0.3% |  |  |
| Arthur J Gallagher & Co  | 14600 | 3615252 |
| TOTAL FINANCIALS |  | 31752082 |
| Health Care - 5.7% |  |  |
| Biotechnology - 1.9% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 11063 | 4991958 |
| Cytokinetics Inc (c) | 66741 | 4547064 |
| Insmed Inc (c) | 10800 | 2243916 |
| Nuvalent Inc Class A (c) | 15900 | 1738665 |
| Soleno Therapeutics Inc (c) | 34500 | 1740525 |
| Vaxcyte Inc (c) | 58702 | 2912206 |
| Viking Therapeutics Inc (c)(f) | 36878 | 1357479 |
|  |  | 19531813 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 2573 | 86272 |
| Boston Scientific Corp (c) | 105501 | 10716792 |
| Intuitive Surgical Inc (c) | 3500 | 2007180 |
|  |  | 12810244 |
| Health Care Providers & Services - 0.0% |  |  |
| McKesson Corp  | 100 | 88112 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 23600 | 25381092 |
| Structure Therapeutics Inc ADR (c) | 27600 | 988356 |
|  |  | 26369448 |
| TOTAL HEALTH CARE |  | 58799617 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Anduril Industries Inc Class B (b)(d) | 600 | 25680 |
| Axon Enterprise Inc (c) | 9300 | 5023302 |
| Beta Technologies Inc (e) | 106262 | 2897765 |
| Beta Technologies Inc Class A (c) | 3100 | 84537 |
| GE Aerospace  | 6400 | 1910080 |
| Relativity Space Inc (b)(c) | 504 | 534 |
| Rocket Lab Corp  | 2800 | 117992 |
| Space Exploration Technologies Corp (b)(c)(d) | 63873 | 13541076 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 1006 | 213272 |
| TransDigm Group Inc  | 800 | 1088136 |
|  |  | 24902374 |
| Building Products - 0.6% |  |  |
| Builders FirstSource Inc (c) | 54300 | 6094089 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 1300 | 1270022 |
| Electrical Equipment - 0.9% |  |  |
| GE Vernova Inc  | 15900 | 9536343 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc (c) | 33476 | 2930489 |
| Machinery - 0.1% |  |  |
| Caterpillar Inc  | 1900 | 1093944 |
| Passenger Airlines - 1.1% |  |  |
| Delta Air Lines Inc  | 89800 | 5756180 |
| United Airlines Holdings Inc (c) | 54600 | 5567016 |
|  |  | 11323196 |
| TOTAL INDUSTRIALS |  | 57150457 |
| Information Technology - 40.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Coherent Corp (c) | 8100 | 1330506 |
| Flex Ltd (c) | 283047 | 16730908 |
|  |  | 18061414 |
| IT Services - 0.6% |  |  |
| Cloudflare Inc Class A (c) | 2800 | 560588 |
| CoreWeave Inc Class A (c)(f) | 69426 | 5076429 |
| CoreWeave Inc Class A (g) | 7080 | 517690 |
| MongoDB Inc Class A (c) | 1100 | 365607 |
| X.Ai Holdings Corp Class A (b)(d) | 1300 | 91104 |
|  |  | 6611418 |
| Semiconductors & Semiconductor Equipment - 19.8% |  |  |
| Advanced Micro Devices Inc (c) | 38000 | 8266140 |
| Astera Labs Inc (c) | 8800 | 1386616 |
| Broadcom Inc  | 138300 | 55729368 |
| Marvell Technology Inc  | 15600 | 1394640 |
| NVIDIA Corp  | 763160 | 135079320 |
|  |  | 201856084 |
| Software - 13.8% |  |  |
| AppLovin Corp Class A (c) | 39400 | 23619512 |
| Celestial AI Inc (b)(d) | 253 | 4663 |
| Datadog Inc Class A (c) | 28200 | 4512282 |
| Figma Inc Class A  | 2400 | 86328 |
| Microsoft Corp  | 188383 | 92686320 |
| Openai Group Pbc Class A (b)(d) | 200 | 86908 |
| Oracle Corp  | 47400 | 9572430 |
| Palantir Technologies Inc Class A (c) | 47700 | 8035065 |
| Servicenow Inc (c) | 2468 | 2005028 |
| Synopsys Inc (c) | 1100 | 459811 |
|  |  | 141068347 |
| Technology Hardware, Storage & Peripherals - 4.3% |  |  |
| Apple Inc  | 158113 | 44089810 |
| TOTAL INFORMATION TECHNOLOGY |  | 411687073 |
| Real Estate - 0.1% |  |  |
| Health Care REITs - 0.1% |  |  |
| Welltower Inc  | 6500 | 1353430 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 1.4% |  |  |
| Constellation Energy Corp  | 11900 | 4335884 |
| NRG Energy Inc  | 43500 | 7372815 |
| PG&E Corp  | 138500 | 2232620 |
|  |  | 13941319 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Vistra Corp  | 25700 | 4596702 |
| TOTAL UTILITIES |  | 18538021 |
| TOTAL UNITED STATES |  | 909004829 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $403,123,808) |  | <br> **976048696** |

---

---

| | | |
|:---|:---|:---|
| &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 | 213887 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 13100 | 58740 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(h) | 472935 | 843526 |
|  |  | 1116153 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 4439 | 2668 |
| TOTAL UNITED STATES |  | 1118821 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $538,174) |  | <br> **1118821** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 600 | 33162 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 4644 | 1113585 |
| FINLAND - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Technology - 0.3% |  |  |
| Oura Health Oy Series D (b)(d) | 12183 | 652643 |
| Oura Health Oy Series E (b)(d) | 36231 | 1940895 |
| TOTAL FINLAND |  | 2593538 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 5100 | 40290 |
| Element Labs Inc Series B (b)(d) | 4317 | 37903 |
|  |  | 78193 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 17400 | 25752 |
| Xsight Labs Ltd Series F (b)(d) | 34719 | 146167 |
|  |  | 171919 |
| TOTAL ISRAEL |  | 250112 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 100 | 37988 |
| UNITED STATES - 1.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 1387600 | 133210 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 1809 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 7117 | 0 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 12697 | 0 |
| Waymo LLC Series A2 (b)(c)(d) | 2896 | 211842 |
| Waymo LLC Series C2 (b)(c)(d) | 4115 | 354960 |
|  |  | 700012 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 2400 | 98256 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 70175 | 133190 |
| JUUL Labs Inc Series D (b)(c)(d) | 938 | 1780 |
|  |  | 134970 |
| TOTAL CONSUMER STAPLES |  | 233226 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 2264 | 165860 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 4112 | 315432 |
|  |  | 481292 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 15631 | 524107 |
| Blink Health LLC Series D (b)(c)(d) | 2983 | 100020 |
|  |  | 624127 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 5837 | 195598 |
| TOTAL HEALTH CARE |  | 819725 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 22366 | 957265 |
| Anduril Industries Inc Series G (b)(d) | 5600 | 239680 |
|  |  | 1196945 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 8269 | 449586 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 3200 | 23775 |
| TOTAL INDUSTRIALS |  | 1670306 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cellink Corp Series D (b)(c)(d) | 12100 | 39688 |
| Cerebras Systems Inc Series G (b)(d) | 40300 | 1460069 |
| Enevate Corp Series E (b)(c)(d) | 285844 | 51452 |
| Vast Data Ltd Series A (b)(c)(d) | 2512 | 59057 |
| Vast Data Ltd Series A1 (b)(c)(d) | 6183 | 145362 |
| Vast Data Ltd Series A2 (b)(c)(d) | 7112 | 167204 |
| Vast Data Ltd Series B (b)(c)(d) | 5659 | 133043 |
| Vast Data Ltd Series C (b)(c)(d) | 165 | 3879 |
| Vast Data Ltd Series E (b)(c)(d) | 5408 | 127142 |
|  |  | 2186896 |
| IT Services - 0.2% |  |  |
| Gupshup Inc (b)(c)(d) | 17900 | 73569 |
| X.Ai Holdings Corp Series C (b)(d) | 22286 | 1561803 |
| Yanka Industries Inc Series E (b)(c)(d) | 19716 | 37066 |
| Yanka Industries Inc Series F (b)(c)(d) | 13160 | 41322 |
|  |  | 1713760 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 40700 | 249084 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 5810 | 41948 |
|  |  | 291032 |
| Software - 0.6% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 2890 | 428529 |
| Anthropic PBC Series E (b)(d) | 1200 | 169152 |
| Anthropic PBC Series F (b)(d) | 3300 | 465168 |
| Celestial AI Inc Series A (b)(d) | 1616 | 29783 |
| Celestial AI Inc Series B (b)(d) | 1216 | 22411 |
| Celestial AI Inc Series C1 (b)(d) | 4874 | 89828 |
| Crusoe Energy Systems LLC Series D (b)(d) | 11055 | 928731 |
| Crusoe Energy Systems LLC Series E (b)(d) | 1656 | 139121 |
| Databricks Inc Series G (b)(c)(d) | 6600 | 1183513 |
| Databricks Inc Series I (b)(c)(d) | 104 | 18649 |
| Databricks Inc Series J (b)(d) | 810 | 145249 |
| Databricks Inc Series K (b)(d) | 500 | 89660 |
| Lyte Ai Inc Series B (b)(c)(d) | 12300 | 122508 |
| MOLOCO Inc Series A (b)(c)(d) | 11676 | 837636 |
| Openai Group Pbc Series A-2 (b)(d) | 883 | 383699 |
| Openai Group Pbc Series A-3 (b)(d) | 537 | 233348 |
| Physical Intelligence Inc Series B (b)(d) | 300 | 81459 |
| Runway AI Inc Series D (b)(c)(d) | 29650 | 433726 |
|  |  | 5802170 |
| TOTAL INFORMATION TECHNOLOGY |  | 9993858 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 23194 | 683295 |
| TOTAL UNITED STATES |  | 14581714 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $15,425,644) |  | <br> **18610099** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Growth ETF <br>(Cost $24,689,455)<br>| 52000 | **24775400** |

---

---

| | | |
|:---|:---|:---|
| &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 | 3989 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(i) | 15885 | 4125 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 48556 | 52042 |
| TOTAL INFORMATION TECHNOLOGY |  | 56167 |
| TOTAL UNITED STATES |  | 60156 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $83,328) |  | <br> **60156** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.02 | 2418426 | 2418910 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.02 | 1435677 | 1435821 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,854,731) |  |  | **3854731** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $447,715,140)<br>| <br>**1024467903** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(1419473)** |
| **NET ASSETS - 100.0%** | **1023048430** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**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 $39,321,943 or 3.8% 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 $3,474,171 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 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 $517,690 or 0.1% of net assets.

(h) 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.

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

(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 | 5/20/2022 | 290767 |
| Anduril Industries Inc Class B | 6/16/2025 | 24529 |
| Anduril Industries Inc Series F | 8/7/2024 | 486161 |
| Anduril Industries Inc Series G | 4/17/2025 | 228943 |
| Anthropic PBC Series D | 5/31/2024 | 86713 |
| Anthropic PBC Series E | 2/14/2025 | 67304 |
| Anthropic PBC Series F | 8/18/2025 | 465193 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 76056 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 596729 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 125286 |
| Bombas LLC | 2/16/2021 - 11/12/2021 | 830401 |
| Bytedance Ltd Series E1 | 11/18/2020 | 508862 |
| Canva Australia Holdings Pty Ltd Class A | 12/23/2024 - 11/12/2025 | 464181 |
| Celestial AI Inc | 2/25/2025 | 3747 |
| Celestial AI Inc Series A | 2/25/2025 | 23942 |
| Celestial AI Inc Series B | 2/25/2025 | 18016 |
| Celestial AI Inc Series C1 | 2/25/2025 | 84955 |
| Cellink Corp Series D | 1/20/2022 | 251969 |
| Cerebras Systems Inc Series G | 9/19/2025 | 1460166 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 322495 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 139117 |
| Databricks Inc Series G | 2/1/2021 | 390209 |
| Databricks Inc Series I | 9/14/2023 | 7644 |
| Databricks Inc Series J | 12/17/2024 | 74925 |
| Databricks Inc Series K | 9/8/2025 | 75000 |
| Diamond Foundry Inc Series C | 3/15/2021 | 556656 |
| Element Labs Inc Series A | 2/11/2025 | 18811 |
| Element Labs Inc Series B | 6/27/2025 | 37899 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 25683 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 4439 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2024 | 15885 |
| Enevate Corp Series E | 1/29/2021 | 316911 |
| Epic Games Inc | 7/13/2020 - 3/29/2021 | 1730000 |
| GoBrands Inc Series G | 3/2/2021 | 599322 |
| Gupshup Inc | 6/8/2021 | 409287 |
| JUUL Labs Inc Class A | 2/23/2024 | 848583 |
| JUUL Labs Inc Class B | 11/21/2017 | 0 |
| JUUL Labs Inc Series C | 5/22/2015 | 0 |
| JUUL Labs Inc Series D | 6/25/2018 | 0 |
| Lyte Ai Inc Series B | 8/13/2024 | 156039 |
| MOLOCO Inc Series A | 6/26/2023 | 700560 |
| Neutron Holdings Inc | 2/4/2021 | 772 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 47700 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 13100 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 472935 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 253709 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 37988 |
| Openai Group Pbc Class A | 9/3/2025 | 86000 |
| Openai Group Pbc Series A-2 | 9/30/2024 | 166062 |
| Openai Group Pbc Series A-3 | 8/4/2025 | 164900 |
| Oura Health Oy Series D | 12/18/2024 | 312981 |
| Oura Health Oy Series E | 9/24/2025 | 1940895 |
| Physical Intelligence Inc Series B | 10/24/2025 | 81468 |
| Rad Power Bikes Inc | 1/21/2021 | 66926 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/6/2023 | 18887 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 8726 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 34331 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 121686 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Revolut Group Holdings Ltd | 12/27/2024 | 961978 |
| Runway AI Inc Series D | 9/6/2024 | 321459 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 48556 |
| SiMa Technologies Inc Series B | 5/10/2021 | 208685 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 41198 |
| Space Exploration Technologies Corp | 4/5/2018 - 12/9/2024 | 1641074 |
| Space Exploration Technologies Corp Class C | 7/1/2024 - 12/9/2024 | 140631 |
| Taalas Inc Series B | 2/19/2025 | 32948 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 134645 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 324135 |
| Vast Data Ltd Series A | 11/28/2023 | 27632 |
| Vast Data Ltd Series A1 | 11/28/2023 | 68013 |
| Vast Data Ltd Series A2 | 11/28/2023 | 78232 |
| Vast Data Ltd Series B | 11/28/2023 | 62249 |
| Vast Data Ltd Series C | 11/28/2023 | 1815 |
| Vast Data Ltd Series E | 11/28/2023 | 118976 |
| Waymo LLC Series A2 | 5/8/2020 | 248671 |
| Waymo LLC Series C2 | 10/18/2024 | 321799 |
| X.Ai Holdings Corp Class A | 7/18/2025 | 47528 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 482492 |
| Xsight Labs Ltd Series D | 2/16/2021 | 139130 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 160749 |
| Yanka Industries Inc Series E | 5/15/2020 | 238153 |
| Yanka Industries Inc Series F | 4/8/2021 | 419499 |
| Zipline International Inc Series G | 6/7/2024 | 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 |
| Beta Technologies Inc | 5/4/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |

---

**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 | 159030235 | 158664148 | 138157 | 178 | - | 2418910 | 2418426 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11067048 | 52793467 | 62424667 | 164256 | (27) | - | 1435821 | 1435677 | 0.0% |
| Total | 13119693 | 211823702 | 221088815 | 302413 | 151 | - | 3854731 |  |  |

---

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 November 30, 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 | 216382171 | 214951973 | - | 1430198 |
| Consumer Discretionary | 110844787 | 110386112 | - | 458675 |
| Consumer Staples | 14700393 | 13112217 | - | 1588176 |
| Financials | 34018581 | 31752082 | - | 2266499 |
| Health Care | 68116944 | 68030672 | - | 86272 |
| Industrials | 62755459 | 48974897 | - | 13780562 |
| Information Technology | 445796409 | 440622763 | 4466086 | 707560 |
| Materials | 3542501 | 3542501 | - | - |
| Real Estate | 1353430 | 1353430 | - | - |
| Utilities | 18538021 | 18538021 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 1116153 | - | - | 1116153 |
| Information Technology | 2668 | - | - | 2668 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 1113585 | - | - | 1113585 |
| Consumer Discretionary | 700012 | - | - | 700012 |
| Consumer Staples | 233226 | - | - | 233226 |
| Financials | 481292 | - | - | 481292 |
| Health Care | 3413263 | - | - | 3413263 |
| Industrials | 1748499 | - | - | 1748499 |
| Information Technology | 10236927 | - | - | 10236927 |
| Materials | 683295 | - | - | 683295 |
|  **Domestic Equity Funds** | 24775400 | 24775400 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 3989 | - | - | 3989 |
| Information Technology | 56167 | - | - | 56167 |
|  **Money Market Funds** | 3854731 | 3854731 | - | - |
| **Total Investments in Securities:** | 1024467903 | 979894799 | 4466086 | 40107018 |

---

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 ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 7353031 | (905638) | 12307581 | 4205167 | (2642199) | - | - | - | 20317942 | 12549169 |
| **Convertible Preferred Stocks** | 17919364 | (1263824) | 92461 | 6636709 | (4774611) | - | - | - | 18610099 | 4006233 |
| **Convertible Corporate Bonds** | 658253 | (40971) | 466913 | 34626 | - | - | - | - | 1118821 | 425943 |
| **Preferred Securities** | 108794 | - | (28258) | 52740 | (73120) | - | - | - | 60156 | (27128) |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,423,297) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $443,860,409) | $1020613172 |  |
| Fidelity Central Funds (cost $3,854,731) | 3854731 |  |
| Total Investment in Securities (cost $447,715,140) |  | $1024467903 |
| Cash |  | 365 |
| Foreign currency held at value (cost $459) |  | 464 |
| Receivable for fund shares sold |  | 22655975 |
| Dividends receivable |  | 420379 |
| Interest receivable |  | 18413 |
| Distributions receivable from Fidelity Central Funds |  | 7495 |
| Receivable from investment adviser for expense reductions |  | 1053 |
| Other receivables |  | 3884 |
| **Total assets** |  | 1047575931 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $22959662 |  |
| Payable for fund shares redeemed | 88108 |  |
| Other payables and accrued expenses | 42831 |  |
| Collateral on securities loaned | 1436900 |  |
| **Total liabilities** |  | 24527501 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $1023048430 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $311829055 |
| Total accumulated earnings (loss) |  | 711219375 |
| **Net Assets** |  | $1023048430 |
| **Net Asset Value**, offering price and redemption price per share ($1,023,048,430 ÷ 51,114,576 shares) |  | $20.01 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3783639 |
| Interest  |  | 27136 |
| Income from Fidelity Central Funds (including $164,256 from security lending)  |  | 302413 |
| **Total income** |  | 4113188 |
| **Expenses** |  |  |
| Custodian fees and expenses | $54830 |  |
| Independent trustees' fees and expenses | 3705 |  |
| Interest | 3741 |  |
| Total expenses before reductions | 62276 |  |
| Expense reductions | (26496) |  |
| Total expenses after reductions |  | 35780 |
| **Net Investment income (loss)** |  | 4077408 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 153518380 |  |
| Fidelity Central Funds | 151 |  |
| Foreign currency transactions | (3196) |  |
| Total net realized gain (loss) |  | 153515335 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $14,334)  | 37455343 |  |
| Assets and liabilities in foreign currencies | 880 |  |
| Total change in net unrealized appreciation (depreciation) |  | 37456223 |
| **Net gain (loss)** |  | 190971558 |
| **Net increase (decrease) in net assets resulting from operations** |  | $195048966 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4077408 | $3501067 |
| &nbsp;&nbsp;Net realized gain (loss) | 153515335<br>| 127361892<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 37456223 | 212661062<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 195048966<br>| 343524021<br>|
| Distributions to shareholders | (76472062)<br>| (2668623)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 159743349 | 137553536 |
| Reinvestment of distributions | 76462470<br>| 2668345<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (282413117) | (303113224) |
| **Net increase (decrease) in net assets resulting from share transactions** | (46207298)<br>| (162891343)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 72369606<br>| 177964055<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 950678824 | 772714769<br>|
| &nbsp;&nbsp;End of period | $1023048430 | $950678824 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9687177 | 9007908 |
| Issued in reinvestment of distributions | 4448079<br>| 213810<br>|
| &nbsp;&nbsp;Redeemed | (16328748) | (19762345) |
| &nbsp;&nbsp;Net increase (decrease) | (2193492) | (10540627) |

---

**Financial Highlights** 

**Fidelity Advisor® Series Growth Opportunities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.83 | $12.10 | $9.63 | $18.67 | $20.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .06  | .05  | .06  | .06  |
| Net realized and unrealized gain (loss)  | 3.55  | 5.71  | 2.47  | (4.79)  | 3.39  |
| Total from investment operations  | 3.63  | 5.77  | 2.52  | (4.73)  | 3.45  |
| Distributions from net investment income  | (.08)  | (.04)  | (.05)  | (.06)  | (.11)  |
| Distributions from net realized gain  | (1.37)  | -  | -  | (4.25)  | (5.22)  |
| Total distributions  | (1.45)  | (.04)  | (.05)  | (4.31)  | (5.33)  |
| Net asset value, end of period  | $20.01 | $17.83 | $12.10 | $9.63 | $18.67 |
| **Total Return** C | 21.68% <br>| 47.85%  | 26.28%  | (32.42)%  | 21.11%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% F<br>| .01%  | .01%  | -% F | -% F |
| Expenses net of all reductions, if any  | -% F | .01%  | .01%  | -% F | -% F |
| Net investment income (loss)  | .43%  | .39%  | .47%  | .57%  | .35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1023048 | $950679 | $772715 | $703677 | $776073 |
| Portfolio turnover rate G | 82% <br>| 67%  | 69%  | 97%  | 84%  |

---

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

D*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.*

E*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.*

F*Amount represents less than .005%.*

G*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**

For the period ended November 30, 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. Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $20317942  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.5 - 71.0 / 8.9 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 35.9 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.3 - 27.1 / 23.4 | Increase |
|  |  | Market approach  | Transaction price  | $1.90 - $4.63 / $4.40 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 60.0% - 80.0% / 70.4% | Increase |
|  |  |  | Discount rate  | 3.6% - 4.0% / 3.6% | Increase |
|  |  |  | Term  | 2.1 - 5.0 / 3.1 | Increase |
| Convertible Corporate Bonds | $1118821  | Market comparable | Enterprise value/Revenue multiple (EV/R)  | 3.8 | Increase |
|  |  |  | Discount rate  | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach  | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 33.3% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 100.0% / 75.1% | Increase |
|  |  |  | Discount rate | 3.8% - 4.4% / 3.8% | Increase |
|  |  |  | Term | 0.6 | Increase |
| Convertible Preferred Stocks | $18610099  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 71.0 / 24.8 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $1.10 - $271.56 / $42.58 | Increase |
|  |  |  | Discount rate | 85.0% | Decrease |
|  |  |  | Premium rate | 20.0% - 40.0% / 26.8% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 74.3% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.4 | Increase |
| Preferred Securities | $60156  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 35.8% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 53.7% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.7% | Increase |
|  |  |  | Term | 0.6 - 1.1 / 1.0 | 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 November 30, 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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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**  | $593972586 |
| **Gross unrealized depreciation**  | <u>(19124016)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$574848570</u> |
| **Tax Cost**  | <u>$449619333</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$4287776</u> |
| **Undistributed long-term capital gain**  | <u>$132101164</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$574849611</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $4119351 | $2668623 |
| **Long-term Capital Gains** | <u>72352711</u> | <u>-</u> |
| **Total**  | <u>$76472062</u> | <u>$2668623</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.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Series Growth Opportunities Fund** | Spinny Series G Convertible Preferred  | 51934 | - |

---

**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** | 772017947 | 889977794 |

---

**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** | 8371 |

---

**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 Series Growth Opportunities Fund**  | Borrower | 4348286 | 4.42% | 3741 |

---

**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** | 70201088 | 78506793 | 20987145 |

---

**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** | 16716 | - | - |

---

**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, 2029. 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 $26,496.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Series Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $139,017,569, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $148,056 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 73% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 82.45% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120728_4.jpg)<br>

1.967930.112 AXS3-ANN-0126

**Fidelity Advisor® Series Equity Growth Fund**

**Annual Report**

**November 30, 2025**

![](img120729_1.jpg)

![](img120729_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AXM1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Series Equity Growth Fund](#Sub_Sec_Fund_2645_AXM1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2645_AXM1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AXM1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AXM1-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AXM1-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AXM1-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AXM1-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AXM1-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Series Equity Growth Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 600 | 987684 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 45100 | 12585794 |
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| MercadoLibre Inc (d) | 1720 | 3563462 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (d) | 71000 | 1234690 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA ADR  | 220600 | 2781766 |
| TOTAL BRAZIL |  | 7579918 |
| CANADA - 1.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (United States) (d) | 61700 | 9788088 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 44000 | 7674920 |
| Franco-Nevada Corp  | 32900 | 6911719 |
|  |  | 14586639 |
| TOTAL CANADA |  | 24374727 |
| CHINA - 1.6%  |  |  |
| Communication Services - 1.3% |  |  |
| Interactive Media & Services - 1.3% |  |  |
| Tencent Holdings Ltd  | 234200 | 18504503 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Alibaba Group Holding Ltd ADR  | 27400 | 4310020 |
| TOTAL CHINA |  | 22814523 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Auto1 Group SE (d) | 193500 | 5442552 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 2400 | 104688 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (b)(d) | 266229 | 3 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 29220 | 10606332 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (d) | 4900 | 4468702 |
| TAIWAN - 2.7%  |  |  |
| Information Technology - 2.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Chroma ATE Inc  | 38000 | 991873 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 133096 | 38798815 |
| TOTAL TAIWAN |  | 39790688 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (d) | 1400 | 643174 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (d) | 12026 | 2511149 |
| UNITED STATES - 90.1%  |  |  |
| Communication Services - 13.8% |  |  |
| Entertainment - 3.0% |  |  |
| Live Nation Entertainment Inc (d) | 31131 | 4092169 |
| Netflix Inc (d) | 255060 | 27439355 |
| ROBLOX Corp Class A (d) | 48000 | 4561440 |
| Spotify Technology SA (d) | 13300 | 7964971 |
|  |  | 44057935 |
| Interactive Media & Services - 10.8% |  |  |
| Alphabet Inc Class A  | 293357 | 93927045 |
| Epic Games Inc (b)(c)(d) | 805 | 523322 |
| Meta Platforms Inc Class A  | 87800 | 56890010 |
| Reddit Inc Class A (d) | 20400 | 4415988 |
|  |  | 155756365 |
| TOTAL COMMUNICATION SERVICES |  | 199814300 |
| Consumer Discretionary - 9.8% |  |  |
| Automobiles - 1.8% |  |  |
| Tesla Inc (d) | 61825 | 26595260 |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (d) | 316346 | 73778215 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (d) | 9100 | 1741831 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Airbnb Inc Class A (d) | 7769 | 908895 |
| Hilton Worldwide Holdings Inc  | 23308 | 6643479 |
| Viking Holdings Ltd (d) | 122517 | 8181686 |
|  |  | 15734060 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 35086 | 5579025 |
| Lennar Corp Class A  | 5500 | 722149 |
| SharkNinja Inc (d) | 45187 | 4408896 |
|  |  | 10710070 |
| Specialty Retail - 0.9% |  |  |
| AutoZone Inc (d) | 1000 | 3954330 |
| Lowe's Cos Inc  | 4500 | 1091160 |
| Ross Stores Inc  | 10200 | 1798872 |
| Williams-Sonoma Inc  | 34405 | 6193244 |
|  |  | 13037606 |
| TOTAL CONSUMER DISCRETIONARY |  | 141597042 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Costco Wholesale Corp  | 11200 | 10232208 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 44900 | 4223743 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 45600 | 7181088 |
| TOTAL CONSUMER STAPLES |  | 21637039 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| APA Corp  | 101203 | 2527039 |
| Cheniere Energy Inc  | 16000 | 3335360 |
| EQT Corp  | 40800 | 2483088 |
|  |  | 8345487 |
| Financials - 7.5% |  |  |
| Banks - 0.7% |  |  |
| Bank of America Corp  | 200689 | 10766965 |
| Capital Markets - 2.3% |  |  |
| Cboe Global Markets Inc  | 25600 | 6609152 |
| Charles Schwab Corp/The  | 72800 | 6750744 |
| Coinbase Global Inc Class A (d) | 16400 | 4474248 |
| Gemini Space Station Inc Class A (e) | 1100 | 12100 |
| Morgan Stanley  | 94603 | 16050345 |
|  |  | 33896589 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp  | 34200 | 7492194 |
| Financial Services - 4.0% |  |  |
| Apollo Global Management Inc  | 64300 | 8477955 |
| Mastercard Inc Class A  | 87949 | 48418563 |
|  |  | 56896518 |
| TOTAL FINANCIALS |  | 109052266 |
| Health Care - 6.8% |  |  |
| Biotechnology - 2.3% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(d) | 220830 | 2209 |
| Adamas Pharmaceuticals Inc rights (b)(d) | 220830 | 1 |
| Alnylam Pharmaceuticals Inc (d) | 39172 | 17675582 |
| Blueprint Medicines Corp rights (b)(d) | 4400 | 0 |
| Cytokinetics Inc (d) | 10900 | 742617 |
| Gilead Sciences Inc  | 17600 | 2214784 |
| Insmed Inc (d) | 48758 | 10130450 |
| Legend Biotech Corp ADR (d) | 53800 | 1490798 |
| Moderna Inc (d) | 21200 | 550776 |
|  |  | 32807217 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Boston Scientific Corp (d) | 4573 | 464525 |
| Edwards Lifesciences Corp (d) | 98800 | 8562996 |
| Insulet Corp (d) | 23300 | 7623527 |
| Penumbra Inc (d) | 16227 | 4757270 |
|  |  | 21408318 |
| Health Care Providers & Services - 0.3% |  |  |
| CVS Health Corp  | 56500 | 4540340 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (d) | 15400 | 3700466 |
| Pharmaceuticals - 2.5% |  |  |
| Eli Lilly & Co  | 33098 | 35595906 |
| TOTAL HEALTH CARE |  | 98052247 |
| Industrials - 6.7% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Anduril Industries Inc Class B (b)(c) | 200 | 8560 |
| Beta Technologies Inc Class A (d) | 7400 | 201798 |
| Boeing Co (d) | 46236 | 8738604 |
| GE Aerospace  | 26052 | 7775219 |
|  |  | 16724181 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 4000 | 635480 |
| Building Products - 0.9% |  |  |
| Trane Technologies PLC  | 31400 | 13234472 |
| Construction & Engineering - 0.5% |  |  |
| Dycom Industries Inc (d) | 13000 | 4699890 |
| EMCOR Group Inc  | 4700 | 2890829 |
|  |  | 7590719 |
| Electrical Equipment - 1.2% |  |  |
| GE Vernova Inc  | 23588 | 14147375 |
| Nextpower Inc Class A (d) | 31700 | 2904354 |
|  |  | 17051729 |
| Machinery - 1.9% |  |  |
| Cummins Inc  | 14200 | 7071316 |
| Deere & Co  | 9000 | 4180410 |
| Parker-Hannifin Corp  | 7802 | 6722983 |
| Westinghouse Air Brake Technologies Corp  | 41341 | 8621666 |
|  |  | 26596375 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 9400 | 602540 |
| Trading Companies & Distributors - 1.0% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 38628 | 9781530 |
| United Rentals Inc  | 6419 | 5232640 |
|  |  | 15014170 |
| TOTAL INDUSTRIALS |  | 97449666 |
| Information Technology - 40.8% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc (d) | 23900 | 3123252 |
| Lumentum Holdings Inc (d) | 8200 | 2666312 |
|  |  | 5789564 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Amphenol Corp Class A  | 111000 | 15639900 |
| Coherent Corp (d) | 41000 | 6734660 |
| Corning Inc  | 24500 | 2062900 |
|  |  | 24437460 |
| Semiconductors & Semiconductor Equipment - 19.3% |  |  |
| Advanced Micro Devices Inc (d) | 14600 | 3175938 |
| Broadcom Inc  | 194201 | 78255235 |
| First Solar Inc (d) | 15500 | 4230260 |
| Lam Research Corp  | 9400 | 1466400 |
| Marvell Technology Inc  | 93900 | 8394660 |
| Micron Technology Inc  | 15200 | 3594496 |
| NVIDIA Corp  | 1012216 | 179162232 |
|  |  | 278279221 |
| Software - 13.9% |  |  |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 294232 | 200078 |
| Cadence Design Systems Inc (d) | 16200 | 5051808 |
| Datadog Inc Class A (d) | 41000 | 6560410 |
| Microsoft Corp  | 318544 | 156726833 |
| Oracle Corp  | 91943 | 18567889 |
| Palantir Technologies Inc Class A (d) | 45800 | 7715010 |
| Synopsys Inc (d) | 16300 | 6813563 |
| Via Transportation Inc (d) | 1360 | 47369 |
|  |  | 201682960 |
| Technology Hardware, Storage & Peripherals - 5.5% |  |  |
| Apple Inc  | 286504 | 79891640 |
| TOTAL INFORMATION TECHNOLOGY |  | 590080845 |
| Materials - 0.8% |  |  |
| Chemicals - 0.7% |  |  |
| Corteva Inc  | 87400 | 5896878 |
| Sherwin-Williams Co/The  | 11900 | 4089911 |
|  |  | 9986789 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 5200 | 1545648 |
| TOTAL MATERIALS |  | 11532437 |
| Real Estate - 0.7% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 52600 | 4241138 |
| Real Estate Management & Development - 0.4% |  |  |
| Zillow Group Inc Class C (d) | 84600 | 6292548 |
| TOTAL REAL ESTATE |  | 10533686 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 8600 | 3133496 |
| NRG Energy Inc  | 56800 | 9627032 |
|  |  | 12760528 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 19100 | 3416226 |
| TOTAL UTILITIES |  | 16176754 |
| TOTAL UNITED STATES |  | 1304271769 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $915,696,892) |  | <br> **1436181703** |

---

---

| | | |
|:---|:---|:---|
| &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% (b)(c)(f)<br>(Cost $248,100)<br>| 248100 | **244923** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 106 | 174491 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 19 | 31277 |
| TOTAL AUSTRALIA |  | 205768 |
| UNITED STATES - 0.6%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 8000 | 102800 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 26300 | 50233 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 24819 | 1062253 |
| Anduril Industries Inc Series G (b)(c) | 1500 | 64200 |
|  |  | 1126453 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (b)(c) | 42975 | 3011688 |
| Software - 0.3% |  |  |
| Anthropic PBC Series F (b)(c) | 5400 | 761184 |
| Asapp Inc Series C (b)(c)(d) | 90925 | 107291 |
| Asapp Inc Series D (b)(c)(d) | 512827 | 492314 |
| Databricks Inc Series K (b)(c) | 5033 | 902518 |
| Openai Group Pbc Series A-2 (b)(c) | 4000 | 1738160 |
|  |  | 4001467 |
| TOTAL INFORMATION TECHNOLOGY |  | 7013155 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 21131 | 271533 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 26414 | 339420 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 6345 | 81533 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 13150 | 168978 |
|  |  | 861464 |
| TOTAL UNITED STATES |  | 9154105 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,842,054) |  | <br> **9359873** |

---

---

| | | |
|:---|:---|:---|
| &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% (b)(c)(f)<br>(Cost $308,400)<br>| 308400 | **390959** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.02 | 9932302 | 9934289 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.02 | 11778 | 11779 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,946,068) |  |  | **9946068** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $935,041,514)<br>| <br>**1456123526** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(7323830)** |
| **NET ASSETS - 100.0%** | **1448799696** |

---

**Legend**

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

(b) Level 3 security.

(c) 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 $11,715,399 or 0.8% of net assets.

(d) Non-income producing.

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

(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 | 1/23/2024 | 102085 |
| Anduril Industries Inc Class B | 6/16/2025 | 8176 |
| Anduril Industries Inc Series F | 8/7/2024 | 539481 |
| Anduril Industries Inc Series G | 4/17/2025 | 61324 |
| Anthropic PBC Series F | 8/18/2025 | 761225 |
| Asapp Inc Series C | 4/30/2021 | 599841 |
| Asapp Inc Series D | 8/29/2023 | 1980282 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 0 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 987684 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 113066 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 20267 |
| Databricks Inc Series K | 9/8/2025 | 754950 |
| ElevateBio LLC Series C | 3/9/2021 | 110329 |
| Epic Games Inc | 3/29/2021 | 712425 |
| Illuminated Holdings Inc 15% | 6/14/2023 | 248100 |
| Illuminated Holdings Inc 15% | 9/27/2023 | 308400 |
| Illuminated Holdings Inc Series C2 | 7/7/2020 | 528275 |
| Illuminated Holdings Inc Series C3 | 7/7/2020 | 792420 |
| Illuminated Holdings Inc Series C4 | 1/8/2021 | 228420 |
| Illuminated Holdings Inc Series C5 | 6/16/2021 | 568080 |
| Openai Group Pbc Series A-2 | 9/30/2024 | 751600 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 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 | 312862354 | 347166379 | 576740 | (242) | - | 9934289 | 9932302 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2625155 | 75631491 | 78244866 | 154895 | (1) | - | 11779 | 11778 | 0.0% |
| Total | 46863711 | 388493845 | 425411245 | 731635 | (243) | - | 9946068 |  |  |

---

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 November 30, 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 | 218318803 | 199290978 | 18504503 | 523322 |
| Consumer Discretionary | 157424225 | 157424225 | - | - |
| Consumer Staples | 21637039 | 21637039 | - | - |
| Energy | 8345487 | 8345487 | - | - |
| Financials | 110391644 | 110391644 | - | - |
| Health Care | 115106746 | 115104533 | - | 2213 |
| Industrials | 97449666 | 97441106 | - | 8560 |
| Information Technology | 651896811 | 640102717 | 10606332 | 1187762 |
| Materials | 28900842 | 28900842 | - | - |
| Real Estate | 10533686 | 10533686 | - | - |
| Utilities | 16176754 | 16176754 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 244923 | - | - | 244923 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 102800 | - | - | 102800 |
| Health Care | 50233 | - | - | 50233 |
| Industrials | 1126453 | - | - | 1126453 |
| Information Technology | 7218923 | - | - | 7218923 |
| Materials | 861464 | - | - | 861464 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 390959 | - | - | 390959 |
|  **Money Market Funds** | 9946068 | 9946068 | - | - |
| **Total Investments in Securities:** | 1456123526 | 1415295079 | 29110835 | 11717612 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $11,000) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $925,095,446) | $1446177458 |  |
| Fidelity Central Funds (cost $9,946,068) | 9946068 |  |
| Total Investment in Securities (cost $935,041,514) |  | $1456123526 |
| Foreign currency held at value (cost $4) |  | 4 |
| Receivable for fund shares sold |  | 20937010 |
| Dividends receivable |  | 491541 |
| Interest receivable |  | 68848 |
| Distributions receivable from Fidelity Central Funds |  | 31409 |
| Other receivables |  | 20098 |
| **Total assets** |  | 1477672436 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $28576946 |  |
| Payable for fund shares redeemed | 274349 |  |
| Other payables and accrued expenses | 10445 |  |
| Collateral on securities loaned | 11000 |  |
| **Total liabilities** |  | 28872740 |
| **Net Assets**  |  | $1448799696 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $750447469 |
| Total accumulated earnings (loss) |  | 698352227 |
| **Net Assets** |  | $1448799696 |
| **Net Asset Value**, offering price and redemption price per share ($1,448,799,696 ÷ 78,433,662 shares) |  | $18.47 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $7397592 |
| Interest  |  | 37492 |
| Income from Fidelity Central Funds (including $154,895 from security lending)  |  | 731635 |
| **Total income** |  | 8166719 |
| **Expenses** |  |  |
| Custodian fees and expenses | $30842 |  |
| Independent trustees' fees and expenses | 5222 |  |
| Interest | 1719 |  |
| **Total expenses** |  | 37783 |
| **Net Investment income (loss)** |  | 8128936 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 187411056 |  |
| Fidelity Central Funds | (243) |  |
| Foreign currency transactions | (31612) |  |
| Total net realized gain (loss) |  | 187379201 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (8890336) |  |
| Assets and liabilities in foreign currencies | 1167 |  |
| Total change in net unrealized appreciation (depreciation) |  | (8889169) |
| **Net gain (loss)** |  | 178490032 |
| **Net increase (decrease) in net assets resulting from operations** |  | $186618968 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8128936 | $6552846 |
| &nbsp;&nbsp;Net realized gain (loss) | 187379201<br>| 322632925<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (8889169) | 83623520<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 186618968<br>| 412809291<br>|
| Distributions to shareholders | (292430298)<br>| (60500167)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 204383875 | 202050543 |
| Reinvestment of distributions | 292430298<br>| 60500167<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (287436193) | (367419204) |
| **Net increase (decrease) in net assets resulting from share transactions** | 209377980<br>| (104868494)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 103566650<br>| 247440630<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1345233046 | 1097792416<br>|
| &nbsp;&nbsp;End of period | $1448799696 | $1345233046 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12667430 | 10908456 |
| Issued in reinvestment of distributions | 17995711<br>| 3972434<br>|
| &nbsp;&nbsp;Redeemed | (17338132) | (20055607) |
| &nbsp;&nbsp;Net increase (decrease) | 13325009 | (5174717) |

---

**Financial Highlights** 

**Fidelity Advisor® Series Equity Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.66 | $15.62 | $13.45 | $19.74 | $19.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .09  | .11  | .12  | .17 C |
| Net realized and unrealized gain (loss)  | 2.24  | 5.82  | 2.74  | (2.96)  | 4.20  |
| Total from investment operations  | 2.34  | 5.91  | 2.85  | (2.84)  | 4.37  |
| Distributions from net investment income  | (.11)  | (.11)  | (.11)  | (.20)  | (.13)  |
| Distributions from net realized gain  | (4.43)  | (.75)  | (.57)  | (3.26)  | (4.23)  |
| Total distributions  | (4.53) D | (.87) D | (.68)  | (3.45) D | (4.36)  |
| Net asset value, end of period  | $18.47 | $20.66 | $15.62 | $13.45 | $19.74 |
| **Total Return** E | 14.34% <br>| 39.78%  | 22.44%  | (17.55)%  | 27.43%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | -% H | .01%  | .01%  | -% H | .01%  |
| Expenses net of fee waivers, if any  | -% H<br>| .01%  | .01%  | -% H | -% H |
| Expenses net of all reductions, if any  | -% H | .01%  | .01%  | -% H | -% H |
| Net investment income (loss)  | .61%  | .52%  | .77%  | .84%  | .95% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1448800 | $1345233 | $1097792 | $982361 | $1123206 |
| Portfolio turnover rate I | 89% <br>| 67%  | 63%  | 49%  | 51%  |

---

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*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*Amount represents less than .005%.*

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.* 

**Notes to Financial Statements**

For the period ended November 30, 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 November 30, 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.

**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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, 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**  | $556949610 |
| **Gross unrealized depreciation**  | <u>(37376541)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$519573069</u> |
| **Tax Cost**  | <u>$936550457</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9962562</u> |
| **Undistributed long-term capital gain**  | <u>$168816984</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$519572684</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $7030195 | $7833548 |
| **Long-term Capital Gains**  | <u>285400103</u> | <u>52666619</u> |
| **Total**  | <u>$292430298</u> | <u>$60500167</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** | 1183285343 | 1250911973 |

---

**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** | 18307 |

---

**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 Series Equity Growth Fund**  | Borrower | 13410000 | 4.62% | 1719 |

---

**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** | 83975460 | 110290433 | 20078714 |

---

**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** | 16079 | 3525 | - |

---

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Equity Growth Fund (one of the funds constituting Fidelity Advisor Series I, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $172,435,757, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $452,273 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 62% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 86.27% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120729_4.jpg)<br>

1.9860268.111 AXM1-ANN-0126

**Fidelity Advisor® Growth Opportunities Fund**

**Annual Report**

**November 30, 2025**

![](img120730_1.jpg)

![](img120730_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_GO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Growth Opportunities Fund](#Sub_Sec_Fund_223_GO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements223_GO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GO-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GO-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GO-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GO-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GO-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Growth Opportunities Fund**

**Consolidated Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 6954 | 11447258 |
| CANADA - 0.6%  |  |  |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (c) | 205100 | 70638491 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 480300 | 83778729 |
| Franco-Nevada Corp (United States)  | 92400 | 19389216 |
|  |  | 103167945 |
| TOTAL CANADA |  | 173806436 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 67662 | 14366672 |
| GERMANY - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| SAP SE  | 691100 | 166838481 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Meesho  | 21218353 | 26357908 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (e) | 2886717 | 13259915 |
| TOTAL CONSUMER DISCRETIONARY |  | 39617823 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Pine Labs Ltd (e) | 13893887 | 38834966 |
| TOTAL INDIA |  | 78452789 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd (b)(c)(d) | 340545 | 13526448 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(c)(d) | 7115 | 74565 |
|  |  | 13601013 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 299950 | 419930 |
| TOTAL ISRAEL |  | 14020943 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (c) | 214699 | 195801194 |
| SINGAPORE - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Sea Ltd Class A ADR (c) | 2549576 | 354416560 |
| TAIWAN - 2.9%  |  |  |
| Information Technology - 2.9% |  |  |
| Semiconductors & Semiconductor Equipment - 2.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2893500 | 843484185 |
| UNITED KINGDOM - 0.7%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (b) | 6988700 | 22017242 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 28638 | 38750364 |
| TOTAL FINANCIALS |  | 60767606 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Rolls-Royce Holdings PLC ADR (f) | 11791600 | 166143644 |
| TOTAL UNITED KINGDOM |  | 226911250 |
| UNITED STATES - 89.5%  |  |  |
| Communication Services - 23.1% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AT&T Inc  | 3930300 | 102266406 |
| Entertainment - 5.1% |  |  |
| Netflix Inc (c) | 5038520 | 542043982 |
| ROBLOX Corp Class A (c) | 3129000 | 297348870 |
| Roku Inc Class A (c) | 7401127 | 716355082 |
| Spotify Technology SA (c) | 4200 | 2515254 |
|  |  | 1558263188 |
| Interactive Media & Services - 15.4% |  |  |
| Alphabet Inc Class A  | 2245060 | 718823310 |
| Alphabet Inc Class C  | 5703680 | 1825862042 |
| Epic Games Inc (b)(c)(d) | 56200 | 36535058 |
| Meta Platforms Inc Class A  | 2618485 | 1696647356 |
| Reddit Inc Class A (c) | 1723300 | 373042751 |
|  |  | 4650910517 |
| Wireless Telecommunication Services - 2.3% |  |  |
| T-Mobile US Inc (f) | 3357425 | 701735399 |
| TOTAL COMMUNICATION SERVICES |  | 7013175510 |
| Consumer Discretionary - 8.7% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 474927 | 45593 |
| Rad Power Bikes Inc (b)(c)(d) | 382384 | 4 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 449400 | 4 |
| Tesla Inc (c) | 7040 | 3028397 |
|  |  | 3073998 |
| Broadline Retail - 5.3% |  |  |
| Amazon.com Inc (c) | 6873440 | 1603023677 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Hilton Worldwide Holdings Inc  | 314900 | 89755947 |
| 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 |
|  |  | 89755948 |
| Specialty Retail - 3.1% |  |  |
| Carvana Co Class A (c)(f) | 2119700 | 793827650 |
| O'Reilly Automotive Inc (c) | 1476900 | 150200730 |
|  |  | 944028380 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(d) | 5086874 | 13124135 |
| TOTAL CONSUMER DISCRETIONARY |  | 2653006138 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.8% |  |  |
| Coca-Cola Co/The  | 3091300 | 226035856 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Costco Wholesale Corp  | 70400 | 64316736 |
| Tobacco - 0.4% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 19087368 | 36227252 |
| JUUL Labs Inc Class B (b)(c)(d) | 2772 | 5261 |
| Philip Morris International Inc  | 607500 | 95669100 |
|  |  | 131901613 |
| TOTAL CONSUMER STAPLES |  | 422254205 |
| Financials - 3.1% |  |  |
| Financial Services - 2.8% |  |  |
| Affirm Holdings Inc Class A (c) | 2057600 | 145986720 |
| Apollo Global Management Inc  | 1889600 | 249143760 |
| Visa Inc Class A  | 1380161 | 461581045 |
|  |  | 856711525 |
| Insurance - 0.3% |  |  |
| Arthur J Gallagher & Co  | 366700 | 90802254 |
| TOTAL FINANCIALS |  | 947513779 |
| Health Care - 5.9% |  |  |
| Biotechnology - 1.8% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 327535 | 147793618 |
| Cytokinetics Inc (c) | 1884800 | 128411424 |
| Insmed Inc (c) | 294100 | 61105157 |
| Nuvalent Inc Class A (c) | 405376 | 44327866 |
| Soleno Therapeutics Inc (c) | 1014400 | 51176480 |
| Vaxcyte Inc (c) | 1702643 | 84468119 |
| Viking Therapeutics Inc (c)(f) | 1062178 | 39098772 |
|  |  | 556381436 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 72562 | 2433004 |
| Boston Scientific Corp (c) | 3540864 | 359680965 |
| Intuitive Surgical Inc (c) | 105100 | 60272748 |
|  |  | 422386717 |
| Health Care Providers & Services - 0.0% |  |  |
| McKesson Corp  | 3200 | 2819584 |
| Pharmaceuticals - 2.7% |  |  |
| Eli Lilly & Co  | 715800 | 769821426 |
| Structure Therapeutics Inc ADR (c) | 727400 | 26048194 |
|  |  | 795869620 |
| TOTAL HEALTH CARE |  | 1777457357 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Anduril Industries Inc Class B (b)(d) | 15293 | 654540 |
| Anduril Industries Inc Class C (b)(d) | 7 | 300 |
| Axon Enterprise Inc (c) | 230300 | 124394242 |
| Beta Technologies Inc (e) | 3060267 | 83453481 |
| Beta Technologies Inc Class A (c) | 93900 | 2560653 |
| GE Aerospace  | 235800 | 70374510 |
| Relativity Space Inc (b)(c) | 14840 | 15730 |
| Rocket Lab Corp  | 85100 | 3586114 |
| Space Exploration Technologies Corp (b)(c)(d) | 212584 | 45067808 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 50067 | 10614204 |
| TransDigm Group Inc  | 22600 | 30739842 |
|  |  | 371461424 |
| Building Products - 0.5% |  |  |
| Builders FirstSource Inc (c) | 1474477 | 165480554 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 39600 | 38686824 |
| Electrical Equipment - 0.9% |  |  |
| GE Vernova Inc  | 471500 | 282791555 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc (c) | 921581 | 80675201 |
| Machinery - 0.1% |  |  |
| Caterpillar Inc  | 57400 | 33048624 |
| Passenger Airlines - 1.2% |  |  |
| Delta Air Lines Inc  | 2603600 | 166890760 |
| United Airlines Holdings Inc (c) | 1852400 | 188870704 |
|  |  | 355761464 |
| TOTAL INDUSTRIALS |  | 1327905646 |
| Information Technology - 41.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Coherent Corp (c) | 245300 | 40292978 |
| Flex Ltd (c) | 8453329 | 499676277 |
|  |  | 539969255 |
| IT Services - 0.6% |  |  |
| Cloudflare Inc Class A (c) | 85200 | 17057892 |
| CoreWeave Inc Class A (c)(f) | 1879137 | 137402498 |
| CoreWeave Inc Class A (g) | 171720 | 12556166 |
| MongoDB Inc Class A (c) | 33900 | 11267343 |
| X.Ai Holdings Corp Class A (b)(d) | 39200 | 2747135 |
|  |  | 181031034 |
| Semiconductors & Semiconductor Equipment - 21.1% |  |  |
| Advanced Micro Devices Inc (c) | 1157200 | 251725716 |
| Astera Labs Inc (c) | 280073 | 44131103 |
| Broadcom Inc  | 4625400 | 1863851184 |
| Marvell Technology Inc  | 422800 | 37798320 |
| NVIDIA Corp  | 23735820 | 4201240140 |
|  |  | 6398746463 |
| Software - 12.6% |  |  |
| AppLovin Corp Class A (c) | 1166400 | 699233472 |
| Celestial AI Inc (b)(d) | 7127 | 131351 |
| Datadog Inc Class A (c) | 759900 | 121591599 |
| Figma Inc Class A (f) | 69300 | 2492721 |
| Microsoft Corp  | 4861615 | 2391963196 |
| Openai Group Pbc Class A (b)(d) | 6000 | 2607240 |
| Oracle Corp  | 1465900 | 296038505 |
| Palantir Technologies Inc Class A (c) | 1398900 | 235644705 |
| Servicenow Inc (c) | 62558 | 50822745 |
| Synopsys Inc (c) | 32200 | 13459922 |
|  |  | 3813985456 |
| Technology Hardware, Storage & Peripherals - 4.9% |  |  |
| Apple Inc  | 5369260 | 1497218151 |
| TOTAL INFORMATION TECHNOLOGY |  | 12430950359 |
| Real Estate - 0.1% |  |  |
| Health Care REITs - 0.1% |  |  |
| Welltower Inc  | 173400 | 36105348 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 1.3% |  |  |
| Constellation Energy Corp  | 313700 | 114299732 |
| NRG Energy Inc  | 1307000 | 221523430 |
| PG&E Corp  | 3583900 | 57772468 |
|  |  | 393595630 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Vistra Corp  | 821100 | 146861946 |
| TOTAL UTILITIES |  | 540457576 |
| TOTAL UNITED STATES |  | 27148825918 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,744,077,228) |  | <br> **29228371686** |

---

---

| | | |
|:---|:---|:---|
| &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 | 3778218 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 231600 | 1038494 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(h) | 15384717 | 27440182 |
|  |  | 32256894 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 122289 | 73484 |
| TOTAL UNITED STATES |  | 32330378 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $16,581,206) |  | <br> **32330378** |

---

---

| | | |
|:---|:---|:---|
| &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) | 16900 | 934063 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 116411 | 27914194 |
| ESTONIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 290611 | 65017551 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series D (b)(d) | 315308 | 16891049 |
| Oura Health Oy Series E (b)(d) | 1050847 | 56293874 |
| TOTAL FINLAND |  | 73184923 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd Series F (b)(d) | 23715 | 907336 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 141900 | 1121010 |
| Element Labs Inc Series B (b)(d) | 119800 | 1051844 |
|  |  | 2172854 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 501100 | 741628 |
| Xsight Labs Ltd Series F (b)(d) | 999833 | 4209297 |
|  |  | 4950925 |
| TOTAL ISRAEL |  | 8031115 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 2600 | 987688 |
| UNITED STATES - 2.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 6477300 | 621821 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 49852 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 196163 | 2 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 415700 | 4 |
| Waymo LLC Series A2 (b)(c)(d) | 47838 | 3499350 |
| Waymo LLC Series C2 (b)(c)(d) | 103289 | 8909709 |
|  |  | 13030886 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 70400 | 2882176 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 566439 | 1075084 |
| JUUL Labs Inc Series D (b)(c)(d) | 3671 | 6967 |
|  |  | 1082051 |
| TOTAL CONSUMER STAPLES |  | 3964227 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 63679 | 4665124 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 102224 | 7841603 |
|  |  | 12506727 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 234164 | 7851519 |
| Blink Health LLC Series D (b)(c)(d) | 50268 | 1685486 |
|  |  | 9537005 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(c)(d)(i) | 764320 | 2247101 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 153312 | 5137485 |
| TOTAL HEALTH CARE |  | 16921591 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 556061 | 23799411 |
| Anduril Industries Inc Series G (b)(d) | 143300 | 6133240 |
| Space Exploration Technologies Corp Series I (b)(c)(d) | 16438 | 34848560 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 51400 | 108968000 |
|  |  | 173749211 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 191430 | 10408049 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 89800 | 667214 |
| TOTAL INDUSTRIALS |  | 184824474 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cellink Corp Series D (b)(c)(d) | 380829 | 1249119 |
| Cerebras Systems Inc Series G (b)(d) | 1178900 | 42711547 |
| Enevate Corp Series E (b)(c)(d) | 7873996 | 1417319 |
| Vast Data Ltd Series A (b)(c)(d) | 54250 | 1275418 |
| Vast Data Ltd Series A1 (b)(c)(d) | 133528 | 3139243 |
| Vast Data Ltd Series A2 (b)(c)(d) | 153600 | 3611137 |
| Vast Data Ltd Series B (b)(c)(d) | 122222 | 2873439 |
| Vast Data Ltd Series C (b)(c)(d) | 3563 | 83766 |
| Vast Data Ltd Series E (b)(c)(d) | 116791 | 2745756 |
|  |  | 59106744 |
| IT Services - 0.4% |  |  |
| Gupshup Inc (b)(c)(d) | 509400 | 2093634 |
| X.Ai Holdings Corp Series B (b)(d) | 1044317 | 73185736 |
| X.Ai Holdings Corp Series C (b)(d) | 559691 | 39223145 |
| Yanka Industries Inc Series E (b)(c)(d) | 341047 | 641168 |
| Yanka Industries Inc Series F (b)(c)(d) | 380955 | 1196199 |
|  |  | 116339882 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 1198500 | 7334820 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 171099 | 1235334 |
|  |  | 8570154 |
| Software - 0.6% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 66894 | 9919042 |
| Anthropic PBC Series E (b)(d) | 32500 | 4581200 |
| Anthropic PBC Series F (b)(d) | 96000 | 13532160 |
| Celestial AI Inc Series A (b)(d) | 45442 | 837496 |
| Celestial AI Inc Series B (b)(d) | 34194 | 630195 |
| Celestial AI Inc Series C1 (b)(d) | 136975 | 2524450 |
| Crusoe Energy Systems LLC Series D (b)(d) | 276930 | 23264889 |
| Crusoe Energy Systems LLC Series E (b)(d) | 48719 | 4092883 |
| Databricks Inc Series G (b)(c)(d) | 181200 | 32492784 |
| Databricks Inc Series H (b)(c)(d) | 32352 | 5801361 |
| Databricks Inc Series I (b)(c)(d) | 2463 | 441665 |
| Databricks Inc Series J (b)(d) | 26102 | 4680611 |
| Databricks Inc Series K (b)(d) | 14200 | 2546344 |
| Lyte Ai Inc Series B (b)(c)(d) | 290100 | 2889396 |
| MOLOCO Inc Series A (b)(c)(d) | 265144 | 19021431 |
| Openai Group Pbc Series A-2 (b)(d) | 21477 | 9332616 |
| Openai Group Pbc Series A-3 (b)(d) | 15583 | 6771436 |
| Physical Intelligence Inc Series B (b)(d) | 9900 | 2688147 |
| Runway AI Inc Series D (b)(c)(d) | 744630 | 10892597 |
| Skyryse Inc Series B (b)(c)(d) | 244100 | 6383215 |
|  |  | 163323918 |
| TOTAL INFORMATION TECHNOLOGY |  | 347340698 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 674317 | 19865379 |
| TOTAL UNITED STATES |  | 598453982 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $537,220,064) |  | <br> **774523516** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 0.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.4%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Growth ETF (f)<br>(Cost $116,708,368)<br>| 245800 | **117111410** |

---

---

| | | |
|:---|:---|:---|
| &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 | 94972 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(j) | 437591 | 113672 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 1429843 | 1532585 |
| TOTAL INFORMATION TECHNOLOGY |  | 1646257 |
| TOTAL UNITED STATES |  | 1741229 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $2,316,834) |  | <br> **1741229** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 4.02 | 68848942 | 68862712 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.02 | 348095288 | 348130098 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $416,992,810) |  |  | **416992810** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $13,833,896,510)<br>| <br>**30571071029** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(211156662)** |
| **NET ASSETS - 100.0%** | **30359914367** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**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 $1,022,586,647 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 $135,548,362 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 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 $12,556,166 or 0.0% of net assets.

(h) 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.

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

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

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) 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 | 5/20/2022 | 7637145 |
| Anduril Industries Inc Class B | 6/16/2025 | 625221 |
| Anduril Industries Inc Class C | 6/16/2025 | 286 |
| Anduril Industries Inc Series F | 8/7/2024 | 12086876 |
| Anduril Industries Inc Series G | 4/17/2025 | 5858505 |
| Anthropic PBC Series D | 5/31/2024 | 2007121 |
| Anthropic PBC Series E | 2/14/2025 | 1822811 |
| Anthropic PBC Series F | 8/18/2025 | 13532890 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 2072749 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 8939445 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 2111256 |
| Bolt Technology OU Series E | 1/3/2022 | 75499721 |
| Bombas LLC | 2/16/2021 - 11/12/2021 | 24316178 |
| Bytedance Ltd Series E1 | 11/18/2020 | 12755640 |
| Canva Australia Holdings Pty Ltd Class A | 12/23/2024 - 11/12/2025 | 10292736 |
| Celestial AI Inc | 2/25/2025 | 105590 |
| Celestial AI Inc Series A | 2/25/2025 | 673255 |
| Celestial AI Inc Series B | 2/25/2025 | 506608 |
| Celestial AI Inc Series C1 | 2/25/2025 | 2387502 |
| Cellink Corp Series D | 1/20/2022 | 7930345 |
| Cerebras Systems Inc Series G | 9/19/2025 | 42714377 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 8078558 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 4092798 |
| Databricks Inc Series G | 2/1/2021 | 10713021 |
| Databricks Inc Series H | 8/31/2021 | 2377359 |
| Databricks Inc Series I | 9/14/2023 | 181030 |
| Databricks Inc Series J | 12/17/2024 | 2414435 |
| Databricks Inc Series K | 9/8/2025 | 2130000 |
| Diamond Foundry Inc Series C | 3/15/2021 | 16183608 |
| Element Labs Inc Series A | 2/11/2025 | 523412 |
| Element Labs Inc Series B | 6/27/2025 | 1051712 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 720717 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 122289 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2024 | 437591 |
| Enevate Corp Series E | 1/29/2021 | 8729781 |
| Epic Games Inc | 7/13/2020 - 3/29/2021 | 45614000 |
| GoBrands Inc Series G | 3/2/2021 | 17580098 |
| Gupshup Inc | 6/8/2021 | 11647533 |
| JUUL Labs Inc Class A | 2/23/2024 | 19373106 |
| JUUL Labs Inc Class B | 11/21/2017 | 0 |
| JUUL Labs Inc Series C | 5/22/2015 | 0 |
| JUUL Labs Inc Series D | 6/25/2018 | 0 |
| Lyte Ai Inc Series B | 8/13/2024 | 3680238 |
| MOLOCO Inc Series A | 6/26/2023 | 15908640 |
| Neutron Holdings Inc | 2/4/2021 | 4750 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 842600 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 231600 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 15384717 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 1184309 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 987688 |
| Openai Group Pbc Class A | 9/3/2025 | 2580000 |
| Openai Group Pbc Series A-2 | 9/30/2024 | 4034677 |
| Openai Group Pbc Series A-3 | 8/4/2025 | 4781800 |
| Oura Health Oy Series D | 12/18/2024 | 8100262 |
| Oura Health Oy Series E | 9/24/2025 | 56293874 |
| Physical Intelligence Inc Series B | 10/24/2025 | 2688437 |
| Rad Power Bikes Inc | 1/21/2021 | 1844560 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/6/2023 | 449400 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 240478 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 946259 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 3983986 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Rapyd Financial Network 2016 Ltd | 3/30/2021 | 24999987 |
| Rapyd Financial Network 2016 Ltd Series F | 3/6/2025 | 1038191 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 | 3/6/2025 | 0 |
| Revolut Group Holdings Ltd | 12/27/2024 | 24907775 |
| Runway AI Inc Series D | 9/6/2024 | 8073112 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 1429843 |
| SiMa Technologies Inc Series B | 5/10/2021 | 6145189 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 1213246 |
| Skyryse Inc Series B | 10/21/2021 | 6024381 |
| Space Exploration Technologies Corp | 2/16/2021 - 7/14/2025 | 17071051 |
| Space Exploration Technologies Corp Class C | 4/2/2024 - 7/14/2025 | 6448786 |
| Space Exploration Technologies Corp Series I | 4/5/2018 | 2778022 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 13878000 |
| Taalas Inc Series B | 2/19/2025 | 928036 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 3786046 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 8057955 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 21938437 |
| Vast Data Ltd Series A | 11/28/2023 | 596750 |
| Vast Data Ltd Series A1 | 11/28/2023 | 1468808 |
| Vast Data Ltd Series A2 | 11/28/2023 | 1689600 |
| Vast Data Ltd Series B | 11/28/2023 | 1344442 |
| Vast Data Ltd Series C | 11/28/2023 | 39193 |
| Vast Data Ltd Series E | 11/28/2023 | 2569402 |
| Waymo LLC Series A2 | 5/8/2020 | 4107715 |
| Waymo LLC Series C2 | 10/18/2024 | 8077334 |
| X.Ai Holdings Corp Class A | 7/18/2025 | 1433152 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 12500475 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 12117310 |
| Xsight Labs Ltd Series D | 2/16/2021 | 4006795 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 4629225 |
| Yanka Industries Inc Series E | 5/15/2020 | 4119575 |
| Yanka Industries Inc Series F | 4/8/2021 | 12143626 |
| Zipline International Inc Series G | 6/7/2024 | 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 |
| Beta Technologies Inc | 5/4/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |
| Pine Labs Ltd | 5/4/2026 |

---

**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 | 69008413 | 4760633790 | 4760783728 | 8937539 | 4237 | - | 68862712 | 68848942 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 5811331 | 1474814377 | 1132495475 | 3387163 | (135) | - | 348130098 | 348095288 | 1.2% |
| Total | 74819744 | 6235448167 | 5893279203 | 12324702 | 4102 | - | 416992810 |  |  |

---

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 November 30, 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 | 7013175510 | 6976640452 | - | 36535058 |
| Consumer Discretionary | 3047040521 | 3007512876 | 26357908 | 13169737 |
| Consumer Staples | 422254205 | 386021692 | - | 36232513 |
| Financials | 1060717364 | 986348745 | - | 74368619 |
| Health Care | 1987625223 | 1985192219 | - | 2433004 |
| Industrials | 1494049290 | 1437696708 | - | 56352582 |
| Information Technology | 13523778704 | 13339587309 | 166838481 | 17352914 |
| Materials | 103167945 | 103167945 | - | - |
| Real Estate | 36105348 | 36105348 | - | - |
| Utilities | 540457576 | 540457576 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 32256894 | - | - | 32256894 |
| Information Technology | 73484 | - | - | 73484 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 27914194 | - | - | 27914194 |
| Consumer Discretionary | 13030886 | - | - | 13030886 |
| Consumer Staples | 3964227 | - | - | 3964227 |
| Financials | 13414063 | - | - | 13414063 |
| Health Care | 90106514 | - | - | 90106514 |
| Industrials | 186997328 | - | - | 186997328 |
| Information Technology | 419230925 | - | - | 419230925 |
| Materials | 19865379 | - | - | 19865379 |
|  **Domestic Equity Funds** | 117111410 | 117111410 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 94972 | - | - | 94972 |
| Information Technology | 1646257 | - | - | 1646257 |
|  **Money Market Funds** | 416992810 | 416992810 | - | - |
| **Total Investments in Securities:** | 30571071029 | 29332835090 | 193196389 | 1045039550 |

---

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 ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 224320396 | (26596362) | 34446065 | 80971217 | (76696889) | - | - | - | 236444427 | 38791462 |
| **Convertible Preferred Stocks** | 503637823 | (13844521) | 258468409 | 200016933 | (173755128) | - | - | - | 774523516 | 236734287 |
| **Convertible Corporate Bonds** | 19330250 | (453095) | 12326817 | 1126406 | - | - | - | - | 32330378 | 11873722 |
| **Preferred Securities** | 3022996 | - | (696318) | 1551116 | (2136565) | - | - | - | 1741229 | (662960) |
| <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**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $353,242,661) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,416,903,700) | $30154078219 |  |
| Fidelity Central Funds (cost $416,992,810) | 416992810 |  |
| Total Investment in Securities (cost $13,833,896,510) |  | $30571071029 |
| Foreign currency held at value (cost $20,058) |  | 19886 |
| Receivable for investments sold |  | 151745813 |
| Receivable for fund shares sold |  | 9913377 |
| Dividends receivable |  | 10514673 |
| Interest receivable |  | 393233 |
| Distributions receivable from Fidelity Central Funds |  | 324617 |
| Prepaid expenses |  | 26194 |
| Other receivables |  | 417924 |
| **Total assets** |  | 30744426746 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $11106537 |  |
| Accrued management fee | 18840282 |  |
| Distribution and service plan fees payable | 4058891 |  |
| Other payables and accrued expenses | 2395818 |  |
| Collateral on securities loaned | 348110851 |  |
| **Total liabilities** |  | 384512379 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $30359914367 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12625872371 |
| Total accumulated earnings (loss) |  | 17734041996 |
| **Net Assets** |  | $30359914367 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($6,243,269,916 ÷ 28,938,839 shares)(a) |  | $215.74 |
| Maximum offering price per share (100/94.25 of $215.74) |  | $228.90 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($3,870,400,002 ÷ 18,353,669 shares)(a) |  | $210.88 |
| Maximum offering price per share (100/96.50 of $210.88) |  | $218.53 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,437,008,741 ÷ 8,428,472 shares)(a) |  | $170.49 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($13,396,908,697 ÷ 55,711,005 shares) |  | $240.47 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,412,327,011 ÷ 22,141,807 shares) |  | $244.44 |
| *(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** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $107539363 |
| Interest  |  | 1083126 |
| Income from Fidelity Central Funds (including $3,387,163 from security lending)  |  | 12324702 |
| **Total income** |  | 120947191 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $165580239 |  |
| Performance adjustment | 12795579 |  |
| Distribution and service plan fees | 44072020 |  |
| Custodian fees and expenses | 356826 |  |
| Independent trustees' fees and expenses | 101424 |  |
| Registration fees | 434519 |  |
| Audit fees | 124258 |  |
| Legal | 35189 |  |
| Interest | 28077 |  |
| Miscellaneous | 3794743 |  |
| Total expenses before reductions | 227322874 |  |
| Expense reductions | (1377) |  |
| Total expenses after reductions |  | 227321497 |
| **Net Investment income (loss)** |  | (106374306) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1416584319 |  |
| Fidelity Central Funds | 4102 |  |
| Foreign currency transactions | (174385) |  |
| Total net realized gain (loss) |  | 1416414036 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $111,410)  | 4055459751 |  |
| Assets and liabilities in foreign currencies | 62957 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4055522708 |
| **Net gain (loss)** |  | 5471936744 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5365562438 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(106374306) | $(52312087) |
| &nbsp;&nbsp;Net realized gain (loss) | 1416414036<br>| 2096764986<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4055522708 | 6044425718<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5365562438<br>| 8088878617<br>|
| Share transactions - net increase (decrease) | 59082577<br>| (435221105)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5424645015<br>| 7653657512<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 24935269352 | 17281611840<br>|
| &nbsp;&nbsp;End of period | $30359914367 | $24935269352 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Growth Opportunities Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $178.02 | $120.74 | $96.87 | $159.95 | $141.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.95)  | (.52)  | (.29)  | (.38)  | (1.06)  |
| Net realized and unrealized gain (loss)  | 38.67  | 57.80  | 24.16  | (48.08)  | 27.68  |
| Total from investment operations  | 37.72  | 57.28  | 23.87  | (48.46)  | 26.62  |
| Distributions from net realized gain  | -  | -  | -  | (14.62)  | (7.73)  |
| Total distributions  | -  | -  | -  | (14.62)  | (7.73)  |
| Net asset value, end of period  | $215.74 | $178.02 | $120.74 | $96.87 | $159.95 |
| **Total Return** C,D | 21.19% <br>| 47.44%  | 24.64%  | (33.31)%  | 19.60%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .96%  | .75%  | .72%  | .89%  | 1.04%  |
| Expenses net of fee waivers, if any  | .96% <br>| .74%  | .72%  | .89%  | 1.04%  |
| Expenses net of all reductions, if any  | .96%  | .74%  | .72%  | .89%  | 1.04%  |
| Net investment income (loss)  | (.51)%  | (.34)%  | (.27)%  | (.35)%  | (.68)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6243270 | $4999430 | $3383576 | $2749192 | $4184435 |
| Portfolio turnover rate G | 57% <br>| 56%  | 50% H | 75%  | 66%  |

---

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

D*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Growth Opportunities Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $174.45 | $118.60 | $95.39 | $157.62 | $139.13 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (1.39)  | (.87)  | (.53)  | (.64)  | (1.41)  |
| Net realized and unrealized gain (loss)  | 37.82  | 56.72  | 23.74  | (47.42)  | 27.31  |
| Total from investment operations  | 36.43  | 55.85  | 23.21  | (48.06)  | 25.90  |
| Distributions from net realized gain  | -  | -  | -  | (14.17)  | (7.41)  |
| Total distributions  | -  | -  | -  | (14.17)  | (7.41)  |
| Net asset value, end of period  | $210.88 | $174.45 | $118.60 | $95.39 | $157.62 |
| **Total Return** C,D | 20.88% <br>| 47.09%  | 24.33%  | (33.47)%  | 19.31%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.21%  | .99%  | .96%  | 1.13%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.21% <br>| .99%  | .96%  | 1.13%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.21%  | .99%  | .96%  | 1.13%  | 1.28%  |
| Net investment income (loss)  | (.76)%  | (.59)%  | (.51)%  | (.59)%  | (.93)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3870400 | $3443069 | $2513293 | $2136186 | $3480610 |
| Portfolio turnover rate G | 57% <br>| 56%  | 50% H | 75%  | 66%  |

---

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

D*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Growth Opportunities Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $141.75 | $96.86 | $78.30 | $132.10 | $118.14 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (1.88)  | (1.32)  | (.88)  | (.99)  | (1.85)  |
| Net realized and unrealized gain (loss)  | 30.62  | 46.21  | 19.44  | (39.09)  | 23.04  |
| Total from investment operations  | 28.74  | 44.89  | 18.56  | (40.08)  | 21.19  |
| Distributions from net realized gain  | -  | -  | -  | (13.72)  | (7.23)  |
| Total distributions  | -  | -  | -  | (13.72)  | (7.23)  |
| Net asset value, end of period  | $170.49 | $141.75 | $96.86 | $78.30 | $132.10 |
| **Total Return** C,D | 20.28% <br>| 46.35%  | 23.70%  | (33.81)%  | 18.70%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.50%  | 1.48%  | 1.65%  | 1.80%  |
| Expenses net of fee waivers, if any  | 1.71% <br>| 1.49%  | 1.47%  | 1.64%  | 1.80%  |
| Expenses net of all reductions, if any  | 1.71%  | 1.49%  | 1.47%  | 1.64%  | 1.80%  |
| Net investment income (loss)  | (1.26)%  | (1.09)%  | (1.02)%  | (1.10)%  | (1.44)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1437009 | $1275109 | $925151 | $827607 | $1412597 |
| Portfolio turnover rate G | 57% <br>| 56%  | 50% H | 75%  | 66%  |

---

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

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

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*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.*

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

**Fidelity Advisor® Growth Opportunities Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $197.94 | $133.91 | $107.16 | $175.33 | $153.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.54)  | (.15)  | (.02)  | (.12)  | (.74)  |
| Net realized and unrealized gain (loss)  | 43.07  | 64.18  | 26.77  | (53.08)  | 30.27  |
| Total from investment operations  | 42.53  | 64.03  | 26.75  | (53.20)  | 29.53  |
| Distributions from net realized gain  | -  | -  | -  | (14.97)  | (7.97)  |
| Total distributions  | -  | -  | -  | (14.97)  | (7.97)  |
| Net asset value, end of period  | $240.47 | $197.94 | $133.91 | $107.16 | $175.33 |
| **Total Return** C | 21.49% <br>| 47.82%  | 24.96%  | (33.15)%  | 19.90%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .71%  | .50%  | .47%  | .64%  | .79%  |
| Expenses net of fee waivers, if any  | .71% <br>| .49%  | .47%  | .64%  | .79%  |
| Expenses net of all reductions, if any  | .71%  | .49%  | .47%  | .64%  | .79%  |
| Net investment income (loss)  | (.26)%  | (.09)%  | (.02)%  | (.10)%  | (.43)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13396909 | $10638599 | $7615393 | $6873035 | $12620334 |
| Portfolio turnover rate F | 57% <br>| 56%  | 50% G | 75%  | 66%  |

---

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

D*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.*

E*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.*

F*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.*

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

**Fidelity Advisor® Growth Opportunities Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $200.97 | $135.80 | $108.54 | $177.37 | $155.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.30)  | .04  | .13  | .03  | (.54)  |
| Net realized and unrealized gain (loss)  | 43.77  | 65.13  | 27.13  | (53.71)  | 30.58  |
| Total from investment operations  | 43.47  | 65.17  | 27.26  | (53.68)  | 30.04  |
| Distributions from net realized gain  | -  | -  | -  | (15.15)  | (8.07)  |
| Total distributions  | -  | -  | -  | (15.15)  | (8.07)  |
| Net asset value, end of period  | $244.44 | $200.97 | $135.80 | $108.54 | $177.37 |
| **Total Return** C | 21.63% <br>| 47.99%  | 25.12%  | (33.06)%  | 20.04%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .60%  | .38%  | .35%  | .52%  | .67%  |
| Expenses net of fee waivers, if any  | .60% <br>| .38%  | .34%  | .51%  | .67%  |
| Expenses net of all reductions, if any  | .60%  | .38%  | .34%  | .51%  | .67%  |
| Net investment income (loss)  | (.14)%  | .02%  | .11%  | .03%  | (.31)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5412327 | $4579062 | $2844199 | $2329940 | $3827686 |
| Portfolio turnover rate F | 57% <br>| 56%  | 50% G | 75%  | 66%  |

---

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

D*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.*

E*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.*

F*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.*

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

**Notes to Consolidated Financial Statements**

For the period ended November 30, 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 consolidated financial statements and consolidated 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. Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $236444427  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.5 - 71.0 / 8.6 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 35.9 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.3 - 27.1 / 23.2 | Increase |
|  |  | Market approach  | Transaction price  | $1.90 - $4.63 / $4.60 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 50.0% - 80.0% / 67.4% | Increase |
|  |  |  | Discount rate  | 3.5% - 4.0% / 3.6% | Increase |
|  |  |  | Term  | 2.1 - 5.0 / 3.0 | Increase |
| Convertible Corporate Bonds | $32330378  | Market comparable | Enterprise value/Revenue multiple (EV/R)  | 3.8 | Increase |
|  |  |  | Discount rate  | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach  | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 33.3% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 100.0% / 75.1% | Increase |
|  |  |  | Discount rate | 3.8% - 4.4% / 3.8% | Increase |
|  |  |  | Term | 0.6 | Increase |
| Convertible Preferred Stocks | $774523516  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 71.0 / 28.5 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $1.10 - $271.56 / $44.71 | Increase |
|  |  |  | Discount rate | 85.0% | Decrease |
|  |  |  | Premium rate | 20.0% - 40.0% / 28.2% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 74.5% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
| Preferred Securities | $1741229  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 35.9% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 53.5% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.7% | Increase |
|  |  |  | Term | 0.6 - 1.1 / 1.0 | 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 November 30, 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** | $327855 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 Consolidated 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the 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), 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**  | $17257479827 |
| **Gross unrealized depreciation**  | <u>(572858139)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$16684621688</u> |
| **Tax Cost**  | <u>$13886449341</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$1138261528</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$16684656459</u> |

---

The Fund intends to elect to defer to its next fiscal year $88,875,989 of ordinary losses recognized during the period January 1, 2025 to November 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $- | $- |
| **Long-term Capital Gains** | <u>-</u> | <u>-</u> |
| **Total** | <u>$-</u> | <u>$-</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 Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Growth Opportunities Fund** | Spinny Series G Convertible Preferred | 1506720 | - |

---

**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 Total Assets** |
| **Fidelity Advisor Growth Opportunities Fund** | 2247101 | .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.

**Consolidated Special Purpose Vehicle.** The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SPV Name** | **Net Assets of SPV** | **% of Fund's Total Assets** |
| **Fidelity Advisor Growth Opportunities Fund** | Fid FDI 223, LLC | 78452789 | .26 |

---

The financial statements have been consolidated to include the SPV accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

**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** | 15027526959 | 15166599300 |

---

**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** | .64 |
| **Class M** | .64 |
| **Class C** | .64 |
| **Class I** | .64 |
| **Class Z** | .53 |

---

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 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 annual performance adjustment was .05%.

**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% | 13467184 | 278423 |
| **Class M** | .25% | .25% | 17560200 | 79123 |
| **Class C** | .75% | .25% | <u>13044636</u> | <u>1653422</u> |
|  |  |  | <u>44072020</u> | <u>2010968</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** | 3324583 |
| **Class M** | 98477 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7181</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3430241</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** | 191193 |

---

**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 | 15159400 | 4.45% | 28077 |

---

**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** | 927093217 | 922675567 | 167575994 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 33922 |

---

**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** | 34452 |

---

**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** | 332637 | 30177 | - |

---

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 Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Growth Opportunities Fund** | 5693441 |

---

**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 $1,377.

**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** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Growth Opportunities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 5379231 | 4555941 | $1009281326 | $687089053 |
| Shares redeemed | <u>(4523308)</u> | <u>(4496972)</u> | <u>(845483626)</u> | <u>(671876326)</u> |
| Net increase (decrease) | <u>855923</u> | <u>58969</u> | <u>$163797700</u> | <u>$15212727</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1590599 | 1797873 | $288111439 | $262118437 |
| Shares redeemed | <u>(2973884)</u> | <u>(3251555)</u> | <u>(541933961)</u> | <u>(478295077)</u> |
| Net increase (decrease) | <u>(1383285)</u> | <u>(1453682)</u> | <u>$(253822522)</u> | <u>$(216176640)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1308531 | 1228924 | $193693667 | $147006212 |
| Shares redeemed | <u>(1875704)</u> | <u>(1784623)</u> | <u>(276569444)</u> | <u>(214262533)</u> |
| Net increase (decrease) | <u>(567173)</u> | <u>(555699)</u> | <u>$(82875777)</u> | <u>$(67256321)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 14775077 | 12185212 | $3061299891 | $2037494381 |
| Shares redeemed | <u>(12811702)</u> | <u>(15307887)</u> | <u>(2653606982)</u> | <u>(2536966129)</u> |
| Net increase (decrease) | <u>1963375</u> | <u>(3122675)</u> | <u>$407692909</u> | <u>$(499471748)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 8314470 | 7939624 | $1739614307 | $1362681116 |
| Shares redeemed | <u>(8957176)</u> | <u>(6098859)</u> | <u>(1915324040)</u> | <u>(1030210239)</u> |
| Net increase (decrease) | <u>(642706)</u> | <u>1840765</u> | <u>$(175709733)</u> | <u>$332470877</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Advisor Growth Opportunities Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the consolidated schedule of investments, as of November 30, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $1,201,157,617, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120730_4.jpg)<br>

1.704314.128 GO-ANN-0126

**Fidelity Advisor® Equity Growth Fund**

**Annual Report**

**November 30, 2025**

![](img120731_1.jpg)

![](img120731_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EPG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Equity Growth Fund](#Sub_Sec_Fund_86_EPG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements86_EPG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EPG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EPG-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EPG-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EPG-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EPG-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EPG-ANN)** |

---

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.© 2026 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 (Annual Report)**

**Fidelity Advisor® Equity Growth Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 5700 | 9382998 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 396000 | 110509413 |
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (d) | 15417 | 31940632 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (d) | 638200 | 11098298 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA ADR  | 1925800 | 24284338 |
| TOTAL BRAZIL |  | 67323268 |
| CANADA - 1.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (United States) (d) | 537500 | 85269000 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 386400 | 67399752 |
| Franco-Nevada Corp  | 287100 | 60314729 |
|  |  | 127714481 |
| TOTAL CANADA |  | 212983481 |
| CHINA - 1.6%  |  |  |
| Communication Services - 1.3% |  |  |
| Interactive Media & Services - 1.3% |  |  |
| Tencent Holdings Ltd  | 2052100 | 162139587 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Alibaba Group Holding Ltd ADR  | 238800 | 37563240 |
| TOTAL CHINA |  | 199702827 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Auto1 Group SE (d) | 1689600 | 47523183 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 22000 | 959640 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (b)(d) | 1892438 | 19 |
| KOREA (SOUTH) - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| SK Hynix Inc  | 264620 | 96052277 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (d) | 43700 | 39853526 |
| TAIWAN - 2.8%  |  |  |
| Information Technology - 2.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Chroma ATE Inc  | 338000 | 8822450 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1162524 | 338887371 |
| TOTAL TAIWAN |  | 347709821 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (d) | 12500 | 5742625 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (d) | 107500 | 22447075 |
| UNITED STATES - 90.2%  |  |  |
| Communication Services - 13.8% |  |  |
| Entertainment - 3.0% |  |  |
| Live Nation Entertainment Inc (d) | 269438 | 35417624 |
| Netflix Inc (d) | 2227710 | 239657042 |
| ROBLOX Corp Class A (d) | 419400 | 39855582 |
| Spotify Technology SA (d) | 116500 | 69768355 |
|  |  | 384698603 |
| Interactive Media & Services - 10.8% |  |  |
| Alphabet Inc Class A  | 2561777 | 820229760 |
| Epic Games Inc (b)(c)(d) | 3289 | 2138146 |
| Meta Platforms Inc Class A  | 767007 | 496982186 |
| Reddit Inc Class A (d) | 177900 | 38510013 |
|  |  | 1357860105 |
| TOTAL COMMUNICATION SERVICES |  | 1742558708 |
| Consumer Discretionary - 9.8% |  |  |
| Automobiles - 1.8% |  |  |
| Tesla Inc (d) | 539673 | 232151134 |
| Broadline Retail - 5.1% |  |  |
| Amazon.com Inc (d) | 2762781 | 644335785 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (d) | 76388 | 14621427 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Airbnb Inc Class A (d) | 68126 | 7970061 |
| Hilton Worldwide Holdings Inc  | 201244 | 57360577 |
| Viking Holdings Ltd (d) | 1070015 | 71455602 |
|  |  | 136786240 |
| Household Durables - 0.8% |  |  |
| Blu Homes Inc (b)(c)(d) | 12123162 | 3758 |
| DR Horton Inc  | 306634 | 48757873 |
| Lennar Corp Class A  | 49600 | 6512480 |
| SharkNinja Inc (d) | 417500 | 40735475 |
|  |  | 96009586 |
| Specialty Retail - 0.9% |  |  |
| AutoZone Inc (d) | 8800 | 34798104 |
| Lowe's Cos Inc  | 38800 | 9408224 |
| Ross Stores Inc  | 88800 | 15660768 |
| Williams-Sonoma Inc  | 300540 | 54100205 |
|  |  | 113967301 |
| TOTAL CONSUMER DISCRETIONARY |  | 1237871473 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Costco Wholesale Corp  | 98300 | 89805897 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 392100 | 36884847 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 399800 | 62960504 |
| TOTAL CONSUMER STAPLES |  | 189651248 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| APA Corp  | 908321 | 22680775 |
| Cheniere Energy Inc  | 137627 | 28689725 |
| EQT Corp  | 350900 | 21355774 |
|  |  | 72726274 |
| Financials - 7.5% |  |  |
| Banks - 0.7% |  |  |
| Bank of America Corp  | 1753571 | 94079084 |
| Capital Markets - 2.3% |  |  |
| Cboe Global Markets Inc  | 225400 | 58191518 |
| Charles Schwab Corp/The  | 635600 | 58939188 |
| Coinbase Global Inc Class A (d) | 142400 | 38849568 |
| Gemini Space Station Inc Class A (e) | 10400 | 114400 |
| Morgan Stanley  | 826167 | 140167493 |
|  |  | 296262167 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp  | 295735 | 64786666 |
| Financial Services - 4.0% |  |  |
| Apollo Global Management Inc  | 565000 | 74495250 |
| Mastercard Inc Class A  | 768252 | 422945774 |
|  |  | 497441024 |
| TOTAL FINANCIALS |  | 952568941 |
| Health Care - 6.8% |  |  |
| Biotechnology - 2.3% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(d) | 1000100 | 10001 |
| Adamas Pharmaceuticals Inc rights (b)(d) | 1000100 | 10 |
| Alnylam Pharmaceuticals Inc (d) | 341611 | 154145132 |
| Blueprint Medicines Corp rights (b)(d) | 41532 | 0 |
| Cytokinetics Inc (d) | 97401 | 6635930 |
| Gilead Sciences Inc  | 157600 | 19832384 |
| Insmed Inc (d) | 423512 | 87993088 |
| Legend Biotech Corp ADR (d) | 472672 | 13097741 |
| Moderna Inc (d) | 188953 | 4908999 |
|  |  | 286623285 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Boston Scientific Corp (d) | 34830 | 3538031 |
| Edwards Lifesciences Corp (d) | 863200 | 74813544 |
| Insulet Corp (d) | 201900 | 66059661 |
| Penumbra Inc (d) | 139759 | 40973146 |
|  |  | 185384382 |
| Health Care Providers & Services - 0.3% |  |  |
| CVS Health Corp  | 492900 | 39609444 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (d) | 134300 | 32270947 |
| Pharmaceuticals - 2.5% |  |  |
| Crinetics Pharmaceuticals Inc (d) | 200 | 9112 |
| Eli Lilly & Co  | 289358 | 311195849 |
|  |  | 311204961 |
| TOTAL HEALTH CARE |  | 855093019 |
| Industrials - 6.7% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Anduril Industries Inc Class B (b)(c) | 1399 | 59877 |
| Anduril Industries Inc Class C (b)(c) | 1 | 43 |
| Beta Technologies Inc Class A (d) | 67200 | 1832544 |
| Boeing Co (d) | 407244 | 76969116 |
| GE Aerospace  | 225710 | 67363150 |
|  |  | 146224730 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 35800 | 5687546 |
| Building Products - 0.9% |  |  |
| Trane Technologies PLC  | 272503 | 114854564 |
| Construction & Engineering - 0.5% |  |  |
| Dycom Industries Inc (d) | 113300 | 40961349 |
| EMCOR Group Inc  | 40900 | 25156363 |
|  |  | 66117712 |
| Electrical Equipment - 1.2% |  |  |
| GE Vernova Inc  | 205417 | 123202954 |
| Nextpower Inc Class A (d) | 269700 | 24709914 |
|  |  | 147912868 |
| Machinery - 1.9% |  |  |
| Cummins Inc  | 125000 | 62247500 |
| Deere & Co  | 77900 | 36183771 |
| Parker-Hannifin Corp  | 68000 | 58595600 |
| Westinghouse Air Brake Technologies Corp  | 360557 | 75194163 |
|  |  | 232221034 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 83700 | 5365170 |
| Trading Companies & Distributors - 1.0% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 337515 | 85466834 |
| United Rentals Inc  | 56358 | 45941914 |
|  |  | 131408748 |
| TOTAL INDUSTRIALS |  | 849792372 |
| Information Technology - 40.9% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc (d) | 205200 | 26815536 |
| Lumentum Holdings Inc (d) | 73200 | 23801712 |
|  |  | 50617248 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Amphenol Corp Class A  | 969472 | 136598605 |
| Coherent Corp (d) | 358200 | 58837932 |
| Corning Inc  | 219800 | 18507160 |
|  |  | 213943697 |
| Semiconductors & Semiconductor Equipment - 19.3% |  |  |
| Advanced Micro Devices Inc (d) | 126200 | 27452286 |
| Broadcom Inc  | 1695808 | 683342792 |
| First Solar Inc (d) | 132900 | 36271068 |
| Lam Research Corp  | 83800 | 13072800 |
| Marvell Technology Inc  | 814500 | 72816300 |
| Micron Technology Inc  | 129400 | 30600512 |
| NVIDIA Corp  | 8839958 | 1564672566 |
|  |  | 2428228324 |
| Software - 14.0% |  |  |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 2071818 | 1408836 |
| Cadence Design Systems Inc (d) | 141600 | 44156544 |
| Datadog Inc Class A (d) | 357800 | 57251578 |
| Microsoft Corp  | 2782344 | 1368941071 |
| Oracle Corp  | 806009 | 162773518 |
| Palantir Technologies Inc Class A (d) | 397300 | 66925185 |
| Synopsys Inc (d) | 142600 | 59608226 |
| Via Transportation Inc (d) | 12200 | 424926 |
|  |  | 1761489884 |
| Technology Hardware, Storage & Peripherals - 5.5% |  |  |
| Apple Inc  | 2502468 | 697813202 |
| TOTAL INFORMATION TECHNOLOGY |  | 5152092355 |
| Materials - 0.8% |  |  |
| Chemicals - 0.7% |  |  |
| Corteva Inc  | 762700 | 51459369 |
| Sherwin-Williams Co/The  | 104300 | 35846867 |
|  |  | 87306236 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 46500 | 13821660 |
| TOTAL MATERIALS |  | 101127896 |
| Real Estate - 0.7% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 458900 | 37001107 |
| Real Estate Management & Development - 0.4% |  |  |
| Zillow Group Inc Class C (d) | 738700 | 54944506 |
| TOTAL REAL ESTATE |  | 91945613 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 74800 | 27254128 |
| NRG Energy Inc  | 495600 | 83999244 |
|  |  | 111253372 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 166600 | 29798076 |
| TOTAL UTILITIES |  | 141051448 |
| TOTAL UNITED STATES |  | 11386479347 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,601,990,030) |  | <br> **12546669500** |

---

---

| | | |
|:---|:---|:---|
| &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% (b)(c)(f)<br>(Cost $1,619,000)<br>| 1619000 | **1598277** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 846 | 1392634 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 154 | 253506 |
| TOTAL AUSTRALIA |  | 1646140 |
| UNITED STATES - 0.6%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 57400 | 737590 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 111100 | 212201 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 208346 | 8917209 |
| Anduril Industries Inc Series G (b)(c) | 13400 | 573520 |
|  |  | 9490729 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (b)(c) | 378200 | 26504256 |
| Software - 0.3% |  |  |
| Anthropic PBC Series F (b)(c) | 49200 | 6935232 |
| Asapp Inc Series C (b)(c)(d) | 367427 | 433564 |
| Asapp Inc Series D (b)(c)(d) | 3611038 | 3466596 |
| Databricks Inc Series K (b)(c) | 46800 | 8392176 |
| Openai Group Pbc Series A-2 (b)(c) | 34033 | 14788700 |
|  |  | 34016268 |
| TOTAL INFORMATION TECHNOLOGY |  | 60520524 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 76285 | 980262 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 95356 | 1225325 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 27230 | 349906 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 53844 | 691895 |
|  |  | 3247388 |
| TOTAL UNITED STATES |  | 74208432 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $60,320,916) |  | <br> **75854572** |

---

---

| | | |
|:---|:---|:---|
| &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% (b)(c)(f)<br>(Cost $2,252,000)<br>| 2252000 | **2854860** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.02 | 11616145 | 11618468 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.02 | 89919 | 89928 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,708,396) |  |  | **11708396** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $8,677,890,342)<br>| <br>**12638685605** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(9729129)** |
| **NET ASSETS - 100.0%** | **12628956476** |

---

**Legend**

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

(b) Level 3 security.

(c) 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 $93,301,367 or 0.7% of net assets.

(d) Non-income producing.

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

(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 | 1/23/2024 | 732470 |
| Anduril Industries Inc Class B | 6/16/2025 | 57195 |
| Anduril Industries Inc Class C | 6/16/2025 | 41 |
| Anduril Industries Inc Series F | 8/7/2024 | 4528734 |
| Anduril Industries Inc Series G | 4/17/2025 | 547829 |
| Anthropic PBC Series F | 8/18/2025 | 6935606 |
| Asapp Inc Series C | 4/30/2021 | 2423953 |
| Asapp Inc Series D | 8/29/2023 | 13944023 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 1 |
| Blu Homes Inc | 5/21/2020 | 20968 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 9382998 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 902395 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 164266 |
| Databricks Inc Series K | 9/8/2025 | 7020000 |
| ElevateBio LLC Series C | 3/9/2021 | 466064 |
| Epic Games Inc | 3/29/2021 | 2910765 |
| Illuminated Holdings Inc 15% | 6/14/2023 | 1619000 |
| Illuminated Holdings Inc 15% | 9/27/2023 | 2252000 |
| Illuminated Holdings Inc Series C2 | 7/7/2020 | 1907125 |
| Illuminated Holdings Inc Series C3 | 7/7/2020 | 2860680 |
| Illuminated Holdings Inc Series C4 | 1/8/2021 | 980280 |
| Illuminated Holdings Inc Series C5 | 6/16/2021 | 2326061 |
| Openai Group Pbc Series A-2 | 9/30/2024 | 6393400 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 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 | 3581713420 | 3848587972 | 9046642 | 916 | - | 11618468 | 11616145 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10560313 | 439322218 | 449792597 | 1314814 | (6) | - | 89928 | 89919 | 0.0% |
| Total | 289052417 | 4021035638 | 4298380569 | 10361456 | 910 | - | 11708396 |  |  |

---

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 November 30, 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 | 1904698295 | 1740420562 | 162139587 | 2138146 |
| Consumer Discretionary | 1377345603 | 1377341845 | - | 3758 |
| Consumer Staples | 189651248 | 189651248 | - | - |
| Energy | 72726274 | 72726274 | - | - |
| Financials | 964626879 | 964626879 | - | - |
| Health Care | 1005455977 | 1005445947 | - | 10030 |
| Industrials | 849792372 | 849732452 | - | 59920 |
| Information Technology | 5696249076 | 5589404965 | 96052277 | 10791834 |
| Materials | 253126715 | 253126715 | - | - |
| Real Estate | 91945613 | 91945613 | - | - |
| Utilities | 141051448 | 141051448 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 1598277 | - | - | 1598277 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 737590 | - | - | 737590 |
| Health Care | 212201 | - | - | 212201 |
| Industrials | 9490729 | - | - | 9490729 |
| Information Technology | 62166664 | - | - | 62166664 |
| Materials | 3247388 | - | - | 3247388 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 2854860 | - | - | 2854860 |
|  **Money Market Funds** | 11708396 | 11708396 | - | - |
| **Total Investments in Securities:** | 12638685605 | 12287182344 | 258191864 | 93311397 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $84,700) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,666,181,946) | $12626977209 |  |
| Fidelity Central Funds (cost $11,708,396) | 11708396 |  |
| Total Investment in Securities (cost $8,677,890,342) |  | $12638685605 |
| Foreign currency held at value (cost $1,313,425) |  | 1245858 |
| Receivable for investments sold |  | 1263316 |
| Receivable for fund shares sold |  | 3430693 |
| Dividends receivable |  | 4384019 |
| Interest receivable |  | 449258 |
| Distributions receivable from Fidelity Central Funds |  | 82761 |
| Prepaid expenses |  | 11781 |
| Other receivables |  | 259470 |
| **Total assets** |  | 12649812761 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $12547307 |  |
| Accrued management fee | 6455293 |  |
| Distribution and service plan fees payable | 1634409 |  |
| Other payables and accrued expenses | 134576 |  |
| Collateral on securities loaned | 84700 |  |
| **Total liabilities** |  | 20856285 |
| **Net Assets**  |  | $12628956476 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8606646672 |
| Total accumulated earnings (loss) |  | 4022309804 |
| **Net Assets** |  | $12628956476 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,933,662,069 ÷ 129,115,593 shares)(a) |  | $22.72 |
| Maximum offering price per share (100/94.25 of $22.72) |  | $24.11 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($2,049,104,660 ÷ 94,630,566 shares)(a) |  | $21.65 |
| Maximum offering price per share (100/96.50 of $21.65) |  | $22.44 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($217,958,870 ÷ 13,593,571 shares)(a) |  | $16.03 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,148,613,225 ÷ 154,062,502 shares) |  | $26.93 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,279,617,652 ÷ 119,537,180 shares) |  | $27.44 |
| *(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** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $66111375 |
| Interest  |  | 347737 |
| Income from Fidelity Central Funds (including $1,314,814 from security lending)  |  | 10361456 |
| **Total income** |  | 76820568 |
| **Expenses** |  |  |
| Management fee | $74752380 |  |
| Distribution and service plan fees | 18705589 |  |
| Custodian fees and expenses | 184251 |  |
| Independent trustees' fees and expenses | 46871 |  |
| Registration fees | 220353 |  |
| Audit fees | 88508 |  |
| Legal | 11645 |  |
| Interest | 45071 |  |
| Miscellaneous | 60196 |  |
| Total expenses before reductions | 94114864 |  |
| Expense reductions | (8925) |  |
| Total expenses after reductions |  | 94105939 |
| **Net Investment income (loss)** |  | (17285371) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 326059339 |  |
| Redemptions in-kind | 1105963901 |  |
| Fidelity Central Funds | 910 |  |
| Foreign currency transactions | (310056) |  |
| Futures contracts | 3410361 |  |
| Total net realized gain (loss) |  | 1435124455 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 135971802 |  |
| Assets and liabilities in foreign currencies | (52899) |  |
| Total change in net unrealized appreciation (depreciation) |  | 135918903 |
| **Net gain (loss)** |  | 1571043358 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1553757987 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(17285371) | $(24251419) |
| &nbsp;&nbsp;Net realized gain (loss) | 1435124455<br>| 1880966330<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 135918903 | 1246638682<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1553757987<br>| 3103353593<br>|
| Distributions to shareholders | (1221176028)<br>| (42611263)<br>|
| Share transactions - net increase (decrease) | 461183418<br>| 1063833563<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 793765377<br>| 4124575893<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11835191099 | 7710615206<br>|
| &nbsp;&nbsp;End of period | $12628956476 | $11835191099 |

---

**Financial Highlights** 

**Fidelity Advisor® Equity Growth Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.52 | $16.39 | $13.85 | $19.23 | $17.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.07)  | (.02)  | (.02)  | - C |
| Net realized and unrealized gain (loss)  | 2.74  | 6.30  | 2.85  | (3.14)  | 4.08  |
| Total from investment operations  | 2.68  | 6.23  | 2.83  | (3.16)  | 4.08  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.22)  | (1.91)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.22)  | (1.91)  |
| Net asset value, end of period  | $22.72 | $22.52 | $16.39 | $13.85 | $19.23 |
| **Total Return** D,E | 13.23% <br>| 38.17%  | 21.03%  | (18.79)%  | 26.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .91%  | .93%  | .96%  | .97%  | .97%  |
| Expenses net of fee waivers, if any  | .91% <br>| .92%  | .96%  | .97%  | .97%  |
| Expenses net of all reductions, if any  | .91%  | .92%  | .96%  | .97%  | .97%  |
| Net investment income (loss)  | (.27)%  | (.35)%  | (.16)%  | (.11)%  | (.02)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2933662 | $2674749 | $1821007 | $1421852 | $1751645 |
| Portfolio turnover rate H | 69% I<br>| 52% I | 43%  | 40%  | 44%  |

---

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 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*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® Equity Growth Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.62 | $15.78 | $13.38 | $18.64 | $16.60 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.10)  | (.11)  | (.06)  | (.05)  | (.04) C |
| Net realized and unrealized gain (loss)  | 2.61  | 6.05  | 2.75  | (3.04)  | 3.95  |
| Total from investment operations  | 2.51  | 5.94  | 2.69  | (3.09)  | 3.91  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.17)  | (1.87)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.17)  | (1.87)  |
| Net asset value, end of period  | $21.65 | $21.62 | $15.78 | $13.38 | $18.64 |
| **Total Return** D,E | 12.97% <br>| 37.81%  | 20.71%  | (18.95)%  | 25.99%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.16%  | 1.17%  | 1.21%  | 1.21%  | 1.21%  |
| Expenses net of fee waivers, if any  | 1.16% <br>| 1.16%  | 1.20%  | 1.21%  | 1.21%  |
| Expenses net of all reductions, if any  | 1.16%  | 1.16%  | 1.20%  | 1.21%  | 1.21%  |
| Net investment income (loss)  | (.52)%  | (.59)%  | (.40)%  | (.36)%  | (.26)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2049105 | $2060799 | $1619005 | $1436622 | $1937730 |
| Portfolio turnover rate H | 69% I<br>| 52% I | 43%  | 40%  | 44%  |

---

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 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*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® Equity Growth Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.72 | $12.28 | $10.54 | $15.14 | $13.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.15)  | (.17)  | (.10)  | (.10)  | (.11) C |
| Net realized and unrealized gain (loss)  | 1.94  | 4.71  | 2.13  | (2.39)  | 3.24  |
| Total from investment operations  | 1.79  | 4.54  | 2.03  | (2.49)  | 3.13  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.11)  | (1.83)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.11)  | (1.83)  |
| Net asset value, end of period  | $16.03 | $16.72 | $12.28 | $10.54 | $15.14 |
| **Total Return** D,E | 12.38% <br>| 37.18%  | 20.01%  | (19.38)%  | 25.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.66%  | 1.68%  | 1.74%  | 1.75%  | 1.74%  |
| Expenses net of fee waivers, if any  | 1.66% <br>| 1.68%  | 1.74%  | 1.75%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.66%  | 1.68%  | 1.74%  | 1.75%  | 1.74%  |
| Net investment income (loss)  | (1.02)%  | (1.11)%  | (.93)%  | (.89)%  | (.79)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $217959 | $212853 | $132579 | $97630 | $133577 |
| Portfolio turnover rate H | 69% I<br>| 52% I | 43%  | 40%  | 44%  |

---

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*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*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® Equity Growth Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.17 | $18.99 | $15.95 | $21.82 | $19.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | (.02)  | .02  | .02  | .05 D |
| Net realized and unrealized gain (loss)  | 3.24  | 7.30  | 3.31  | (3.63)  | 4.61  |
| Total from investment operations  | 3.24  | 7.28  | 3.33  | (3.61)  | 4.66  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.26)  | (1.94)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.26)  | (1.94)  |
| Net asset value, end of period  | $26.93 | $26.17 | $18.99 | $15.95 | $21.82 |
| **Total Return** E | 13.55% <br>| 38.48%  | 21.40%  | (18.62)%  | 26.65%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .66%  | .68%  | .71%  | .72%  | .71%  |
| Expenses net of fee waivers, if any  | .66% <br>| .68%  | .71%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .66%  | .68%  | .71%  | .71%  | .71%  |
| Net investment income (loss)  | (.02)%  | (.11)%  | .09%  | .14%  | .24% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4148613 | $3832108 | $2548297 | $1284799 | $1067081 |
| Portfolio turnover rate H | 69% I<br>| 52% I | 43%  | 40%  | 44%  |

---

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 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*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® Equity Growth Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.59 | $19.27 | $16.17 | $22.07 | $19.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | - C | .04  | .04  | .07 D |
| Net realized and unrealized gain (loss)  | 3.31  | 7.42  | 3.35  | (3.66)  | 4.66  |
| Total from investment operations  | 3.33  | 7.42  | 3.39  | (3.62)  | 4.73  |
| Distributions from net realized gain  | (2.48)  | (.10)  | (.29)  | (2.28)  | (1.96)  |
| Total distributions  | (2.48)  | (.10)  | (.29)  | (2.28)  | (1.96)  |
| Net asset value, end of period  | $27.44 | $26.59 | $19.27 | $16.17 | $22.07 |
| **Total Return** E | 13.69% <br>| 38.65%  | 21.48%  | (18.46)%  | 26.77%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .54%  | .57%  | .59%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .54% <br>| .56%  | .59%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .54%  | .56%  | .59%  | .60%  | .60%  |
| Net investment income (loss)  | .10%  | .01%  | .22%  | .26%  | .35% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3279618 | $3054682 | $1589727 | $644911 | $284652 |
| Portfolio turnover rate H | 69% I<br>| 52% I | 43%  | 40%  | 44%  |

---

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 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*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.*

**Notes to Financial Statements**

For the period ended November 30, 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 November 30, 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.

**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** | $21507 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $4265953639 |
| **Gross unrealized depreciation**  | <u>(312164612)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3953789027</u> |
| **Tax Cost**  | <u>$8684896578</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$69706474</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3953714513</u> |

---

The Fund intends to elect to defer to its next fiscal year $1,111,183 of ordinary losses recognized during the period January 1, 2025 to November 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Long-term Capital Gains**  | 1,221,176,028 | 42,611,263 |

---

**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 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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Equity Growth Fund** | 10153280486 | 8129355565 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Equity Growth Fund** | 98946770 | - | 1105963901 | 1105963901 | 2531622388 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Advisor Equity Growth Fund** | 23454495 | 466967476 | 586389713 |

---

**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.

---

| | |
|:---|:---|
|  | **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** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Class I** | .65 |
| **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% | 6763554 | 194400 |
| **Class M** | .25% | .25% | 9866536 | 59088 |
| **Class C** | .75% | .25% | <u>2075499</u> | <u>495641</u> |
|  |  |  | <u>18705589</u> | <u>749129</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** | 1090562 |
| **Class M** | 27967 |
| **Class C**A | <u>2677</u> |
|  | <u>1121206</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** | 119223 |

---

**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 Growth Fund** | Borrower | 19717105 | 4.33% | 45071 |

---

**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** | 632456586 | 592462777 | 41782209 |

---

**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 Growth Fund** | 16058 |

---

**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 Growth Fund** | 136725 | 31808 | - |

---

**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 $8,925.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $295630550 | $10699581 |
| Class M | 235908092 | 9786871 |
| Class C | 31799141 | 1027952 |
| Class I | 371558311 | 11788387 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>286279934</u> | <u>9308472</u> |
| Total  | <u>$1221176028</u> | <u>$42611263</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** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Advisor Equity Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 17647068 | 21682387 | $359178924 | $430357516 |
| Reinvestment of distributions | 13580745 | 581021 | 275553313 | 9923836 |
| Shares redeemed | <u>(20893680)</u> | <u>(14597665)</u> | <u>(428746321)</u> | <u>(290336237)</u> |
| Net increase (decrease) | <u>10334133</u> | <u>7665743</u> | <u>$205985916</u> | <u>$149945115</u> |
| **Class M** |  |  |  |  |
| Shares sold | 6476272 | 7693278 | $125663492 | $147028167 |
| Reinvestment of distributions | 11903061 | 581524 | 230681326 | 9560259 |
| Shares redeemed | <u>(19050604)</u> | <u>(15572897)</u> | <u>(371665037)</u> | <u>(296321833)</u> |
| Net increase (decrease) | <u>(671271)</u> | <u>(7298095)</u> | <u>$(15320219)</u> | <u>$(139733407)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2941434 | 4580281 | $42772142 | $68501705 |
| Reinvestment of distributions | 2162064 | 78879 | 31176964 | 1007289 |
| Shares redeemed | <u>(4239529)</u> | <u>(2721738)</u> | <u>(60336328)</u> | <u>(39701858)</u> |
| Net increase (decrease) | <u>863969</u> | <u>1937422</u> | <u>$13612778</u> | <u>$29807136</u> |
| **Class I** |  |  |  |  |
| Shares sold | 149686493 | 77293658 | $3754294792 | $1843401115 |
| Reinvestment of distributions | 14663719 | 561728 | 351782622 | 11122209 |
| Shares redeemed | <u>(156701626)</u> | <u>(65660385)</u> | <u>(3947393424)</u> | <u>(1517446068)</u> |
| Net increase (decrease) | <u>7648586</u> | <u>12195001</u> | <u>$158683990</u> | <u>$337077256</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 32051401 | 60101254 | $778124699 | $1354899335 |
| Reinvestment of distributions | 10688023 | 437765 | 261001510 | 8799087 |
| Shares redeemed | <u>(38071907)</u> | <u>(28182953)</u> | <u>(940905256)</u> | <u>(676960959)</u> |
| Net increase (decrease) | <u>4667517</u> | <u>32356066</u> | <u>$98220953</u> | <u>$686737463</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Equity Growth Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $311,372,773, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120731_4.jpg)<br>

1.539469.128 EPG-ANN-0126

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>Purchase 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 trust'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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99.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.](ex99.906.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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;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:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;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>